A Business at a Glance
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ALTRIA GROUP, INC.
MO
$122.7B
Mkt Cap
$72.99
+1.26%
ALTRIA GROUP, INC. (MO) has a current P/E ratio of 17.7, compared to its historical median P/E of 7.7. The stock is currently considered Expensive based on its historical valuation range.
ALTRIA GROUP, INC. (MO) has a 5-year average return on invested capital (ROIC) of 41.8%. This indicates strong capital allocation and a potential competitive advantage.
ALTRIA GROUP, INC. (MO) has a market capitalization of $204.8B. It is classified as a mega-cap stock.
Yes, ALTRIA GROUP, INC. (MO) pays a dividend with a trailing twelve-month yield of 3.42%. The company also returns capital through share buybacks, with a buyback yield of 0.47%.
Based on historical P/E analysis, ALTRIA GROUP, INC. (MO) appears expensive. The current P/E of 17.7 is 130% above its historical median of 7.7. The estimated fair value CAGR (P/E method) is 28.3%.
ALTRIA GROUP, INC. (MO) operates in the Cigarettes industry, within the Consumer Defensive sector.
ALTRIA GROUP, INC. (MO) reported annual revenue of $23.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Altria Group is a leading U.S. tobacco company with a diversified portfolio of combustible and smoke-free nicotine products sold primarily to domestic wholesalers and retail chains. The company operates through four main segments: smokeable products (cigarettes manufactured by Philip Morris USA, including the dominant Marlboro brand, and machine-made large cigars by John Middleton under the Black & Mild brand); oral tobacco products (moist smokeless tobacco by U.S. Smokeless Tobacco Company under premium brands Copenhagen and Skoal and value brand Red Seal, plus oral nicotine pouches by Helix under the on! brand); e-vapor products (NJOY e-vapor devices); and other activities including a 75% stake in Horizon Innovations, a joint venture with Japan Tobacco for heated tobacco stick commercialization. The business model is built on brand loyalty and pricing power in a highly competitive market characterized by product quality, innovation, and promotional activities; Altria generates substantially all revenue from U.S. customers and maintains supply relationships through contract growing programs with domestic tobacco growers for smokeable and oral products, while e-vapor and nicotine pouch suppliers provide imported materials. The company's competitive moat rests on decades of brand recognition—Marlboro has led U.S. cigarette sales for over 50 years—combined with sophisticated data analytics and retail management capabilities that enable targeted portfolio strategies across premium and discount segments. Altria is pursuing a strategic vision of transitioning adult smokers to smoke-free products while competing for existing smoke-free nicotine consumers, supported by FDA-authorized products and ongoing regulatory engagement.
【Moderated growth with reinvestment】 Management expects 2026 earnings growth to be weighted toward the second half of the year as cigarette import and export activity progressively increases, with planned investments in contract manufacturing capabilities offsetting near-term volume pressures. The company anticipates moderated e-vapor industry growth and increased macroeconomic uncertainty will constrain combustible and e-vapor product volumes, though first-quarter 2026 results showed stronger-than-expected performance driven by moderation in cross-category movement and resilient consumer behavior. Helix is expected to remain profitable throughout 2026 while continuing to invest in innovation and consumer engagement for the on! nicotine pouch brand, and the company remains committed to advancing its smoke-free portfolio through FDA-authorized products, though NJOY ACE is not expected to return to the marketplace in 2026. Management is maintaining a measured approach to e-vapor investments pending meaningful regulatory enforcement against the illicit market and a functioning regulatory framework.
| Metric | Target | Period |
|---|---|---|
| Adjusted diluted EPS | $5.56–$5.72 | FY2026 |
Adjusted diluted EPS (FY2026): “we reaffirm our expectation to deliver 2026 full year adjusted diluted EPS in a range of $5.56-$5.72, representing a growth rate of 2.5%-5.5% from a base of $5.42 in 2025”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 23.4B | 23.3B | 24.0B | 24.5B | 25.1B | 26.0B |
| Net Income | 8.0B | 6.9B | 11.2B | 8.1B | 5.8B | 2.5B |
| EPS | $3.13 | $4.12 | $6.54 | $4.57 | $3.19 | $1.34 |
| Free Cash Flow | 8.6B | 9.1B | 8.6B | 9.1B | 8.1B | 8.2B |
| ROIC | 47.2% | 39.3% | 48.1% | 45.6% | 45.8% | 30.4% |
| Gross Margin | 63.1% | 62.5% | 59.8% | 58.3% | 56.8% | 53.8% |
| Debt/Equity | 0.00 | -7.34 | -11.14 | -7.41 | -6.72 | -17.46 |
| Dividends/Share | $2.50 | $4.16 | $4.00 | $3.84 | $3.68 | $3.52 |
| Operating Income | 11.1B | 9.9B | 11.2B | 11.5B | 11.9B | 11.6B |
| Operating Margin | 47.2% | 42.5% | 46.8% | 47.2% | 47.5% | 44.4% |
| ROE | 0.0% | -241.4% | -388.9% | -216.0% | -206.2% | 399.7% |
| Shares Outstanding | 2,806M | 1,681M | 1,718M | 1,775M | 1,803M | 1,839M |
ALTRIA GROUP, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
ALTRIA GROUP, INC. trades at 17.7x trailing earnings, compared to its 15-year median P/E of 7.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 13.4x vs a median of 7.9x. The company's 5-year average ROIC is 41.8% with a gross margin of 58.2%. Total shareholder yield (dividends + buybacks) is 3.9%. At current prices, the estimated annualized return to fair value is +4.3%.
ALTRIA GROUP, INC. (MO) has a net profit margin of 29.8%. This is a strong margin indicating high profitability.
ALTRIA GROUP, INC. (MO) generated $9.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ALTRIA GROUP, INC. (MO) reported earnings per share (EPS) of $4.12 in its most recent fiscal year.
ALTRIA GROUP, INC. (MO) has a return on equity (ROE) of -241.4%. A negative ROE may indicate losses or negative equity.
ALTRIA GROUP, INC. (MO) has a 5-year average gross margin of 58.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for ALTRIA GROUP, INC. (MO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ALTRIA GROUP, INC. (MO) has a book value per share of $-2.08, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 earnings growth to be weighted toward the second half of the year as cigarette import and export activity progressively increases, with planned investments in contract manufacturing capabilities offsetting near-term volume pressures. The company anticipates moderated e-vapor industry growth and increased macroeconomic uncertainty will constrain combustible and e-vapor product volumes, though first-quarter 2026 results showed stronger-than-expected performance driven by moderation in cross-category movement and resilient consumer behavior. Helix is expected to remain profitable throughout 2026 while continuing to invest in innovation and consumer engagement for the on! nicotine pouch brand, and the company remains committed to advancing its smoke-free portfolio through FDA-authorized products, though NJOY ACE is not expected to return to the marketplace in 2026. Management is maintaining a measured approach to e-vapor investments pending meaningful regulatory enforcement against the illicit market and a functioning regulatory framework.
Based on recent SEC filings and earnings calls, ALTRIA GROUP, INC. (MO) has provided the following forward guidance: Adjusted diluted EPS: $5.56–$5.72 (FY2026).