NYSE · Consumer Defensive

Altria Group, Inc.

MO · Tobacco

$73.37

▼ -1.18 (-1.58%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Altria Group, Inc. at $73.37.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 72.2%

Operating Margin 59.8%

Net Income Margin 34.5%

Fin. Health F

Years to Pay Off Debt 3.7 yrs

Working Capital vs Long-Term Debt -$27.4B

Working Capital -$3.2B

Valuation A

Price-to-Book -35.02x

Cash Flow A

Free Cash Flow $9.1B

CapEx % of Net Income 3.1%

Owner Earnings $7.4B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $122.7B

Enterprise Value $145.6B

P/E (TTM) 15.32

Dividend Yield 5.63%

Exchange NYSE

Key Margins

Gross Profit 72.2%

Operating Margin 59.8%

Net Margin 34.5%

Company Info

Sector Consumer Defensive

Industry Tobacco

Employees 5900

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Altria Group, Inc. at $73.37.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Altria Group, Inc.

Altria Group, Inc., through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States. It offers cigarettes primarily under the Marlboro brand; large cigars and pipe tobacco under the Black & Mild brand; moist smokeless tobacco and oral tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands; oral nicotine pouches under the on! brand; and e-vapor products under the NJOY ACE brand. The company sells its products to distributors, as well as large retail organizations, such as chain stores. Altria Group, Inc. was founded in 1822 and is headquartered in Richmond, Virginia.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	72.2% ▲	70.3%	69.7%	68.9%	N/A
Operating Margin %	59.8% ▲	56.9%	56.3%	57.6%	N/A
Net Income %	34.5% ▼	55.1%	39.7%	27.9%	N/A
Diluted EPS	4.12 ▼	6.54	4.57	3.19	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$35.0B	$35.2B	$38.6B	$37.0B	N/A
Total Debt	$25.7B ↑	$24.9B	$26.2B	$26.7B	N/A
Working Capital	-$3.2B ▲	-$4.3B	-$5.7B	-$1.4B	N/A
Years to Pay Debt	3.70	2.21	3.23	4.63	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$9.1B ▲	$8.6B	$9.1B	$8.1B	N/A
Owner Earnings	$7.4B	$11.7B	$8.6B	$6.2B	N/A
CapEx % of Net Income	3.1%	1.3%	2.4%	3.6%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-555,556	405,076	0	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	12,968,000	12,757,000	12,349,000	8,743,000
Total Unusual Items	-2,136,000	2,311,000	0	0
Total Unusual Items Excluding Goodwill	-2,136,000	2,311,000	0	0
Net Income From Continuing Operation Net Minority Interest	6,947,000	11,264,000	8,130,000	5,764,000
Reconciled Depreciation	266,000	286,000	272,000	226,000
Reconciled Cost Of Revenue	5,597,000	6,077,000	6,218,000	6,442,000
EBITDA	10,832,000	15,068,000	12,349,000	8,743,000
EBIT	10,566,000	14,782,000	12,077,000	8,517,000
Net Interest Income	-1,079,000	-1,037,000	-989,000	-1,058,000
Interest Expense	1,177,000	1,124,000	1,149,000	1,128,000
Interest Income	98,000	87,000	160,000	70,000
Normalized Income	8,527,444	9,358,076	8,130,000	5,764,000
Net Income From Continuing And Discontinued Operation	6,947,000	11,264,000	8,130,000	5,764,000
Total Expenses	8,104,000	8,814,000	8,955,000	8,769,000
Total Operating Income As Reported	9,899,000	11,241,000	11,547,000	11,919,000
Diluted Average Shares	1,683,000	1,722,324	1,777,000	1,804,000
Basic Average Shares	1,681,311	1,722,324	1,763,462	1,804,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	6,927,000	11,236,000	8,113,000	5,751,000
Net Income Common Stockholders	6,927,000	11,236,000	8,113,000	5,751,000
Otherunder Preferred Stock Dividend	20,000	28,000	17,000	13,000
Net Income	6,947,000	11,264,000	8,130,000	5,764,000
Net Income Including Noncontrolling Interests	6,947,000	11,264,000	8,130,000	5,764,000
Net Income Continuous Operations	6,947,000	11,264,000	8,130,000	5,764,000
Tax Provision	2,442,000	2,394,000	2,798,000	1,625,000
Pretax Income	9,389,000	13,658,000	10,928,000	7,389,000
Other Income Expense	-1,567,000	3,065,000	370,000	-3,472,000
Other Non Operating Income Expenses	59,000	102,000	127,000	184,000
Special Income Charges	-2,136,000	2,311,000	0	0
Gain On Sale Of Ppe	0	2,700,000	0	0
Other Special Charges					649,000
Write Off	978,000	389,000	0	0
Impairment Of Capital Assets	1,158,000	0	0
Earnings From Equity Interest	510,000	652,000	243,000	-3,656,000
