Methodology Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Publicly traded affiliates of PMI and BAT (i.e. majority stake ownership) are excluded. Publicly traded companies, in which PMI and BAT hold a minority stake, are included. Ranked by Market Capitalization (previous rank: December 2024) RankPreviousChangeCompanyCountryMarket Cap ($Bn)11---Philip Morris...
