Altria Group, Inc. (MO) 10-Year Financial Performance & Capital Metrics

MO • • Industrial / General

Consumer DefensiveTobaccoTraditional Tobacco ProductsUS Tobacco Companies

AboutAltria Group, Inc., through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States. The company provides cigarettes primarily under the Marlboro brand; cigars and pipe tobacco principally under the Black & Mild brand; and moist smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands, as well as provides on! oral nicotine pouches. It sells its tobacco products primarily to wholesalers, including distributors; and large retail organizations, such as chain stores. Altria Group, Inc. was founded in 1822 and is headquartered in Richmond, Virginia.Show more

Revenue $20.44B -0.3%
EBITDA $11.53B -2.5%
Net Income $11.26B +38.5%
EPS (Diluted) 6.54 +43.1%
Gross Margin 70.27% +0.9%
EBITDA Margin 56.38% -2.2%
Operating Margin 54.98% -2.4%
Net Margin 55.1% +38.9%
ROE -
ROIC 43.61% -4.9%
Debt/Equity -
Interest Coverage 10.00 -0.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 42.1% free cash flow margin
✓15 consecutive years of dividend growth
✓Share count reduced 3.3% through buybacks
✓Healthy 5Y average net margin of 31.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.31%

5Y0.65%

3Y-1.06%

TTM-0.96%

Profit (Net Income) CAGR

10Y8.31%

5Y-

3Y65.72%

TTM-13.77%

EPS CAGR

10Y9.83%

5Y-

3Y69.63%

TTM-11.49%

ROCE

10Y Avg32.24%

5Y Avg36.88%

3Y Avg41.22%

Latest41.91%

Peer Comparison

US Tobacco Companies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPBTurning Point Brands, Inc.	2.25B	118.01	55.14	10.95%	12.02%	14.62%	2.77%	1.37
MOAltria Group, Inc.	103.37B	61.58	9.42	-0.28%	43.98%		8.33%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	18.85B	19.34B	19.49B	19.63B	19.8B	20.84B	21.11B	20.69B	20.5B	20.44B
Revenue Growth %	0.05%	0.03%	0.01%	0.01%	0.01%	0.05%	0.01%	-0.02%	-0.01%	-0%
Cost of Goods Sold+	7.74B	7.76B	7.53B	7.37B	7.08B	7.82B	7.12B	6.44B	6.22B	6.08B
COGS % of Revenue	0.41%	0.4%	0.39%	0.38%	0.36%	0.38%	0.34%	0.31%	0.3%	0.3%
Gross Profit+	11.11B	11.57B	11.96B	12.25B	12.71B	13.02B	13.99B	14.25B	14.28B	14.37B
Gross Margin %	0.59%	0.6%	0.61%	0.62%	0.64%	0.62%	0.66%	0.69%	0.7%	0.7%
Gross Profit Growth %	0.09%	0.04%	0.03%	0.02%	0.04%	0.02%	0.07%	0.02%	0%	0.01%
Operating Expenses+	2.75B	2.81B	2.37B	3.14B	2.38B	2.15B	2.43B	2.33B	2.74B	3.13B
OpEx % of Revenue	0.15%	0.15%	0.12%	0.16%	0.12%	0.1%	0.12%	0.11%	0.13%	0.15%
Selling, General & Admin	2.71B	2.66B	2.34B	2.76B	2.23B	2.15B	2.43B	2.33B	2.74B	2.74B
