Latest Ratios: P/E Ratio 15.7x · EV/EBITDA 11.8x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $127.1B | $96.7B | $89.8B | $71.7B | $82.5B | $87.4B | $76.2B | $93.3B | $93.2B | $137.2B | $132.0B |
| Enterprise Value | $148.3B | $117.9B | $111.6B | $94.2B | $105.1B | $110.9B | $100.7B | $119.2B | $117.7B | $149.8B | $141.3B |
| P/E Ratio → | 15.65 | 14.03 | 8.00 | 8.83 | 14.33 | 35.37 | 17.08 | — | 13.38 | 13.45 | 9.29 |
| P/S Ratio | 5.97 | 4.80 | 4.39 | 3.50 | 3.99 | 4.14 | 3.66 | 4.71 | 4.75 | 7.04 | 6.83 |
| P/B Ratio | — | — | — | — | — | — | 26.06 | 14.76 | 6.31 | 8.92 | 10.33 |
| P/FCF | 14.01 | 10.66 | 10.43 | 7.89 | 10.24 | 10.62 | 9.35 | 12.29 | 11.44 | 29.04 | 36.64 |
| P/OCF | 13.68 | 10.41 | 10.26 | 7.72 | 9.99 | 10.40 | 9.09 | 11.90 | 11.11 | 27.87 | 34.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.86 | 5.46 | 4.60 | 5.08 | 5.25 | 4.83 | 6.02 | 5.99 | 7.69 | 7.31 |
| EV / EBITDA | 11.81 | 9.59 | 9.68 | 7.97 | 8.65 | 9.40 | 9.05 | 11.30 | 12.59 | 15.28 | 15.76 |
| EV / EBIT | 12.33 | 11.16 | 7.55 | 7.80 | 12.34 | 22.13 | 12.42 | 57.09 | 11.72 | 14.18 | 6.25 |
| EV / FCF | — | 13.00 | 12.96 | 10.37 | 13.06 | 13.47 | 12.36 | 15.70 | 14.43 | 31.72 | 39.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.2% | 72.2% | 70.3% | 69.7% | 68.9% | 66.3% | 62.5% | 64.2% | 62.4% | 61.4% | 59.8% |
| Operating Margin | 59.8% | 59.8% | 55.0% | 56.3% | 57.6% | 54.8% | 52.2% | 52.2% | 46.4% | 49.2% | 45.3% |
| Net Profit Margin | 34.5% | 34.5% | 55.1% | 39.7% | 27.9% | 11.7% | 21.4% | -6.5% | 35.5% | 52.4% | 73.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | 375.3% | 96.6% | -12.3% | 46.2% | 72.6% | 182.1% |
| ROA | 19.8% | 19.8% | 30.5% | 21.5% | 15.1% | 5.7% | 9.2% | -2.5% | 14.1% | 22.9% | 36.3% |
| ROIC | 48.3% | 48.3% | 43.6% | 45.8% | 44.0% | 35.1% | 27.3% | 21.7% | 20.3% | 28.7% | 37.0% |
| ROCE | 46.1% | 46.1% | 41.9% | 41.5% | 40.2% | 33.4% | 27.4% | 27.3% | 25.7% | 25.6% | 27.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | 10.08 | 4.44 | 1.74 | 0.90 | 1.09 |
| Debt / EBITDA | 2.09 | 2.09 | 2.16 | 2.22 | 2.20 | 2.38 | 2.65 | 2.66 | 2.76 | 1.42 | 1.55 |
| Net Debt / Equity | — | — | — | — | — | — | 8.38 | 4.10 | 1.65 | 0.82 | 0.73 |
| Net Debt / EBITDA | 1.73 | 1.73 | 1.89 | 1.91 | 1.86 | 1.99 | 2.20 | 2.46 | 2.61 | 1.29 | 1.04 |
| Debt / FCF | — | 2.34 | 2.53 | 2.48 | 2.81 | 2.85 | 3.01 | 3.42 | 2.99 | 2.68 | 2.59 |
| Interest Coverage | 8.98 | 8.98 | 13.15 | 10.51 | 7.55 | 4.22 | 6.63 | 1.58 | 14.40 | 14.35 | 29.75 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.61 | 0.61 | 0.51 | 0.49 | 0.84 | 0.71 | 0.79 | 0.59 | 0.20 | 0.64 | 0.98 |
| Quick Ratio | 0.49 | 0.49 | 0.39 | 0.39 | 0.70 | 0.57 | 0.57 | 0.31 | 0.09 | 0.31 | 0.71 |
| Cash Ratio | 0.49 | 0.49 | 0.36 | 0.33 | 0.47 | 0.53 | 0.55 | 0.26 | 0.06 | 0.18 | 0.62 |
| Asset Turnover | — | 0.58 | 0.58 | 0.53 | 0.56 | 0.53 | 0.44 | 0.40 | 0.35 | 0.45 | 0.42 |
| Inventory Turnover | 5.23 | 5.23 | 5.63 | 5.12 | 5.46 | 5.96 | 3.98 | 3.09 | 3.16 | 3.38 | 3.79 |
| Days Sales Outstanding | — | 4.77 | 4.82 | 10.09 | 33.03 | 0.81 | 2.40 | 2.80 | 5.75 | 11.29 | 7.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.5% | 7.2% | 7.6% | 9.5% | 8.0% | 7.4% | 8.3% | 6.5% | 5.8% | 3.5% | 3.4% |
| Payout Ratio | 100.2% | 100.2% | 60.8% | 83.4% | 114.5% | 260.4% | 140.8% | — | 77.8% | 47.0% | 31.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 7.1% | 12.5% | 11.3% | 7.0% | 2.8% | 5.9% | — | 7.5% | 7.4% | 10.8% |
| FCF Yield | 7.1% | 9.4% | 9.6% | 12.7% | 9.8% | 9.4% | 10.7% | 8.1% | 8.7% | 3.4% | 2.7% |
| Buyback Yield | 0.8% | 1.0% | 3.8% | 1.4% | 2.2% | 1.9% | 0.0% | 0.9% | 1.8% | 2.1% | 0.8% |
| Total Shareholder Yield | 6.2% | 8.2% | 11.4% | 10.9% | 10.2% | 9.3% | 8.3% | 7.4% | 7.6% | 5.6% | 4.2% |
| Shares Outstanding | — | $1.7B | $1.7B | $1.8B | $1.8B | $1.8B | $1.9B | $1.9B | $1.9B | $1.9B | $2.0B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MO stock.
