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Altria Group Inc. (NYSE:MO)

This company has been moved to the archive! The financial data has not been updated since October 31, 2024.

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

Altria Group Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Net revenues1 ÷ Total assets1
Dec 31, 2023 0.63 = 24,483 ÷ 38,570
Dec 31, 2022 0.68 = 25,096 ÷ 36,954
Dec 31, 2021 0.66 = 26,013 ÷ 39,523
Dec 31, 2020 0.55 = 26,153 ÷ 47,414
Dec 31, 2019 0.51 = 25,110 ÷ 49,271
Dec 31, 2018 0.46 = 25,364 ÷ 55,638
Dec 31, 2017 0.59 = 25,576 ÷ 43,202
Dec 31, 2016 0.56 = 25,744 ÷ 45,932
Dec 31, 2015 0.78 = 25,434 ÷ 32,535
Dec 31, 2014 0.71 = 24,522 ÷ 34,475
Dec 31, 2013 0.70 = 24,466 ÷ 34,859
Dec 31, 2012 0.70 = 24,618 ÷ 35,329
Dec 31, 2011 0.64 = 23,800 ÷ 36,962
Dec 31, 2010 0.65 = 24,363 ÷ 37,402
Dec 31, 2009 0.64 = 23,556 ÷ 36,677
Dec 31, 2008 0.71 = 19,356 ÷ 27,215
Dec 31, 2007 1.29 = 73,801 ÷ 57,211
Dec 31, 2006 0.97 = 101,407 ÷ 104,270
Dec 31, 2005 0.91 = 97,854 ÷ 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 total asset turnover ratio exhibited significant volatility between 2005 and 2023, characterized by a sharp structural shift in 2008 followed by periods of relative stability and subsequent asset-driven fluctuations.

Initial Peak and Structural Shift (2005–2008)
From 2005 to 2007, asset turnover trended upward, rising from 0.91 to a peak of 1.29. This increase occurred despite a decline in net revenues, as total assets decreased more aggressively. A major structural contraction is evident in 2008, where net revenues dropped precipitously to 19,356 million USD and total assets fell to 27,215 million USD, resulting in a turnover ratio of 0.71.
Operational Stabilization (2009–2015)
During this interval, the company maintained a consistent asset turnover range between 0.64 and 0.78. Net revenues remained largely stagnant, fluctuating narrowly between 23,556 million USD and 25,434 million USD. Total assets also remained relatively stable, moving between 32,535 million USD and 37,402 million USD, indicating a period of steady asset utilization.
Asset Expansion and Efficiency Decline (2016–2018)
A significant decline in asset efficiency was observed starting in 2016. Total assets expanded rapidly, peaking at 55,638 million USD in 2018. Because net revenues remained flat during this period, the total asset turnover ratio declined to its lowest point in the recorded history, reaching 0.46 in 2018.
Recent Recovery and Current Status (2019–2023)
The period from 2019 to 2023 shows a gradual recovery in the turnover ratio, which climbed from 0.51 to a peak of 0.68 in 2022 before ending at 0.63 in 2023. This improvement was primarily driven by a reduction in the asset base from the 2018 peak down to 38,570 million USD by 2023, while net revenues remained consistent at approximately 24,483 million USD.

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Comparison to Competitors

Altria Group Inc., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
Altria Group Inc. Coca-Cola Co. Mondelēz International Inc. PepsiCo Inc. Philip Morris International Inc.
Dec 31, 2023 0.63 0.47 0.50 0.91 0.54
Dec 31, 2022 0.68 0.46 0.44 0.94 0.51
Dec 31, 2021 0.66 0.41 0.43 0.86 0.76
Dec 31, 2020 0.55 0.38 0.39 0.76 0.64
Dec 31, 2019 0.51 0.43 0.40 0.86 0.70
Dec 31, 2018 0.46 0.38 0.41 0.83 0.74
Dec 31, 2017 0.59 0.40 0.41 0.80 0.67
Dec 31, 2016 0.56 0.48 0.42 0.85 0.72
Dec 31, 2015 0.78 0.49 0.47 0.91 0.79
Dec 31, 2014 0.71 0.50 0.51 0.95 0.85
Dec 31, 2013 0.70 0.52 0.49 0.86 0.82
Dec 31, 2012 0.70 0.56 0.46 0.88 0.83
Dec 31, 2011 0.64 0.58 0.58 0.91 0.88
Dec 31, 2010 0.65 0.48 0.52 0.85 0.78
Dec 31, 2009 0.64 0.64 0.61 1.08 0.72
Dec 31, 2008 0.71 0.79 0.67 1.20 0.78
Dec 31, 2007 1.29 0.67 0.55 1.14 —
Dec 31, 2006 0.97 0.80 0.62 1.17 —
Dec 31, 2005 0.91 0.79 0.59 1.03 —

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., total asset turnover, long-term trends, comparison to sector (food, beverage & tobacco)

Microsoft Excel
Altria Group Inc. Food, Beverage & Tobacco
Dec 31, 2023 0.63 0.62
Dec 31, 2022 0.68 0.61
Dec 31, 2021 0.66 0.60
Dec 31, 2020 0.55 0.54
Dec 31, 2019 0.51 0.59
Dec 31, 2018 0.46 0.58
Dec 31, 2017 0.59 0.56
Dec 31, 2016 0.56 0.61
Dec 31, 2015 0.78 0.64
Dec 31, 2014 0.71 0.67
Dec 31, 2013 0.70 0.65
Dec 31, 2012 0.70 0.66
Dec 31, 2011 0.64 0.70
Dec 31, 2010 0.65 0.62
Dec 31, 2009 0.64 0.74
Dec 31, 2008 0.71 0.83
Dec 31, 2007 1.29 0.72
Dec 31, 2006 0.97 0.81
Dec 31, 2005 0.91 0.76

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., total asset turnover, long-term trends, comparison to industry (consumer staples)

Microsoft Excel
Altria Group Inc. Consumer Staples
Dec 31, 2023 0.63 1.51
Dec 31, 2022 0.68 1.47
Dec 31, 2021 0.66 1.41
Dec 31, 2020 0.55 1.32
Dec 31, 2019 0.51 1.39
Dec 31, 2018 0.46 1.39
Dec 31, 2017 0.59 1.34
Dec 31, 2016 0.56 1.35
Dec 31, 2015 0.78 1.37
Dec 31, 2014 0.71 1.32
Dec 31, 2013 0.70 1.30
Dec 31, 2012 0.70 1.30
Dec 31, 2011 0.64 1.27
Dec 31, 2010 0.65 1.24
Dec 31, 2009 0.64 1.36
Dec 31, 2008 0.71 1.35
Dec 31, 2007 1.29 1.32
Dec 31, 2006 0.97 1.33
Dec 31, 2005 0.91 1.52

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).