Explain this page
Arphra AIPlain-English read on Altria Group, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +66.28% | +68.86% | +69.67% | +70.27% | +86.59% | +77.00% | +74.72% | +75.72% | +75.66% |
| Operating margin | +54.76% | +57.61% | +56.32% | +54.98% | +74.80% | +63.14% | +61.36% | +62.18% | +61.36% |
| EBITDA margin | +24.90% | +42.26% | +60.23% | +73.70% | +53.79% | +63.97% | +60.79% | +63.77% | +64.01% |
| EBIT margin | +23.74% | +41.17% | +58.91% | +72.30% | +52.47% | +61.97% | +60.58% | +59.97% | +61.24% |
| Pre-tax margin | +18.11% | +35.72% | +53.30% | +66.81% | +46.62% | +54.33% | +54.34% | +54.28% | +54.43% |
| Net margin | +11.72% | +27.86% | +39.65% | +55.10% | +34.50% | +43.69% | +42.57% | +42.96% | +43.98% |
| Cost structure | |||||||||
| Cost of revenue / sales | +33.72% | +31.14% | +30.33% | +29.73% | +13.41% | +24.93% | +24.82% | +24.54% | +24.76% |
| R&D intensity | 0.00% | 0.00% | 0.00% | +1.02% | +0.97% | +0.66% | +0.67% | +0.68% | +0.68% |
| SG&A intensity | +11.52% | +11.25% | +13.35% | +13.39% | +10.82% | +12.17% | +12.65% | +12.48% | +12.81% |
| Effective tax rate | +35.28% | +21.99% | +25.60% | +17.53% | +26.01% | +22.99% | +24.10% | +22.93% | +23.66% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -154.11% | -146.93% | -232.95% | -514.81% | -201.25% | -291.17% | -285.01% | -284.46% | -301.74% |
| Return on assets (ROA) | +6.26% | +15.60% | +21.08% | +32.02% | +19.84% | +23.95% | +23.32% | +24.70% | +24.61% |
| Return on capital (ROC) | +43.72% | +52.38% | +50.77% | +49.44% | +67.68% | +57.72% | +53.81% | +55.11% | +53.76% |
| Return on invested capital (ROIC) | +9.36% | +25.33% | +35.75% | +49.54% | +31.21% | +39.94% | +37.33% | +38.08% | +38.54% |
| Asset turnover | +53.41% | +55.98% | +53.16% | +58.12% | +57.51% | +54.83% | +54.79% | +57.51% | +55.95% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +11.72% | +27.86% | +39.65% | +55.10% | +34.50% | +43.69% | +42.57% | +42.96% | +43.98% |
| Asset turnover (× revenue / assets) | +53.41% | +55.98% | +53.16% | +58.12% | +57.51% | +54.83% | +54.79% | +57.51% | +55.95% |
| Equity multiplier (× assets / equity) | -2460.96% | -941.98% | -1105.16% | -1607.72% | -1014.40% | -1215.59% | -1222.06% | -1151.43% | -1226.25% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.53 | 0.56 | 0.53 | 0.58 | 0.58 | 0.55 | 0.55 | 0.58 | 0.56 |
| Fixed-asset turnover | 13.59 | 12.87 | 12.41 | 12.64 | 11.78 | — | — | — | — |
| Inventory turnover | 5.96 | 5.46 | 5.12 | 5.63 | 2.52 | — | — | — | — |
| Receivables turnover | 449.17 | 11.05 | 36.16 | 75.72 | 76.57 | — | — | — | — |
| Payables turnover | 15.86 | 11.67 | 10.68 | 8.68 | 3.60 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 0.81 | 33.03 | 10.09 | 4.82 | 4.77 | — | — | — | — |
| Days inventory outstanding (DIO) | 61.22 | 66.86 | 71.32 | 64.87 | 144.59 | — | — | — | — |
| Days payables outstanding (DPO) | 23.02 | 31.28 | 34.16 | 42.04 | 101.35 | — | — | — | — |
| Cash conversion cycle | 39.01 | 68.61 | 47.25 | 27.64 | 48.01 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 3.40 | 1.43 | 1.14 | 0.78 | 1.34 | 1.04 | 1.02 | 1.06 | 0.99 |
| FCF / Net income | 3.33 | 1.40 | 1.12 | 0.76 | 1.31 | 0.98 | 1.04 | 1.03 | 0.99 |
| FCF margin | +39.01% | +38.92% | +44.34% | +42.12% | +45.06% | +42.69% | +44.39% | +44.40% | +43.40% |
| OCF margin | +39.81% | +39.91% | +45.30% | +42.81% | +46.13% | +45.58% | +43.49% | +45.43% | +43.46% |
| CapEx / Revenue | +0.80% | +0.99% | +0.96% | +0.69% | +1.07% | +0.91% | +0.93% | +0.91% | +0.93% |
| CapEx / D&A | 0.69 | 0.91 | 0.72 | 0.50 | 0.81 | — | — | — | — |
| Stock-based comp / Revenue | +0.19% | +0.24% | +0.28% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.34 | 3.19 | 4.57 | 6.54 | 4.11 | 5.68 | 5.88 | 6.14 | 6.18 |
| EPS · basic | 1.34 | 3.19 | 4.61 | 6.54 | 4.11 | 5.71 | 5.89 | 6.12 | 6.26 |
| Book value / share | -0.87 | -2.17 | -1.96 | -1.27 | -2.06 | -1.82 | -1.85 | -1.88 | -1.82 |
| Tangible BV / share | -10.35 | -11.91 | -13.49 | -12.87 | -12.59 | -1.82 | -1.85 | -1.88 | -1.82 |
| Sales / share | 11.44 | 11.47 | 11.54 | 11.90 | 12.01 | 12.12 | 12.38 | 12.46 | 12.49 |
| Operating CF / share | 4.56 | 4.58 | 5.23 | 5.09 | 5.54 | 5.53 | 5.38 | 5.66 | 5.43 |
| Free cash flow / share | 4.46 | 4.46 | 5.12 | 5.01 | 5.41 | 5.17 | 5.49 | 5.53 | 5.42 |
| Dividends / share | 3.49 | 3.66 | 3.81 | 3.98 | 4.15 | 4.01 | 4.12 | 4.15 | 4.24 |
| Payout ratio | +260.44% | +114.49% | +83.38% | +60.77% | +100.19% | +75.76% | +78.18% | +77.53% | +77.29% |
| Retention ratio | -160.44% | -14.49% | +16.62% | +39.23% | -0.19% | +24.24% | +21.82% | +22.47% | +22.71% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -2.00% | -0.90% | -0.28% | -1.49% | +1.89% | +0.62% | +0.77% | +0.13% | -0.16% |
| Gross profit · YoY | — | +1.82% | +0.27% | +0.58% | +21.38% | -9.39% | -2.36% | +2.11% | +0.06% | +1.50% |
| Profit | ||||||||||
| Operating income · YoY | — | +3.11% | -3.12% | -2.65% | +34.00% | -13.98% | -2.21% | +2.11% | -1.19% | +1.27% |
| EBITDA · YoY | — | +66.34% | +41.24% | +22.02% | -28.11% | +21.18% | -4.37% | +5.70% | +0.52% | +12.34% |
| Net income · YoY | — | +132.89% | +41.05% | +38.55% | -38.33% | +29.04% | -1.96% | +1.69% | +2.53% | +17.78% |
| Operating | ||||||||||
| EBIT · YoY | — | +69.93% | +41.80% | +22.40% | -28.52% | +20.34% | -1.62% | -0.25% | +2.25% | +12.39% |
| R&D · YoY | — | — | — | — | -6.25% | -30.42% | +2.40% | +2.03% | +0.14% | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +138.06% | +43.26% | +43.11% | -37.16% | +38.23% | +3.54% | +4.32% | +0.76% | +21.06% |
| EPS · basic · YoY | — | +138.06% | +44.51% | +41.87% | -37.16% | +38.98% | +3.16% | +3.87% | +2.36% | +21.26% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $28.04B | $26.68B | $26.23B | $24.93B | $25.71B | $25.52B | $26.63B | $26.62B | $26.81B |
| Net debt | $23.5B | $22.65B | $22.55B | $21.8B | $21.23B | $21.79B | $22.92B | $22.84B | $22.95B |
| Net debt / EBITDA | 4.47 | 2.59 | 1.83 | 1.45 | 1.96 | 1.66 | 1.83 | 1.72 | 1.72 |
| Debt / equity | -17.46 | -6.80 | -7.52 | -11.39 | -7.45 | -8.29 | -8.63 | -8.47 | -8.83 |
| Debt / assets | +70.96% | +72.20% | +68.01% | +70.86% | +73.42% | +68.20% | +70.66% | +73.57% | +72.00% |
| Equity / assets | -4.06% | -10.62% | -9.05% | -6.22% | -9.86% | -8.23% | -8.18% | -8.68% | -8.15% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.42 | 7.75 | 10.75 | 13.41 | 9.20 | 11.25 | 10.63 | 11.40 | 11.07 |
| Operating income / interest | 9.73 | 10.57 | 10.05 | 10.00 | 12.80 | 11.11 | 10.73 | 11.12 | 10.61 |
| Interest expense | $1.19B | $1.13B | $1.15B | $1.12B | $1.18B | $1.17B | $1.18B | $1.16B | $1.2B |
| Liquidity | |||||||||
| Current ratio | 0.71 | 0.84 | 0.49 | 0.51 | 0.61 | — | — | — | — |
| Quick ratio | 0.54 | 0.69 | 0.38 | 0.39 | 0.52 | — | — | — | — |
| Cash ratio | 0.53 | 0.47 | 0.33 | 0.36 | 0.49 | — | — | — | — |
| Working capital | -$2.5B | -$1.4B | -$5.73B | -$4.27B | -$3.61B | — | — | — | — |
| Working capital / revenue | -11.82% | -6.75% | -27.97% | -20.88% | -17.93% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).