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Altria (MO) stock

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NYSE: MO NYSE Tobacco Next results ~January 28, 2027

B Fundamentals grade

Altria is a US-listed company in the tobacco industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$75

Cash-flow model

Base case. Range ~$53–$100 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 3% above our base value.

Price used: $77.17, November 2, 2026

Altria valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 3 selling1 purchase and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds1,305 adding, 929 cuttingOf 94 active managers that changed their stake, 45 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Altria files

10-Q filed October 29: Altria

Altria's revenue reached $23.5bn over the twelve months to September 2026, a 0.5% rise on the prior year and a reversal from the 0.6% decline recorded a quarter earlier. Margins proved steady, with free cash flow holding at 38.6% of revenue. Beneath these figures, the fundamentals grade has improved markedly, climbing from C+ to B+. Our model value, however, has barely moved, sitting at $72.77 a share against a market price of $72.99. This leaves the rating unchanged at Hold. At the current price, the market appears to be pricing in cash-flow growth of around 1.9% a year over five years, a pace well ahead of the -2.0% a year revenue growth the business has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Altria stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $23.5bn, down 0.6% on a year earlier, about the same pace as a quarter earlier. That puts it 842 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 38.8% from 37.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 4 financial-health checks. Our cash-flow model value is $75.15 a share, against a share price of $74.86. At that price, our model says the market is pricing in about 1.9% a year of cash-flow growth for five years, faster than the -2.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Altria's trailing-twelve-month revenue grew 0.5% year on year, with a free-cash-flow margin of 38.6%. Where it stands out: operating margin of 47.0% ranks 1 of 7 tobacco companies we cover. Where it lags: long-term debt as % of assets of 66.4% ranks 6 of 6 tobacco companies we cover.

Our discounted-cash-flow model values the business at ~$75 per share in the base case (~$53–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free-cash-flow margin near historical high: TTM FCF margin of 38.6% is in the 94th percentile of its own history.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 47.0% of revenue is left as operating profit, against a median of 14.8% for tobacco companies we cover.
  • Strong cash generation. 38.6% of revenue turned into free cash flow, against a median of 22.0% for tobacco companies we cover.

Things to watch

  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 66.4% ranks 6 of 6 tobacco companies we cover (median 34.4%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.52 against an average estimate of $1.51: beat by 0.9%
Revenue
$6.13bn, up 1.0% on a year earlier
Share reaction
+6.9% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
adjusted diluted earnings per share (EPS) $5.61 to $5.72 (2026 full-year); adjusted diluted EPS growth rate growth 3.5% to 5.5% (2026 full-year)
Next report
January 28, 2027; average EPS estimate $1.37

Altria's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.1%
  • 1 week+4.8%
  • 1 month+14.6%
  • This year+40.3%
  • 1 year+46.1%
  • 5 years+152.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$23.5B
Operating margin
47.0%
Net margin
34.5%
EPS (TTM, diluted)
$4.85

Growth

Revenue growth
+0.5%
Change in growth rate
+1.1 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$9.1B
FCF margin
38.6%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Announcement
  4. Agreement
  5. Leadership
  6. Dividend
  7. Announcement
  8. Results
  9. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Altria valuation models and calculator

What the price is pricing in

The share price implies about 2.3% a year of cash-flow growth for five years.That is close to the -2.0% a year revenue growth Altria has delivered.

  • Priced in2.3%
  • Last 12 months0.5%
  • 3 years a year-1.5%
  • 5 years a year-2.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($76.16, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$75
Price used
$76.16close November 3, 2026
Implied change
▼ 2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Altria's free cash flow after stock-based pay with after-tax interest added back ($8.9B, FY2026 Q3 TTM), growing 2.4% and 1.7% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$53–~$100 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Altria's free cash flow after stock-based pay ( $8.9B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Altria as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.35 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$75 ~$53–$100 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$75 ~$53–$100 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Altria with Tobacco in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −2%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $63$91$127$175$237$318
8.5% $45$65$91$126$170$227
10% $34$50$70$96$130$174

