Consumer Staples · Tobacco · US stock · price as of 16 Oct 2026
Key indicators
Price
$75.11
52-week range
$52.17 – $75.85
Market cap
$125.4B
P/E (trailing)
15.8×
EV / EBITDA
13.2×
Free-cash-flow yield
7.3%
Dividend yield
5.7%
Revenue (last 12 months)
$23.5B
Revenue growth (3y a year)
−2.5%
Operating margin
46.8%
Return on invested capital
43.1%
Net debt / EBITDA
2.0×
Fair value
Blended fair value$105.89 range $99 – $111
Versus priceFair+41% to fair value
Peer multiples
$114.86
Fundamentals-adjusted multiple
$93.48
10-year DCF (market-scaled)
$109.32
Earnings power value (floor, not blended)
$49.07
Model uncertainty
Medium
X-Ray Score
62/ 100 · High confidence · ahead of 86% of sector peers
Valuation80
Growth29
Profitability77
Financial health61
Dividends49
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Altria Group is a tobacco company whose main business in the United States is the Marlboro cigarette brand through its subsidiary Philip Morris USA. It also sells smokeless tobacco, oral nicotine pouches and cigars, and holds an equity stake in the beer maker Anheuser-Busch InBev. Revenue comes from product sales to wholesalers and retailers. Its operations are shaped by heavy regulation, excise taxes and long-term declines in cigarette volumes.
The company reported revenue of $23.5 billion for the last twelve months, with three-year revenue movement of a decline of 2.5% a year. It reports an operating margin of 46.8%. Capital is used to generate a return on invested capital of 43%. Leverage, measured as net debt to EBITDA, is 2.0 times. The company pays a dividend with a yield of 5.7%.
StocksXray gives Altria Group, Inc. an X-Ray Score of 62 out of 100 (high confidence), ahead of 86% of the S&P 500 stocks in its sector. Its strongest lens is valuation (80) and its weakest is growth (29).
Our fair value blend is $105.89 (range $99.22 to $110.50). At $75.11 the stock trades 29% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Altria Group, Inc. (MO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$32.89
$34.33
$33.06
$46.54
$55.00
$75.11
Market cap
$60.7B
$61.9B
$58.7B
$80.0B
$92.6B
$125.4B
P/E
24.5×
10.8×
7.2×
7.1×
13.3×
15.8×
EV / revenue
3.2×
3.4×
3.3×
4.2×
4.9×
6.3×
EV / EBITDA
7.1×
7.0×
6.9×
8.8×
11.2×
13.2×
Price / free cash flow
7.4×
7.7×
6.5×
9.3×
10.2×
13.8×
Free-cash-flow yield
13.6%
13.0%
15.5%
10.8%
9.8%
7.3%
Price / book
–
–
–
–
–
–
Dividend yield
10.70%
10.72%
11.62%
8.59%
7.56%
5.71%
Fundamentals checklist ● 9 Good · ● 4 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.3%Average
Free-cash-flow yield7.3%Good
Risk models
Altman Z score4.9×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)8.9%Good
Free-cash-flow growth (3y)4.1%Average
Revenue growth (3y)−2.5%Bad
Growth consistency20%Bad
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA2.0×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.4×Good
EBIT / EV yield7.4%Good
Profitability
Return on invested capital43.1%Good
Operating margin46.8%Good
Gross profitability44.3%Good
Red flags
Negative equity — Book equity is negative
XStocksXray
Altria Group, Inc. (MO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
26,013
25,096
24,483
24,018
23,279
23,457
Gross profit
13,992
14,246
14,284
14,367
14,542
14,769
Operating income
11,560
11,919
11,547
11,241
9,899
10,973
Net income
2,475
5,764
8,130
11,264
6,947
7,973
Diluted EPS ($)
1.34
3.19
4.57
6.54
4.12
4.76
Free cash flow
8,236
8,051
9,091
8,611
9,074
9,112
Gross margin
53.8%
56.8%
58.3%
59.8%
62.5%
63.0%
Operating margin
44.4%
47.5%
47.2%
46.8%
42.5%
46.8%
Net margin
9.5%
23.0%
33.2%
46.9%
29.8%
34.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
39,523
36,954
38,570
35,177
35,017
33,374
Cash
4,544
4,030
3,686
3,127
4,474
2,367
Total debt
28,044
26,680
26,233
24,926
25,709
24,577
Equity
-1,606
-3,973
-3,540
-2,238
-3,502
-2,668
Dividend per share ($)
3.52
3.68
3.84
4.00
4.16
4.24
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.