Kraft Heinz vs Altria
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The short version
- Kraft Heinz is the larger business, with $24.9B of revenue in fiscal 2025 against $23.3B for Altria.
- Altria kept more of each dollar of sales as operating profit (42.5% operating margin, against −18.7%).
- Altria turned more of its sales into free cash flow (39.0% FCF margin, against 14.7%).
- Altria earned a higher return on the capital invested in it (39.2%, against −5.8%).
| Latest fiscal year | KHC · FY25 | MO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.4B | $124.1B |
| Revenue | $24.9B | $23.3B |
| Free cash flow | $3.7B | $9.1B |
| Net income | −$5.8B | $6.9B |
| Growth | ||
| Revenue growth | −3.5% | −3.1% |
| 5-year growth | −1.0% | −2.3% |
| Share count change | −2.3% | −2.0% |
| Profitability | ||
| Gross margin | 33.3% | 62.5% |
| Operating margin | −18.7% | 42.5% |
| Net margin | −23.4% | 29.8% |
| FCF margin | 14.7% | 39.0% |
| Return on capital | −5.8% | 39.2% |
| Return on equity | −12.9% | — |
| Balance sheet | ||
| Net debt | $18.6B | $21.2B |
| Net debt / EBITDA | — | 2.1x |
| Dividends and buybacks | $2.3B | $8.0B |
| Valuation & quality | ||
| P/E | — | 15.6x |
| Piotroski F-score | 4 | 7 |
Revenue
FY16
KHC $26.3B
MO $25.7B
FY17
KHC $26.1B
MO $25.6B
FY18
KHC $26.3B
MO $25.4B
FY19
KHC $25.0B
MO $25.1B
FY20
KHC $26.2B
MO $26.2B
FY21
KHC $26.0B
MO $26.0B
FY22
KHC $26.5B
MO $25.1B
FY23
KHC $26.6B
MO $24.5B
FY24
KHC $25.8B
MO $24.0B
FY25
KHC $24.9B
MO $23.3B
KHC
MO
Operating margin
FY16
KHC 21.3%
MO 34.0%
FY17
KHC 23.2%
MO 37.5%
FY18
KHC −38.9%
MO 35.9%
FY19
KHC 12.3%
MO 41.1%
FY20
KHC 8.1%
MO 41.6%
FY21
KHC 13.3%
MO 44.4%
FY22
KHC 13.7%
MO 47.5%
FY23
KHC 17.2%
MO 47.2%
FY24
KHC 6.5%
MO 46.8%
FY25
KHC −18.7%
MO 42.5%
KHC
MO
Free cash flow
FY16
KHC $1.4B
MO $3.6B
FY17
KHC −$693M
MO $4.7B
FY18
KHC $1.7B
MO $8.2B
FY19
KHC $2.8B
MO $7.6B
FY20
KHC $4.3B
MO $8.2B
FY21
KHC $4.5B
MO $8.2B
FY22
KHC $1.6B
MO $8.1B
FY23
KHC $3.0B
MO $9.1B
FY24
KHC $3.2B
MO $8.6B
FY25
KHC $3.7B
MO $9.1B
KHC
MO
Return on capital
FY16
KHC 5.0%
MO 32.2%
FY17
KHC 6.7%
MO 38.3%
FY18
KHC −9.1%
MO 20.2%
FY19
KHC 2.8%
MO 14.5%
FY20
KHC 1.4%
MO 23.6%
FY21
KHC 2.9%
MO 30.3%
FY22
KHC 4.3%
MO 45.8%
FY23
KHC 5.3%
MO 45.5%
FY24
KHC 2.5%
MO 48.0%
FY25
KHC −5.8%
MO 39.2%
KHC
MO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.