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$28.48$34.30$37.54$27.35$29.50$26.49$32.89$34.33$33.06$46.54$55.00$77.17
Market value$55.8bn$66.9bn$72.1bn$51.6bn$55.1bn$49.2bn$60.7bn$61.9bn$58.8bn$80.0bn$92.6bn$129.1bn
+ Net debt (− = net cash)$10.6bn$9.4bn$12.8bn$24.4bn$26.2bn$24.8bn$23.8bn$22.9bn$22.8bn$22.0bn$21.4bn$21.4bn
Enterprise value$66.4bn$76.4bn$84.9bn$76.0bn$81.3bn$74.0bn$84.4bn$84.8bn$81.5bn$102.0bn$114.0bn$150.4bn
Multiples
Price / sales 2.2x2.6x2.8x2.0x2.2x1.9x2.3x2.5x2.4x3.3x4.0x5.5x
Price / earnings 10.7x4.7x7.1x7.4x—11.0x24.5x10.7x7.2x7.1x13.3x15.9x
Price / free cash flow 9.9x18.4x15.3x6.3x7.3x6.0x7.4x7.7x6.5x9.3x10.2x14.2x
EV / EBITDA 7.7x8.5x8.7x8.1x7.7x6.6x7.2x7.0x6.9x8.8x11.2x13.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

90 /100

Strong moat

How hard Altria's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 23.8% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 54.4%, moving by 5.7 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 45.1%; its worst year was 36.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 31.8% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 9.7% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, before the open. Analysts expect revenue of $5.1bn and EPS of $1.37 (range $1.32 to $1.41) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.70 +5% $20.7bn +3%
Next $5.91 +4% $20.9bn +1%

Next year's EPS estimate has moved +0.7% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 3 analysts raised Altria's forecast and 6 cut it.

Consensus EPS forecast Altria, last 90 days
$5.60 $5.70 $5.80 $5.90 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.67 Current fiscal year, 60 days ago: $5.68 Current fiscal year, 30 days ago: $5.68 Current fiscal year, 7 days ago: $5.68 Current fiscal year, Now: $5.70 $5.70 Next fiscal year, 90 days ago: $5.87 Next fiscal year, 60 days ago: $5.88 Next fiscal year, 30 days ago: $5.88 Next fiscal year, 7 days ago: $5.88 Next fiscal year, Now: $5.91 $5.91

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.67$5.87
60 days ago $5.68$5.88
30 days ago $5.68$5.88
7 days ago $5.68$5.88
Now $5.70$5.91

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.51 $1.52 +0.9%
Jun 2026 $1.50 $1.48 −1.2%
Mar 2026 $1.25 $1.32 +5.9%
Dec 2025 $1.32 $1.30 −1.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • adjusted diluted earnings per share (EPS) 2026 full-year $5.61 to $5.72 Non-GAAP Narrowed
    “We narrow our guidance for 2026 full-year adjusted diluted EPS to be in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025.” source
  • adjusted diluted EPS growth rate 2026 full-year 3.5% growth to 5.5% growth Non-GAAP Narrowed
    “We narrow our guidance for 2026 full-year adjusted diluted EPS to be in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025.” source
  • capital expenditures 2026 $375m to $450m Raised
    “In addition, we expect 2026 capital expenditures to be between $375 million and $450 million, a change from our previous expectation of $300 million to $375 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Altria's revenue by +2.4% next year and +1.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.6%, weight 68%) and the company's own record (+2.0%, weight 32%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy429%
Hold857%
Sell214%

Monthly trend

  1. Oct 2026481114
  2. Sep 2026481114
  3. Aug 2026481114
  4. Jul 2026481114

Counts of recommendations published by analysts covering Altria, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
4.95
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
65%
of shares
Held by insiders
0.1%
of shares
Employees
5,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +46.1%

$52.81 on October 31, 2025 to $77.17

ThenNowEffect
Revenue (last 12 months) $23.6bn $23.5bn −0.6%
Net margin 37.2% 34.0% −8.7%
P/E multiple 10.2x 16.2x +59.4%
Share count 1693m 1675m +1.0%

Biggest factor: p/e multiple.

