Altria Group Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,293)
Net losses attributable to noncontrolling interests	—)	—)	—)	(13)	(5)
Net noncash charges	1,204)	3,078)	5,927)	3,682)	9,188)
Cash effects of changes in operating capital	(47)	(586)	3)	249)	(53)
Net cash provided by operating activities	9,287)	8,256)	8,405)	8,385)	7,837)
Capital expenditures	(196)	(205)	(169)	(231)	(246)
Proceeds from short-term borrowings	2,000)	—)	—)	3,000)	—)
Repayment of short-term borrowings	(2,000)	—)	—)	(3,000)	(12,800)
Long-term debt issued	998)	—)	5,472)	1,993)	16,265)
Long-term debt repaid	(1,566)	(1,105)	(6,542)	(1,000)	(1,144)
Free cash flow to equity (FCFE)	8,523)	6,946)	7,166)	9,147)	9,912)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Altria Group Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Altria Group Inc. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Altria Group Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,763,461,775
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	8,523)
FCFE per share	4.83
Current share price (P)	42.87
Valuation Ratio
P/FCFE	8.87
Benchmarks
P/FCFE, Competitors¹
Coca-Cola Co.	22.39
Mondelēz International Inc.	—
PepsiCo Inc.	18.26
P/FCFE, Sector
Food, Beverage & Tobacco	20.44
P/FCFE, Industry
Consumer Staples	27.01

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Altria Group Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	1,763,461,775	1,785,563,827	1,817,257,322	1,858,689,654	1,858,366,804
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	8,523)	6,946)	7,166)	9,147)	9,912)
FCFE per share³	4.83	3.89	3.94	4.92	5.33
Share price^1, 4	40.90	46.54	51.48	43.60	42.49
Valuation Ratio
P/FCFE⁵	8.46	11.96	13.06	8.86	7.97
Benchmarks
P/FCFE, Competitors⁶
Coca-Cola Co.	22.42	29.91	23.29	30.91	33.31
Mondelēz International Inc.	—	14.10	30.57	20.76	28.38
PepsiCo Inc.	17.88	47.17	77.00	10.51	38.90
P/FCFE, Sector
Food, Beverage & Tobacco	20.44	24.79	27.77	14.93	24.09
P/FCFE, Industry
Consumer Staples	24.38	31.85	24.14	17.57	18.66

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,523,000,000 ÷ 1,763,461,775 = 4.83

⁴ Closing price as at the filing date of Altria Group Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 40.90 ÷ 4.83 = 8.46

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Altria Group Inc. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.

Altria Group Inc. (NYSE:MO)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical