# Philip Morris International (PM.US)

Canonical: https://gigainvestors.com/s/PM

Analysis as of: 2026-10-16T07:31:15.308Z. Financial observations: FY2003–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $199.90 per share; close as of 2026-10-15.

Estimated value: low $85.95 per share, central $115.67 per share, high $135.02 per share. Buy at or below the central value $115.67 per share. Valuation as of 2026-10-16T07:31:15.308Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.40×

- FY2018: 0.38×

- FY2019: 0.35×

- FY2020: 0.41×

- FY2021: 0.09×

- FY2022: 0.39×

- FY2023: 0.33×

- FY2024: 0.35×

- FY2025: 0.37×

- LTM to Jun 2026: 0.38×

### moat: pass

- ROIC, median of available years: 84.9%

- ROIC, second-lowest year: 62.1%

- Typical minus recent gross margin: -2.7 pp

- Typical gross margin (annual median): 64.4%

- Recent gross margin (lower of latest and 3-year median): 67.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 37.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: 62.1%

- FY2022: 87.7%

- FY2023: 53.5%

- FY2024: 82.2%

- FY2025: 72.4%

- LTM to Jun 2026: 72.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $38B

- Net income, five-year total: $37B

- Return on incremental invested capital: 113.2%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -7.1 pp

- Working capital / revenue, final three-year average: 30.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.93×

- FY2022: 1.00×

- FY2023: 1.01×

- FY2024: 1.05×

- FY2025: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 158.6% vs 72.4%

- Per-share earnings: 4.44 to 5.02 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $108B

- Cumulative retained earnings: $5.0B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.5%

- Per-share value change: $0.58

- Per-share value, starting three-year median: $4.44

- Per-share value, ending three-year median: $5.02

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $20B

- Cumulative net income, 10 years: $74B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 72.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.49

- FY2017: $3.89

- FY2018: $5.09

- FY2019: $4.62

- FY2020: $5.17

- FY2021: $1.43

- FY2022: $5.83

- FY2023: $5.02

- FY2024: $4.52

- FY2025: $7.28

### accounting: pass

- Sloan accruals: -1.3%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.08×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -6.7%

- FY2018: -3.9%

- FY2019: -6.8%

- FY2020: -3.9%

- FY2021: -23.6%

- FY2022: -2.8%

- FY2023: -2.2%

- FY2024: -8.4%

- FY2025: -1.3%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Terry Smith](https://gigainvestors.com/FS): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 12.7% a year for ten years · "Philip Morris Raises FX Outlook as IQOS, ZYN Fuel Smoke-Free Growth" (finance.yahoo.com, Sep 2026) · sales +4.7%

Story as of 2026-10-16T09:59:25.057Z; price observation 2026-10-15.

Price needs cash profits to grow 12.7% a year for ten years

- 2025-04-23: Marlboro maker Philip Morris lifts annual profit forecast on strong ZYN business ([finance.yahoo.com](https://finance.yahoo.com/news/marlboro-maker-philip-morris-lifts-120909319.html))

- 2025-07-22: Philip Morris Shares Drop 7% on Lower-Than-Expected Volumes of Zyn Pouches ([finance.yahoo.com](https://finance.yahoo.com/m/f93a2602-9a6e-3ad6-9ba5-4164322862f6/philip-morris-shares-drop-7%25.html))

- 2025-10-21: Philip Morris Tops Quarterly Views, Flags Slower Growth in Fourth Quarter; Shares Fall ([finance.yahoo.com](https://finance.yahoo.com/news/philip-morris-tops-quarterly-views-175216367.html))

- 2026-02-27: Argus Raises Philip Morris (PM) Outlook on Rising Contribution from Nicotine Pouches ([finance.yahoo.com](https://finance.yahoo.com/news/argus-raises-philip-morris-pm-150720087.html))

- 2026-06-02: Philip Morris Shares Ease After Company Trims 2026 Earnings Outlook (PM) ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/philip-morris-shares-ease-company-111241259.html))

- 2026-07-22: Philip Morris Q2 Earnings Beat Estimates, Organic Sales Rise 7.6% Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/philip-morris-q2-earnings-beat-152600706.html))

### Sales · FY2025–2026

sales +4.7%; source https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm; observed 2026-02-06.