Last 3 years +137.0%

$32.56 on November 3, 2023 to $77.17

ThenNowEffect
Revenue (last 12 months) $24.9bn $23.5bn −5.7%
Net margin 27.4% 34.0% +24.1%
P/E multiple 8.5x 16.2x +89.7%
Share count 1789m 1675m +6.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MO+24%+4%−4%+41%+18%+40%
Industry peers (median)+20%−20%+11%+11%+20%−28%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MO58%75%42%75%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MO−16%−26%−14%−9%−15%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from June 19, 2017 to March 23, 2020. Getting back needed a 116% gain, reached on July 10, 2024, 1570 days after the low.

Price behaviour

52-week range
$52.19 – $78.03
From 52-week high
−1.1%
vs 50-day average
+9.7%
vs 200-day average
+14.6%
Volatility (1 year)
25%
Beta vs S&P 500
-0.58

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.5%
After a week
6 up, 5 down
typical move ±3.8%
After a month
8 up, 3 down
typical move ±6.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +6.9% −2.1% — —
July 30, 2026 −8.8% +2.4% −9.6% −8.4%
April 30, 2026 +9.3% +1.3% +1.2% +0.7%
January 29, 2026 −1.8% −0.5% +3.6% +8.8%
October 30, 2025 −9.0% −0.8% −7.6% −4.6%
July 30, 2025 +4.3% −0.5% +6.4% +11.9%
April 29, 2025 +1.6% +0.7% +3.9% +2.2%
January 30, 2025 −0.8% 0.0% 0.0% +8.8%
October 31, 2024 +6.7% −1.5% +6.0% +13.2%
July 31, 2024 −1.0% +0.2% −1.0% +5.6%
April 25, 2024 +1.1% +0.6% +2.5% +6.0%
February 1, 2024 +3.1% +2.4% −0.1% −1.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Altria’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.02× the last 60 days’ realised volatility , richer than 23% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MO Altria Grade B $77.48

Own 100 shares, sell the $80.00 call expiring November 27, 2026 (25 days) for $0.80 a share — $80.00 per contract.

Previous session · Bid $0.80, ask $1.05, quoted Mon 2 Nov, 17:30 New York time with MO at $77.48. Option prices move with the shares: check the live chain at your broker before trading.

  • If MO ends below $80.00: you keep your shares and the $80.00 — 1.0% extra on the position, 15.1% a year at that pace.
  • If it ends above $80.00: your shares are sold at $80.00, a total return of 4.3% including the premium — at or above our value of ~$75.
$332 $0 −$1.5k Our value $75.00 Break-even $76.68 Price $77.48
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$80.00
Annualised
15.1%
Break-even
$76.68
Max gain
$332
Chance of selling
~35%

Collar

Own the shares, buy the $77.00 put and sell the $80.00 call, both expiring November 27, 2026 (25 days).

