Return on Assets (ROA)
since 2005
Calculation
Altria Group Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net earnings (losses) attributable to Altria1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 21.08% | = | 100 | × | 8,130) | ÷ | 38,570) |
| Dec 31, 2022 | 15.60% | = | 100 | × | 5,764) | ÷ | 36,954) |
| Dec 31, 2021 | 6.26% | = | 100 | × | 2,475) | ÷ | 39,523) |
| Dec 31, 2020 | 9.42% | = | 100 | × | 4,467) | ÷ | 47,414) |
| Dec 31, 2019 | -2.62% | = | 100 | × | (1,293) | ÷ | 49,271) |
| Dec 31, 2018 | 12.51% | = | 100 | × | 6,963) | ÷ | 55,638) |
| Dec 31, 2017 | 23.66% | = | 100 | × | 10,222) | ÷ | 43,202) |
| Dec 31, 2016 | 31.00% | = | 100 | × | 14,239) | ÷ | 45,932) |
| Dec 31, 2015 | 16.11% | = | 100 | × | 5,241) | ÷ | 32,535) |
| Dec 31, 2014 | 14.71% | = | 100 | × | 5,070) | ÷ | 34,475) |
| Dec 31, 2013 | 13.01% | = | 100 | × | 4,535) | ÷ | 34,859) |
| Dec 31, 2012 | 11.83% | = | 100 | × | 4,180) | ÷ | 35,329) |
| Dec 31, 2011 | 9.17% | = | 100 | × | 3,390) | ÷ | 36,962) |
| Dec 31, 2010 | 10.44% | = | 100 | × | 3,905) | ÷ | 37,402) |
| Dec 31, 2009 | 8.74% | = | 100 | × | 3,206) | ÷ | 36,677) |
| Dec 31, 2008 | 18.12% | = | 100 | × | 4,930) | ÷ | 27,215) |
| Dec 31, 2007 | 17.11% | = | 100 | × | 9,786) | ÷ | 57,211) |
| Dec 31, 2006 | 11.53% | = | 100 | × | 12,022) | ÷ | 104,270) |
| Dec 31, 2005 | 9.67% | = | 100 | × | 10,435) | ÷ | 107,949) |
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 shifts in asset scale and earnings volatility, resulting in a fluctuating Return on Assets (ROA) profile. The period is marked by a fundamental restructuring of the balance sheet and subsequent cycles of profitability recovery.
- Asset Base Transformation
- A substantial contraction in total assets occurred between 2006 and 2008, with assets decreasing from $104,270 million to $27,215 million. This drastic reduction in the asset base mathematically amplified the ROA, which rose from 11.53% in 2006 to 18.12% in 2008, despite a simultaneous decline in net earnings during that timeframe.
- Earnings Volatility and Efficiency Peaks
- The most significant peak in operational efficiency was observed in 2016, where ROA reached 31.00%. This spike was driven by a surge in net earnings to $14,239 million against a total asset base of $45,932 million. Following this peak, a downward trend emerged, culminating in a net loss of $1,293 million in 2019, which resulted in the only negative ROA of the period at -2.62%.
- Recovery and Recent Trends
- Since 2020, a consistent upward trajectory in ROA is evident. The ratio improved from 9.42% in 2020 to 21.08% in 2023. This recovery is attributed to a steady growth in net earnings, which increased from $4,467 million in 2020 to $8,130 million in 2023, while the total asset base remained relatively stable, ending the period at $38,570 million.
