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Altria Group, Inc.

MO Consumer Defensive Tobacco

Altria Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $23.3 billion, down 3.08% from fiscal 2024.

Revenue
+0.99%
EPS
+6.83%
Free cash flow
−1.35%
Total debt
−6.38%

Quarter to September 2026, against a year earlier

77.63 0.38 −0.49%
Market cap
$129.1B
P/E
16.1×
Fwd P/E
14.1×
Dividend yield
5.53%
F-score
7/9
Altman Z
4.42
Beneish M
−2.45
Dividend safety
38/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2022

  • Smokeable Products Segment
  • Oral Tobacco Segment
  • All Other

Every year since 2011 →

Insider Decisions last twelve months

Bought, $m 0.10
Sold, $m 2.45
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — 1 — —
Sell — — — 1 — 2 — — — — — —
Insider Ownership 0.54%

Capital & Financial Ratios $m

Size
Market Cap 129,050.00
Revenue ttm 23,517.00
Net income ttm 8,112.00
Free cash flow ttm 9,071.00
Net debt Q 21,364.00
Valuation
P/E 16.05
Forward P/E 14.10
Price / sales 5.51
Forward P/S Powerpack
Price / FCF 14.28
Price / book 0.00
Financial health
Current ratio Q 0.58 (below 1: weak)
Debt / equity Q (11.07) (negative: negative equity)
Interest coverage Q 12.27
Growth
Revenue growth Q +0.99% (above 0%: growing)
Operating income growth Q +2.57% (above 0%: growing)
EPS, this year +5.04%
EPS, next year A +4.02%
Revenue, next year A −11.10% (below 0%: weak)
EPS, past 5 yrs +11.41%
EPS, next 5 yrs A +4.37%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.4×, against a ten-year median of 4.6×; over the ten years it ranged from 3.6× in 2020 to 6.4× in 2026.
P/E against its own 10 years 63.12%
10-year low 10-year high
P/S against its own 10 years 97.76%
10-year low 10-year high
EV/Sales against its own 10 years 99.93%
10-year low 10-year high
EV/FCF against its own 10 years 67.18%
10-year low 10-year high

Dividends raised every year since 2017

Yield
5.53%
Annual rate
4.29
Payout ratio
88.7%
Growth, 2017–25
+6.36%/yr
  1. 2.54 ’17
  2. 3.00 ’18 +18
  3. 3.28 ’19 +9
  4. 3.40 ’20 +4
  5. 3.52 ’21 +4
  6. 3.68 ’22 +5
  7. 3.84 ’23 +4
  8. 4.00 ’24 +4
  9. 4.16 ’25 +4
  10. 4.31 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,686 3,127 4,474 2,697
Receivables 71 177 263 342
Inventory 1,215 1,080 1,070 1,084
Other 117 129 125 675
5,585 4,513 5,932 4,798
2023 2024 2025 Q'26
Payables 582 700 750 778
ST’ Debt 1,121 1,527 1,569 1,175
Other — — — —
11,319 8,781 9,154 8,290

Compound Annual Growth %

10y 5y 3y
Sales (0.88%) (2.30%) (2.47%)
Cash Flow 4.75% 2.07% 4.01%
Earnings 2.85% 9.21% 6.40%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.51 Actual 1.52

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.31 1.30 Miss by 0.01
Q1 FY26 1.24 1.32 Beat by 0.08
Q2 FY26 1.50 1.48 Miss by 0.02
Q3 FY26 1.51 1.52 Beat by 0.01
Q4 FY26 1.39 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.30 1.37 1.51 — —
’25 0.63 1.41 1.41 0.66 4.12
’24 1.21 2.21 1.34 1.79 6.54
’23 1.00 1.19 1.22 1.16 4.57
’22 1.08 0.49 0.12 1.50 3.19
’21 0.77 1.16 (1.48) 0.88 1.34
’20 0.83 1.04 (0.51) 1.03 2.40
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,428 6,111 6,132 — —
’25 5,259 6,102 6,072 5,846 23,279
’24 5,576 6,209 6,259 5,974 24,018
’23 5,719 6,508 6,281 5,975 24,483
’22 5,892 6,543 6,550 6,111 25,096
’21 6,036 6,936 6,786 6,255 26,013
’20 6,359 6,367 7,123 6,304 26,153
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,324 719 3,108 — —
’25 2,720 205 3,094 3,271 9,290
’24 2,877 (75) 2,611 3,340 8,753
’23 2,984 124 2,952 3,227 9,287
’22 3,075 (514) 3,076 2,619 8,256
’21 3,040 (361) 3,063 2,663 8,405
’20 3,129 1,817 898 2,541 8,385
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,231 662 2,999 — —
’25 2,682 173 3,040 3,179 9,074
’24 2,842 (104) 2,580 3,293 8,611
’23 2,929 76 4,612 3,174 10,791
’22 3,030 (552) 3,012 3,561 9,051
’21 3,014 (388) 3,014 2,596 8,236
’20 3,077 1,763 842 2,472 8,154
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 3.2% a year for ten years. It grew 7.5% a year over the last ten.

