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Sells Marlboro cigarettes in the US plus Copenhagen/Skoal smokeless tobacco and on! nicotine pouches; holds a stake in AB InBev.
Sells Marlboro cigarettes in the US plus Copenhagen/Skoal smokeless tobacco and on! nicotine pouches; holds a stake in AB InBev.
Earns from selling Marlboro and other tobacco in the US, where price rises have offset falling cigarette volumes for years, mostly through wholesalers to convenience stores. It spun off Philip Morris International in 2008, which now sells Marlboro outside the US, and holds a stake in AB InBev.
Moat: wide (brand, distribution, scale). Marlboro's dominant US share and deep retail distribution network are very hard to displace.
Headquarters: Richmond, Virginia, USA · Founded: 1985 · Employees: 5,900
Size Altria (MO) is a United States Consumer Staples company (Tobacco) with a market value of $127B, the 97th largest of 3,117 United States companies the cockpit tracks. Shares closed at $76.12 on 6 Nov 2026.
Performance Over six months the shares gained 13.4%, against -7.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 14 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +1.2%); the operating margin is 75.1% (peer median 21.3%).
Valuation It trades at 12.9× forward earnings against a peer median of 16.4× (5th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 56.8 points above its cost of capital (6.9% WACC).
Credit Altria has 24 bonds outstanding ($24.2B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 104 bp.
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $20.7B | $20.1B | $20.4B | $20.5B | $20.7B |
| Revenue growth | — | -2% | 0% | -1% | — |
| Gross profit | $17.9B | $17.5B | $17.8B | $14.3B | $14.2B |
| EBITDA | $15.7B | $15.3B | $15.5B | $12.2B | $12.3B |
| Net income | $8.10B | $6.93B | $11.2B | $8.11B | $5.75B |
| Free cash flow | $9.07B | $9.07B | $8.61B | $9.09B | $8.05B |
| Capital expenditure | $351M | $216M | $142M | $196M | $205M |
| Total debt | $24.1B | $25.7B | $24.9B | $26.2B | $26.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Altria MO | $127B | +13% | +2% | 75% | 12.9× | -10.9% |
| Philip Morris International PM | $308B | +17% | +8% | 38% | 22.6× | -0.8% |
| British American Tobacco p.l.c BATS.L | $132B | -1% | +1% | 38% | 12.6× | 3.8% |
| Turning Point Brands TPB | $1.32B | -29% | +20% | 17% | 71.8× | 11.0% |
| Imperial Brands IMB.L | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% |
| Japan Tobacco 2914.T | $70.6B | +9% | +13% | 25% | 16.8× | -5.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.6% | +3.6% | 5th highest of 14 |
| 6-month return | +13.4% | -7.9% | 2nd highest of 14 |
| Distance from 52-week high | -4.7% | -31.8% | highest of 14 |
| Revenue growth (TTM) | +2.4% | +1.2% | 7th highest of 14 |
| Operating margin | 75.1% | 21.3% | highest of 14 |
| Forward P/E | 12.9× | 16.4× | 5th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -10.9% | 3.8% | least demanding of 14 |
| Growth delivered (Del g) | -0.7% | +5.7% | lowest of 14 |
| Hurdle (Req g minus delivered) | -10.2 pp | -7.9 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | +56.8 pp | +5.4 pp | highest of 14 |
| EV / EBITDA | 9.4× | 11.2× | 5th cheapest of 14 |
| Net debt / EBITDA | 1.4× | 0.4× | 5th most indebted of 14 |
| Bond spread | 104 bp | 97 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Altria MO | United States | $127B | +13% | +2% | 75% | 12.9× | -10.9% | -0.7% |
| British American Tobacco p.l.c BATS.L | United Kingdom | $132B | -1% | +1% | 38% | 12.6× | 3.8% | -0.1% |
| Japan Tobacco 2914.T | Japan | $70.6B | +9% | +13% | 25% | 16.8× | -5.3% | +10.6% |
| Philip Morris International PM | United States | $308B | +17% | +8% | 38% | 22.6× | -0.8% | +7.2% |
| ITC ITC.NS | India | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% | +9.8% |
| Imperial Brands IMB.L | United Kingdom | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% | +2.7% |
| KT&G 033780.KS | South Korea | $14.5B | +7% | +11% | 21% | 15.2× | -4.2% | +5.4% |
| Smoore International 6969.HK | Hong Kong | $6.61B | -19% | +25% | 7% | 32.3× | 28.7% | +6.6% |
| Godfrey Phillips India GODFRYPHLP.NS | India | $2.96B | -24% | +1% | 21% | 16.0× | 27.1% | +20.6% |
| China Tobacco International (HK) 6055.HK | Hong Kong | $2.31B | -12% | -20% | 10% | 19.8× | 4.1% | +33.1% |
| Turning Point Brands TPB | United States | $1.32B | -29% | +20% | 17% | 71.8× | 11.0% | +2.7% |
| Scandinavian Tobacco Group A/S STG.CO | Denmark | $890M | +10% | -4% | 14% | 7.6× | -9.1% | +2.4% |
| Miquel y Costas & Miquel MCM.MC | Spain | $434M | -29% | -4% | 15% | n/a | -7.7% | +2.7% |
| VST Industries VSTIND.NS | India | $349M | -25% | -2% | 22% | 8.7× | 9.5% | +5.7% |
Altria has 24 bonds outstanding with $24.2B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.86%, a spread of 104 bp over government bonds.