PM drawdown: 0.7% below the all-time high
Philip Morris International Inc. (PM) is 0.7% below its all-time high, set Jul 22, 2026 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (2008).
- Below all-time high
- −0.7%
- 99.3% of ATH
- All-time high
- $194.3
- Jul 22, 2026
- Time below the high
- 2 days
- since Jul 22, 2026
- Worst-ever drawdown
- −51.2%
- Mar 23, 2020
- Longest underwater
- 7.2 yrs
- between all-time highs
- Today's level first reached
- Jul 17, 2026
- 7 days ago
- Last time this deep
- Jul 21, 2026
- in a previous episode
% of all-time high since 2008#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of PM, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Jun 19, 2017 | Mar 23, 2020 | −51.2% | 2.8 yrs | Aug 30, 2024 | 7.2 yrs |
| Aug 12, 2008 | Mar 3, 2009 | −42.2% | 7 mo | Sep 20, 2010 | 2.1 yrs |
| Jun 23, 2025 | Oct 31, 2025 | −22.0% | 4 mo | Feb 11, 2026 | 8 mo |
| Apr 12, 2013 | Mar 31, 2015 | −21.9% | 2.0 yrs | Mar 10, 2016 | 2.9 yrs |
| Feb 25, 2026 | Apr 21, 2026 | −19.3% | 55 days | May 14, 2026 | 3 mo |
| Jul 15, 2016 | Nov 14, 2016 | −15.7% | 4 mo | Feb 17, 2017 | 7 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 2008: how far PM stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: PM is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is PM from its all-time high?
- PM is currently 0.7% below its all-time high, set Jul 22, 2026 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest PM drawdown ever?
- The deepest decline on record in our data (since 2008) took the stock 51.2% below its prior high, bottoming Mar 23, 2020. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 2008 (split-adjusted). "All-time" means since our price data begins — PM may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.