Implied
3.2%
10 years, reported
7.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 25,744 25,576 25,364 25,110 26,153 26,013 25,096 24,483 24,018 23,279 23,517 (1.1%) 20,695 20,910 20,939 (3.5%)
Gross margin, % 44.95 46.77 48.31 50.62 49.80 53.79 56.77 58.34 59.82 62.47 63.35 +17.5 pt
EBT 21,852 9,828 9,341 766 6,890 3,824 7,389 10,928 13,658 9,389 10,591 (9.0%)
EBT margin, % 84.88 38.43 36.83 3.05 26.34 14.70 29.44 44.64 56.87 40.33 45.04 (44.5) pt
Net income 14,244 10,227 6,967 (1,298) 4,454 2,475 5,764 8,130 11,264 6,947 8,112 (7.7%)
Per share, $
Per share, $ Revenue 13.19 13.31 13.44 13.44 14.08 14.10 13.91 13.78 13.98 13.83 14.09 +0.5%
Earnings 7.28 5.31 3.69 (0.70) 2.40 1.34 3.19 4.57 6.54 4.12 4.84 (6.1%)
Cash flow 1.96 2.55 4.45 4.19 4.51 4.56 4.58 5.23 5.09 5.52 5.65 +12.2%
Capex (0.10) (0.10) (0.13) (0.13) (0.12) (0.09) 0.44 0.85 (0.08) (0.13) (0.21) +3.2%
Free cash flow 1.86 2.45 4.32 4.06 4.39 4.46 5.02 6.07 5.01 5.39 5.44 +12.5%
Book value 6.54 8.01 7.84 3.38 1.57 (0.87) (2.17) (1.96) (1.27) (2.05) (1.30) n/m
Shares, m 1,952 1,921 1,887 1,869 1,858 1,845 1,804 1,777 1,718 1,683 1,674 (1.6%)
Valuation, ×
Valuation, × P/E 9.28 13.30 13.38 0.00 17.15 35.63 14.27 9.10 7.98 14.03 16.05 13.4
P/S 5.13 5.31 3.67 3.71 2.91 3.36 3.27 3.02 3.74 4.17 5.51 3.8
P/B 10.34 8.84 6.30 14.76 26.04 0.00 0.00 0.00 0.00 0.00 0.00 6.6
EV/Sales 5.49 5.81 4.64 4.75 3.85 4.26 4.17 3.94 4.65 5.08 6.42 4.7
EV/FCF 38.86 31.59 14.43 15.70 12.35 13.47 13.01 10.61 12.96 13.03 16.64 17.6
Cash, $m
Cash, $m Operating cash flow 3,826 4,901 8,391 7,837 8,385 8,405 8,256 9,287 8,753 9,290 9,422 +10.4%
Capex (189) (199) (238) (246) (231) (169) 795 1,504 (142) (216) (351) +1.5%
Free cash flow 3,637 4,702 8,153 7,591 8,154 8,236 9,051 10,791 8,611 9,074 9,071 +10.7%
Balance, $m
Balance, $m Working capital (115) (2,448) (16,894) (3,350) (1,946) (2,496) (1,396) (5,734) (4,268) (3,222) (3,492) +44.8%
Net debt 9,312 12,641 24,413 25,925 24,526 23,500 22,650 22,547 21,799 21,235 21,364 +9.6%
Shareholders’ equity 12,773 15,380 14,789 6,319 2,925 (1,606) (3,923) (3,490) (2,188) (3,452) (2,173) n/m
Returns, %
Returns, % ROA 36.74 22.90 14.10 (2.48) 9.22 5.67 15.04 21.48 30.47 19.74 23.31 (17.0) pt
ROIC 24.79 21.40 14.53 20.02 24.76 33.00 39.78 37.87 35.82 34.79 36.01 +10.0 pt
ROE 181.71 72.52 46.11 (12.32) 96.47 373.62 (208.03) (218.89) (395.77) (245.64) (339.57) (427.3) pt
People
People Employees 8,300 8,300 8,300 7,300 7,100 6,000 6,300 6,400 6,200 5,900 — (3.7%)
Revenue/emp, $m 3.10 3.08 3.06 3.44 3.68 4.34 3.98 3.83 3.87 3.95 — +2.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Altria Group is a tobacco and nicotine company based in Richmond. Founded in 1985, it serves adult tobacco consumers primarily in the United States. Its chief executive is Salvatore Mancuso.

