Analysis of Revenues
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Revenues as Reported
Altria Group Inc., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Smokeable products | |||||||||||
| Oral tobacco products | |||||||||||
| Wine | |||||||||||
| All other | |||||||||||
| Net revenues |
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).
The analysis of the annual revenue data reveals several notable trends across the different product categories and the overall net revenues.
- Smokeable products
- This category shows a generally declining trend over the five-year period. Revenues increased slightly from 21,996 million USD in 2019 to 23,089 million USD in 2020, but then gradually decreased each subsequent year to reach 21,756 million USD by 2023. The decrease suggests a reduction in demand or pricing pressures affecting this segment.
- Oral tobacco products
- This segment exhibits a consistent upward trend, with revenues rising from 2,367 million USD in 2019 to 2,667 million USD in 2023. Although the growth rate is moderate, the steady increase indicates strengthening performance or possibly increased market penetration in this category.
- Wine
- Wine revenues declined sharply from 689 million USD in 2019 to 494 million USD in 2021. Data for 2022 and 2023 are not available, which hinders the ability to identify current trends. The significant drop over the first three years could point to challenges such as reduced consumer demand or divestiture activities in this segment.
- All other
- This category shows high volatility with revenues fluctuating between positive and negative values. Starting at 58 million USD in 2019, there was a negative value of -83 million USD in 2020, followed by a rebound to positive values of 45 million USD in 2021, 40 million USD in 2022, and 60 million USD in 2023. Such volatility may reflect one-off items, restructuring costs, or other irregular financial events.
- Net revenues
- Overall net revenues increased from 25,110 million USD in 2019 to a peak of 26,153 million USD in 2020, then declined steadily each year to 24,483 million USD in 2023. This pattern aligns with the decline in smokeable products revenue and the discontinuation or underperformance in the wine segment, partially offset by growth in oral tobacco products.
In summary, while the broader net revenue shows a decrease in recent years, oral tobacco products emerge as a growing segment amidst declining revenues in smokeable products and wine. The fluctuations in "All other" revenues suggest atypical impacts that merit further investigation to understand their nature and impact on total performance.