SG&A % of Revenue	0.14%	0.14%	0.12%	0.14%	0.11%	0.1%	0.12%	0.11%	0.13%	0.13%
Research & Development	0	0	0	0	0	0	0	0	0	208M
R&D % of Revenue	-	-	-	-	-	-	-	-	-	0.01%
Other Operating Expenses	45M	149M	32M	383M	159M	0	0	0	0	181M
Operating Income+	8.36B	8.76B	9.59B	9.12B	10.33B	10.87B	11.56B	11.92B	11.55B	11.24B
Operating Margin %	0.44%	0.45%	0.49%	0.46%	0.52%	0.52%	0.55%	0.58%	0.56%	0.55%
Operating Income Growth %	0.1%	0.05%	0.09%	-0.05%	0.13%	0.05%	0.06%	0.03%	-0.03%	-0.03%
EBITDA+	8.59B	8.96B	9.8B	9.34B	10.55B	11.13B	11.8B	12.14B	11.82B	11.53B
EBITDA Margin %	0.46%	0.46%	0.5%	0.48%	0.53%	0.53%	0.56%	0.59%	0.58%	0.56%
EBITDA Growth %	0.1%	0.04%	0.09%	-0.05%	0.13%	0.05%	0.06%	0.03%	-0.03%	-0.02%
D&A (Non-Cash Add-back)	225M	204M	209M	227M	226M	257M	244M	226M	272M	286M
EBIT	8.9B	22.61B	10.56B	10.04B	2.09B	8.11B	5.01B	8.52B	12.08B	14.78B
Net Interest Income+	-817M	-747M	-705M	-665M	-1.28B	-1.21B	-1.16B	-1.06B	-989M	-1.04B
Interest Income	4M	13M	31M	32M	42M	14M	26M	70M	160M	87M
Interest Expense	821M	760M	736M	697M	1.32B	1.22B	1.19B	1.13B	1.15B	1.12B
Other Income/Expense	-283M	13.09B	235M	226M	-9.56B	-3.98B	-7.74B	-4.53B	-619M	2.42B
Pretax Income+	8.08B	21.85B	9.83B	9.34B	766M	6.89B	3.82B	7.39B	10.93B	13.66B
Pretax Margin %	0.43%	1.13%	0.5%	0.48%	0.04%	0.33%	0.18%	0.36%	0.53%	0.67%
Income Tax+	2.83B	7.61B	-399M	2.37B	2.06B	2.44B	1.35B	1.63B	2.8B	2.39B
Effective Tax Rate %	0.65%	0.65%	1.04%	0.75%	-1.69%	0.65%	0.65%	0.78%	0.74%	0.82%
Net Income+	5.24B	14.24B	10.22B	6.96B	-1.29B	4.47B	2.48B	5.76B	8.13B	11.26B
Net Margin %	0.28%	0.74%	0.52%	0.35%	-0.07%	0.21%	0.12%	0.28%	0.4%	0.55%
Net Income Growth %	0.03%	1.72%	-0.28%	-0.32%	-1.19%	4.45%	-0.45%	1.33%	0.41%	0.39%
Net Income (Continuing)	5.24B	14.24B	10.23B	6.97B	-1.3B	4.45B	2.48B	5.76B	8.13B	11.26B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-7M	3M	3M	2M	97M	86M	0	50M	50M	50M
EPS (Diluted)+	2.67	7.28	5.31	3.69	-0.69	2.40	1.34	3.19	4.57	6.54
EPS Growth %	0.04%	1.73%	-0.27%	-0.31%	-1.19%	4.48%	-0.44%	1.38%	0.43%	0.43%
EPS (Basic)	2.67	7.28	5.31	3.69	-0.69	2.40	1.34	3.19	4.61	6.54
Diluted Shares Outstanding	1.96B	1.95B	1.92B	1.89B	1.87B	1.86B	1.84B	1.8B	1.78B	1.72B
Basic Shares Outstanding	1.96B	1.95B	1.92B	1.89B	1.87B	1.86B	1.84B	1.8B	1.76B	1.72B
Dividend Payout Ratio	0.8%	0.32%	0.47%	0.78%	-	1.41%	2.6%	1.14%	0.83%	0.61%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	6.09B	7.26B	4.34B	4.3B	4.82B	7.12B	6.08B	7.22B	5.58B	4.51B
Cash & Short-Term Investments	2.37B	4.57B	1.25B	1.33B	2.12B	4.95B	4.54B	4.03B	3.69B	3.13B
