# Altria Group, Inc. (MO)

> Source: Nexqual · https://nexqual.com/MO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Altria Group, Inc. (MO), nexqual.com/MO" · informational, not investment advice.

**Price:** USD 76.07 (+3.03% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 73.83 · day 74.28–76.09 · 52w 54.7–77.06 · market cap $127B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $23.5B, net income $7.97B (34.0% margin), free cash flow $9.11B (SEC filings).
- Valuation: P/E 15.9x (avg 10.3x at the last 3 fiscal year-ends), EV/EBITDA 13.4x, net debt $22.2B.
- 5 of 80 tracked superinvestors hold MO (13F, Q2 2026): 0 new, 1 added, 2 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $563K; 2 not under a Rule 10b5-1 plan ($563K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $101K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +25.8% vs S&P 500 +14.9%; 5Y +131.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.51, revenue estimate $5.31B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $26.0B | $25.1B | $24.5B | $24.0B | $23.3B | $23.5B |
| Gross profit | $14.0B | $14.2B | $14.3B | $14.4B | $14.5B | — |
| Operating income | $11.6B | $11.9B | $11.5B | $11.2B | $9.90B | $11.0B |
| Net income | $2.48B | $5.76B | $8.13B | $11.3B | $6.95B | $7.97B |
| EPS (diluted) | $1.34 | $3.19 | $4.57 | $6.54 | $4.12 | — |
| Free cash flow | $8.24B | $8.05B | $9.09B | $8.61B | $9.07B | $9.11B |
| Gross margin | 53.8% | 56.8% | 58.3% | 59.8% | 62.5% | — |
| 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% |
| Revenue growth | -0.5% | -3.5% | -2.4% | -1.9% | -3.1% | — |
| Cash + short-term investments | $4.54B | $4.03B | $3.69B | $3.13B | $4.47B | — |
| Total debt | $28.0B | $26.7B | $26.2B | $24.9B | $25.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 15.9x · P/S 5.4x · EV/EBITDA 13.4x · EV/Sales 6.4x · P/FCF 13.9x · FCF yield 7.17% · Earnings yield 6.28% · Dividend yield (paid, TTM) 5.56% · Buyback yield (TTM) 0.58% · Net debt $22.2B · EV $149B
P/E at fiscal year-ends: Dec 2025 14.0x, Dec 2024 8.0x, Dec 2023 8.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold MO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Russo | Gardner Russo & Quinn | 0.12% | $10.7M | Reduced -9.6% |
| Lee Ainslie | Maverick Capital | 0.03% | $3.6M | Reduced -4.0% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $1.5M | Unchanged |
| Yacktman Asset Management |  | <0.01% | $302K | Unchanged |
| Mairs & Power | Mairs & Power Funds | <0.01% | $329K | Added +0.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-26 | Kelly Ennis Debra J | Director | 5,790 | $418K | 7.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Strahlman Ellen R | Director | 2,000 | $145K | 7.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $101K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-09 | McQuade Kathryn B. | Director | 1,500 | $101K | 67.62 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | Barclays | Target lowered | Underweight | $64 → $58 |
| 2026-07-07 | UBS | Target raised | Buy | $76 → $79 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +25.8% | +131.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +25.9% | +18.3% |
| Volatility (annualized) | 26.4% | 21.9% |
| Max drawdown | -14.6% (Jul 2026→Aug 2026) | -25.6% (May 2022→Sep 2022) |

## Peers (Tobacco)
BTI (British American Tobacco  Indus) USD 60.47 +2.67% · PM (Philip Morris International Inc) USD 201.74 +2.17% · RLX (RLX Technology Inc.) USD 1.64 -2.38% · TPB (Turning Point Brands, Inc.) USD 66.87 +3.50% · AIIR (Air Global PLC) USD 7.58 -2.01% · UVV (Universal Corporation) USD 39.67 +3.79%

## More
Full page: https://nexqual.com/MO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name MO in their own reports (relationship from MO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Performance Food Group Co (PFGC) | 10-K 2026-08-12 | "The Company's significant suppliers include Altria Group, Inc. (parent company of Philip Morris USA Inc.) and R.J." |
| supplier | UNIVERSAL CORP /VA/ (UVV) | 10-K 2026-06-01 | "The Company's six largest customers are Altria Group, Inc., British American Tobacco plc, China Tobacco International, Inc., Imperial Brands plc, Japan Tobacco, Inc., and Philip Morris International I…" |
| partner | Philip Morris International Inc. (PM) | 10-K 2026-02-06 | "Effective January 1, 2008, PMI entered into an Intellectual Property Agreement with Philip Morris USA Inc., a wholly owned subsidiary of Altria Group, Inc. ("PM USA")." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Smokeable Products | $5.39B | 88.2% | +0.7% | $2.94B | 54.6% |
| Oral Tobacco | $713.0M | 11.7% | -5.3% | $381.0M | 53.4% |
| All Other | $6.0M | 0.1% | -175.0% | -$77.0M | -1283.3% |
| Total revenue | $6.11B | 100% | — | $3.14B | 51.3% |

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cigarettes | $19.25B | 82.7% | -4.1% |
| Cigars | $1.24B | 5.3% | +8.7% |
| Total revenue | $23.28B | 100% | — |
The lines above cover 88% of total revenue.

## Customer concentration

Period ended 2025-12-31: 23%, 19% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Company outlook (8-K filed 2026-07-30)

- "This performance reflects steady, disciplined execution and confidence in our full-year plan, which allowed us to narrow our earnings guidance for the year." "We are raising the lower-end of our full-year 2026 guidance."
- "We now expect to deliver adjusted diluted EPS in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025." Altria Headline Financials 1 ($ in millions, except per share data) Q2 2026 Change vs."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.51 | $1.51 | +0.2% | $5.31B | 11 |
| Next quarter (ends 2026-12-31) | $1.37 | $1.37 | -0.3% | $5.11B | 11 |
| Current fiscal year (ends 2026-12-31) | $5.68 | $5.68 | -0.1% | $20.56B | 12 |
| Next fiscal year (ends 2027-12-31) | $5.86 | $5.88 | -0.2% | $20.72B | 14 |