  • Net cost of $1.19 a share ($119 per contract of 100 shares).
  • Worst case at expiry: -2.2%, if the shares fall below $77.00 (-0.6% from today).
  • Best case at expiry: +1.7%, if the shares rise above $80.00 (+3.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $75.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Altria in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Altria
$23B $23.5B $24B $24.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $24.5B Revenue (TTM), FY24 Q1: $24.3B Revenue (TTM), FY24 Q2: $24B Revenue (TTM), FY24 Q3: $24B Revenue (TTM), FY24 Q4: $24B Revenue (TTM), FY25 Q1: $23.7B Revenue (TTM), FY25 Q2: $23.6B Revenue (TTM), FY25 Q3: $23.4B Revenue (TTM), FY25 Q4: $23.3B Revenue (TTM), FY26 Q1: $23.4B Revenue (TTM), FY26 Q2: $23.5B Revenue (TTM), FY26 Q3: $23.5B $23.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $24.5B
FY24 Q1 $24.3B
FY24 Q2 $24B
FY24 Q3 $24B
FY24 Q4 $24B
FY25 Q1 $23.7B
FY25 Q2 $23.6B
FY25 Q3 $23.4B
FY25 Q4 $23.3B
FY26 Q1 $23.4B
FY26 Q2 $23.5B
FY26 Q3 $23.5B
Revenue growth, TTM YoY Altria
-4% -3% -2% -1% 0% 1% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -2.4% Revenue growth, TTM YoY, FY24 Q1: -2.3% Revenue growth, TTM YoY, FY24 Q2: -3.4% Revenue growth, TTM YoY, FY24 Q3: -2.4% Revenue growth, TTM YoY, FY24 Q4: -1.9% Revenue growth, TTM YoY, FY25 Q1: -2.6% Revenue growth, TTM YoY, FY25 Q2: -1.9% Revenue growth, TTM YoY, FY25 Q3: -2.5% Revenue growth, TTM YoY, FY25 Q4: -3.1% Revenue growth, TTM YoY, FY26 Q1: -1.1% Revenue growth, TTM YoY, FY26 Q2: -0.6% Revenue growth, TTM YoY, FY26 Q3: 0.5% 0.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -2.4%
FY24 Q1 -2.3%
FY24 Q2 -3.4%
FY24 Q3 -2.4%
FY24 Q4 -1.9%
FY25 Q1 -2.6%
FY25 Q2 -1.9%
FY25 Q3 -2.5%
FY25 Q4 -3.1%
FY26 Q1 -1.1%
FY26 Q2 -0.6%
FY26 Q3 0.5%
Operating margin (TTM) Altria
42% 44% 46% 48% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 47.2% Operating margin (TTM), FY24 Q1: 47.1% Operating margin (TTM), FY24 Q2: 46.1% Operating margin (TTM), FY24 Q3: 46.4% Operating margin (TTM), FY24 Q4: 46.8% Operating margin (TTM), FY25 Q1: 43.7% Operating margin (TTM), FY25 Q2: 46.8% Operating margin (TTM), FY25 Q3: 47.5% Operating margin (TTM), FY25 Q4: 42.5% Operating margin (TTM), FY26 Q1: 47.2% Operating margin (TTM), FY26 Q2: 46.8% Operating margin (TTM), FY26 Q3: 47.0% 47.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 47.2%
FY24 Q1 47.1%
FY24 Q2 46.1%
FY24 Q3 46.4%
FY24 Q4 46.8%
FY25 Q1 43.7%
FY25 Q2 46.8%
FY25 Q3 47.5%
FY25 Q4 42.5%
FY26 Q1 47.2%
FY26 Q2 46.8%
FY26 Q3 47.0%
FCF margin (TTM) Altria
35% 36% 37% 38% 39% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 37.1% FCF margin (TTM), FY24 Q1: 37.0% FCF margin (TTM), FY24 Q2: 36.7% FCF margin (TTM), FY24 Q3: 35.4% FCF margin (TTM), FY24 Q4: 35.9% FCF margin (TTM), FY25 Q1: 35.7% FCF margin (TTM), FY25 Q2: 37.0% FCF margin (TTM), FY25 Q3: 39.3% FCF margin (TTM), FY25 Q4: 39.0% FCF margin (TTM), FY26 Q1: 36.8% FCF margin (TTM), FY26 Q2: 38.8% FCF margin (TTM), FY26 Q3: 38.6% 38.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 37.1%
FY24 Q1 37.0%
FY24 Q2 36.7%
FY24 Q3 35.4%
FY24 Q4 35.9%
FY25 Q1 35.7%
FY25 Q2 37.0%
FY25 Q3 39.3%
FY25 Q4 39.0%
FY26 Q1 36.8%
FY26 Q2 38.8%
FY26 Q3 38.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 23.6 24.4 23.8 24.6 24.5 24.5 25.4 25.7 25.6 25.4 25.1 26.2 26.0 25.1 24.5 24.0 23.3 23.5
Gross profit 8.8 9.2 8.9 9.6 10.5 10.2 11.1 11.6 12.0 12.3 12.7 13.0 14.0 14.2 14.3 14.4 14.5 14.9
EBITDA 5.8 6.5 6.3 7.5 8.3 7.8 8.6 9.0 9.8 9.3 10.6 11.1 11.8 12.1 11.8 11.5 10.2 11.2
