Price to Earnings (P/E)
since 2005
Calculation
Altria Group Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings (losses) attributable to Altria1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2024 | 8.87 | = | 40.90 | ÷ | 4.61 | 4.61 | = | 8,130 | ÷ | 1,763,461,775 | |
| Feb 27, 2023 | 14.42 | = | 46.54 | ÷ | 3.23 | 3.23 | = | 5,764 | ÷ | 1,785,563,827 | |
| Feb 25, 2022 | 37.80 | = | 51.48 | ÷ | 1.36 | 1.36 | = | 2,475 | ÷ | 1,817,257,322 | |
| Feb 26, 2021 | 18.14 | = | 43.60 | ÷ | 2.40 | 2.40 | = | 4,467 | ÷ | 1,858,689,654 | |
| Feb 25, 2020 | — | = | 42.49 | ÷ | -0.70 | -0.70 | = | -1,293 | ÷ | 1,858,366,804 | |
| Feb 26, 2019 | 14.03 | = | 52.10 | ÷ | 3.71 | 3.71 | = | 6,963 | ÷ | 1,874,430,847 | |
| Feb 27, 2018 | 11.90 | = | 64.00 | ÷ | 5.38 | 5.38 | = | 10,222 | ÷ | 1,900,449,362 | |
| Feb 27, 2017 | 10.16 | = | 74.59 | ÷ | 7.34 | 7.34 | = | 14,239 | ÷ | 1,939,420,437 | |
| Feb 25, 2016 | 23.30 | = | 62.38 | ÷ | 2.68 | 2.68 | = | 5,241 | ÷ | 1,957,931,815 | |
| Feb 25, 2015 | 21.61 | = | 55.64 | ÷ | 2.57 | 2.57 | = | 5,070 | ÷ | 1,969,316,914 | |
| Feb 26, 2014 | 15.57 | = | 35.44 | ÷ | 2.28 | 2.28 | = | 4,535 | ÷ | 1,992,853,529 | |
| Feb 27, 2013 | 16.38 | = | 34.07 | ÷ | 2.08 | 2.08 | = | 4,180 | ÷ | 2,009,855,261 | |
| Feb 16, 2012 | 17.83 | = | 29.54 | ÷ | 1.66 | 1.66 | = | 3,390 | ÷ | 2,045,667,279 | |
| Feb 25, 2011 | 13.36 | = | 24.94 | ÷ | 1.87 | 1.87 | = | 3,905 | ÷ | 2,091,985,586 | |
| Feb 24, 2010 | 13.15 | = | 20.26 | ÷ | 1.54 | 1.54 | = | 3,206 | ÷ | 2,080,531,691 | |
| Feb 27, 2009 | 6.47 | = | 15.44 | ÷ | 2.39 | 2.39 | = | 4,930 | ÷ | 2,066,194,006 | |
| Feb 28, 2008 | 15.90 | = | 73.78 | ÷ | 4.64 | 4.64 | = | 9,786 | ÷ | 2,108,301,037 | |
| Mar 1, 2007 | 14.72 | = | 84.34 | ÷ | 5.73 | 5.73 | = | 12,022 | ÷ | 2,098,592,159 | |
| Mar 10, 2006 | 14.77 | = | 73.86 | ÷ | 5.00 | 5.00 | = | 10,435 | ÷ | 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.
The Price-to-Earnings (P/E) ratio exhibits significant volatility over the analyzed period, characterized by distinct phases of valuation expansion and contraction. The ratio has fluctuated from a low of 6.47 in 2009 to a peak of 37.80 in 2022, indicating a lack of a consistent long-term valuation baseline and a high sensitivity to shifts in both earnings and market sentiment.
- Initial Stability and Sharp Correction (2006–2009)
- Between 2006 and 2008, the P/E ratio remained relatively stable, ranging between 14.72 and 15.90. This stability ended abruptly in 2009, when the ratio dropped to 6.47. This contraction was primarily driven by a precipitous decline in share price, which fell from 73.78 in 2008 to 15.44 in 2009.
- Valuation Expansion (2010–2016)
- A gradual upward trend in the valuation multiple is observed from 2010 to 2016. The P/E ratio climbed from 13.15 in 2010 to a peak of 23.30 in 2016. This period suggests a sustained increase in market valuation multiples relative to earnings, reflecting a phase of valuation expansion.
- Earnings-Driven Volatility (2017–2022)
- The period between 2017 and 2022 was marked by extreme fluctuations. In 2017, the P/E ratio fell sharply to 10.16, coinciding with a significant spike in Earnings per Share (EPS) to 7.34. Conversely, the ratio peaked at 37.80 in 2022, a result of the share price increasing to 51.48 while EPS declined to 1.36. Notably, the P/E ratio is absent for 2020, which corresponds to a negative EPS of -0.70.