Altria Group, Inc.'s current P/E ratio is 15.7x. The historical average is 10.3x. This places it at the 79th percentile of its historical range.
Altria Group, Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.2x.
Based on historical data, Altria Group, Inc. is trading at a P/E of 15.7x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Altria Group, Inc.'s current dividend yield is 5.45% with a payout ratio of 100.2%.
Altria Group, Inc. has 72.2% gross margin and 59.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Altria Group, Inc.'s Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Accelerating combustible volume erosion
Metrics are mathematically derived from official filings.
Discounted Multiples Reflect Regulatory Overhang
Altria trades at 18.88x trailing and 13.64x forward earnings with a 5.3% dividend yield, according to the supplied market data, a discount to Philip Morris International's 27.75x P/E that suggests investors price in greater US regulatory risk.
The forward P/E of 13.64x compared with a trailing 18.88x implies the market expects earnings to recover from recent softness, though the gap is wide enough to warrant monitoring whether guidance credibility holds. The PEG of 1.66 sits above the level typically associated with undervaluation, indicating that growth expectations are not obviously underpriced even after the multiple compression. Relative to British American Tobacco at 13.49x P/E, Altria's valuation is broadly similar, suggesting the sector-wide discount rather than a company-specific anomaly is driving the multiple.
Pricing Power Sustains Exceptional Margin Structure
Quarterly gross margins between 64.6% and 74.9% and operating margins of 48.0% to 61.6% across the last ten quarters, per the supplied ratio data, indicate durable pricing power despite volume pressure.
Operating margin has held in a relatively tight band even as net margin swung widely, from 22.0% to 72.1%, which points to non-operating items and equity-method earnings rather than core operations driving much of the reported volatility. The quarter-to-quarter gross margin variability between 64.6% and 74.9% warrants attention for mix or cost shifts, but the level remains far above typical consumer staples benchmarks. Net margin of 46.3% in the latest quarter compares favorably with BTI's 30.3%, though investors should treat the peer gap cautiously given differing exposure to non-combustible categories.
Negative Equity Constrains Traditional Leverage Metrics
With total debt near $24B to $26B and interest coverage ranging from 5.18x to 20.60x across recent quarters, per the supplied data, Altria's leverage metrics appear serviceable even though debt-to-equity is not meaningful.
The debt-to-EBITDA ratio of 7.13x in the latest quarter, down from 9.54x a year earlier, suggests deleveraging through earnings growth rather than debt reduction, a trajectory that is encouraging but still elevated. Interest coverage has compressed from the 20.60x peak in 2024Q2 to the low double digits, which may indicate rising financing costs or softer operating earnings that investors should monitor. The stockholders' deficit means conventional equity-based leverage measures mislead, so debt-to-EBITDA and coverage ratios are the more informative lenses here.
Sub-1.0 Liquidity Relies on Operating Cash Flow
Current ratio between 0.39 and 0.62 and quick ratio between 0.24 and 0.49 across ten quarters, according to the supplied figures, indicate a structurally thin short-term buffer.
Liquidity has been persistently below 1.0x, which for a business with predictable nicotine-driven cash flows may be acceptable, but the position would offer limited cushion under a sudden revenue shock. The most recent current ratio of 0.58 and quick ratio of 0.45 suggest the buffer is roughly stable rather than deteriorating. Investors should view this as a dependence on continuous operating cash generation and access to capital markets rather than a balance sheet built for stress absorption.
Misapplied Metric: Net Margin Overstates Earning Power
Net margin, which ranged from 22.0% to 72.1% across recent quarters per the supplied data, is the ratio most commonly misapplied here because it is distorted by equity-method and other non-operating items.
Altria's net income includes contributions from its Anheuser-Busch InBev stake accounted for under the equity method, which can inflate reported earnings without a matching increase in operating cash flow. Operating margin and free cash flow conversion provide a cleaner read on recurring earning power, with operating margin in a tighter 48.0% to 61.6% range. Investors should adjust for these items and track cash-based metrics rather than relying on headline net margin when comparing across periods or against peers.