1. Philip Morris International has raised its dividend by 3.8% to $5.40/share annually, but the author rates the stock as a Hold due to limited upside potential. 2. Despite $49.15 billion in debt, PM's dividend is safe, supported by strong free cash flow. 3. Smoke-free products now contribute 38.3% of revenues, with a goal of over two-thirds by 2030, driving future growth.