Philip Morris International Inc. (NYSE:PM)

The given financial data reveals several notable patterns concerning market valuation and operating profitability over the years presented.

Share Price Trends

The share price generally exhibits an upward trajectory with some periods of volatility. Starting at $34.21 in early 2009, the price increased substantially to a peak of $103.05 by early 2018. Following this, a decline occurred, reaching around $76.73 in early 2019. However, recovery ensued and the price climbed again, surpassing $100 in early 2022 and ultimately reaching a high of $145.32 by early 2025. This indicates overall strong market confidence and growth in company valuation across the examined timeframe, despite intermittent downturns.

Operating Profit Per Share

Operating profit per share demonstrated consistent improvement from 2009 through 2014, rising from $5.11 to $8.53. This was followed by a gradual decline and fluctuation through 2020, with values descending to around $6.77 before rebounding modestly to $8.62 by early 2025. The pattern suggests initial operational leverage and efficiency gains followed by a period of pressure on operating profitability, yet ending with a renewed upward trend.

Price-to-Operating Profit Ratio (P/OP)

The P/OP ratio increased from 6.69 in 2009 to a peak near 14.71 in 2017-2018, indicating growing market premium relative to operating profits. Subsequently, the ratio saw fluctuations, dipping below 11 in 2019 but rising again above 16 by 2025. This escalation highlights that market valuations have expanded faster than operating profits, implying heightened investor expectations or market optimism toward future profitability beyond current operating results.

In summary, the financial data reflects a strong share price appreciation accompanied by an initial rise and later stabilization in operating profitability per share. The expanding P/OP ratio over time signals increasing valuation multiples, which may suggest elevated market expectations or perceived growth prospects despite some variability in operating profits. Overall, the trends depict a company that has experienced substantial value growth supported by operating performance, though with marked sensitivity to profit fluctuations and changing market sentiment.