# Altria Group, Inc. (MO)

> Altria makes and sells cigarettes, cigars, smokeless tobacco, nicotine pouches and e-vapor products, mainly in the United States.

- Exchange: NYSE · Sector: Consumer Staples · Industry: Tobacco
- Headquarters: Richmond, Virginia
- Founded: 1985 (as Philip Morris Companies Inc.)
- Employees: approximately 5,900 (December 31, 2025)
- SEC CIK: 0000764180 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000764180))
- Full page: https://inspectstocks.com/stocks/mo
- Data as of: price 2026-09-25; newest filing used 2026-07-30; latest fiscal period ended 2026-06-30

## Grade

**B+** on the growth-and-cash rubric, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | failed | $23.5B | $24.9B |
| Revenue growing recently | passed | $23.5B | $23.3B |
| Free cash flow positive | passed | $9.1B |  |
| Free cash flow growing overall | passed | $9.1B | $8.6B |
| Free cash flow growing recently | passed | $9.1B | $9.1B |

Business quality (the + / − mark): 5 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 34.0% |  |
| Healthy profit margin | passed | 34.0% |  |
| Strong operating margin | passed | 46.8% |  |
| Good return on equity | failed | -227.7% |  |
| Debt under control | passed | -7.34 |  |
| Turns sales into cash | passed | 38.8% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $23.5B |
| Net income, trailing twelve months | $8B |
| Free cash flow, trailing twelve months | $9.1B |
| Net margin | 34.0% |
| Operating margin | 46.8% |
| Return on equity | -227.7% |
| Debt to equity | -7.34 |
| Diluted EPS, trailing twelve months | $4.75 |
| Share price | $68.82 |
| Market value | $114.9B |
| Price / earnings | 14.5x |
| Price / sales | 4.9x |

## What the business does

Its subsidiaries make Marlboro cigarettes, Black & Mild cigars, Copenhagen and Skoal moist smokeless tobacco, on! nicotine pouches, and NJOY e-vapor products. Altria sells mainly to wholesalers, distributors and large retailers, which supply stores for adult consumers. It also owns a majority stake in Horizon, a joint venture for heated tobacco sticks; the latest quarterly filing says Horizon had no products on sale in the United States.

### How it makes money

- **Smokeable products: cigarettes and machine-made cigars** (87.9% (year ended December 31, 2025)) — Philip Morris USA sells cigarettes, including Marlboro, and John Middleton sells machine-made cigars, including Black & Mild, mainly through wholesalers, distributors and large retailers.
- **Oral tobacco products: moist smokeless tobacco and nicotine pouches** (12.0% (year ended December 31, 2025)) — U.S. Smokeless Tobacco sells products such as Copenhagen and Skoal, while Helix sells on! nicotine pouches, mainly through wholesalers, distributors and large retailers.
- **E-vapor products** — NJOY sells e-vapor products in the United States. The supplied segment revenue figures do not give a separate revenue share for this business.

### Products

- **Marlboro cigarettes** — Combustible cigarettes made by Philip Morris USA and sold mainly in the United States.
- **Black & Mild cigars** — Machine-made large cigars made by John Middleton and sold mainly in the United States.
- **Copenhagen, Skoal and Red Seal** — Moist smokeless tobacco products made by U.S. Smokeless Tobacco.
- **on! and on! PLUS nicotine pouches** — Tobacco-free oral nicotine pouches sold by Helix. By the second quarter of 2026, on! PLUS was available in 120,000 stores (second quarter of 2026, high).
- **NJOY e-vapor products** — Tobacco and menthol e-vapor products. NJOY ACE was subject to U.S. import and sales restrictions described in the filing.

### Customers

- Wholesalers and distributors that buy Altria tobacco products for resale.
- Large retail organizations, including chain stores, that buy products for sale to adult consumers.
- Adult consumers who buy Altria brands through retail stores.

### Competitors

- Philip Morris International Inc. (PM) — Competes for U.S. nicotine pouch customers through ZYN.
- British American Tobacco p.l.c. (BTI) — Competes in U.S. cigarettes and e-vapor through its U.S. businesses and brands.
- Vector Group Ltd. (VGR) — Competes in U.S. cigarettes through its Liggett tobacco business, including discount cigarette brands.

### What it depends on

- Altria earns substantially all of its revenue from customers in the United States.
- Its products are subject to U.S. Food and Drug Administration rules, including premarket review requirements for certain new or modified products.
- Its businesses depend on tobacco leaf, nicotine materials, other components, and a small number of key suppliers, distributors and distribution-chain service providers.

### What could go wrong

- Changes in adult nicotine consumers’ preferences, spending power and product choices can reduce demand for Altria brands; the company reports cigarette and moist smokeless tobacco volume declines and competition from pouches and e-vapor products.
- Government rules, enforcement, taxes and litigation can affect whether products may be made, marketed or sold. For example, NJOY ACE faced U.S. import and sales restrictions, and products without required Food and Drug Administration authorization may face enforcement.
- Illicit nicotine products, especially flavored disposable e-vapor products, compete with regulated products; Altria says enforcement has not yet stopped their spread.

## More on this company

- [Overview](https://inspectstocks.com/stocks/mo)
- [Financial statements](https://inspectstocks.com/stocks/mo/financials)
- [Competitors](https://inspectstocks.com/stocks/mo/peers)
- [Earnings](https://inspectstocks.com/stocks/mo/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.