- Recent Valuation Compression (2023–2024)
- A pronounced downward trend in the P/E ratio is evident in the final two years of the data. After recording 14.42 in 2023, the ratio declined further to 8.87 by February 2024. This compression occurred despite a recovery in EPS to 4.61, indicating that the market is currently applying a significantly lower earnings multiple than the historical average seen between 2010 and 2021.
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Comparison to Competitors
Altria Group Inc., P/E, long-term trends, comparison to competitors
| Altria Group Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 27, 2024 | 8.87 | 24.43 | 20.87 | 25.40 | 17.69 |
| Feb 27, 2023 | 14.42 | 27.12 | 33.07 | 26.71 | 17.54 |
| Feb 25, 2022 | 37.80 | 27.63 | 21.64 | 30.58 | 18.37 |
| Feb 26, 2021 | 18.14 | 27.91 | 22.33 | 26.15 | 16.55 |
| Feb 25, 2020 | — | 28.21 | 21.72 | 27.83 | 18.94 |
| Feb 26, 2019 | 14.03 | 30.47 | 20.03 | 13.01 | 15.08 |
| Feb 27, 2018 | 11.90 | 150.54 | 21.45 | 32.81 | 26.52 |
| Feb 27, 2017 | 10.16 | 27.48 | 41.76 | 24.09 | 22.84 |
| Feb 25, 2016 | 23.30 | 26.01 | 8.59 | 25.72 | 20.57 |
| Feb 25, 2015 | 21.61 | 25.87 | 27.92 | 22.86 | 17.14 |
| Feb 26, 2014 | 15.57 | 19.54 | 14.69 | 17.66 | 14.60 |
| Feb 27, 2013 | 16.38 | 19.00 | 15.56 | 18.84 | 17.49 |
| Feb 16, 2012 | 17.83 | 18.27 | 19.01 | 15.45 | 16.64 |
| Feb 25, 2011 | 13.36 | 12.42 | 13.54 | 15.93 | 15.41 |
| Feb 24, 2010 | 13.15 | 17.81 | 14.11 | 16.49 | 14.53 |
| Feb 27, 2009 | 6.47 | 16.37 | 11.54 | 15.82 | 9.95 |
| Feb 28, 2008 | 15.90 | 23.10 | 18.67 | 20.35 | — |
| Mar 1, 2007 | 14.72 | 21.69 | 17.35 | 18.79 | — |
| Mar 10, 2006 | 14.77 | 20.40 | 19.38 | 24.28 | — |
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/E, long-term trends, comparison to sector (food, beverage & tobacco)
| Altria Group Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 27, 2024 | 8.87 | 22.54 |
| Feb 27, 2023 | 14.42 | 24.66 |
| Feb 25, 2022 | 37.80 | 24.78 |
| Feb 26, 2021 | 18.14 | 23.23 |
| Feb 25, 2020 | — | 24.75 |
| Feb 26, 2019 | 14.03 | 18.05 |
| Feb 27, 2018 | 11.90 | 37.84 |
| Feb 27, 2017 | 10.16 | 26.08 |
| Feb 25, 2016 | 23.30 | 19.86 |
| Feb 25, 2015 | 21.61 | 22.41 |
| Feb 26, 2014 | 15.57 | 16.88 |
| Feb 27, 2013 | 16.38 | 18.09 |
| Feb 16, 2012 | 17.83 | 17.18 |
| Feb 25, 2011 | 13.36 | 14.06 |
| Feb 24, 2010 | 13.15 | 16.01 |
| Feb 27, 2009 | 6.47 | 13.43 |
| Feb 28, 2008 | 15.90 | 21.20 |
| Mar 1, 2007 | 14.72 | 19.54 |
| Mar 10, 2006 | 14.77 | 21.53 |
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/E, long-term trends, comparison to industry (consumer staples)
| Altria Group Inc. | Consumer Staples | |
|---|---|---|
| Feb 27, 2024 | 8.87 | 26.62 |
| Feb 27, 2023 | 14.42 | 25.35 |
| Feb 25, 2022 | 37.80 | 26.07 |
| Feb 26, 2021 | 18.14 | 24.12 |
| Feb 25, 2020 | — | 31.92 |
| Feb 26, 2019 | 14.03 | 20.62 |
| Feb 27, 2018 | 11.90 | 22.78 |
| Feb 27, 2017 | 10.16 | 21.50 |
| Feb 25, 2016 | 23.30 | 21.97 |
| Feb 25, 2015 | 21.61 | 19.71 |
| Feb 26, 2014 | 15.57 | 17.00 |
| Feb 27, 2013 | 16.38 | 16.60 |
| Feb 16, 2012 | 17.83 | 14.81 |
| Feb 25, 2011 | 13.36 | 14.32 |
| Feb 24, 2010 | 13.15 | 14.63 |
| Feb 27, 2009 | 6.47 | 15.52 |
| Feb 28, 2008 | 15.90 | 19.68 |
| Mar 1, 2007 | 14.72 | 19.79 |
| Mar 10, 2006 | 14.77 | 20.04 |
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).