Stock Analysis on Net

Altria Group Inc. (NYSE:MO)

This company has been moved to the archive! The financial data has not been updated since July 28, 2022.

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Altria Group Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Goodwill 5,177 5,177 5,177 5,196 5,307
Indefinite-lived intangible assets 11,443 11,676 11,676 11,846 12,125
Definite-lived intangible assets, gross carrying amount 1,260 1,275 1,275 654 465
Accumulated amortization (397) (336) (264) (221) (190)
Definite-lived intangible assets, net 863 939 1,011 433 275
Other intangible assets, net 12,306 12,615 12,687 12,279 12,400
Goodwill and other intangible assets, net 17,483 17,792 17,864 17,475 17,707

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Other intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Altria Group Inc. other intangible assets, net decreased from 2019 to 2020 and from 2020 to 2021.
Goodwill and other intangible assets, net Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Altria Group Inc. goodwill and other intangible assets, net decreased from 2019 to 2020 and from 2020 to 2021.

Adjustments to Financial Statements: Removal of Goodwill

Altria Group Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Adjustment to Total Assets
Total assets (as reported) 39,523 47,414 49,271 55,638 43,202
Less: Goodwill 5,177 5,177 5,177 5,196 5,307
Total assets (adjusted) 34,346 42,237 44,094 50,442 37,895
Adjustment to Stockholders’ Equity (deficit) Attributable To Altria
Stockholders’ equity (deficit) attributable to Altria (as reported) (1,606) 2,839 6,222 14,787 15,377
Less: Goodwill 5,177 5,177 5,177 5,196 5,307
Stockholders’ equity (deficit) attributable to Altria (adjusted) (6,783) (2,338) 1,045 9,591 10,070
Adjustment to Net Earnings (losses) Attributable To Altria
Net earnings (losses) attributable to Altria (as reported) 2,475 4,467 (1,293) 6,963 10,222
Add: Goodwill impairment 74 111
Net earnings (losses) attributable to Altria (adjusted) 2,475 4,467 (1,219) 7,074 10,222

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).


Altria Group Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Goodwill (Summary)

Altria Group Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net Profit Margin
Reported net profit margin 9.51% 17.08% -5.15% 27.45% 39.97%
Adjusted net profit margin 9.51% 17.08% -4.85% 27.89% 39.97%
Total Asset Turnover
Reported total asset turnover 0.66 0.55 0.51 0.46 0.59
Adjusted total asset turnover 0.76 0.62 0.57 0.50 0.67
Financial Leverage
Reported financial leverage 16.70 7.92 3.76 2.81
Adjusted financial leverage 42.20 5.26 3.76
Return on Equity (ROE)
Reported ROE 157.34% -20.78% 47.09% 66.48%
Adjusted ROE -116.65% 73.76% 101.51%
Return on Assets (ROA)
Reported ROA 6.26% 9.42% -2.62% 12.51% 23.66%
Adjusted ROA 7.21% 10.58% -2.76% 14.02% 26.97%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Altria Group Inc. adjusted net profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Altria Group Inc. adjusted total asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Altria Group Inc. adjusted ROA improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Altria Group Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria 2,475 4,467 (1,293) 6,963 10,222
Net revenues 26,013 26,153 25,110 25,364 25,576
Profitability Ratio
Net profit margin1 9.51% 17.08% -5.15% 27.45% 39.97%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria 2,475 4,467 (1,219) 7,074 10,222
Net revenues 26,013 26,153 25,110 25,364 25,576
Profitability Ratio
Adjusted net profit margin2 9.51% 17.08% -4.85% 27.89% 39.97%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Net profit margin = 100 × Net earnings (losses) attributable to Altria ÷ Net revenues
= 100 × 2,475 ÷ 26,013 = 9.51%

2 Adjusted net profit margin = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Net revenues
= 100 × 2,475 ÷ 26,013 = 9.51%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Altria Group Inc. adjusted net profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in millions)
Net revenues 26,013 26,153 25,110 25,364 25,576
Total assets 39,523 47,414 49,271 55,638 43,202
Activity Ratio
Total asset turnover1 0.66 0.55 0.51 0.46 0.59
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net revenues 26,013 26,153 25,110 25,364 25,576
Adjusted total assets 34,346 42,237 44,094 50,442 37,895
Activity Ratio
Adjusted total asset turnover2 0.76 0.62 0.57 0.50 0.67

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= 26,013 ÷ 39,523 = 0.66

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 26,013 ÷ 34,346 = 0.76

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Altria Group Inc. adjusted total asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in millions)
Total assets 39,523 47,414 49,271 55,638 43,202
Stockholders’ equity (deficit) attributable to Altria (1,606) 2,839 6,222 14,787 15,377
Solvency Ratio
Financial leverage1 16.70 7.92 3.76 2.81
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 34,346 42,237 44,094 50,442 37,895
Adjusted stockholders’ equity (deficit) attributable to Altria (6,783) (2,338) 1,045 9,591 10,070
Solvency Ratio
Adjusted financial leverage2 42.20 5.26 3.76

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity (deficit) attributable to Altria
= 39,523 ÷ -1,606 =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit) attributable to Altria
= 34,346 ÷ -6,783 =


Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria 2,475 4,467 (1,293) 6,963 10,222
Stockholders’ equity (deficit) attributable to Altria (1,606) 2,839 6,222 14,787 15,377
Profitability Ratio
ROE1 157.34% -20.78% 47.09% 66.48%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria 2,475 4,467 (1,219) 7,074 10,222
Adjusted stockholders’ equity (deficit) attributable to Altria (6,783) (2,338) 1,045 9,591 10,070
Profitability Ratio
Adjusted ROE2 -116.65% 73.76% 101.51%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 ROE = 100 × Net earnings (losses) attributable to Altria ÷ Stockholders’ equity (deficit) attributable to Altria
= 100 × 2,475 ÷ -1,606 =

2 Adjusted ROE = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Adjusted stockholders’ equity (deficit) attributable to Altria
= 100 × 2,475 ÷ -6,783 =


Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria 2,475 4,467 (1,293) 6,963 10,222
Total assets 39,523 47,414 49,271 55,638 43,202
Profitability Ratio
ROA1 6.26% 9.42% -2.62% 12.51% 23.66%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses) attributable to Altria 2,475 4,467 (1,219) 7,074 10,222
Adjusted total assets 34,346 42,237 44,094 50,442 37,895
Profitability Ratio
Adjusted ROA2 7.21% 10.58% -2.76% 14.02% 26.97%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 ROA = 100 × Net earnings (losses) attributable to Altria ÷ Total assets
= 100 × 2,475 ÷ 39,523 = 6.26%

2 Adjusted ROA = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Adjusted total assets
= 100 × 2,475 ÷ 34,346 = 7.21%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Altria Group Inc. adjusted ROA improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.