Stock Analysis on Net
Stock Analysis on Net

Altria Group Inc. (NYSE:MO)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Altria Group Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.63 0.68 0.66 0.55 0.51
Adjusted 0.62 0.67 0.65 0.55 0.50
Liquidity Ratio
Current Ratio
Reported 0.49 0.84 0.71 0.79 0.59
Adjusted 0.56 0.92 0.78 0.85 0.66
Solvency Ratios
Debt to Equity
Reported — — — 10.38 4.51
Adjusted — — 10.55 3.68 2.34
Debt to Capital
Reported 1.16 1.17 1.06 0.91 0.82
Adjusted 1.00 1.02 0.91 0.79 0.70
Financial Leverage
Reported — — — 16.70 7.92
Adjusted — — 15.08 5.99 4.16
Profitability Ratios
Net Profit Margin
Reported 33.21% 22.97% 9.51% 17.08% -5.15%
Adjusted 32.67% 20.73% 10.00% 10.76% -7.21%
Return on Equity (ROE)
Reported — — — 157.34% -20.78%
Adjusted — — 97.78% 35.17% -15.11%
Return on Assets (ROA)
Reported 21.08% 15.60% 6.26% 9.42% -2.62%
Adjusted 20.38% 13.84% 6.48% 5.87% -3.63%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial 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 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Altria Group Inc. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Altria Group Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Altria Group Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Altria Group Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net revenues 24,483 25,096 26,013 26,153 25,110
Total assets 38,570 36,954 39,523 47,414 49,271
Activity Ratio
Total asset turnover1 0.63 0.68 0.66 0.55 0.51
Adjusted
Selected Financial Data (US$ in millions)
Net revenues 24,483 25,096 26,013 26,153 25,110
Adjusted total assets2 39,242 37,579 40,096 47,915 49,811
Activity Ratio
Adjusted total asset turnover3 0.62 0.67 0.65 0.55 0.50

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 24,483 ÷ 38,570 = 0.63

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 24,483 ÷ 39,242 = 0.62

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 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 5,585 7,220 6,083 7,117 4,824
Current liabilities 11,319 8,616 8,579 9,063 8,174
Liquidity Ratio
Current ratio1 0.49 0.84 0.71 0.79 0.59
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 6,285 7,920 6,683 7,717 5,424
Current liabilities 11,319 8,616 8,579 9,063 8,174
Liquidity Ratio
Adjusted current ratio3 0.56 0.92 0.78 0.85 0.66

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 5,585 ÷ 11,319 = 0.49

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 6,285 ÷ 11,319 = 0.56

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Altria Group Inc. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 26,233 26,680 28,044 29,471 28,042
Stockholders’ equity (deficit) attributable to Altria (3,540) (3,973) (1,606) 2,839 6,222
Solvency Ratio
Debt to equity1 — — — 10.38 4.51
Adjusted
Selected Financial Data (US$ in millions)
Total debt 26,233 26,680 28,044 29,471 28,042
Adjusted total stockholders’ equity (deficit)2 (19) (401) 2,659 7,998 11,980
Solvency Ratio
Adjusted debt to equity3 — — 10.55 3.68 2.34

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit) attributable to Altria
= 26,233 ÷ -3,540 = —

2 Adjusted total stockholders’ equity (deficit). See details »

3 2023 Calculation
Adjusted debt to equity = Total debt ÷ Adjusted total stockholders’ equity (deficit)
= 26,233 ÷ -19 = —

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 26,233 26,680 28,044 29,471 28,042
Total capital 22,693 22,707 26,438 32,310 34,264
Solvency Ratio
Debt to capital1 1.16 1.17 1.06 0.91 0.82
Adjusted
Selected Financial Data (US$ in millions)
Total debt 26,233 26,680 28,044 29,471 28,042
Adjusted total capital2 26,214 26,279 30,703 37,469 40,022
Solvency Ratio
Adjusted debt to capital3 1.00 1.02 0.91 0.79 0.70

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 26,233 ÷ 22,693 = 1.16

2 Adjusted total capital. See details »

3 2023 Calculation
Adjusted debt to capital = Total debt ÷ Adjusted total capital
= 26,233 ÷ 26,214 = 1.00

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Altria Group Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 38,570 36,954 39,523 47,414 49,271
Stockholders’ equity (deficit) attributable to Altria (3,540) (3,973) (1,606) 2,839 6,222
Solvency Ratio
Financial leverage1 — — — 16.70 7.92
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 39,242 37,579 40,096 47,915 49,811
Adjusted total stockholders’ equity (deficit)3 (19) (401) 2,659 7,998 11,980
Solvency Ratio
Adjusted financial leverage4 — — 15.08 5.99 4.16

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit) attributable to Altria
= 38,570 ÷ -3,540 = —

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity (deficit). See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity (deficit)
= 39,242 ÷ -19 = —

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria 8,130 5,764 2,475 4,467 (1,293)
Net revenues 24,483 25,096 26,013 26,153 25,110
Profitability Ratio
Net profit margin1 33.21% 22.97% 9.51% 17.08% -5.15%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses)2 7,998 5,202 2,600 2,813 (1,810)
Net revenues 24,483 25,096 26,013 26,153 25,110
Profitability Ratio
Adjusted net profit margin3 32.67% 20.73% 10.00% 10.76% -7.21%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net earnings (losses) attributable to Altria ÷ Net revenues
= 100 × 8,130 ÷ 24,483 = 33.21%

2 Adjusted net earnings (losses). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings (losses) ÷ Net revenues
= 100 × 7,998 ÷ 24,483 = 32.67%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Altria Group Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria 8,130 5,764 2,475 4,467 (1,293)
Stockholders’ equity (deficit) attributable to Altria (3,540) (3,973) (1,606) 2,839 6,222
Profitability Ratio
ROE1 — — — 157.34% -20.78%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses)2 7,998 5,202 2,600 2,813 (1,810)
Adjusted total stockholders’ equity (deficit)3 (19) (401) 2,659 7,998 11,980
Profitability Ratio
Adjusted ROE4 — — 97.78% 35.17% -15.11%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net earnings (losses) attributable to Altria ÷ Stockholders’ equity (deficit) attributable to Altria
= 100 × 8,130 ÷ -3,540 = —

2 Adjusted net earnings (losses). See details »

3 Adjusted total stockholders’ equity (deficit). See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net earnings (losses) ÷ Adjusted total stockholders’ equity (deficit)
= 100 × 7,998 ÷ -19 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings (losses) attributable to Altria 8,130 5,764 2,475 4,467 (1,293)
Total assets 38,570 36,954 39,523 47,414 49,271
Profitability Ratio
ROA1 21.08% 15.60% 6.26% 9.42% -2.62%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (losses)2 7,998 5,202 2,600 2,813 (1,810)
Adjusted total assets3 39,242 37,579 40,096 47,915 49,811
Profitability Ratio
Adjusted ROA4 20.38% 13.84% 6.48% 5.87% -3.63%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net earnings (losses) attributable to Altria ÷ Total assets
= 100 × 8,130 ÷ 38,570 = 21.08%

2 Adjusted net earnings (losses). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net earnings (losses) ÷ Adjusted total assets
= 100 × 7,998 ÷ 39,242 = 20.38%

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 2021 to 2022 and from 2022 to 2023.