ALTRIA GROUP, INC.
$78.64
+0.72 (+0.92%) · delayed · Nov 13, 2026
Five-year price
52w $54.70 to $79.87
- Market cap
- $130.8B
- Enterprise value
- $152.0B
- P/E
- 19.1×
- 15.5× on 3y avg EPS
- EV / EBIT
- 15.4×
- FCF yield
- 6.9%
- ROIC
- 41.3%
- Debt / equity
- —
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
80
- ●ROIC > 12% (5y avg)5y avg ROIC 43.6%
- –ROE > 15% (5y avg)5y avg ROE n/a
- ●Stable operating marginsMargin volatility 1.9% (σ, 5y)
- ●Earnings convert to cashFCF / net income 158% (5y avg)
- ○Growing revenueRevenue CAGR 5y -2.3%
- ●Shrinking share countDiluted shares -9.5% over 5y
Value
33
- ○P/E below 15P/E 19.1
- ○EV/EBIT below 12EV/EBIT 15.4
- ●FCF yield above 6%FCF yield 6.9%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
75
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $21.2B
- ●Interest coverage > 8xCoverage 8.4x
- ○Current ratio > 1.5Current ratio 0.65
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
33
- ●Adequate size (revenue > $2B)Revenue $23.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.65
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -6%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 15.5
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $78.64, the market is pricing in about 3.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $21.2B · 1663M shares · 5y revenue CAGR −2.3%
Intrinsic value
$48.75
Price
$78.64
Premium paid
61%
What the price implies
The market is paying for 3.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
48% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25,744 | 25,576 | 25,364 | 25,110 | 26,153 | 26,013 | 25,096 | 24,483 | 24,018 | 23,279 |
| Gross profit | 11,572 | 11,963 | 12,254 | 12,711 | 13,023 | 13,992 | 14,246 | 14,284 | 14,367 | 14,542 |
| Operating income | 8,761 | 9,593 | 9,115 | 10,326 | 10,873 | 11,560 | 11,919 | 11,547 | 11,241 | 9,899 |
| Operating margin | 34.0% | 37.5% | 35.9% | 41.1% | 41.6% | 44.4% | 47.5% | 47.2% | 46.8% | 42.5% |
| Pre-tax income | 21,852 | 9,828 | 9,341 | 766 | 6,890 | 3,824 | 7,389 | 10,928 | 13,658 | 9,389 |
| Income tax | 7,608 | (399) | 2,374 | 2,064 | 2,436 | 1,349 | 1,625 | 2,798 | 2,394 | 2,442 |
| Net income | 14,239 | 10,222 | 6,963 | (1,293) | 4,467 | 2,475 | 5,764 | 8,130 | 11,264 | 6,947 |
| EPS (diluted) | 7.28 | 5.31 | 3.68 | -0.70 | 2.40 | 1.34 | 3.19 | 4.57 | 6.54 | 4.12 |
| Diluted shares | 1,952 | 1,921 | 1,888 | 1,869 | 1,859 | 1,845 | 1,804 | 1,777 | 1,718 | 1,683 |
Who owns it