Skip to content
stoqly

Altria

MO NYSE Tobacco Financials FY2016–FY2025

Altria's revenue fell 3.1% to $23.3 billion in fiscal 2025. Its operating margin was 42.5%, down from 46.8% a year earlier. Free cash flow was $9.1 billion, up 5.4%. It paid out $8.0 billion in dividends and buybacks, 88% of free cash flow. The diluted share count fell 2.0%.

Last close · Oct 23, 2026

$74.31

2.3%
Value it Compare
Revenue Total sales reported in the income statement.
$23.3B
3.1% vs prior year
Operating margin Operating income as a share of revenue.
42.5%
4.3 pts
Net income Profit after all expenses, interest and tax.
$6.9B
38.3%
Free cash flow Cash from operations minus capital spending.
$9.1B
5.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
39.2%
8.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$124.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.6x
On $4.75 EPS (TTM)

What Altria does

Altria makes and sells tobacco and nicotine products to adult consumers in the United States, and it earns almost all of its revenue from domestic customers. Its subsidiary Philip Morris USA makes cigarettes, including Marlboro, which the company says has been the largest-selling cigarette brand in the country for over 50 years. John Middleton makes machine-made large cigars, with Black & Mild as its main brand.

Altria reports three segments: smokeable products (cigarettes and cigars), oral tobacco products and e-vapor products. The oral segment includes moist smokeless tobacco brands such as Copenhagen and Skoal, and on! oral nicotine pouches. NJOY makes e-vapor products. A joint venture with Japan Tobacco, called Horizon, is reported in a separate category.

The company says it wants to move adult smokers toward smoke-free products. Cigarette shipment volume fell in 2025, so the shift matters to its results. Altria also holds investments in Anheuser-Busch InBev and Cronos Group, a cannabis company.

Legal name
Altria Group, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 25, 2026
Accession · CIK
0000764180-26-000017
0000764180

Revenue and margins

Altria had $23.3B of revenue in fiscal 2025, down 3.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −6.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $9.1B in fiscal 2025, 39.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Altria returned $8.0B to shareholders in fiscal 2025, 88% of free cash flow. The diluted share count fell 2.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Altria yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$21.2B and divides by 1,683.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.6x · peers 29.1x · sector 24.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Altria can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.5B$4.0B$3.7B$3.1B$4.5B
Debt incl. finance leases $28.0B$26.7B$26.2B$24.9B$25.7B
Net debt / EBITDA 2.0x1.9x1.9x1.9x2.1x
Interest coverage 9.7x10.6x10.1x10.0x8.4x
Current ratio 0.7x0.8x0.5x0.5x0.7x
Quick ratio 0.6x0.7x0.4x0.4x0.5x
Total assets $39.5B$37.0B$38.6B$35.2B$35.0B
Total liabilities $41.1B$40.9B$42.1B$37.4B$38.5B
Shareholders' equity −$1.6B−$4.0B−$3.5B−$2.2B−$3.5B
Net debt (− = net cash) $23.5B$22.7B$22.5B$21.8B$21.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$2.4M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 9, 2026 KATHRYN B. McQUADEDirector Bought 1,500 $67.62 $0.1M Form 4
May 26, 2026 Ellen R StrahlmanDirector Sold 2,000 $72.56 $0.1M Form 4
May 26, 2026 Ennis Debra J KellyDirector Sold 5,790 $72.25 $0.4M Form 4
Mar 5, 2026 Charles N. WhitakerSVP, Chief HR Off. & CCO Sold 27,908 $67.57 $1.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 97 / 97 / 9
Accruals ratio −3.1%6.8%−6.7%
Altman Z'' 3.584.584.50