Operating income 5.5 6.2 6.1 7.3 8.1 7.6 8.4 8.8 9.6 9.1 10.3 10.9 11.6 11.9 11.5 11.2 9.9 11.1
Net income 3.2 3.9 3.4 4.2 4.5 5.1 5.2 14.2 10.2 7.0 −1.3 4.5 2.5 5.8 8.1 11.3 6.9 8.1
Diluted EPS $1.54 $1.87 $1.64 $2.06 $2.26 $2.56 $2.67 $7.28 $5.31 $3.68 −$0.70 $2.40 $1.34 $3.19 $4.57 $6.54 $4.12 $4.85
Growth (year on year)
Revenue +21.7% +3.4% −2.3% +3.4% −0.6% +0.2% +3.7% +1.2% −0.7% −0.8% −1.0% +4.2% −0.5% −3.5% −2.4% −1.9% −3.1% +0.5%
EBITDA +12.9% +13.1% −2.8% +18.3% +10.9% −5.6% +9.7% +4.4% +9.3% −4.7% +13.0% +5.5% +6.1% +2.9% −2.7% −2.5% −11.8% −0.9%
Operating income +11.9% +14.0% −2.6% +19.5% +11.5% −5.7% +9.7% +4.8% +9.5% −5.0% +13.3% +5.3% +6.3% +3.1% −3.1% −2.6% −11.9% −0.7%
Net income −35.0% +21.8% −13.2% +23.3% +8.5% +11.8% +3.4% +171.7% −28.2% −31.9% −118.6% — −44.6% +132.9% +41.0% +38.5% −38.3% −8.5%
Diluted EPS −34.7% +21.4% −12.3% +25.6% +9.7% +13.3% +4.3% +172.7% −27.1% −30.7% −119.0% — −44.2% +138.1% +43.3% +43.1% −37.0% −7.7%
Margins
Gross margin 37.5% 37.7% 37.6% 38.8% 42.7% 41.4% 43.7% 45.0% 46.8% 48.3% 50.6% 49.8% 53.8% 56.8% 58.3% 59.8% 62.5% 63.3%
EBITDA margin 24.4% 26.7% 26.6% 30.4% 33.9% 31.9% 33.8% 34.8% 38.3% 36.8% 42.0% 42.6% 45.4% 48.4% 48.3% 48.0% 43.7% 47.8%
Operating margin 23.2% 25.6% 25.5% 29.5% 33.0% 31.1% 32.9% 34.0% 37.5% 35.9% 41.1% 41.6% 44.4% 47.5% 47.2% 46.8% 42.5% 47.0%
Net margin 13.6% 16.0% 14.2% 17.0% 18.5% 20.7% 20.6% 55.3% 40.0% 27.5% −5.1% 17.1% 9.5% 23.0% 33.2% 46.9% 29.8% 34.5%
Free-cash-flow margin 13.5% 10.7% 14.7% 15.4% 17.3% 18.4% 22.1% 14.1% 18.4% 32.1% 30.2% 31.2% 31.7% 32.1% 37.1% 35.9% 39.0% 38.6%
Cash flow
Cash from operations 3.4 2.8 3.6 3.9 4.4 4.7 5.8 3.8 4.9 8.4 7.8 8.4 8.4 8.3 9.3 8.8 9.3 9.4
Capital spending 0.3 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.4
Free cash flow 3.2 2.6 3.5 3.8 4.2 4.5 5.6 3.6 4.7 8.2 7.6 8.2 8.2 8.1 9.1 8.6 9.1 9.1
Balance sheet
Cash 1.9 2.3 3.3 2.9 3.2 3.3 2.4 4.6 1.3 1.3 2.1 4.9 4.5 4.0 3.7 3.1 4.5 2.7
Total debt 12.0 12.2 13.7 13.9 14.5 14.7 13.0 14.0 14.0 25.7 28.3 29.7 28.3 26.9 26.5 25.1 25.9 24.1
Net debt (negative = net cash) 10.1 9.9 10.4 11.0 11.3 11.4 10.6 9.4 12.8 24.4 26.2 24.8 23.8 22.9 22.8 22.0 21.4 21.4
Diluted shares 2,071m 2,079m 2,064m 2,024m 1,999m 1,978m 1,961m 1,952m 1,921m 1,888m 1,869m 1,859m 1,845m 1,804m 1,777m 1,718m 1,683m 1,673m
Returned to shareholders
Dividends 2.7 3.0 3.2 3.4 3.6 3.9 4.2 4.5 4.8 5.4 6.1 6.3 6.4 6.6 6.8 6.8 7.0 7.1
Buybacks 0.0 0.0 1.3 1.1 0.6 0.9 0.6 1.0 2.9 1.7 0.8 0.0 1.7 1.8 1.0 3.4 1.0 1.0
Total returned 2.7 3.0 4.5 4.5 4.2 4.8 4.7 5.5 7.7 7.1 6.9 6.3 8.1 8.4 7.8 10.2 8.0 8.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 4 checks passed · September 30, 2026
What it owns · $34.5bn
Short-term assets $4.8bnLonger-term assets $29.7bn
What it owes, and who funded it · $36.7bn
Short-term liabilities $8.3bnLonger-term liabilities $28.4bnShareholders' equity $-2.2bn
  • Short-term assets cover short-term liabilities $4.8bn of assets due within a year against $8.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.8bn short-term assets against $28.4bn of longer-dated liabilities.
  • More cash than debt $2.7bn of cash against $24.1bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $9.4bn of operating cash flow against $24.1bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Altria's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1B
Dividends (TTM)
$7.1B
Returned to shareholders
90%
of free cash flow
Buybacks, last 3 fiscal years
$5.4B
Diluted share count
−0.8%
year over year
Total shareholder yield
6.3%
dividends 5.5% + buybacks 0.8% of market value
Dividend payout ratio
88%
of net income paid out

