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)

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 Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
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 Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Altria Group Inc.’s debt to assets ratio deteriorated from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Altria Group Inc.’s financial leverage ratio deteriorated from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

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

		Mar 31, 2019	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

Q1 2019 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 Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

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

		Mar 31, 2019	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

Q1 2019 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 Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

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

		Mar 31, 2019	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

	Total assets
	Ratio
	Debt to assets¹

Q1 2019 Calculations

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

Ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Altria Group Inc.’s debt to assets ratio deteriorated from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

Altria Group Inc., financial leverage calculation (quarterly data)

		Mar 31, 2019	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)
	Total assets
	Stockholders’ equity attributable to Altria
	Ratio
	Financial leverage¹

Q1 2019 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity attributable to Altria
= hidden ÷ hidden = hidden

Ratio	Description	The company
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Altria Group Inc.’s financial leverage ratio deteriorated from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

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Altria Group Inc. (MO)

Long-term Debt and Solvency Analysis
Quarterly Data