Price to Sales (P/S)
since 2005
Calculation
Altria Group Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2024 | 2.95 | = | 40.90 | ÷ | 13.88 | 13.88 | = | 24,483 | ÷ | 1,763,461,775 | |
| Feb 27, 2023 | 3.31 | = | 46.54 | ÷ | 14.05 | 14.05 | = | 25,096 | ÷ | 1,785,563,827 | |
| Feb 25, 2022 | 3.60 | = | 51.48 | ÷ | 14.31 | 14.31 | = | 26,013 | ÷ | 1,817,257,322 | |
| Feb 26, 2021 | 3.10 | = | 43.60 | ÷ | 14.07 | 14.07 | = | 26,153 | ÷ | 1,858,689,654 | |
| Feb 25, 2020 | 3.14 | = | 42.49 | ÷ | 13.51 | 13.51 | = | 25,110 | ÷ | 1,858,366,804 | |
| Feb 26, 2019 | 3.85 | = | 52.10 | ÷ | 13.53 | 13.53 | = | 25,364 | ÷ | 1,874,430,847 | |
| Feb 27, 2018 | 4.76 | = | 64.00 | ÷ | 13.46 | 13.46 | = | 25,576 | ÷ | 1,900,449,362 | |
| Feb 27, 2017 | 5.62 | = | 74.59 | ÷ | 13.27 | 13.27 | = | 25,744 | ÷ | 1,939,420,437 | |
| Feb 25, 2016 | 4.80 | = | 62.38 | ÷ | 12.99 | 12.99 | = | 25,434 | ÷ | 1,957,931,815 | |
| Feb 25, 2015 | 4.47 | = | 55.64 | ÷ | 12.45 | 12.45 | = | 24,522 | ÷ | 1,969,316,914 | |
| Feb 26, 2014 | 2.89 | = | 35.44 | ÷ | 12.28 | 12.28 | = | 24,466 | ÷ | 1,992,853,529 | |
| Feb 27, 2013 | 2.78 | = | 34.07 | ÷ | 12.25 | 12.25 | = | 24,618 | ÷ | 2,009,855,261 | |
| Feb 16, 2012 | 2.54 | = | 29.54 | ÷ | 11.63 | 11.63 | = | 23,800 | ÷ | 2,045,667,279 | |
| Feb 25, 2011 | 2.14 | = | 24.94 | ÷ | 11.65 | 11.65 | = | 24,363 | ÷ | 2,091,985,586 | |
| Feb 24, 2010 | 1.79 | = | 20.26 | ÷ | 11.32 | 11.32 | = | 23,556 | ÷ | 2,080,531,691 | |
| Feb 27, 2009 | 1.65 | = | 15.44 | ÷ | 9.37 | 9.37 | = | 19,356 | ÷ | 2,066,194,006 | |
| Feb 28, 2008 | 2.11 | = | 73.78 | ÷ | 35.00 | 35.00 | = | 73,801 | ÷ | 2,108,301,037 | |
| Mar 1, 2007 | 1.75 | = | 84.34 | ÷ | 48.32 | 48.32 | = | 101,407 | ÷ | 2,098,592,159 | |
| Mar 10, 2006 | 1.58 | = | 73.86 | ÷ | 46.89 | 46.89 | = | 97,854 | ÷ | 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 analysis of the Price to Sales (P/S) ratio reveals three distinct phases of market valuation between 2006 and 2024, characterized by an initial period of relative stability, a significant expansion of the multiple, and a subsequent long-term contraction.
- Early Valuation and Revenue Correlation (2006–2009)
- Between 2006 and 2009, the P/S ratio fluctuated within a narrow range from 1.58 to 2.11. A significant event occurred in 2009, where both share price and sales per share experienced a sharp decline. Despite these drops, the P/S ratio remained stable at 1.65, suggesting that the market valuation adjusted proportionally to the reduction in sales per share.
- Valuation Expansion Period (2010–2017)
- A prolonged period of valuation growth is observed from 2010 through 2017. During this timeframe, the P/S ratio rose steadily from 1.79 to a peak of 5.62. This trend indicates an increasing premium placed on the company's revenue, as the share price recovered and grew more rapidly than the corresponding sales per share.
- Valuation Contraction and Stabilization (2018–2024)
- Following the 2017 peak, a consistent downward trend in the P/S ratio is evident, falling to 2.95 by February 2024. This contraction is notable because sales per share remained relatively stagnant, fluctuating between 13.51 and 14.31. This implies that the decline in the P/S ratio was driven by a reduction in the share price rather than a decline in operational revenue.