- FY2017: $29B 

- FY2018: $30B 

- FY2019: $30B 

- FY2020: $29B 

- FY2021: $31B 

- FY2022: $32B 

- FY2023: $35B 

- FY2024: $38B 

- FY2025: $41B 

- FY2026: $43B 

### Gross margin · FY2026

gross margin 67.5%; source https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm; observed 2026-02-06.

- FY2017: 63.7% 

- FY2018: 63.7% 

- FY2019: 64.7% 

- FY2020: 66.7% 

- FY2021: 16.9% 

- FY2022: 64.1% 

- FY2023: 63.3% 

- FY2024: 64.8% 

- FY2025: 67.1% 

- FY2026: 67.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in tobacco; annual sales are USD 40.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm (filed 2026-02-06); FY2025: revenue 40648000000; grossProfit 27282000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PM.US: Philip Morris International Inc. operates as a tobacco company. The company offers cigarettes and smoke-free products, including heat-not-burn, e-vapor, and oral nicotine products under the IQOS, VEEV, and ZYN brands; and consumer accessories, such as lighters and matches. It also offers wellness products. The company was incorporated in 1987 and is headquartered in Stamford, Connecticut.

### Why customers stay

Margins ranged from 63.3% to 67.1% during 2023–25; it earns 84.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2023: grossProfit / revenue = 63.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2024: grossProfit / revenue = 64.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm (filed 2026-02-06); FY2025: grossProfit / revenue = 67.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); 10-year return on capital observations [[2017,1.2254723127035831],[2018,1.5862910546752573],[2019,1.2033341333030243],[2020,1.6035383560100496],[2021,0.6214847276907468],[2022,0.8768088239458556],[2023,0.5347421488909061],[2024,0.8216389028490021],[2025,0.7241777206904749],[2026,0.7238938544441959]]; median 0.8492238633974288. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2016: growth capex 0; upkeep 1172000000; owner earnings 6538000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2017: growth capex 459645829.5562756; upkeep 1088354170.4437244; owner earnings 5821645829.556275. Growth capex / owner earnings = 0.07895461919422703.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2018: growth capex 200079846.02598333; upkeep 1235920153.9740167; owner earnings 7664079846.025984. Growth capex / owner earnings = 0.026106179743120725.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2019: growth capex 0; upkeep 852000000; owner earnings 7297000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2020: growth capex 0; upkeep 602000000; owner earnings 8435000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2021: growth capex 616317843.5589718; upkeep 131682156.44102824; owner earnings 2078317843.558972. Growth capex / owner earnings = 0.2965464813137394.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2022: growth capex 0; upkeep 1077000000; owner earnings 9048000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2023: growth capex 0; upkeep 1321000000; owner earnings 7868000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); FY2024: growth capex 0; upkeep 1444000000; owner earnings 7377000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm (filed 2026-02-06); FY2025: growth capex 0; upkeep 1569000000; owner earnings 11775000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Dividend observations: [[2016,6378000000],[2017,6520000000],[2018,6885000000],[2019,7161000000],[2020,7364000000],[2021,7580000000],[2022,7812000000],[2023,7964000000],[2024,8197000000],[2025,8624000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PM.US SharesStats.PercentInsiders = 0.164 percentage points; cache date 2026-10-16.

### What could break it

"Litigation related to tobacco and nicotine products could substantially reduce our profitability" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm (filed 2026-02-06); Litigation related to tobacco and nicotine products could substantially reduce our profitability

### What the price says

The price assumes cash profits grow 12.7% yearly over ten years; actual growth was 5.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-06); Ten-year compound average after fade. Initial solved rate 0.2273717962899301. Price 199.9; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.304067140090381 → FY2025 7.557766367137355. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $96.44 per share

