Price to Book Value (P/BV)
since 2005
Calculation
Altria Group Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit) attributable to Altria1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2024 | — | = | 40.90 | ÷ | -2.01 | -2.01 | = | -3,540 | ÷ | 1,763,461,775 | |
| Feb 27, 2023 | — | = | 46.54 | ÷ | -2.23 | -2.23 | = | -3,973 | ÷ | 1,785,563,827 | |
| Feb 25, 2022 | — | = | 51.48 | ÷ | -0.88 | -0.88 | = | -1,606 | ÷ | 1,817,257,322 | |
| Feb 26, 2021 | 28.54 | = | 43.60 | ÷ | 1.53 | 1.53 | = | 2,839 | ÷ | 1,858,689,654 | |
| Feb 25, 2020 | 12.69 | = | 42.49 | ÷ | 3.35 | 3.35 | = | 6,222 | ÷ | 1,858,366,804 | |
| Feb 26, 2019 | 6.60 | = | 52.10 | ÷ | 7.89 | 7.89 | = | 14,787 | ÷ | 1,874,430,847 | |
| Feb 27, 2018 | 7.91 | = | 64.00 | ÷ | 8.09 | 8.09 | = | 15,377 | ÷ | 1,900,449,362 | |
| Feb 27, 2017 | 11.33 | = | 74.59 | ÷ | 6.58 | 6.58 | = | 12,770 | ÷ | 1,939,420,437 | |
| Feb 25, 2016 | 42.41 | = | 62.38 | ÷ | 1.47 | 1.47 | = | 2,880 | ÷ | 1,957,931,815 | |
| Feb 25, 2015 | 36.35 | = | 55.64 | ÷ | 1.53 | 1.53 | = | 3,014 | ÷ | 1,969,316,914 | |
| Feb 26, 2014 | 17.15 | = | 35.44 | ÷ | 2.07 | 2.07 | = | 4,119 | ÷ | 1,992,853,529 | |
| Feb 27, 2013 | 21.61 | = | 34.07 | ÷ | 1.58 | 1.58 | = | 3,168 | ÷ | 2,009,855,261 | |
| Feb 16, 2012 | 16.42 | = | 29.54 | ÷ | 1.80 | 1.80 | = | 3,680 | ÷ | 2,045,667,279 | |
| Feb 25, 2011 | 10.05 | = | 24.94 | ÷ | 2.48 | 2.48 | = | 5,192 | ÷ | 2,091,985,586 | |
| Feb 24, 2010 | 10.36 | = | 20.26 | ÷ | 1.96 | 1.96 | = | 4,069 | ÷ | 2,080,531,691 | |
| Feb 27, 2009 | 11.28 | = | 15.44 | ÷ | 1.37 | 1.37 | = | 2,828 | ÷ | 2,066,194,006 | |
| Feb 28, 2008 | 8.38 | = | 73.78 | ÷ | 8.80 | 8.80 | = | 18,554 | ÷ | 2,108,301,037 | |
| Mar 1, 2007 | 4.47 | = | 84.34 | ÷ | 18.88 | 18.88 | = | 39,619 | ÷ | 2,098,592,159 | |
| Mar 10, 2006 | 4.32 | = | 73.86 | ÷ | 17.11 | 17.11 | = | 35,707 | ÷ | 2,086,951,179 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Altria Group Inc. Annual Report.
An analysis of the financial metrics from 2006 to 2024 reveals a significant and progressive divergence between the market valuation of shares and the underlying book value. While the share price exhibited cyclical volatility, the book value per share underwent a profound long-term decline, eventually transitioning into negative territory.
- Book Value Per Share (BVPS) Erosion
- A precipitous decline in BVPS is observed between 2007 and 2009, falling from $18.88 to $1.37. Following a period of instability and a temporary recovery that peaked at $8.09 in 2018, the BVPS resumed a downward trajectory. By February 2022, the BVPS became negative, reaching -$2.23 by 2023 and -$2.01 by 2024, indicating that liabilities exceeded assets on a per-share basis.
- Price to Book Value (P/BV) Ratio Volatility
- The P/BV ratio experienced extreme expansion as the book value diminished. The ratio rose from 4.32 in 2006 to a peak of 42.41 in 2016, reflecting a market valuation that became increasingly decoupled from the accounting value of the company's equity. Although the ratio contracted to 6.60 by 2019, it surged again to 28.54 in 2021.
- Correlation and Valuation Gap
- The data indicates that the market price remained resilient even as the book value collapsed, which drove the P/BV ratio to historic highs. The absence of P/BV ratios from 2022 to 2024 is a direct result of the negative BVPS, as the ratio becomes mathematically undefined and analytically irrelevant when shareholders' equity is negative.
