Altria Group Inc MO

Consumer StaplesFood & TobaccoUnited States of America

Last close 78.03 USD on Nov 1, 2026, +41.9% year to date

Quant rating

Quant rating A Rank 5 of 124 in Consumer Staples

Growth B 49 of 124
Valuation B 49 of 124
Quality B 23 of 124
Revisions A 18 of 124
Momentum A 4 of 124

Wall Street consensus Hold (2.80)Average target 72.75 USD −6.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 129.8B
Enterprise value: 151.2B
52-week range: 54.70 – 79.81
3-year range: 39.73 – 79.81
Dividend yield: 5.69%
Beta (5 years): 0.49
Shares outstanding: 1,663M
Next earnings: Jan 29, 2027

About the company

Altria Group, Inc. operates a portfolio of tobacco products for United States tobacco consumers aged 21+. Its segments include smokeable products and oral tobacco products. The smokeable products segment consists of combustible cigarettes and machine-made large cigars. The oral tobacco products segment includes moist smokeless tobacco (MST) products and oral nicotine pouches. Its wholly owned subsidiaries include manufacturers of both combustible and smoke-free products. In combustibles, it owns Philip Morris USA Inc. (PM USA), and John Middleton Co. (Middleton), which are cigarette manufacturers. Its smoke-free portfolio includes ownership of U.S. Smokeless Tobacco Company LLC (USSTC), a global MST manufacturer, Helix Innovations LLC (Helix), a manufacturer of oral nicotine pouches, and NJOY, LLC (NJOY), an e-vapor manufacturer with a commercialized product portfolio. The brand portfolios of its operating companies include Marlboro, Black & Mild, Copenhagen, Skoal, on! and NJOY.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	23,279	24,018	24,483	25,096	26,013	–
Revenue growth	−3.1%	−1.9%	−2.4%	−3.5%	−0.5%	−2.3%
EPS (basic, normalized)	5.42	5.12	4.95	4.84	4.61	–
EPS growth	5.9%	3.4%	2.3%	5.0%	–	–
Gross margin	62.6%	59.7%	58.1%	56.5%	53.6%	58.1%
Net margin	29.8%	46.8%	33.1%	22.9%	9.5%	28.4%
ROE	–	–	–	–	401.5%	401.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,697
Current ratio	0.58x
Long-term debt (mil)	22,886
Net debt (mil)	21,416
Total equity (mil)	−2,225
Net debt / equity	−9.63x
Net debt / EBITDA	1.70x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	23,279	−3.1%	6.5x	12,593	+3.0%	12.0x	5.42	+5.9%	14.4x
2026	20,681	−11.2%	7.3x	13,018	+3.4%	11.6x	5.69	+4.9%	13.7x
2027	20,892	+1.0%	7.2x	13,358	+2.6%	11.3x	5.89	+3.6%	13.2x
2028	21,061	+0.8%	7.2x	13,584	+1.7%	11.1x	6.09	+3.3%	12.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	20,681	+0.5%	+0.7%	+1.5%	5.69	+0.1%	+0.1%	+0.3%
2027	20,892	+0.8%	+1.0%	+2.1%	5.89	+0.4%	+0.3%	+0.6%
2028	21,061	+0.9%	+1.1%	+2.7%	6.09	+0.7%	+0.6%	+0.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,717	5,277	5,344	5,106	4,519	5,290	5,251	5,846	4,758	5,356
Sales mean (mil)	4,712	5,392	5,326	5,046	4,615	5,184	5,309	5,039	4,576	5,346
Surprise	+0.1%	−2.1%	+0.3%	+1.2%	−2.1%	+2.0%	−1.1%	+16.0%	+4.0%	+0.2%
EPS reported	1.15	1.31	1.38	1.29	1.23	1.44	1.45	1.30	1.32	1.48
EPS mean	1.15	1.34	1.35	1.29	1.19	1.39	1.45	1.32	1.25	1.50
Surprise	+0.1%	−2.6%	+2.3%	+0.1%	+3.6%	+3.9%	+0.1%	−1.4%	+5.9%	−1.1%

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MO Altria Group Inc	129.8B	1.70x	29.8%	−58.35x	13.7x	13.2x	11.6x	11.3x
PM Philip Morris International Inc.	325.4B	2.33x	27.8%	−41.00x	25.0x	23.1x	18.9x	17.3x
BATS British American Tobacco p.l.c.	132.4B	–	30.3%	2.06x	12.8x	11.9x	10.7x	10.1x
MDLZ Mondelez International, Inc.	82.2B	3.14x	6.4%	3.10x	21.3x	19.3x	15.2x	14.2x
HSY The Hershey Company	33.3B	1.80x	7.6%	4.97x	19.1x	17.3x	12.4x	11.5x
IMB Imperial Brands PLC	29.7B	–	6.4%	5.69x	8.8x	8.0x	7.6x	7.5x
Mean		2.24x	18.0%	−13.92x	16.8x	15.5x	12.7x	12.0x
Median		2.06x	17.7%	2.58x	16.4x	15.3x	12.0x	11.4x