Cash Only	2.37B	4.57B	1.25B	1.33B	2.12B	4.95B	4.54B	4.03B	3.69B	3.13B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	124M	420M	603M	309M	152M	137M	47M	1.87B	567M	270M
Days Sales Outstanding	2.4	7.93	11.29	5.75	2.8	2.4	0.81	33.03	10.09	4.82
Inventory	2.03B	2.05B	2.23B	2.33B	2.29B	1.97B	1.19B	1.18B	1.22B	1.08B
Days Inventory Outstanding	95.78	96.41	107.84	115.4	118.13	91.79	61.22	66.86	71.32	64.87
Other Current Assets	387M	220M	263M	326M	262M	69M	298M	138M	117M	36M
Total Non-Current Assets+	26.45B	38.67B	38.86B	51.34B	44.45B	40.3B	33.44B	29.73B	32.98B	30.66B
Property, Plant & Equipment	1.98B	1.96B	1.91B	1.94B	2B	2.01B	1.55B	1.61B	1.65B	1.62B
Fixed Asset Turnover	9.51x	9.88x	10.18x	10.13x	9.90x	10.36x	13.59x	12.87x	12.41x	12.64x
Goodwill	5.29B	5.29B	5.31B	5.2B	5.18B	5.18B	5.18B	5.18B	6.79B	6.95B
Intangible Assets	12.03B	12.04B	12.4B	12.28B	12.69B	12.62B	12.31B	12.38B	13.69B	12.97B
Long-Term Investments	6.72B	18.88B	18.85B	30.5B	23.58B	19.53B	13.48B	9.6B	10.01B	8.2B
Other Non-Current Assets	-5.23B	513M	-3.96B	-3.74B	-4.08B	964M	923M	965M	845M	934M
Total Assets+	32.53B	45.93B	43.2B	55.64B	49.27B	47.41B	39.52B	36.95B	38.57B	35.18B
Asset Turnover	0.58x	0.42x	0.45x	0.35x	0.40x	0.44x	0.53x	0.56x	0.53x	0.58x
Asset Growth %	-0.06%	0.41%	-0.06%	0.29%	-0.11%	-0.04%	-0.17%	-0.07%	0.04%	-0.09%
Total Current Liabilities+	7.08B	7.38B	6.79B	21.19B	8.17B	9.06B	8.58B	8.62B	11.32B	8.78B
Accounts Payable	400M	425M	374M	399M	325M	380M	449M	552M	582M	700M
Days Payables Outstanding	18.86	19.98	18.13	19.75	16.74	17.74	23.02	31.28	34.16	42.04
Short-Term Debt	4M	0	864M	13.85B	1B	1.5B	1.1B	1.56B	1.12B	1.53B
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	1.12B	1.19B	1.26B	1.5B	-1.46B	-1.58B	-1.25B	-1.01B	1.74B	1.73B
Current Ratio	0.86x	0.98x	0.64x	0.20x	0.59x	0.79x	0.71x	0.84x	0.49x	0.51x
Quick Ratio	0.57x	0.71x	0.31x	0.09x	0.31x	0.57x	0.57x	0.70x	0.39x	0.39x
Cash Conversion Cycle	79.31	84.36	101	101.39	104.19	76.45	39.01	68.61	47.25	27.64
Total Non-Current Liabilities+	22.58B	25.78B	21.03B	19.66B	34.78B	35.43B	32.55B	32.26B	30.74B	28.58B
Long-Term Debt	12.84B	13.88B	13.03B	11.9B	27.04B	27.97B	26.94B	25.12B	25.11B	23.4B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	5.66B	8.42B	5.25B	5.17B	5.08B	4.53B	3.69B	2.9B	2.8B	3.75B
Other Non-Current Liabilities	4.01B	3.45B	2.71B	2.59B	2.62B	2.88B	1.92B	1.54B	2.83B	1.44B
Total Liabilities	29.66B	33.16B	27.82B	40.85B	42.95B	44.49B	41.13B	40.88B	42.06B	37.37B
Total Debt+	12.92B	13.88B	13.89B	25.75B	28.04B	29.47B	28.04B	26.68B	26.23B	24.93B
Net Debt	10.55B	9.31B	12.64B	24.41B	25.93B	24.53B	23.5B	22.65B	22.55B	21.8B