Gain On Sale Of Security				-15,000	-148,000
Net Non Operating Interest Income Expense	-1,079,000	-1,037,000	-989,000	-1,058,000
Interest Expense Non Operating	1,177,000	1,124,000	1,149,000	1,128,000
Interest Income Non Operating	98,000	87,000	160,000	70,000
Operating Income	12,035,000	11,630,000	11,547,000	11,919,000
Operating Expense	2,507,000	2,737,000	2,737,000	2,327,000
Selling General And Administration	2,507,000	2,737,000	2,737,000	2,327,000
Gross Profit	14,542,000	14,367,000	14,284,000	14,246,000
Cost Of Revenue	5,597,000	6,077,000	6,218,000	6,442,000
Total Revenue	20,139,000	20,444,000	20,502,000	20,688,000
Excise Taxes	3,140,000	3,574,000	3,981,000	4,408,000
Operating Revenue	23,279,000	24,018,000	24,483,000	25,096,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	1,131,643	1,115,309	1,042,500	1,020,427
Ordinary Shares Number	1,674,318	1,690,652	1,763,462	1,785,534
Share Issued	2,805,961	2,805,961	2,805,961	2,805,961
Net Debt	21,235,000	21,799,000	22,547,000	22,650,000
Total Debt	25,709,000	24,926,000	26,233,000	26,680,000
Tangible Book Value	-21,165,000	-22,156,000	-24,017,000	-21,534,000
Invested Capital	22,207,000	22,688,000	22,693,000	22,707,000
Working Capital	-3,222,000	-4,268,000	-5,734,000	-1,396,000
Net Tangible Assets	-21,165,000	-22,156,000	-24,017,000	-21,534,000
Common Stock Equity	-3,502,000	-2,238,000	-3,540,000	-3,973,000
Total Capitalization	20,638,000	21,161,000	21,572,000	21,151,000
Total Equity Gross Minority Interest	-3,452,000	-2,188,000	-3,490,000	-3,923,000
Minority Interest	50,000	50,000	50,000	50,000
Stockholders Equity	-3,502,000	-2,238,000	-3,540,000	-3,973,000
Gains Losses Not Affecting Retained Earnings	-2,627,000	-2,400,000	-2,673,000	-2,771,000
Other Equity Adjustments	-2,627,000	-2,400,000	-2,673,000	-2,771,000
Treasury Stock	43,183,000	42,194,000	38,802,000	37,816,000
Retained Earnings	35,452,000	35,516,000	31,094,000	29,792,000
Additional Paid In Capital	5,921,000	5,905,000	5,906,000	5,887,000
Capital Stock	935,000	935,000	935,000	935,000
Common Stock	935,000	935,000	935,000	935,000
Total Liabilities Net Minority Interest	38,469,000	37,365,000	42,060,000	40,877,000
Total Non Current Liabilities Net Minority Interest	29,315,000	28,584,000	30,741,000	32,261,000
Other Non Current Liabilities	744,000	365,000	1,621,000	324,000
Employee Benefits	1,061,000	1,071,000	1,209,000	1,216,000
Non Current Pension And Other Postretirement Benefit Plans	1,061,000	1,071,000	1,209,000	1,216,000
Non Current Deferred Liabilities	3,370,000	3,749,000	2,799,000	5,597,000
Non Current Deferred Revenue			0	2,700,000	0
Non Current Deferred Taxes Liabilities	3,370,000	3,749,000	2,799,000	2,897,000
Long Term Debt And Capital Lease Obligation	24,140,000	23,399,000	25,112,000	25,124,000
Long Term Debt	24,140,000	23,399,000	25,112,000	25,124,000
Current Liabilities	9,154,000	8,781,000	11,319,000	8,616,000
Current Deferred Liabilities		0	2,700,000	0
Current Debt And Capital Lease Obligation	1,569,000	1,527,000	1,121,000	1,556,000
Current Debt	1,569,000	1,527,000	1,121,000	1,556,000
Other Current Borrowings	1,569,000	1,527,000	1,121,000	1,556,000
Payables And Accrued Expenses	7,585,000	7,254,000	7,498,000	7,060,000
Current Accrued Expenses	5,053,000	4,822,000	5,181,000	4,823,000
Payables	2,532,000	2,432,000	2,317,000	2,237,000
Dividends Payable	1,782,000	1,732,000	1,735,000	1,685,000
Accounts Payable	750,000	700,000	582,000	552,000
Total Assets	35,017,000	35,177,000	38,570,000	36,954,000
Total Non Current Assets	29,085,000	30,664,000	32,985,000	29,734,000
Other Non Current Assets	1,095,000	934,000	845,000	965,000
Investments And Advances	8,617,000	8,195,000	10,011,000	9,600,000
Investmentin Financial Assets	8,617,000	8,195,000	10,011,000	9,600,000
Available For Sale Securities	8,617,000	8,195,000	10,011,000	9,600,000
Goodwill And Other Intangible Assets	17,663,000	19,918,000	20,477,000	17,561,000
Other Intangible Assets	11,876,000	12,973,000	13,686,000	12,384,000
Goodwill	5,787,000	6,945,000	6,791,000	5,177,000
Net PPE	1,710,000	1,617,000	1,652,000	1,608,000
Accumulated Depreciation	-2,962,000	-2,920,000	-2,930,000	-2,819,000
Gross PPE	4,672,000	4,537,000	4,582,000	4,427,000
Construction In Progress	320,000	199,000	240,000	248,000