Competitors: side by side with peers

Closest by revenue in tobacco
Last 12 months unless stated MO BTI PM UVV RLX TPB Median
Revenue, last 12 months $23.5bn $33.8bn $43.1bn $2.8bn $551m $507m $2.8bn
Revenue growth, last 12 months 0.5% 2.2% 7.9% −3.6% 44.2% 24.5% 2.2%
Revenue growth, 3-year average −1.5% — −9.1% 2.2% — 11.1% −1.5%
Revenue growth, latest quarter 1.0% — 5.5% −12.2% — 22.6% 1.0%
Gross margin 63.3% — 67.7% 15.6% 29.9% 59.2% 52.1%
Operating margin 47.0% 39.0% 38.6% 4.9% 8.3% 14.8% 14.8%
Operating margin, 3-year average 47.0% 37.2% 36.9% 7.2% — 20.6% 28.8%
Net margin 34.5% 30.3% 24.8% 0.7% 23.3% 8.8% 23.3%
Cash from operations / revenue 40.1% 24.8% 35.1% 7.7% 27.9% 6.4% 24.8%
Free-cash-flow margin 38.6% 22.0% 31.5% 5.8% 24.9% 3.9% 22.0%
Free-cash-flow margin, 3-year average 37.7% 26.4% 27.9% 2.2% — 12.4% 19.4%
Stock pay / revenue — — — 0.2% 4.7% 1.8% 3.3%
Change in share count −0.8% −1.2% 0.1% 0.1% −5.0% 5.8% 0.1%

Median of all 7 companies we cover in tobacco. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

7 tobacco companies
Measure Company Peer median Rank
Revenue growth Growth 0.5% 2.2% 5 of 7
Change in growth rate Growth +1.1pp -0.7pp 3 of 7
Gross margin Profitability 63.3% 59.2% 2 of 6
Operating margin Profitability 47.0% 14.8% 1 of 7
Net margin Profitability 34.5% 23.3% 1 of 7
Free-cash-flow margin Cash generation 38.6% 22.0% 1 of 7
Long-term debt as % of assets Balance sheet 66.4% 34.4% 6 of 6
Change in share count Balance sheet -0.8% 0.1% 3 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Smokeable Products $20.5B 88.0% ▼ 3.4%
Oral Tobacco $2.8B 12.0% ▲ 0.9%
All Other Segments $5M 0.0% —
E Vapor -$13M -0.1% ▼ 132.5%