Debt / Equity	4.51x	1.09x	0.90x	1.74x	4.44x	10.08x	-	-	-	-
Debt / EBITDA	1.50x	1.55x	1.42x	2.76x	2.66x	2.65x	2.38x	2.20x	2.22x	2.16x
Net Debt / EBITDA	1.23x	1.04x	1.29x	2.61x	2.46x	2.20x	1.99x	1.86x	1.91x	1.89x
Interest Coverage	10.18x	11.53x	13.03x	13.08x	7.81x	8.89x	9.73x	10.57x	10.05x	10.00x
Total Equity+	2.87B	12.77B	15.38B	14.79B	6.32B	2.92B	-1.61B	-3.92B	-3.49B	-2.19B
Equity Growth %	-0.05%	3.46%	0.2%	-0.04%	-0.57%	-0.54%	-1.55%	-1.44%	0.11%	0.37%
Book Value per Share	1.46	6.54	8.01	7.83	3.38	1.57	-0.87	-2.17	-1.96	-1.27
Total Shareholders' Equity	2.87B	12.77B	15.38B	14.79B	6.22B	2.84B	-1.61B	-3.97B	-3.54B	-2.24B
Common Stock	935M	935M	935M	935M	935M	935M	935M	935M	935M	935M
Retained Earnings	27.26B	36.91B	42.25B	43.96B	36.54B	34.68B	30.66B	29.79B	31.09B	35.52B
Treasury Stock	-27.84B	-28.91B	-31.86B	-33.52B	-34.36B	-34.34B	-36.01B	-37.82B	-38.8B	-42.19B
Accumulated OCI	-3.28B	-2.05B	-1.9B	-2.55B	-2.86B	-4.34B	-3.06B	-2.77B	-2.67B	-2.4B
Minority Interest	-7M	3M	3M	2M	97M	86M	0	50M	50M	50M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.81B	3.79B	4.92B	8.39B	7.84B	8.38B	8.4B	8.26B	9.29B	8.75B
Operating CF Margin %	0.31%	0.2%	0.25%	0.43%	0.4%	0.4%	0.4%	0.4%	0.45%	0.43%
Operating CF Growth %	0.25%	-0.35%	0.3%	0.7%	-0.07%	0.07%	0%	-0.02%	0.12%	-0.06%
Net Income	5.24B	14.24B	10.23B	6.97B	-1.3B	4.45B	2.48B	5.76B	8.13B	11.26B
Depreciation & Amortization	225M	204M	209M	227M	226M	257M	244M	226M	272M	286M
Stock-Based Compensation	51M	44M	55M	46M	32M	35M	40M	50M	58M	0
Deferred Taxes	-132M	3.12B	-3.13B	-57M	-95M	-164M	-1.18B	-931M	881M	-177M
Other Non-Cash Items	249M	-13.47B	-555M	179M	9.06B	3.59B	6.86B	3.69B	-7M	-2.77B
Working Capital Changes	258M	-270M	-1.85B	1.07B	-53M	249M	3M	-586M	-47M	151M
Change in Receivables	3M	-27M	10M	0	-8M	20M	-18M	-21M	6M	-106M
Change in Inventory	-33M	-34M	-171M	-129M	42M	2M	57M	14M	-15M	102M
Change in Payables	-7M	-6M	-55M	27M	-79M	53M	163M	92M	38M	116M
Cash from Investing+	-15M	3.71B	-467M	-12.99B	-2.4B	-143M	1.21B	782M	-1.28B	2.17B
Capital Expenditures	-229M	-189M	-199M	-238M	-246M	-231M	-169M	-205M	-196M	-142M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-237M	-36M	19M	-245M	173M	88M	205M	-3.65B	-36M	-36M
Cash from Financing+	-6.75B	-5.3B	-7.77B	4.72B	-4.71B	-5.4B	-10.03B	-9.54B	-8.37B	-11.49B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-4.18B	-4.51B	-4.81B	-5.42B	-6.07B	-6.29B	-6.45B	-6.6B	-6.78B	-6.84B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-221M	-800M	-47M	-132M	-119M	-99M	-838M	-12M	-27M	-125M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	5.58B	3.6B	4.72B	8.15B	7.59B	8.15B	8.24B	8.05B	9.09B	8.61B