- 2016-11: $88.28 per share

- 2016-12: $91.49 per share

- 2017-01: $96.13 per share

- 2017-02: $109.35 per share

- 2017-03: $112.90 per share

- 2017-04: $110.84 per share

- 2017-05: $119.80 per share

- 2017-06: $117.45 per share

- 2017-07: $116.71 per share

- 2017-08: $116.93 per share

- 2017-09: $111.01 per share

- 2017-10: $104.64 per share

- 2017-11: $102.75 per share

- 2017-12: $105.65 per share

- 2018-01: $107.23 per share

- 2018-02: $103.55 per share

- 2018-03: $99.40 per share

- 2018-04: $82.00 per share

- 2018-05: $79.54 per share

- 2018-06: $80.74 per share

- 2018-07: $86.30 per share

- 2018-08: $77.89 per share

- 2018-09: $81.54 per share

- 2018-10: $88.07 per share

- 2018-11: $86.53 per share

- 2018-12: $66.76 per share

- 2019-01: $76.72 per share

- 2019-02: $86.94 per share

- 2019-03: $88.39 per share

- 2019-04: $86.56 per share

- 2019-05: $77.13 per share

- 2019-06: $78.53 per share

- 2019-07: $83.61 per share

- 2019-08: $72.09 per share

- 2019-09: $75.93 per share

- 2019-10: $81.44 per share

- 2019-11: $82.93 per share

- 2019-12: $85.09 per share

- 2020-01: $82.70 per share

- 2020-02: $81.87 per share

- 2020-03: $72.96 per share

- 2020-04: $74.60 per share

- 2020-05: $73.36 per share

- 2020-06: $70.06 per share

- 2020-07: $76.81 per share

- 2020-08: $79.79 per share

- 2020-09: $74.99 per share

- 2020-10: $71.02 per share

- 2020-11: $75.75 per share

- 2020-12: $82.79 per share

- 2021-01: $79.65 per share

- 2021-02: $84.02 per share

- 2021-03: $88.74 per share

- 2021-04: $95.00 per share

- 2021-05: $96.43 per share

- 2021-06: $99.11 per share

- 2021-07: $100.09 per share

- 2021-08: $103.00 per share

- 2021-09: $94.79 per share

- 2021-10: $94.54 per share

- 2021-11: $85.94 per share

- 2021-12: $95.00 per share

- 2022-01: $102.85 per share

- 2022-02: $101.07 per share

- 2022-03: $93.94 per share

- 2022-04: $100.00 per share

- 2022-05: $106.25 per share

- 2022-06: $98.74 per share

- 2022-07: $97.15 per share

- 2022-08: $95.49 per share

- 2022-09: $83.01 per share

- 2022-10: $91.85 per share

- 2022-11: $99.67 per share

- 2022-12: $101.21 per share

- 2023-01: $104.24 per share

- 2023-02: $97.30 per share

- 2023-03: $97.25 per share

- 2023-04: $99.97 per share

- 2023-05: $90.01 per share

- 2023-06: $97.62 per share

- 2023-07: $99.72 per share

- 2023-08: $96.06 per share

- 2023-09: $92.58 per share

- 2023-10: $89.16 per share

- 2023-11: $93.36 per share

- 2023-12: $94.08 per share

- 2024-01: $90.85 per share

- 2024-02: $89.96 per share

- 2024-03: $91.62 per share

- 2024-04: $94.94 per share

- 2024-05: $101.38 per share

- 2024-06: $101.33 per share

- 2024-07: $115.16 per share

- 2024-08: $123.29 per share

- 2024-09: $121.40 per share

- 2024-10: $132.70 per share

- 2024-11: $133.06 per share

- 2024-12: $120.35 per share

- 2025-01: $130.20 per share

- 2025-02: $155.28 per share

- 2025-03: $158.73 per share

- 2025-04: $171.36 per share

- 2025-05: $180.59 per share

- 2025-06: $182.13 per share

- 2025-07: $164.05 per share

- 2025-08: $167.13 per share

- 2025-09: $162.20 per share

- 2025-10: $144.33 per share

- 2025-11: $157.48 per share

- 2025-12: $160.40 per share

- 2026-01: $179.44 per share

- 2026-02: $186.83 per share

- 2026-03: $165.34 per share

- 2026-04: $165.07 per share

- 2026-05: $177.38 per share

- 2026-06: $180.91 per share

