This study analyses the influence of internationalization on the risk of financial stress among Portuguese SMEs in the manufacturing sector. Based on a sample of 5,001 companies collected from the SABI database for the period between 2011 and 2021, survival analysis techniques were employed, including the Kaplan-Meier estimator and the Cox proportional hazards model with fragility terms, to examine whether different dimensions of internationalization – such as degree, type, speed, and experience – affect the likelihood of financial stress occurring. The results indicate that companies engaged in international business operations face a lower risk of financial stress than companies operating only in the domestic market. In addition, companies with greater international experience are less likely to face financial stress. However, a higher degree of internationalization and operating exclusively in non-EU markets are associated with an increased risk. No statistically significant effect was observed regarding the speed of internationalization. These results contribute to a better understanding of the relationship between internationalization strategies and the financial vulnerability of SMEs, reinforcing their relevance in the fields of international management and finance.