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Altria key statistics and ratios

In fiscal 2025, Altria had a net margin of 29.8%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin13.6%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%
Return on equity78.8%84.3%76.4%122.1%124.5%142.2%177.8%182.0%72.6%46.2%−12.3%98.6%——————
Return on assets8.7%10.5%9.1%11.6%12.9%14.6%15.9%36.8%22.9%14.1%−2.5%9.2%5.7%15.1%21.5%30.5%19.8%23.4%
Effective tax rate34.2%31.7%39.2%35.4%34.7%34.8%35.1%34.8%−4.1%25.4%—35.4%35.3%22.0%25.6%17.5%26.0%23.4%
R&D as % of revenue0.8%0.6%0.5%0.6%0.6%0.7%0.7%0.8%0.9%1.0%0.7%0.5%0.6%0.6%0.9%0.9%0.8%—
Dividends ÷ net income84.0%75.7%95.0%81.3%79.6%76.8%79.7%31.7%47.0%77.8%—140.8%260.4%114.5%83.4%60.8%100.2%87.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: BTI vs MOMO vs PMMO vs UVV

More: Tobacco stocks compared, Consumer Staples sector, rankings of US companies

Figures from Altria's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Altria.