Its largest business makes and sells cigarettes, principally under the Marlboro brand. The company also sells Black & Mild machine-made cigars and moist smokeless tobacco, which consumers place in the mouth rather than smoke. Its smokeless tobacco brands include Copenhagen, Skoal and Red Seal. Altria also sells on! oral nicotine pouches, which are placed in the mouth, and has an e-vapor business under the NJOY name.

Where the money comes from and where it goes Fiscal 2022

Fiscal 2022: revenue by segment, and margins
Smokeable Products Segment 22,476 89.56%
Oral Tobacco Segment 2,580 10.28%
All Other 40 0.16%
Gross margin 56.77%
Operating margin 47.49%
Pre-tax margin 29.44%

Revenue by segment since 2011

Altria Group, Inc. vs peers in Tobacco (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PM Philip Morris International Inc. $314.1B 29.5× 28.3× +5.47% (above 0%: growing) −4.93% (below 0%: shrinking) +21.31% (above 0%: growing) 68.67% 42.54% Compare
BTI British American Tobacco p.l.c. $135.6B 8.0× 13.9× +0.62% (above 0%: growing) +13.60% (above 0%: growing) +12.44% (above 0%: growing) 69.38% 0.00% Compare
MO Altria Group, Inc. $129.1B 16.1× 14.1× +0.99% (above 0%: growing) +6.83% (above 0%: growing) −1.35% (below 0%: shrinking) 64.27% 54.03%
RLX RLX Technology Inc. Sponsored ADR $1.5B 15.3× 12.2× +21.90% (above 0%: growing) +30.00% (above 0%: growing) −129.25% (below 0%: shrinking) 39.03% 14.22% Compare
TPB Turning Point Brands, Inc. $1.4B 28.4× 55.2× +22.57% (above 0%: growing) −77.78% (below 0%: shrinking) +235.11% (above 0%: growing) 65.55% 11.69% Compare
AIIR Air Global PLC $1.2B 285× — — n/m −487.91% (below 0%: shrinking) 56.58% (46.44%) Compare
UVV Universal Corporation $1.0B — (loss-making) 13.0× −17.55% (below 0%: shrinking) −63.24% (below 0%: shrinking) −551.15% (below 0%: shrinking) 17.29% 6.86% Compare
ISPR Ispire Technology Inc. $82.6M — (loss-making) — (loss-making) +32.55% (above 0%: growing) n/m −26.12% (below 0%: shrinking) 6.32% (50.72%) Compare
RYM RYTHM, Inc. $35.4M 5.1× — (loss-making) +490.08% (above 0%: growing) n/m +217.62% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $1.3B 21.8× 13.9× +21.90% −4.93% −6.84% 47.81% 3.43%

All 11 Tobacco stocks →

From the latest earnings call

Updated

  • CEO Salvatore Mancuso said on! shipment volume rose in the third quarter as Helix expanded its pouch range, while competition remained elevated.
  • CFO Heather Newman said Altria raised its full-year adjusted EPS guidance after its first-nine-month performance, while continuing to invest in smoke-free products.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
UBS Oct 12, 2026 Target raised Buy 76.00 → 79.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 64.21%
Held by the ten largest 37.51%
Holder Shares Stake Change
Vanguard 160.28m 9.60% −1.03m
BlackRock 126.07m 7.55% +1.33m
Capital Group 77.47m 4.64% +33.04m
State Street 70.19m 4.20% −1.60m
Charles Schwab 59.15m 3.54% +4.87m
Geode Capital Management 47.72m 2.86% +699.21k
GQG Partners LLC 25.11m 1.50% +1.27m
Morgan Stanley 22.70m 1.36% −1.75m
Ameriprise (Columbia Threadneedle) 22.05m 1.32% +544.33k
Northern Trust 15.60m 0.93% −434.43k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 24.56m 27.71m 208.24
2024 26.79m 24.95m 176.17
2023 18.53m 14.41m 125.06
2022 16.20m 18.05m 129.70
2021 12.63m 14.94m 124.26
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Altria Group, Inc. (MO) Latest News

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MO metrics, ten years each

stockrow.com/MO · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com