Technical analysis

1M+12.9%
3M+5.9%
1Y+31.7%
3Y+148.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Altria Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	23,279	24,018	24,483	25,096	26,013	26,153
Cost of revenue	8,717	9,678	10,249	10,913	12,073	12,669
Gross profit	14,562	14,340	14,234	14,183	13,940	13,484
Selling, general & administrative expenses	2,272	2,603	2,283	2,188	2,140	1,644
Research & development	–	–	–	–	–	–
Depreciation/amortization	132	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2,266	496	404	76.0	889	3,567
Other operating expenses	0	0	0	0	0	0
Operating income	9,892	11,241	11,547	11,919	10,911	8,273
Net interest income (expense)	−562	−385	−746	−4,714	−7,289	−1,460
Gain (loss) on sale of assets	0	2,700	–	–	–	–
Other non-operating income (expense)	59.0	102	127	184	202	77.0
Net income before taxes	9,389	13,658	10,928	7,389	3,824	6,890
Provision for taxes	2,442	2,394	2,798	1,625	1,349	2,413
Minority interest	–	–	–	0	0	13.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6,947	11,264	8,130	5,764	2,475	4,490
Extraordinary items	–	–	–	–	–	−23.0
Net income	6,947	11,264	8,130	5,764	2,475	4,467
EBIT, normalized	12,190	9,210	11,903	11,993	11,786	11,844
EBITDA, normalized	12,456	9,496	12,175	12,219	12,030	12,101
Basic EPS, normalized	5.42	5.12	4.95	4.84	4.61	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Altria Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,474	3,127	3,686	4,030	4,544	4,945
Receivables	263	270	567	1,769	47.0	137
Total inventory	1,070	1,080	1,215	1,180	1,194	1,966
Prepaid expenses	–	–	–	–	–	–
Other current assets	125	36.0	117	241	298	69.0
Total current assets	5,932	4,513	5,585	7,220	6,083	7,117
Property, plant & equipment	1,710	1,617	1,652	1,608	1,553	2,012
Goodwill	5,787	6,945	6,791	5,177	5,177	5,177
Intangibles	11,876	12,973	13,686	12,384	12,306	12,615
Long-term investments	8,617	8,195	10,011	9,600	13,481	19,529
Note receivable	–	–	–	–	–	–
Other long-term assets	1,095	934	845	965	923	964
Total assets	35,017	35,177	38,570	36,954	39,523	47,414
Liabilities
Accounts payable	750	700	582	552	449	380
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4,822	4,607	4,923	4,571	5,091	5,280
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,569	1,527	1,121	1,556	1,105	1,500
Other current liabilities	2,013	1,947	4,693	1,937	1,934	1,903
Total current liabilities	9,154	8,781	11,319	8,616	8,579	9,063
Long-term debt	24,140	23,399	25,112	25,124	26,939	27,971
Minority interest	50.0	50.0	50.0	50.0	0	126
Other liabilities	5,175	5,185	5,629	7,137	5,611	7,415
Total liabilities	38,519	37,415	42,110	40,927	41,129	44,575
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	935	935	935	935	935	935
Additional paid-in capital	5,921	5,905	5,906	5,887	5,857	5,910
Retained earnings (accumulated deficit)	35,452	35,516	31,094	29,792	30,664	34,679
Treasury stock	−43,183	−42,194	−38,802	−37,816	−36,006	−34,344
Other equity	−2,627	−2,400	−2,673	−2,771	−3,056	−4,341
Total equity	−3,502	−2,238	−3,540	−3,973	−1,606	2,839
Total liabilities & shareholders' equity	35,017	35,177	38,570	36,954	39,523	47,414

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Altria Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	6,947	11,264	8,130	5,764	2,475	4,454
Depreciation, depletion & amortization	266	286	272	226	244	257
Deferred taxes	−316	951	−230	−947	−1,160	−164
Non-cash items	1,936	−4,091	868	3,656	6,776	2,800
Changes in working capital	457	343	247	−443	70.0	1,038
Cash from operations	9,290	8,753	9,287	8,256	8,405	8,385
Investing activities
Capital expenditures	−216	−142	−196	−205	−169	−231
Other investing cash flows	−125	2,317	−1,087	987	1,381	88.0
Cash from investing	−341	2,175	−1,283	782	1,212	−143
Financing activities
Financing cash flow items	−40.0	−125	−27.0	−12.0	−838	−99.0
Cash dividends paid	−6,960	−6,845	−6,779	−6,599	−6,446	−6,290
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−615	−4,521	−1,568	−2,930	−2,745	993
Cash from financing	−7,615	−11,491	−8,374	−9,541	−10,029	−5,396
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	1,334	−563	−370	−503	−412	2,846
Free cash flow	9,074	8,611	9,091	8,051	8,236	8,154

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.