Machinery Furniture Equipment	2,653,000	2,662,000	2,684,000	2,578,000
Buildings And Improvements	1,574,000	1,552,000	1,535,000	1,478,000
Land And Improvements	125,000	124,000	123,000	123,000
Current Assets	5,932,000	4,513,000	5,585,000	7,220,000
Other Current Assets	125,000	129,000	117,000	138,000
Inventory	1,070,000	1,080,000	1,215,000	1,180,000
Finished Goods	281,000	278,000	340,000	266,000
Work In Process	13,000	21,000	22,000	24,000
Raw Materials	776,000	781,000	853,000	890,000
Receivables	263,000	177,000	567,000	1,872,000
Other Receivables			71,000	48,000	47,000
Taxes Receivable		93,000	496,000	103,000
Accounts Receivable	263,000	177,000	71,000	1,721,000
Cash Cash Equivalents And Short Term Investments	4,474,000	3,127,000	3,686,000	4,030,000
Cash And Cash Equivalents	4,474,000	3,127,000	3,686,000	4,030,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	9,074,000	8,611,000	9,091,000	8,051,000
Repurchase Of Capital Stock	-1,000,000	-3,400,000	-1,000,000	-1,825,000
Repayment Of Debt	-1,607,000	-1,121,000	-3,566,000	-1,105,000
Issuance Of Debt	1,992,000	0	2,998,000	0
Capital Expenditure	-216,000	-142,000	-196,000	-205,000
Interest Paid Supplemental Data	1,114,000	1,113,000	1,116,000	1,119,000
Income Tax Paid Supplemental Data	1,695,000	1,709,000	1,874,000	2,657,000
End Cash Position	4,492,000	3,158,000	3,721,000	4,091,000
Beginning Cash Position	3,158,000	3,721,000	4,091,000	4,594,000
Changes In Cash	1,334,000	-563,000	-370,000	-503,000
Financing Cash Flow	-7,615,000	-11,491,000	-8,374,000	-9,541,000
Cash Flow From Continuing Financing Activities	-7,615,000	-11,491,000	-8,374,000	-9,541,000
Net Other Financing Charges	-40,000	-125,000	-27,000	-12,000
Cash Dividends Paid	-6,960,000	-6,845,000	-6,779,000	-6,599,000
Common Stock Dividend Paid	-6,960,000	-6,845,000	-6,779,000	-6,599,000
Net Common Stock Issuance	-1,000,000	-3,400,000	-1,000,000	-1,825,000
Common Stock Payments	-1,000,000	-3,400,000	-1,000,000	-1,825,000
Net Issuance Payments Of Debt	385,000	-1,121,000	-568,000	-1,105,000
Short Term Debt Payments	0	0	-2,000,000	0
Short Term Debt Issuance	0	0	2,000,000	0
Net Long Term Debt Issuance	385,000	-1,121,000	-568,000	-1,105,000
Long Term Debt Payments	-1,607,000	-1,121,000	-1,566,000	-1,105,000
Long Term Debt Issuance	1,992,000	0	998,000	0
Investing Cash Flow	-341,000	2,175,000	-1,283,000	782,000
Cash Flow From Continuing Investing Activities	-341,000	2,175,000	-1,283,000	782,000
Net Other Investing Changes	-125,000	-36,000	-36,000	-13,000
Net Business Purchase And Sale	0	2,353,000	-1,051,000	1,000,000
Sale Of Business	0	2,353,000	1,700,000	1,000,000
Purchase Of Business	0	0	-2,751,000	0
Capital Expenditure Reported	-216,000	-142,000	-196,000	-205,000
Operating Cash Flow	9,290,000	8,753,000	9,287,000	8,256,000
Cash Flow From Continuing Operating Activities	9,290,000	8,753,000	9,287,000	8,256,000
Dividend Received Cfo	208,000	139,000	163,000	104,000
Change In Working Capital	76,000	151,000	-47,000	-586,000
Change In Other Working Capital	331,000	248,000	286,000	-247,000
Change In Payables And Accrued Expense	-142,000	-93,000	-324,000	-332,000
Change In Accrued Expense	-176,000	-209,000	-362,000	-424,000
Change In Payable	34,000	116,000	38,000	92,000
Change In Account Payable	34,000	116,000	38,000	92,000
Change In Inventory	-27,000	102,000	-15,000	14,000
Change In Receivables	-86,000	-106,000	6,000	-21,000
Other Non Cash Items	173,000	53,000	131,000	23,000
Unrealized Gain Loss On Investment Securities	25,000	0	0
Asset Impairment Charge	2,118,000	389,000	0	0
Deferred Tax	-13,000	-177,000	881,000	-931,000
Deferred Income Tax	-13,000	-177,000	881,000	-931,000
Depreciation Amortization Depletion	266,000	286,000	272,000	226,000
Depreciation And Amortization	266,000	286,000	272,000	226,000
Amortization Cash Flow	132,000	139,000	128,000	73,000
Amortization Of Intangibles	132,000	139,000	128,000	73,000
Depreciation	134,000	147,000	144,000	153,000
Operating Gains Losses	-510,000	-3,352,000	-243,000	3,656,000
Pension And Employee Benefit Expense				-156,000	-175,000
Earnings Losses From Equity Investments	-510,000	-652,000	-243,000	3,656,000
Gain Loss On Investment Securities		-2,700,000		15,000	148,000
Net Income From Continuing Operations	6,947,000	11,264,000	8,130,000	5,764,000