- 2026-07: $190.82 per share

- 2026-08: $187.30 per share

- 2026-09: $190.82 per share

- 2026-10: $199.29 per share

## Annual estimated value (USD per share)

- FY2016: low $51.20 per share, central $58.03 per share, high $67.12 per share

- FY2017: low $56.78 per share, central $64.01 per share, high $73.65 per share

- FY2018: low $60.96 per share, central $73.86 per share, high $85.56 per share

- FY2019: low $60.32 per share, central $72.39 per share, high $83.87 per share

- FY2020: low $54.45 per share, central $61.64 per share, high $71.23 per share

- FY2021: low $55.92 per share, central $63.35 per share, high $73.25 per share

- FY2022: low $58.03 per share, central $66.23 per share, high $76.92 per share

- FY2023: low $60.61 per share, central $68.97 per share, high $80.09 per share

- FY2024: low $63.20 per share, central $73.37 per share, high $85.43 per share

- FY2025: low $80.17 per share, central $108.57 per share, high $127.07 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:59.812Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1413329/000162828026005939/pm-20251231.htm); period 2025-12-31, filed 2026-02-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 16,500 PM shares; USD 2,985,000 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 5,925,468 PM shares; USD 1,071,977,000 reported position value; 1.77% of portfolio; add; quarter 2026 Q2.
- [Terry Smith](https://gigainvestors.com/FS): 2,913,693 PM shares; USD 527,116,000 reported position value; 3.86% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 4,530,846 PM shares; USD 819,675,000 reported position value; 9.18% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 6,093 PM shares; USD 1,102,000 reported position value; 0% of portfolio; add; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 114,500 PM shares; USD 20,714,000 reported position value; 0.16% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 2,537 PM shares; USD 458,994 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [Christopher Bloomstran](https://gigainvestors.com/SA): 1,762 PM shares; USD 319,000 reported position value; 0.04% of portfolio; hold; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 5,000 PM shares; USD 905,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 1,457,059 PM shares; USD 263,597,000 reported position value; 2.38% of portfolio; add; quarter 2026 Q2.

# PM — Philip Morris Intl.

Held by 10 investors · USD 2,708,848,994 total · 2026 Q2 · reported price USD 180.91 (split-adjusted).
Page: https://gigainvestors.com/s/PM

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 1,071,977,000 | 1.8% | add +0.56% |
| Thomas Russo (https://gigainvestors.com/GR) | USD 819,675,000 | 9.2% | reduce -1.61% |
| Terry Smith (https://gigainvestors.com/FS) | USD 527,116,000 | 3.9% | reduce -43.02% |
| Lee Ainslie (https://gigainvestors.com/mc) | USD 263,597,000 | 2.4% | add +156.86% |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 20,714,000 | 0.2% | hold |
| David Hoeft (https://gigainvestors.com/DAC) | USD 2,985,000 | 0.0% | hold |
| Bill Nygren (https://gigainvestors.com/HA) | USD 1,102,000 | 0.0% | add +19.49% |
| Donald Yacktman (https://gigainvestors.com/YAM) | USD 905,000 | <0.1% | reduce -15.25% |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 458,994 | 0.0% | hold |
| Christopher Bloomstran (https://gigainvestors.com/SA) | USD 319,000 | <0.1% | hold |