FCF Margin %	0.3%	0.19%	0.24%	0.42%	0.38%	0.39%	0.39%	0.39%	0.44%	0.42%
FCF Growth %	0.24%	-0.35%	0.31%	0.73%	-0.07%	0.07%	0.01%	-0.02%	0.13%	-0.05%
FCF per Share	2.84	1.85	2.46	4.32	4.06	4.39	4.46	4.46	5.12	5.01
FCF Conversion (FCF/Net Income)	1.11x	0.27x	0.48x	1.21x	-6.06x	1.88x	3.40x	1.43x	1.14x	0.78x
Interest Paid	776M	775M	696M	704M	991M	1.25B	1.19B	1.12B	1.12B	1.11B
Taxes Paid	3.03B	4.66B	3.04B	2.31B	1.98B	2.62B	2.67B	2.66B	1.89B	1.8B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	178.51%	182.1%	72.62%	46.16%	-12.25%	96.65%	375.28%	-	-	-
Return on Invested Capital (ROIC)	45.12%	37.02%	28.72%	20.34%	21.68%	27.32%	35.14%	44.01%	45.84%	43.61%
Gross Margin	58.95%	59.84%	61.37%	62.43%	64.21%	62.49%	66.28%	68.86%	69.67%	70.27%
Net Margin	27.8%	73.64%	52.44%	35.48%	-6.53%	21.43%	11.72%	27.86%	39.65%	55.1%
Debt / Equity	4.51x	1.09x	0.90x	1.74x	4.44x	10.08x	-	-	-	-
Interest Coverage	10.18x	11.53x	13.03x	13.08x	7.81x	8.89x	9.73x	10.57x	10.05x	10.00x
FCF Conversion	1.11x	0.27x	0.48x	1.21x	-6.06x	1.88x	3.40x	1.43x	1.14x	0.78x
Revenue Growth	5.07%	2.56%	0.81%	0.68%	0.86%	5.28%	1.3%	-2%	-0.9%	-0.28%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Smokeable Products	22.79B	22.85B	22.64B	22.3B	22B	23.09B	22.87B	22.48B	21.76B	21.2B
Smokeable Products Growth	-	0.26%	-0.94%	-1.50%	-1.35%	4.97%	-0.97%	-1.71%	-3.20%	-2.54%
Smokeless Products	1.88B	2.05B	2.15B	2.26B	2.37B	2.53B	2.61B	2.58B	2.67B	2.78B
Smokeless Products Growth	-	9.15%	5.07%	4.97%	4.64%	7.01%	2.96%	-1.07%	3.37%	4.09%
Others	71M	96M	87M	114M	58M	-83M	45M	40M	60M	38M
Others Growth	-	35.21%	-9.38%	31.03%	-49.12%	-243.10%	154.22%	-11.11%	50.00%	-36.67%
Wine	692M	746M	698M	691M	689M	614M	494M	-	-	-
Wine Growth	-	7.80%	-6.43%	-1.00%	-0.29%	-10.89%	-19.54%	-	-	-

Frequently Asked Questions

Valuation & Price

Altria Group, Inc. (MO) has a price-to-earnings (P/E) ratio of 9.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Altria Group, Inc. (MO) reported $20.17B in revenue for fiscal year 2024. This represents a 21% increase from $16.62B in 2011.

Altria Group, Inc. (MO) saw revenue decline by 0.3% over the past year.

Yes, Altria Group, Inc. (MO) is profitable, generating $8.87B in net income for fiscal year 2024 (55.1% net margin).

Dividend & Returns

Yes, Altria Group, Inc. (MO) pays a dividend with a yield of 6.47%. This makes it attractive for income-focused investors.

Altria Group, Inc. (MO) generated $11.57B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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