Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Altria Group Inc., debt and solvency ratios (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Debt to equity
	Debt to capital

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Altria Group Inc.’s debt-to-equity ratio deteriorated from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Altria Group Inc.’s debt-to-capital ratio deteriorated from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Altria Group Inc., debt to equity calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Short-term borrowings
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Stockholders’ equity attributable to Altria
	Ratio
	Debt to equity¹

Q4 2018 Calculations

¹ Debt to equity = Total debt ÷ Stockholders’ equity attributable to Altria
= hidden ÷ hidden = hidden

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Altria Group Inc.’s debt-to-equity ratio deteriorated from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Altria Group Inc., debt to capital calculation (quarterly data)

		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Selected Financial Data (USD $ in millions)
	Short-term borrowings
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Stockholders’ equity attributable to Altria
	Total capital
	Ratio
	Debt to capital¹

Q4 2018 Calculations

¹ Debt to capital = Total debt ÷ Total capital
= hidden ÷ hidden = hidden

Ratio	Description	The company
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Altria Group Inc.’s debt-to-capital ratio deteriorated from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Altria Group Inc. (MO)

Long-term Debt and Solvency Analysis
Quarterly Data