These metrics estimate what Altria Group, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A

Margin of Safety

—

Market Cap ÷ Company Value

-5.98

P/B Ratio

-35.02

Warren's Owner Earnings

$7.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$20.1B

vs > $1.5B revenue

❌ Strong Financial Condition

0.65x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

5.63%

vs Uninterrupted dividends

❌ Earnings Growth

+29.2% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

N/A (negative book value)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-19.47

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	3.1%	1.3%	2.4%	3.6%	N/A
Repurchase of Capital Stock	-$1.0B	-$3.4B	-$1.0B	-$1.8B	N/A
Free Cash Flow	$9.1B ▲	$8.6B ▼	$9.1B ▲	$8.1B •	N/A •
Warren's Owner Earnings	$7.4B	$11.7B	$8.6B	$6.2B	N/A

Peers & Industry

No auto-detected peers for Tobacco. You can manually compare MO against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.14%

Low — management has little skin in the game

Return on Assets (ROA)

19.8%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+3.1% YoY

Debt is roughly stable

Leadership Team

William Gifford Jr.

CEO & Director

Age 55

Pay: $10,275,278

0.148% of net income

Salvatore Mancuso

Executive VP, CFO & Director

Age 60

Pay: $3,609,274

0.052% of net income

Jody Begley

Executive VP & COO

Age 52

Pay: $3,383,920

0.049% of net income

Mac Livingston

Vice President of Investor Relations

Shannon Leistra

President & CEO of NJOY, LLC, Senior VP and Chief Innovation & Product Officer

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.64%	160,980,626
Blackrock Inc.	7.77%	129,809,276
State Street Corporation	4.36%	72,830,531
Charles Schwab Investment Management, Inc.	3.92%	65,516,916
Geode Capital Management, LLC	2.75%	45,984,718
GQG Partners LLC	1.50%	25,058,437
Morgan Stanley	1.34%	22,306,173
Ameriprise Financial, Inc.	1.31%	21,798,340

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.52

Low volatility — more stable than the market

Short Interest

2.8% of float

Low short interest — market is not heavily bearish

Current Ratio

0.62x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $54.70 Current: $73.37 High: $74.56

Currently at 94% of 52-week range

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