MO
ALTRIA GROUP, INC.
Consumer Staples • CIK: 0000764180
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Market Cap
$111.45B
P/E (TTM)
12.6x
Rev Growth (TTM)
-2.5%
Net Margin (TTM)
37.8%
FCF Yield (TTM)
8.2%
FCF Margin (TTM)
39.3%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$9.2B
Q3 '25
$3.0B+1657%
Q2 '25
$173M-94%
FCF Margin
TTM39.3%
Q3 '2550.1%+1666%
Sector: 8.5%Top 10%
OCF Margin40.0%
OCF/NI1.06x
CapEx Coverage54.7x
FCF Yield8.2%
FCF Growth (2Y)+5%
Cash Conversion Cycle
33 days
DSO: 3+DIO: 68−DPO: 39
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM7.2%
Div Yield6.2%
+Buyback (TTM)0.9%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)6.2%
FCF Payout Ratio75.6%
Free Cash Flow (TTM)$9.2B
Stock Repurchases (TTM)$1.0B
Capital Return / FCF86.4%
Est. Dividends Paid (TTM)$7.0B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
48.0%
Moderate
+0.1% YoY+5.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
39.6%
8Q: 37.7%
Asset Turnover
0.68x
8Q: 0.70x
Leverage (1+D/E)
-8.71x
D/E: -9.71x
DuPont: -234.3% ≈ 48.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
14.51x
8Q:14.91x
+48.4%
Invested Cap Turn
1.21x
8Q:1.24x
Flat
CapEx Intensity
0.9%
8Q:0.8%
CapEx/Depreciation
0.60x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $23.4B | $6.1B↓0.5% | $6.1B↑16.0% | $5.3B↓12.0% | $6.0B↓4.6% | $6.3B↑0.8% | $6.2B↑11.4% | $5.6B↓6.7% | $6.0B |
Operating Income | $11.1B | $3.2B↓0.0% | $3.2B↑80.6% | $1.8B↓38.0% | $2.9B↓8.6% | $3.2B↑24.4% | $2.5B↓5.3% | $2.7B↓4.4% | $2.8B |
Net Income | $8.8B | $2.4B↓0.1% | $2.4B↑121.2% | $1.1B↓64.6% | $3.0B↑32.5% | $2.3B↓39.7% | $3.8B↑78.6% | $2.1B↑3.4% | $2.1B |
Operating Cash Flow | $9.4B | $3.1B↑1409.3% | $205.0M↓92.5% | $2.7B↓18.6% | $3.3B↑27.9% | $2.6B↑3581.3% | $-75.0M↓102.6% | $2.9B↓10.8% | $3.2B |
Free Cash Flow | $9.2B | $3.0B↑1657.2% | $173.0M↓93.5% | $2.7B↓18.6% | $3.3B↑27.6% | $2.6B↑2580.8% | $-104.0M↓103.7% | $2.8B↓10.5% | $3.2B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
12.6x
Valuation Lenses
Earnings
12.6x
vs – sector
Cash Flow
18.4x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
0.3P/E per %ROIC
ROIC: 48.0%
Shareholder Returns
Dividend
6.2%
Buyback
0.9%
Total Yield
7.2%
Market Cap$111.45B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-205/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Bottom 25%
-2.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
48.0%
8Q:–
+5.6%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 39.6%
Asset Turnover: 0.68x
Earnings Quality
Cash Conversion
1.06x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin62.0%
Capital Efficiency
Invested Capital Turnover1.21x
Working Capital
Cash Conversion Cycle33 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
50/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-2.5%
OpInc Growth YoY
2.5%
EPS Growth YoY
-11.6%
FCF 3Y CAGR
4.5%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
62.0%
Operating
47.5%
Top 25% in sector
Net
37.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.5 pts
FCF: 39.3% | Net: 37.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $22.20B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
-9.71x
Balance sheet risk & solvency analysis