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Altria MO $124.1B −3.1% 42.5% 39.0% 39.2% 15.6x 7
Philip Morris International PM $311.2B 7.3% 36.6% 26.2% 35.4% 29.1x 7 Compare →
Universal UVV $986M −1.3% 5.8% 2.8% 4.0% 51.7x 5 Compare →
Kraft Heinz KHC $29.4B −3.5% −18.7% 14.7% −5.8% — 4 Compare →
BJ's Wholesale Club BJ $13.5B 4.7% 3.8% 1.5% 23.7% 23.2x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $25.7B $25.6B $25.4B $25.1B $26.2B $26.0B $25.1B $24.5B $24.0B $23.3B
Gross profit $11.6B $12.0B $12.3B $12.7B $13.0B $14.0B $14.2B $14.3B $14.4B $14.5B
Research and development $203M $241M $252M $168M $131M $145M $162M $220M $208M $195M
Operating income $8.8B $9.6B $9.1B $10.3B $10.9B $11.6B $11.9B $11.5B $11.2B $9.9B
Interest expense $754M $736M $697M $1.3B $1.2B $1.2B $1.1B $1.1B $1.1B $1.2B
Pretax income $21.9B $9.8B $9.3B $766M $6.9B $3.8B $7.4B $10.9B $13.7B $9.4B
Income tax $7.6B −$399M $2.4B $2.1B $2.4B $1.3B $1.6B $2.8B $2.4B $2.4B
Net income $14.2B $10.2B $7.0B −$1.3B $4.5B $2.5B $5.8B $8.1B $11.3B $6.9B
Diluted EPS $7.28 $5.31 $3.68 −$0.70 $2.40 $1.34 $3.19 $4.57 $6.54 $4.12
Diluted shares 1.95B 1.92B 1.89B 1.87B 1.86B 1.85B 1.80B 1.78B 1.72B 1.68B
Cash flow
Cash from operations $3.8B $4.9B $8.4B $7.8B $8.4B $8.4B $8.3B $9.3B $8.8B $9.3B
Capital expenditure $189M $199M $238M $246M $231M $169M $205M $196M $142M $216M
Free cash flow $3.6B $4.7B $8.2B $7.6B $8.2B $8.2B $8.1B $9.1B $8.6B $9.1B
Depreciation and amortization $204M $209M $227M $226M $257M $244M $226M $272M $286M $266M
Acquisitions $45.0M $415M $15.0M $0.0M $0.0M $0.0M $0.0M $2.8B $0.0M $0.0M
Share buybacks $1.0B $2.9B $1.7B $845M $0.0M $1.7B $1.8B $1.0B $3.4B $1.0B
Dividends paid $4.5B $4.8B $5.4B $6.1B $6.3B $6.4B $6.6B $6.8B $6.8B $7.0B
Dividends and buybacks $5.5B $7.7B $7.1B $6.9B $6.3B $8.1B $8.4B $7.8B $10.2B $8.0B
Balance sheet
Cash and short-term investments $4.6B $1.3B $1.3B $2.1B $4.9B $4.5B $4.0B $3.7B $3.1B $4.5B
Total debt $13.9B $13.9B $25.7B $28.0B $29.5B $28.0B $26.7B $26.2B $24.9B $25.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $7.3B $4.3B $4.3B $4.8B $7.1B $6.1B $7.2B $5.6B $4.5B $5.9B
Current liabilities $7.4B $6.8B $21.2B $8.2B $9.1B $8.6B $8.6B $11.3B $8.8B $9.2B
Inventory $2.1B $2.2B $2.3B $2.3B $2.0B $1.2B $1.2B $1.2B $1.1B $1.1B
Property and equipment, net $2.0B $1.9B $1.9B $2.0B $2.0B $1.6B $1.6B $1.7B $1.6B $1.7B
Total assets $45.9B $43.2B $55.5B $49.3B $47.4B $39.5B $37.0B $38.6B $35.2B $35.0B
Total liabilities $33.1B $27.8B $40.6B $42.9B $44.4B $41.1B $40.9B $42.1B $37.4B $38.5B
Shareholders' equity $12.8B $15.4B $14.8B $6.2B $2.8B −$1.6B −$4.0B −$3.5B −$2.2B −$3.5B
Margins
Gross margin 45.0% 46.8% 48.3% 50.6% 49.8% 53.8% 56.8% 58.3% 59.8% 62.5%
Operating margin 34.0% 37.5% 35.9% 41.1% 41.6% 44.4% 47.5% 47.2% 46.8% 42.5%
EBITDA margin 34.8% 38.3% 36.8% 42.0% 42.6% 45.4% 48.4% 48.3% 48.0% 43.7%
Net margin 55.3% 40.0% 27.5% −5.2% 17.1% 9.5% 23.0% 33.2% 46.9% 29.8%
FCF margin 14.1% 18.4% 32.1% 30.2% 31.2% 31.7% 32.1% 37.1% 35.9% 39.0%
Returns
Return on capital 32.2% 38.3% 20.2% 14.5% 23.6% 30.3% 45.8% 45.5% 48.0% 39.2%
Return on capital employed 27.8% 25.6% 25.8% 27.4% 27.4% 33.4% 40.2% 41.5% 41.9% 37.9%
Return on equity 182.0% 72.6% 46.2% −12.3% 98.6% — — — — —
Return on assets 36.8% 22.9% 14.1% −2.5% 9.2% 5.7% 15.1% 21.5% 30.6% 19.8%
Growth
Revenue growth 1.2% −0.7% −0.8% −1.0% 4.2% −0.5% −3.5% −2.4% −1.9% −3.1%
Net income growth 171.7% −28.2% −31.9% −118.6% — −44.6% 132.9% 41.1% 38.6% −38.3%
EPS growth 172.7% −27.1% −30.7% −119.0% — −44.2% 138.1% 43.3% 43.1% −37.0%
FCF growth −35.2% 29.3% 73.4% −6.9% 7.4% 1.0% −2.3% 12.9% −5.3% 5.4%
Share count change −0.5% −1.6% −1.7% −1.0% −0.5% −0.8% −2.2% −1.5% −3.3% −2.0%
Financial health
Net debt / EBITDA 1.0x 1.3x 2.6x 2.5x 2.2x 2.0x 1.9x 1.9x 1.9x 2.1x
Debt / equity 1.1x 0.9x 1.7x 4.5x 10.4x — — — — —
Interest coverage 11.6x 13.0x 13.1x 7.8x 8.9x 9.7x 10.6x 10.1x 10.0x 8.4x
Current ratio 1.0x 0.6x 0.2x 0.6x 0.8x 0.7x 0.8x 0.5x 0.5x 0.7x
Quick ratio 0.7x 0.3x 0.1x 0.3x 0.6x 0.6x 0.7x 0.4x 0.4x 0.5x
Capital allocation
Capex / revenue 0.7% 0.8% 0.9% 1.0% 0.9% 0.7% 0.8% 0.8% 0.6% 0.9%
Payouts / FCF 152.4% 164.3% 86.9% 91.1% 77.1% 98.6% 104.6% 85.6% 119.0% 87.7%
Quality scores
Piotroski F-score 8.0 5.0 6.0 5.0 7.0 6.0 8.0 8.0 7.0 7.0
Altman Z'' 4.3 4.9 2.1 3.5 3.7 4.0 4.5 3.6 4.6 4.5
Accruals ratio 26.9% 11.9% −2.9% −17.4% −8.1% −13.6% −6.5% −3.1% 6.8% −6.7%

Source: SEC EDGAR XBRL filings (CIK 0000764180). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open