Debt to Equity
since 2005
Calculation
Altria Group Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity (deficit) attributable to Altria1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | — | = | 26,233) | ÷ | (3,540) |
| Dec 31, 2022 | — | = | 26,680) | ÷ | (3,973) |
| Dec 31, 2021 | — | = | 28,044) | ÷ | (1,606) |
| Dec 31, 2020 | 10.38 | = | 29,471) | ÷ | 2,839) |
| Dec 31, 2019 | 4.51 | = | 28,042) | ÷ | 6,222) |
| Dec 31, 2018 | 1.74 | = | 25,746) | ÷ | 14,787) |
| Dec 31, 2017 | 0.90 | = | 13,894) | ÷ | 15,377) |
| Dec 31, 2016 | 1.09 | = | 13,881) | ÷ | 12,770) |
| Dec 31, 2015 | 4.49 | = | 12,919) | ÷ | 2,880) |
| Dec 31, 2014 | 4.87 | = | 14,693) | ÷ | 3,014) |
| Dec 31, 2013 | 3.52 | = | 14,517) | ÷ | 4,119) |
| Dec 31, 2012 | 4.38 | = | 13,878) | ÷ | 3,168) |
| Dec 31, 2011 | 3.72 | = | 13,689) | ÷ | 3,680) |
| Dec 31, 2010 | 2.35 | = | 12,194) | ÷ | 5,192) |
| Dec 31, 2009 | 2.94 | = | 11,960) | ÷ | 4,069) |
| Dec 31, 2008 | 2.64 | = | 7,474) | ÷ | 2,828) |
| Dec 31, 2007 | 0.60 | = | 11,046) | ÷ | 18,554) |
| Dec 31, 2006 | 0.47 | = | 18,699) | ÷ | 39,619) |
| Dec 31, 2005 | 0.67 | = | 23,933) | ÷ | 35,707) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The capital structure from 2005 to 2023 demonstrates a fundamental transition from a conservative equity-based position to a highly leveraged state characterized by a stockholders' deficit. This evolution is marked by significant fluctuations in both total debt and equity levels, ultimately resulting in the erosion of the equity base.
- Total Debt Evolution
- A period of aggressive debt reduction occurred between 2005 and 2008, with total debt falling from 23,933 million US$ to 7,474 million US$. This was followed by a decade of relative stability, where debt levels fluctuated narrowly between approximately 12,000 million US$ and 14,700 million US$ from 2009 through 2017. A significant shift occurred in 2018, as total debt surged to 25,746 million US$ and continued to climb, peaking at 29,471 million US$ in 2020 before stabilizing around 26,233 million US$ by 2023.
- Stockholders' Equity Trends
- Stockholders' equity experienced a severe decline starting in 2007, dropping from 18,554 million US$ to a low of 2,828 million US$ by 2008. While equity remained suppressed for several years, a temporary recovery was observed in 2016 and 2017, reaching a peak of 15,377 million US$. However, this trend reversed sharply starting in 2019, with equity falling to 6,222 million US$ and subsequently descending into negative territory. By 2021, a deficit of -1,606 million US$ was recorded, which further widened to -3,540 million US$ by the end of 2023.
- Debt to Equity Ratio Interpretation
- The debt to equity ratio reflects the compounding effect of increasing liabilities and decreasing equity. In the early period (2005-2007), the ratio remained below 1.0, indicating a lower reliance on borrowed funds relative to equity. Between 2008 and 2015, the ratio became highly volatile and generally trended upward, peaking at 4.87 in 2014. A brief normalization occurred in 2017 when the ratio dropped to 0.90. However, the subsequent collapse of the equity base caused the ratio to escalate rapidly, reaching 10.38 by 2020. The absence of ratio values from 2021 to 2023 is a direct result of the stockholders' equity transitioning into a deficit, rendering the standard ratio calculation mathematically inapplicable.
