Net Profit Margin
since 2005
Calculation
Altria Group Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net earnings (losses) attributable to Altria1 | ÷ | Net revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 33.21% | = | 100 | × | 8,130) | ÷ | 24,483) |
| Dec 31, 2022 | 22.97% | = | 100 | × | 5,764) | ÷ | 25,096) |
| Dec 31, 2021 | 9.51% | = | 100 | × | 2,475) | ÷ | 26,013) |
| Dec 31, 2020 | 17.08% | = | 100 | × | 4,467) | ÷ | 26,153) |
| Dec 31, 2019 | -5.15% | = | 100 | × | (1,293) | ÷ | 25,110) |
| Dec 31, 2018 | 27.45% | = | 100 | × | 6,963) | ÷ | 25,364) |
| Dec 31, 2017 | 39.97% | = | 100 | × | 10,222) | ÷ | 25,576) |
| Dec 31, 2016 | 55.31% | = | 100 | × | 14,239) | ÷ | 25,744) |
| Dec 31, 2015 | 20.61% | = | 100 | × | 5,241) | ÷ | 25,434) |
| Dec 31, 2014 | 20.68% | = | 100 | × | 5,070) | ÷ | 24,522) |
| Dec 31, 2013 | 18.54% | = | 100 | × | 4,535) | ÷ | 24,466) |
| Dec 31, 2012 | 16.98% | = | 100 | × | 4,180) | ÷ | 24,618) |
| Dec 31, 2011 | 14.24% | = | 100 | × | 3,390) | ÷ | 23,800) |
| Dec 31, 2010 | 16.03% | = | 100 | × | 3,905) | ÷ | 24,363) |
| Dec 31, 2009 | 13.61% | = | 100 | × | 3,206) | ÷ | 23,556) |
| Dec 31, 2008 | 25.47% | = | 100 | × | 4,930) | ÷ | 19,356) |
| Dec 31, 2007 | 13.26% | = | 100 | × | 9,786) | ÷ | 73,801) |
| Dec 31, 2006 | 11.86% | = | 100 | × | 12,022) | ÷ | 101,407) |
| Dec 31, 2005 | 10.66% | = | 100 | × | 10,435) | ÷ | 97,854) |
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 financial performance from 2005 to 2023 is characterized by significant volatility in net profit margins and a substantial structural shift in revenue scale occurring between 2007 and 2008. While net revenues remained relatively stagnant for the subsequent decade, the company experienced extreme fluctuations in profitability, including a record peak in 2016 and a notable net loss in 2019.
- Revenue Transition and Initial Margin Trends
- A dramatic contraction in net revenues occurred between December 31, 2007, and December 31, 2008, where revenues fell from 73,801 million US$ to 19,356 million US$. Despite this reduction in scale, the net profit margin increased from 13.26% to 25.47% during the same period, indicating a shift toward a more lean operational structure or the divestment of lower-margin business segments.
- Stabilization and Growth Phase (2009–2015)
- From 2009 to 2015, net revenues remained stable, fluctuating within a narrow band between 23,556 million US$ and 25,744 million US$. During this interval, a consistent upward trend in the net profit margin was observed, rising from 13.61% in 2009 to 20.61% in 2015, suggesting improved cost management or pricing power.
- Profitability Anomalies (2016–2019)
- The period between 2016 and 2019 exhibited the highest degree of variance. In 2016, the net profit margin reached an exceptional peak of 55.31%, driven by net earnings of 14,239 million US$. This was followed by a steady decline in 2017 and 2018. A significant reversal occurred in 2019, where the company reported a net loss of 1,293 million US$, resulting in a negative net profit margin of -5.15%.
- Recent Recovery and Margin Expansion (2020–2023)
- Following the 2019 deficit, a recovery phase is evident. Although the net profit margin dipped to 9.51% in 2021, a strong upward trajectory resumed thereafter. By December 31, 2023, the net profit margin recovered to 33.21%, with net earnings reaching 8,130 million US$ on revenues of 24,483 million US$, marking a return to high-margin profitability despite stagnant revenue growth.
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Comparison to Competitors
Altria Group Inc., net profit margin, long-term trends, comparison to competitors
| Altria Group Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 33.21% | 23.42% | 13.77% | 9.92% | 22.21% |
| Dec 31, 2022 | 22.97% | 22.19% | 8.63% | 10.31% | 28.49% |
| Dec 31, 2021 | 9.51% | 25.28% | 14.97% | 9.59% | 29.00% |
| Dec 31, 2020 | 17.08% | 23.47% | 13.37% | 10.12% | 28.08% |
| Dec 31, 2019 | -5.15% | 23.94% | 14.96% | 10.89% | 24.11% |
| Dec 31, 2018 | 27.45% | 20.20% | 13.03% | 19.35% | 26.70% |
| Dec 31, 2017 | 39.97% | 3.52% | 11.28% | 7.65% | 20.99% |
| Dec 31, 2016 | 55.31% | 15.59% | 6.40% | 10.08% | 26.11% |
| Dec 31, 2015 | 20.61% | 16.60% | 24.52% | 8.65% | 25.65% |
| Dec 31, 2014 | 20.68% | 15.43% | 6.38% | 9.77% | 25.17% |
| Dec 31, 2013 | 18.54% | 18.32% | 11.09% | 10.15% | 27.47% |
| Dec 31, 2012 | 16.98% | 18.78% | 8.65% | 9.43% | 28.05% |
| Dec 31, 2011 | 14.24% | 18.42% | 6.49% | 9.69% | 27.63% |
| Dec 31, 2010 | 16.03% | 33.63% | 8.36% | 10.93% | 26.68% |
| Dec 31, 2009 | 13.61% | 22.02% | 7.48% | 13.75% | 25.33% |
| Dec 31, 2008 | 25.47% | 18.18% | 6.87% | 11.89% | 26.80% |
| Dec 31, 2007 | 13.26% | 20.73% | 6.95% | 14.33% | — |
| Dec 31, 2006 | 11.86% | 21.09% | 8.91% | 16.06% | — |
| Dec 31, 2005 | 10.66% | 21.09% | 7.72% | 12.52% | — |
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., net profit margin, long-term trends, comparison to sector (food, beverage & tobacco)
| Altria Group Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2023 | 33.21% | 15.62% |
| Dec 31, 2022 | 22.97% | 15.68% |
| Dec 31, 2021 | 9.51% | 17.28% |
| Dec 31, 2020 | 17.08% | 16.69% |
| Dec 31, 2019 | -5.15% | 17.04% |
| Dec 31, 2018 | 27.45% | 19.88% |
| Dec 31, 2017 | 39.97% | 9.81% |
| Dec 31, 2016 | 55.31% | 13.66% |
| Dec 31, 2015 | 20.61% | 16.45% |
| Dec 31, 2014 | 20.68% | 13.18% |
| Dec 31, 2013 | 18.54% | 15.47% |
| Dec 31, 2012 | 16.98% | 15.02% |
| Dec 31, 2011 | 14.24% | 13.67% |
| Dec 31, 2010 | 16.03% | 17.42% |
| Dec 31, 2009 | 13.61% | 15.85% |
| Dec 31, 2008 | 25.47% | 14.49% |
| Dec 31, 2007 | 13.26% | 13.48% |
| Dec 31, 2006 | 11.86% | 14.73% |
| Dec 31, 2005 | 10.66% | 12.90% |
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., net profit margin, long-term trends, comparison to industry (consumer staples)
| Altria Group Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2023 | 33.21% | 5.47% |
| Dec 31, 2022 | 22.97% | 6.11% |
| Dec 31, 2021 | 9.51% | 6.21% |
| Dec 31, 2020 | 17.08% | 6.22% |
| Dec 31, 2019 | -5.15% | 4.62% |
| Dec 31, 2018 | 27.45% | 6.05% |
| Dec 31, 2017 | 39.97% | 5.52% |
| Dec 31, 2016 | 55.31% | 5.88% |
| Dec 31, 2015 | 20.61% | 5.62% |
| Dec 31, 2014 | 20.68% | 6.00% |
| Dec 31, 2013 | 18.54% | 6.75% |
| Dec 31, 2012 | 16.98% | 6.65% |
| Dec 31, 2011 | 14.24% | 6.99% |
| Dec 31, 2010 | 16.03% | 7.59% |
| Dec 31, 2009 | 13.61% | 6.93% |
| Dec 31, 2008 | 25.47% | 6.75% |
| Dec 31, 2007 | 13.26% | 6.11% |
| Dec 31, 2006 | 11.86% | 6.35% |
| Dec 31, 2005 | 10.66% | 6.29% |
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).