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Comparison to Competitors
Altria Group Inc., P/S, long-term trends, comparison to competitors
| Altria Group Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 27, 2024 | 2.95 | 5.72 | 2.87 | 2.52 | 3.93 |
| Feb 27, 2023 | 3.31 | 6.02 | 2.85 | 2.75 | 5.00 |
| Feb 25, 2022 | 3.60 | 6.99 | 3.24 | 2.93 | 5.33 |
| Feb 26, 2021 | 3.10 | 6.55 | 2.99 | 2.65 | 4.65 |
| Feb 25, 2020 | 3.14 | 6.75 | 3.25 | 3.03 | 4.57 |
| Feb 26, 2019 | 3.85 | 6.15 | 2.61 | 2.52 | 4.03 |
| Feb 27, 2018 | 4.76 | 5.31 | 2.42 | 2.51 | 5.57 |
| Feb 27, 2017 | 5.62 | 4.28 | 2.67 | 2.43 | 5.96 |
| Feb 25, 2016 | 4.80 | 4.32 | 2.11 | 2.22 | 5.28 |
| Feb 25, 2015 | 4.47 | 3.99 | 1.78 | 2.23 | 4.32 |
| Feb 26, 2014 | 2.89 | 3.58 | 1.63 | 1.79 | 4.01 |
| Feb 27, 2013 | 2.78 | 3.57 | 1.35 | 1.78 | 4.91 |
| Feb 16, 2012 | 2.54 | 3.36 | 1.23 | 1.50 | 4.60 |
| Feb 25, 2011 | 2.14 | 4.18 | 1.13 | 1.74 | 4.11 |
| Feb 24, 2010 | 1.79 | 3.92 | 1.06 | 2.27 | 3.68 |
| Feb 27, 2009 | 1.65 | 2.98 | 0.79 | 1.88 | 2.67 |
| Feb 28, 2008 | 2.11 | 4.79 | 1.30 | 2.91 | — |
| Mar 1, 2007 | 1.75 | 4.57 | 1.55 | 3.01 | — |
| Mar 10, 2006 | 1.58 | 4.30 | 1.50 | 3.03 | — |
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/S, long-term trends, comparison to sector (food, beverage & tobacco)
| Altria Group Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 27, 2024 | 2.95 | 3.52 |
| Feb 27, 2023 | 3.31 | 3.87 |
| Feb 25, 2022 | 3.60 | 4.28 |
| Feb 26, 2021 | 3.10 | 3.88 |
| Feb 25, 2020 | 3.14 | 4.22 |
| Feb 26, 2019 | 3.85 | 3.59 |
| Feb 27, 2018 | 4.76 | 3.71 |
| Feb 27, 2017 | 5.62 | 3.56 |
| Feb 25, 2016 | 4.80 | 3.27 |
| Feb 25, 2015 | 4.47 | 2.95 |
| Feb 26, 2014 | 2.89 | 2.61 |
| Feb 27, 2013 | 2.78 | 2.72 |
| Feb 16, 2012 | 2.54 | 2.35 |
| Feb 25, 2011 | 2.14 | 2.45 |
| Feb 24, 2010 | 1.79 | 2.54 |
| Feb 27, 2009 | 1.65 | 1.95 |
| Feb 28, 2008 | 2.11 | 2.86 |
| Mar 1, 2007 | 1.75 | 2.88 |
| Mar 10, 2006 | 1.58 | 2.77 |
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/S, long-term trends, comparison to industry (consumer staples)
| Altria Group Inc. | Consumer Staples | |
|---|---|---|
| Feb 27, 2024 | 2.95 | 1.45 |
| Feb 27, 2023 | 3.31 | 1.54 |
| Feb 25, 2022 | 3.60 | 1.61 |
| Feb 26, 2021 | 3.10 | 1.49 |
| Feb 25, 2020 | 3.14 | 1.47 |
| Feb 26, 2019 | 3.85 | 1.24 |
| Feb 27, 2018 | 4.76 | 1.25 |
| Feb 27, 2017 | 5.62 | 1.26 |
| Feb 25, 2016 | 4.80 | 1.23 |
| Feb 25, 2015 | 4.47 | 1.18 |
| Feb 26, 2014 | 2.89 | 1.14 |
| Feb 27, 2013 | 2.78 | 1.10 |
| Feb 16, 2012 | 2.54 | 1.03 |
| Feb 25, 2011 | 2.14 | 1.08 |
| Feb 24, 2010 | 1.79 | 1.01 |
| Feb 27, 2009 | 1.65 | 1.04 |
| Feb 28, 2008 | 2.11 | 1.20 |
| Mar 1, 2007 | 1.75 | 1.25 |
| Mar 10, 2006 | 1.58 | 1.26 |
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).