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Comparison to Competitors
Altria Group Inc., debt to equity, long-term trends, comparison to competitors
| Altria Group Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2023 | — | 1.62 | 0.69 | 2.38 | — |
| Dec 31, 2022 | — | 1.62 | 0.85 | 2.28 | — |
| Dec 31, 2021 | — | 1.86 | 0.69 | 2.51 | — |
| Dec 31, 2020 | 10.38 | 2.22 | 0.73 | 3.28 | — |
| Dec 31, 2019 | 4.51 | 2.25 | 0.68 | 2.17 | — |
| Dec 31, 2018 | 1.74 | 2.56 | 0.72 | 2.23 | — |
| Dec 31, 2017 | 0.90 | 2.79 | 0.68 | 3.61 | — |
| Dec 31, 2016 | 1.09 | 1.98 | 0.68 | 3.33 | — |
| Dec 31, 2015 | 4.49 | 1.73 | 0.55 | 2.79 | — |
| Dec 31, 2014 | 4.87 | 1.38 | 0.60 | 1.66 | — |
| Dec 31, 2013 | 3.52 | 1.12 | 0.53 | 1.22 | — |
| Dec 31, 2012 | 4.38 | 0.99 | 0.60 | 1.27 | — |
| Dec 31, 2011 | 3.72 | 0.90 | 0.76 | 1.30 | 80.98 |
| Dec 31, 2010 | 2.35 | 0.76 | 0.80 | 1.18 | 4.71 |
| Dec 31, 2009 | 2.94 | 0.48 | 0.73 | 0.47 | 2.70 |
| Dec 31, 2008 | 2.64 | 0.45 | 0.91 | 0.68 | 1.59 |
| Dec 31, 2007 | 0.60 | 0.43 | 0.77 | 0.24 | — |
| Dec 31, 2006 | 0.47 | 0.27 | 0.36 | 0.18 | — |
| Dec 31, 2005 | 0.67 | 0.35 | 0.36 | 0.37 | — |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Altria Group Inc., debt to equity, long-term trends, comparison to sector (food, beverage & tobacco)
| Altria Group Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2023 | — | 2.49 |
| Dec 31, 2022 | — | 2.44 |
| Dec 31, 2021 | — | 2.28 |
| Dec 31, 2020 | 10.38 | 2.90 |
| Dec 31, 2019 | 4.51 | 2.51 |
| Dec 31, 2018 | 1.74 | 2.82 |
| Dec 31, 2017 | 0.90 | 3.31 |
| Dec 31, 2016 | 1.09 | 2.76 |
| Dec 31, 2015 | 4.49 | 2.32 |
| Dec 31, 2014 | 4.87 | 1.86 |
| Dec 31, 2013 | 3.52 | 1.36 |
| Dec 31, 2012 | 4.38 | 1.23 |
| Dec 31, 2011 | 3.72 | 1.15 |
| Dec 31, 2010 | 2.35 | 1.02 |
| Dec 31, 2009 | 2.94 | 0.74 |
| Dec 31, 2008 | 2.64 | 0.80 |
| Dec 31, 2007 | 0.60 | 0.52 |
| Dec 31, 2006 | 0.47 | 0.29 |
| Dec 31, 2005 | 0.67 | 0.36 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Staples)
Altria Group Inc., debt to equity, long-term trends, comparison to industry (consumer staples)
| Altria Group Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2023 | — | 1.15 |
| Dec 31, 2022 | — | 1.07 |
| Dec 31, 2021 | — | 1.07 |
| Dec 31, 2020 | 10.38 | 1.24 |
| Dec 31, 2019 | 4.51 | 1.18 |
| Dec 31, 2018 | 1.74 | 1.11 |
| Dec 31, 2017 | 0.90 | 1.20 |
| Dec 31, 2016 | 1.09 | 1.09 |
| Dec 31, 2015 | 4.49 | 1.00 |
| Dec 31, 2014 | 4.87 | 0.96 |
| Dec 31, 2013 | 3.52 | 0.87 |
| Dec 31, 2012 | 4.38 | 0.83 |
| Dec 31, 2011 | 3.72 | 0.80 |
| Dec 31, 2010 | 2.35 | 0.74 |
| Dec 31, 2009 | 2.94 | 0.69 |
| Dec 31, 2008 | 2.64 | 0.68 |
| Dec 31, 2007 | 0.60 | 0.55 |
| Dec 31, 2006 | 0.47 | 0.52 |
| Dec 31, 2005 | 0.67 | 0.59 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).