Microsoft Excel LibreOffice Calc

Altria Group Inc. (MO)


Adjusted Financial Ratios

High level of difficulty


Adjusted Financial Ratios (Summary)

Altria Group Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Activity
Total Asset Turnover
Reported 0.46 0.59 0.56 0.78 0.71
Adjusted 0.45 0.58 0.55 0.79 0.72
Liquidity
Current Ratio
Reported 0.20 0.64 0.98 0.86 0.90
Adjusted 0.24 0.74 1.08 0.79 0.84
Solvency
Debt to Equity
Reported 1.74 0.90 1.09 4.49 4.87
Adjusted 1.26 0.66 0.65 1.67 1.76
Debt to Capital
Reported 0.64 0.47 0.52 0.82 0.83
Adjusted 0.56 0.40 0.39 0.62 0.64
Financial Leverage
Reported 3.76 2.81 3.60 11.30 11.44
Adjusted 2.74 2.08 2.16 4.09 4.04
Profitability
Net Profit Margin
Reported 27.45% 39.97% 55.31% 20.61% 20.68%
Adjusted 26.77% 28.19% 72.52% 17.74% 14.83%
Return on Equity (ROE)
Reported 47.09% 66.48% 111.50% 181.98% 168.21%
Adjusted 32.99% 34.07% 86.22% 57.09% 42.83%
Return on Assets (ROA)
Reported 12.51% 23.66% 31.00% 16.11% 14.71%
Adjusted 12.02% 16.36% 39.85% 13.97% 10.61%

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Altria Group Inc.’s adjusted total asset turnover improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Altria Group Inc.’s adjusted current ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Altria Group Inc.’s adjusted debt-to-equity ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Altria Group Inc.’s adjusted debt-to-capital ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Altria Group Inc.’s adjusted financial leverage declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. Altria Group Inc.’s adjusted net profit margin deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted ROE A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. Altria Group Inc.’s adjusted ROE deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. Altria Group Inc.’s adjusted ROA deteriorated from 2016 to 2017 and from 2017 to 2018.

Altria Group Inc., Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net revenues 25,364  25,576  25,744  25,434  24,522 
Total assets 55,638  43,202  45,932  32,535  34,475 
Ratio
Total asset turnover1 0.46 0.59 0.56 0.78 0.71
Adjusted
Selected Financial Data (US$ in millions)
Net revenues 25,364  25,576  25,744  25,434  24,522 
Adjusted total assets2 56,498  44,064  46,849  32,311  34,285 
Ratio
Adjusted total asset turnover3 0.45 0.58 0.55 0.79 0.72

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= 25,364 ÷ 55,638 = 0.46

2 Adjusted total assets. See details »

3 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 25,364 ÷ 56,498 = 0.45

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Altria Group Inc.’s adjusted total asset turnover improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Current assets 4,299  4,344  7,260  6,086  6,878 
Current liabilities 21,193  6,792  7,375  7,078  7,673 
Ratio
Current ratio1 0.20 0.64 0.98 0.86 0.90
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 4,999  5,044  7,960  5,611  6,435 
Current liabilities 21,193  6,792  7,375  7,078  7,673 
Ratio
Adjusted current ratio3 0.24 0.74 1.08 0.79 0.84

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 4,299 ÷ 21,193 = 0.20

2 Adjusted current assets. See details »

3 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 4,999 ÷ 21,193 = 0.24

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Altria Group Inc.’s adjusted current ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total debt 25,746  13,894  13,881  12,919  14,693 
Stockholders’ equity attributable to Altria 14,787  15,377  12,770  2,880  3,014 
Ratio
Debt to equity1 1.74 0.90 1.09 4.49 4.87
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 25,906  14,056  14,098  13,170  14,946 
Adjusted stockholders’ equity attributable to Altria3 20,584  21,163  21,654  7,905  8,491 
Ratio
Adjusted debt to equity4 1.26 0.66 0.65 1.67 1.76

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Debt to equity = Total debt ÷ Stockholders’ equity attributable to Altria
= 25,746 ÷ 14,787 = 1.74

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity attributable to Altria. See details »

4 Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity attributable to Altria
= 25,906 ÷ 20,584 = 1.26

Ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Altria Group Inc.’s adjusted debt-to-equity ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total debt 25,746  13,894  13,881  12,919  14,693 
Total capital 40,533  29,271  26,651  15,799  17,707 
Ratio
Debt to capital1 0.64 0.47 0.52 0.82 0.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 25,906  14,056  14,098  13,170  14,946 
Adjusted total capital3 46,490  35,219  35,752  21,075  23,437 
Ratio
Adjusted debt to capital4 0.56 0.40 0.39 0.62 0.64

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Debt to capital = Total debt ÷ Total capital
= 25,746 ÷ 40,533 = 0.64

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 25,906 ÷ 46,490 = 0.56

Ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Altria Group Inc.’s adjusted debt-to-capital ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Total assets 55,638  43,202  45,932  32,535  34,475 
Stockholders’ equity attributable to Altria 14,787  15,377  12,770  2,880  3,014 
Ratio
Financial leverage1 3.76 2.81 3.60 11.30 11.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 56,498  44,064  46,849  32,311  34,285 
Adjusted stockholders’ equity attributable to Altria3 20,584  21,163  21,654  7,905  8,491 
Ratio
Adjusted financial leverage4 2.74 2.08 2.16 4.09 4.04

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity attributable to Altria
= 55,638 ÷ 14,787 = 3.76

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity attributable to Altria. See details »

4 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity attributable to Altria
= 56,498 ÷ 20,584 = 2.74

Ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Altria Group Inc.’s adjusted financial leverage declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Altria 6,963  10,222  14,239  5,241  5,070 
Net revenues 25,364  25,576  25,744  25,434  24,522 
Ratio
Net profit margin1 27.45% 39.97% 55.31% 20.61% 20.68%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Altria2 6,790  7,211  18,670  4,513  3,637 
Net revenues 25,364  25,576  25,744  25,434  24,522 
Ratio
Adjusted net profit margin3 26.77% 28.19% 72.52% 17.74% 14.83%

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

1 Net profit margin = 100 × Net earnings attributable to Altria ÷ Net revenues
= 100 × 6,963 ÷ 25,364 = 27.45%

2 Adjusted net earnings attributable to Altria. See details »

3 Adjusted net profit margin = 100 × Adjusted net earnings attributable to Altria ÷ Net revenues
= 100 × 6,790 ÷ 25,364 = 26.77%

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. Altria Group Inc.’s adjusted net profit margin deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Altria 6,963  10,222  14,239  5,241  5,070 
Stockholders’ equity attributable to Altria 14,787  15,377  12,770  2,880  3,014 
Ratio
ROE1 47.09% 66.48% 111.50% 181.98% 168.21%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Altria2 6,790  7,211  18,670  4,513  3,637 
Adjusted stockholders’ equity attributable to Altria3 20,584  21,163  21,654  7,905  8,491 
Ratio
Adjusted ROE4 32.99% 34.07% 86.22% 57.09% 42.83%

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

1 ROE = 100 × Net earnings attributable to Altria ÷ Stockholders’ equity attributable to Altria
= 100 × 6,963 ÷ 14,787 = 47.09%

2 Adjusted net earnings attributable to Altria. See details »

3 Adjusted stockholders’ equity attributable to Altria. See details »

4 Adjusted ROE = 100 × Adjusted net earnings attributable to Altria ÷ Adjusted stockholders’ equity attributable to Altria
= 100 × 6,790 ÷ 20,584 = 32.99%

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. Altria Group Inc.’s adjusted ROE deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to Altria 6,963  10,222  14,239  5,241  5,070 
Total assets 55,638  43,202  45,932  32,535  34,475 
Ratio
ROA1 12.51% 23.66% 31.00% 16.11% 14.71%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to Altria2 6,790  7,211  18,670  4,513  3,637 
Adjusted total assets3 56,498  44,064  46,849  32,311  34,285 
Ratio
Adjusted ROA4 12.02% 16.36% 39.85% 13.97% 10.61%

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-25).

2018 Calculations

1 ROA = 100 × Net earnings attributable to Altria ÷ Total assets
= 100 × 6,963 ÷ 55,638 = 12.51%

2 Adjusted net earnings attributable to Altria. See details »

3 Adjusted total assets. See details »

4 Adjusted ROA = 100 × Adjusted net earnings attributable to Altria ÷ Adjusted total assets
= 100 × 6,790 ÷ 56,498 = 12.02%

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. Altria Group Inc.’s adjusted ROA deteriorated from 2016 to 2017 and from 2017 to 2018.