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Comparison to Competitors
Altria Group Inc., P/BV, long-term trends, comparison to competitors
| Altria Group Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 27, 2024 | — | 10.09 | 3.65 | 12.45 | — |
| Feb 27, 2023 | — | 10.73 | 3.34 | 13.88 | — |
| Feb 25, 2022 | — | 11.74 | 3.29 | 14.52 | — |
| Feb 26, 2021 | 28.54 | 11.20 | 2.88 | 13.84 | — |
| Feb 25, 2020 | 12.69 | 13.26 | 3.08 | 13.76 | — |
| Feb 26, 2019 | 6.60 | 11.55 | 2.64 | 11.21 | — |
| Feb 27, 2018 | 7.91 | 11.00 | 2.40 | 14.62 | — |
| Feb 27, 2017 | 11.33 | 7.78 | 2.75 | 13.73 | — |
| Feb 25, 2016 | 42.41 | 7.48 | 2.23 | 11.75 | — |
| Feb 25, 2015 | 36.35 | 6.06 | 2.20 | 8.52 | — |
| Feb 26, 2014 | 17.15 | 5.06 | 1.78 | 4.90 | — |
| Feb 27, 2013 | 21.61 | 5.23 | 1.46 | 5.22 | — |
| Feb 16, 2012 | 16.42 | 4.95 | 1.90 | 4.83 | 624.24 |
| Feb 25, 2011 | 10.05 | 4.73 | 1.55 | 4.75 | 31.91 |
| Feb 24, 2010 | 10.36 | 4.90 | 1.65 | 5.83 | 16.12 |
| Feb 27, 2009 | 11.28 | 4.64 | 1.51 | 6.71 | 9.14 |
| Feb 28, 2008 | 8.38 | 6.36 | 1.77 | 6.67 | — |
| Mar 1, 2007 | 4.47 | 6.51 | 1.86 | 6.89 | — |
| Mar 10, 2006 | 4.32 | 6.08 | 1.72 | 6.92 | — |
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., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| Altria Group Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 27, 2024 | — | 11.92 |
| Feb 27, 2023 | — | 12.59 |
| Feb 25, 2022 | — | 13.34 |
| Feb 26, 2021 | 28.54 | 12.88 |
| Feb 25, 2020 | 12.69 | 13.65 |
| Feb 26, 2019 | 6.60 | 12.22 |
| Feb 27, 2018 | 7.91 | 13.57 |
| Feb 27, 2017 | 11.33 | 12.01 |
| Feb 25, 2016 | 42.41 | 10.24 |
| Feb 25, 2015 | 36.35 | 8.30 |
| Feb 26, 2014 | 17.15 | 5.72 |
| Feb 27, 2013 | 21.61 | 5.83 |
| Feb 16, 2012 | 16.42 | 5.32 |
| Feb 25, 2011 | 10.05 | 4.53 |
| Feb 24, 2010 | 10.36 | 4.84 |
| Feb 27, 2009 | 11.28 | 4.47 |
| Feb 28, 2008 | 8.38 | 4.55 |
| Mar 1, 2007 | 4.47 | 4.42 |
| Mar 10, 2006 | 4.32 | 4.14 |
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., P/BV, long-term trends, comparison to industry (consumer staples)
| Altria Group Inc. | Consumer Staples | |
|---|---|---|
| Feb 27, 2024 | — | 8.14 |
| Feb 27, 2023 | — | 8.11 |
| Feb 25, 2022 | — | 8.15 |
| Feb 26, 2021 | 28.54 | 7.44 |
| Feb 25, 2020 | 12.69 | 7.21 |
| Feb 26, 2019 | 6.60 | 5.76 |
| Feb 27, 2018 | 7.91 | 5.70 |
| Feb 27, 2017 | 11.33 | 5.35 |
| Feb 25, 2016 | 42.41 | 5.06 |
| Feb 25, 2015 | 36.35 | 4.55 |
| Feb 26, 2014 | 17.15 | 4.08 |
| Feb 27, 2013 | 21.61 | 3.89 |
| Feb 16, 2012 | 16.42 | 3.50 |
| Feb 25, 2011 | 10.05 | 3.45 |
| Feb 24, 2010 | 10.36 | 3.38 |
| Feb 27, 2009 | 11.28 | 3.48 |
| Feb 28, 2008 | 8.38 | 3.56 |
| Mar 1, 2007 | 4.47 | 3.66 |
| Mar 10, 2006 | 4.32 | 4.47 |
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).