Tobacco has always been in a strange corner of the market: controversial, heavily regulated, yet still capable of producing massive cash flow.
Altria and Philip Morris International sit right at the center of that discussion. At first glance, they may appear to be two versions of the same business, especially since both are connected to Marlboro. But once you look closer, the story starts to split. One is built around the U.S. market and pays a much higher dividend, while the other is larger, more global, and more aggressive in reshaping its business beyond traditional cigarettes.