## Total held by quarter

- 2008 Q1: USD 5,902,686 · 1 holder · USD 50.58
- 2008 Q2: USD 5,763,813 · 1 holder · USD 49.39
- 2008 Q3: USD 5,613,270 · 1 holder · USD 48.10
- 2008 Q4: USD 267,344,193 · 2 holders · USD 43.51
- 2009 Q1: USD 576,765,036 · 3 holders · USD 35.58
- 2009 Q2: USD 639,789,720 · 3 holders · USD 43.62
- 2009 Q3: USD 359,085,662 · 3 holders · USD 48.74
- 2009 Q4: USD 311,850,405 · 2 holders · USD 48.19
- 2010 Q1: USD 378,012,648 · 2 holders · USD 52.16
- 2010 Q2: USD 345,705,798 · 2 holders · USD 45.84
- 2010 Q3: USD 427,978,235 · 2 holders · USD 56.02
- 2010 Q4: USD 461,573,316 · 2 holders · USD 58.53
- 2011 Q1: USD 532,202,924 · 2 holders · USD 65.63
- 2011 Q2: USD 550,390,318 · 2 holders · USD 66.77
- 2011 Q3: USD 519,307,449 · 2 holders · USD 62.38
- 2011 Q4: USD 655,850,218 · 2 holders · USD 78.48
- 2012 Q1: USD 722,250,452 · 2 holders · USD 88.61
- 2012 Q2: USD 720,696,832 · 2 holders · USD 87.26
- 2012 Q3: USD 707,492,324 · 2 holders · USD 89.94
- 2012 Q4: USD 678,781,089 · 2 holders · USD 83.64
- 2013 Q1: USD 828,874,311 · 2 holders · USD 92.71
- 2013 Q2: USD 806,297,766 · 2 holders · USD 86.62
- 2013 Q3: USD 842,627,985 · 2 holders · USD 86.59
- 2013 Q4: USD 878,758,938 · 2 holders · USD 87.13
- 2014 Q1: USD 843,714,314 · 2 holders · USD 81.87
- 2014 Q2: USD 871,655,544 · 2 holders · USD 84.31
- 2014 Q3: USD 864,607,383 · 2 holders · USD 83.40
- 2014 Q4: USD 813,559,415 · 2 holders · USD 81.45
- 2015 Q1: USD 768,986,041 · 2 holders · USD 75.33
- 2015 Q2: USD 845,218,601 · 2 holders · USD 80.17
- 2015 Q3: USD 840,452,324 · 2 holders · USD 79.33
- 2015 Q4: USD 938,914,052 · 2 holders · USD 87.91
- 2016 Q1: USD 1,042,546,587 · 2 holders · USD 98.11
- 2016 Q2: USD 1,673,995,970 · 3 holders · USD 101.72
- 2016 Q3: USD 1,716,429,211 · 3 holders · USD 97.22
- 2016 Q4: USD 961,940,590 · 3 holders · USD 91.49
- 2017 Q1: USD 1,180,265,682 · 3 holders · USD 112.90
- 2017 Q2: USD 1,214,036,254 · 3 holders · USD 117.45
- 2017 Q3: USD 1,147,348,295 · 3 holders · USD 111.01
- 2017 Q4: USD 1,083,705,826 · 2 holders · USD 105.65
- 2018 Q1: USD 1,115,847,304 · 3 holders · USD 99.40
- 2018 Q2: USD 1,694,497,324 · 3 holders · USD 80.74
- 2018 Q3: USD 1,861,149,358 · 3 holders · USD 81.54
- 2018 Q4: USD 1,693,417,848 · 5 holders · USD 66.76
- 2019 Q1: USD 2,040,037,493 · 4 holders · USD 88.39
- 2019 Q2: USD 1,941,596,294 · 4 holders · USD 78.53
- 2019 Q3: USD 2,930,696,088 · 5 holders · USD 75.93
- 2019 Q4: USD 3,250,544,774 · 5 holders · USD 85.09
- 2020 Q1: USD 2,791,500,360 · 6 holders · USD 72.96
- 2020 Q2: USD 2,848,878,663 · 6 holders · USD 70.06
- 2020 Q3: USD 3,045,149,913 · 6 holders · USD 74.99
- 2020 Q4: USD 3,183,869,787 · 7 holders · USD 82.79
- 2021 Q1: USD 3,381,312,204 · 6 holders · USD 88.74
- 2021 Q2: USD 3,751,188,485 · 5 holders · USD 99.11
- 2021 Q3: USD 3,557,069,382 · 5 holders · USD 94.79
- 2021 Q4: USD 3,634,585,620 · 5 holders · USD 95.00
- 2022 Q1: USD 3,124,448,086 · 5 holders · USD 93.94
- 2022 Q2: USD 3,281,752,504 · 5 holders · USD 98.74
- 2022 Q3: USD 2,758,143,940 · 6 holders · USD 83.01
- 2022 Q4: USD 3,255,639,477 · 5 holders · USD 101.21
- 2023 Q1: USD 3,127,009,497 · 5 holders · USD 97.25
- 2023 Q2: USD 3,985,967,710 · 7 holders · USD 97.62
- 2023 Q3: USD 3,546,631,093 · 7 holders · USD 92.58
- 2023 Q4: USD 4,181,098,896 · 8 holders · USD 94.08
- 2024 Q1: USD 4,804,308,976 · 12 holders · USD 91.62
- 2024 Q2: USD 5,132,814,354 · 12 holders · USD 101.33
- 2024 Q3: USD 5,324,013,769 · 12 holders · USD 121.40
- 2024 Q4: USD 4,805,216,118 · 12 holders · USD 120.35
- 2025 Q1: USD 5,209,398,482 · 13 holders · USD 158.73
- 2025 Q2: USD 5,267,229,050 · 12 holders · USD 182.13
- 2025 Q3: USD 4,668,099,632 · 11 holders · USD 162.20
- 2025 Q4: USD 3,464,060,075 · 10 holders · USD 160.40
- 2026 Q1: USD 2,699,048,975 · 10 holders · USD 165.34
- 2026 Q2: USD 2,708,848,994 · 10 holders · USD 180.91