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Comparison to Competitors
Altria Group Inc., ROA, long-term trends, comparison to competitors
| Altria Group Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 21.08% | 10.97% | 6.95% | 9.03% | 11.96% |
| Dec 31, 2022 | 15.60% | 10.29% | 3.82% | 9.67% | 14.67% |
| Dec 31, 2021 | 6.26% | 10.36% | 6.41% | 8.25% | 22.06% |
| Dec 31, 2020 | 9.42% | 8.87% | 5.24% | 7.66% | 17.98% |
| Dec 31, 2019 | -2.62% | 10.33% | 6.00% | 9.31% | 16.76% |
| Dec 31, 2018 | 12.51% | 7.73% | 5.39% | 16.12% | 19.88% |
| Dec 31, 2017 | 23.66% | 1.42% | 4.63% | 6.09% | 14.05% |
| Dec 31, 2016 | 31.00% | 7.48% | 2.70% | 8.54% | 18.91% |
| Dec 31, 2015 | 16.11% | 8.16% | 11.56% | 7.83% | 20.24% |
| Dec 31, 2014 | 14.71% | 7.71% | 3.27% | 9.24% | 21.29% |
| Dec 31, 2013 | 13.01% | 9.53% | 5.40% | 8.70% | 22.47% |
| Dec 31, 2012 | 11.83% | 10.47% | 4.01% | 8.28% | 23.36% |
| Dec 31, 2011 | 9.17% | 10.72% | 3.76% | 8.84% | 24.21% |
| Dec 31, 2010 | 10.44% | 16.19% | 4.32% | 9.27% | 20.71% |
| Dec 31, 2009 | 8.74% | 14.02% | 4.53% | 14.92% | 18.35% |
| Dec 31, 2008 | 18.12% | 14.33% | 4.60% | 14.29% | 20.90% |
| Dec 31, 2007 | 17.11% | 13.82% | 3.81% | 16.34% | — |
| Dec 31, 2006 | 11.53% | 16.95% | 5.51% | 18.85% | — |
| Dec 31, 2005 | 9.67% | 16.56% | 4.57% | 12.85% | — |
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., ROA, long-term trends, comparison to sector (food, beverage & tobacco)
| Altria Group Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Dec 31, 2023 | 21.08% | 9.72% |
| Dec 31, 2022 | 15.60% | 9.51% |
| Dec 31, 2021 | 6.26% | 10.44% |
| Dec 31, 2020 | 9.42% | 9.04% |
| Dec 31, 2019 | -2.62% | 10.02% |
| Dec 31, 2018 | 12.51% | 11.48% |
| Dec 31, 2017 | 23.66% | 5.50% |
| Dec 31, 2016 | 31.00% | 8.27% |
| Dec 31, 2015 | 16.11% | 10.50% |
| Dec 31, 2014 | 14.71% | 8.80% |
| Dec 31, 2013 | 13.01% | 10.00% |
| Dec 31, 2012 | 11.83% | 9.86% |
| Dec 31, 2011 | 9.17% | 9.62% |
| Dec 31, 2010 | 10.44% | 10.87% |
| Dec 31, 2009 | 8.74% | 11.66% |
| Dec 31, 2008 | 18.12% | 12.02% |
| Dec 31, 2007 | 17.11% | 9.75% |
| Dec 31, 2006 | 11.53% | 11.94% |
| Dec 31, 2005 | 9.67% | 9.75% |
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., ROA, long-term trends, comparison to industry (consumer staples)
| Altria Group Inc. | Consumer Staples | |
|---|---|---|
| Dec 31, 2023 | 21.08% | 8.28% |
| Dec 31, 2022 | 15.60% | 8.95% |
| Dec 31, 2021 | 6.26% | 8.75% |
| Dec 31, 2020 | 9.42% | 8.24% |
| Dec 31, 2019 | -2.62% | 6.41% |
| Dec 31, 2018 | 12.51% | 8.40% |
| Dec 31, 2017 | 23.66% | 7.42% |
| Dec 31, 2016 | 31.00% | 7.94% |
| Dec 31, 2015 | 16.11% | 7.69% |
| Dec 31, 2014 | 14.71% | 7.96% |
| Dec 31, 2013 | 13.01% | 8.75% |
| Dec 31, 2012 | 11.83% | 8.63% |
| Dec 31, 2011 | 9.17% | 8.89% |
| Dec 31, 2010 | 10.44% | 9.45% |
| Dec 31, 2009 | 8.74% | 9.43% |
| Dec 31, 2008 | 18.12% | 9.11% |
| Dec 31, 2007 | 17.11% | 8.07% |
| Dec 31, 2006 | 11.53% | 8.42% |
| Dec 31, 2005 | 9.67% | 9.55% |
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).