From Altria's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$77.3B
Institutions reporting
2,535
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
176 / 108

Top buyers and sellers, Q2 2026: 1,305 institutions bought and 929 sold ; the biggest buyer was Capital Research Global Investors (+33.0M shares) and the biggest seller Barclays PLC (−2.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $9.1B 126.1M 11.7% ▲ 1.1%
Vanguard Capital Management LLC $7.8B 109.0M 10.1% ▲ 0.2%
State Street Corp $5.1B 70.2M 6.6% ▼ 2.2%
Charles Schwab Investment Management Inc $4.3B 59.1M 5.5% ▲ 8.9%
Capital Research Global Investors $4.2B 58.7M 5.5% ▲ 128.4%
Geode Capital Management, LLC $3.4B 47.7M 4.4% ▲ 1.5%
Vanguard Portfolio Management LLC $2.4B 33.7M 3.1% ▼ 4.2%
GQG Partners LLC $1.8B 25.1M 2.3% ▲ 5.3%
Morgan Stanley $1.6B 22.7M 2.1% ▼ 7.2%
Ameriprise Financial Inc $1.6B 22.0M 2.1% ▲ 2.5%
Capital World Investors $1.3B 18.5M 1.7% ▲ 0.4%
Northern Trust Corp $1.1B 15.6M 1.5% ▼ 2.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Altria's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $101,430 1 trade by 1 insider, last 12 months Insider sales History → $2.4M 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $2.3M net selling
Insider Date Trade Shares Price Value
Mcquade Kathryn B. Director September 9, 2026 Buy 1,500 $67.62 $101,430
Strahlman Ellen R Director May 26, 2026 Sell 2,000 $72.56 $145,118
Kelly Ennis Debra J Director May 26, 2026 Sell 5,790 $72.25 $418,318
Whitaker Charles N. SVP, Chief HR Off. & CCO March 5, 2026 Sell 27,908 $67.57 $1.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 94 trades and filings

No trades in Altria disclosed in the last 12 months; 94 earlier trades on record.

  • Sheri Biggs(R-SC 3):Sale (full), $1,001 - $15,000, traded March 19, 2025, filed October 5, 2025
  • Pete Sessions(R-TX 17):Sale (full), $1,001 - $15,000, traded September 10, 2024, filed September 12, 2024
  • Virginia Foxx(R-NC 5):Sale (full), $1,001 - $15,000, traded January 16, 2024, filed February 5, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Altria was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Altria in brief

What does Altria do?
Altria is a US-listed company in the tobacco industry. Its financial year ends in December.
What is Altria's stock ticker?
Altria trades under the ticker MO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Altria's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Altria reported revenue of $23.5B, 0.5% higher than a year earlier, according to its SEC filings.
What is Altria's free cash flow?
Altria's free-cash-flow margin is 38.6% of revenue over the trailing twelve months, ranking 1 of the 7 tobacco companies we cover.
What is Altria's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Altria's free cash flow after stock-based pay gives ~$75 per share in the base case, and ~$53–$100 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Altria's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Altria buying back stock, and does it pay a dividend?
Altria spent $1B on share repurchases over the trailing twelve months, and its diluted share count fell 0.8% over the year.
What is Altria's market cap?
On November 2, 2026, Altria's market capitalisation was about $129B, with a price-to-earnings ratio of 15.9 and net debt of $21.4B. Market figures come from third-party market data and may be delayed.
Does Altria pay a dividend?
Yes: Altria paid $7.1B in dividends over the trailing twelve months, a dividend yield of 5.52% and a payout ratio of 87.7%.
Who are Altria's competitors?
In our Tobacco peer group, the companies closest to Altria are British American Tobacco P.l.c., Philip Morris International, Universal Corp, RLX Technology Inc. and Turning Point Brands, Inc. The side-by-side comparison below sets their revenue, margins and growth against Altria's.
Are insiders buying or selling Altria stock?
Over the last 12 months, Altria's directors and officers reported 1 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Altria's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Altria announces its own schedule.