Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Long-term Activity Ratios (Summary)
Altria Group Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a generally high level starting from the first available data in March 2020. Values initially range around 12.56 to 13.66 through the period ending September 2021. A notable increase occurs in December 2021, peaking at 17.17, followed by a gradual decline. From 2022 onward, the ratio trends downward, decreasing from approximately 16.75 in December 2021 to about 14.84 by September 2024. This decline suggests a reduction in the efficiency with which fixed assets generate revenue over the most recent periods.
- Total Asset Turnover
- The total asset turnover ratio starts from a low base around 0.51 in March 2020. It shows some fluctuation with minor decreases and rebounds, increasing steadily from a low of 0.49 in June 2020 to a peak of 0.74 in March 2022. After reaching this high, the ratio declines slightly and stabilizes around the mid to high 0.60s through the remainder of the reported period. The overall trend reflects moderate improvements in asset utilization with some recent stabilization at a slightly lower level.
- Equity Turnover
- Equity turnover data is limited but reveals significant variation within the periods reported, from March 2020 to September 2020. The ratio increases from 4.04 in March 2020 to 8.24 in December 2019, further rising to 9.21 in March 2021 before declining to 8.11 by September 2021. This pattern indicates a sharp increase in the efficiency of equity in generating sales early in the period, followed by a moderate reduction.
- Overall Insights
- The analysed ratios collectively indicate shifts in asset and equity utilization efficiency over the examined periods. Net fixed asset utilization peaked sharply at the end of 2021 but has since waned. Total asset usage improved steadily to early 2022 but has experienced some fluctuation and stabilization subsequently. Equity turnover experienced pronounced volatility early on, indicating changing dynamics in equity efficiency during that time frame. The data suggests that while the company improved some operational efficiency measures through 2021 and early 2022, there are signs of tapering efficiency or strategic shifts affecting asset use in more recent quarters.
Net Fixed Asset Turnover
Altria Group Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Property, plant and equipment, less accumulated depreciation | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Net fixed asset turnover
= (Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024
+ Net revenuesQ4 2023)
÷ Property, plant and equipment, less accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit a fluctuating pattern over the observed periods. Initially, from March 2019 through December 2019, there is an overall increase followed by some volatility. In the first quarter of 2019, revenues stood at approximately 5,628 million USD, rising to peak near 6,856 million USD in September 2019, then decreasing towards the end of the year.
- Entering 2020, revenues experienced moderate growth early in the year but showed a decline in the last quarter, likely influenced by external factors impacting the market. Through 2021, net revenues recovered somewhat with peaks around June and September but did not reach earlier highs. From 2022 onwards, revenues tend to decrease or remain relatively stable with some minor fluctuations, showing a gradual downward trend by early 2024, reaching approximately 6,259 million USD by September 2024.
- Property, Plant and Equipment (Net of Accumulated Depreciation)
- The net value of property, plant and equipment remains relatively stable across the observed timeline, maintaining a general range between 1,500 and 2,000 million USD. Initially near 1,922 million USD in early 2019, this asset figure does not exhibit significant growth or decline, indicating limited capital expenditure or disposals during the period.
- The value shows a slight decrease around the end of 2020 and early 2021 but then stabilizes in the 1,600 million USD range through 2022 to 2024, suggesting a consistent base of fixed assets with minimal fluctuations.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from December 2019, indicates the efficiency with which fixed assets generate net revenues. Starting at 12.56, this ratio shows a steady improvement over 2020 and 2021, peaking at 17.17 in December 2021, reflecting greater revenue generation per unit of asset.
- Following this peak, the ratio exhibits a gradual decline through 2022 and into 2024, falling back to approximately 14.84 by September 2024. This decline suggests either a decrease in revenue relative to asset base or an increase in assets not matched by revenue growth during that period.
- Overall Insights
- The data reflects that while the asset base has remained relatively stable, revenue generation has experienced fluctuations with some recent declines. The initial rise and subsequent fall in the asset turnover ratio imply changes in operational efficiency or market demand.
- The decline in revenue in the later periods combined with a falling turnover ratio could warrant further investigation into market conditions, competitive environment, or internal operational changes impacting productivity and sales.
Total Asset Turnover
Altria Group Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Total asset turnover
= (Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024
+ Net revenuesQ4 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data indicates several notable trends in net revenues, total assets, and total asset turnover ratios over the observed periods.
- Net Revenues
- Net revenues exhibit a fluctuating pattern throughout the quarters. Starting at 5,628 million US dollars in the first quarter of 2019, revenues increased steadily to a peak of 7,123 million US dollars by the third quarter of 2020. Subsequently, a downward trend is observed through the end of 2020 and much of 2021, reaching 6,255 million US dollars in the fourth quarter of 2021. Revenues continued to decline in early 2022 but showed some recovery mid-year with figures around 6,543 to 6,550 million US dollars in the second and third quarters of 2022. After that, a consistent decrease is noted towards the end of 2022 and into 2023, with the lowest revenues recorded in the first quarter of 2024 at 5,576 million US dollars, followed by a slight increase in subsequent quarters.
- Total Assets
- Total assets display a general decreasing trend across the entire period. Starting at 59,233 million US dollars in the first quarter of 2019, total assets steadily declined to 39,523 million US dollars by the fourth quarter of 2021. A marginal recovery occurs briefly in early 2022 but does not sustain, continuing a downward trajectory to 34,167 million US dollars by the third quarter of 2024. The data reveals a significant contraction in asset base over the five-year span, suggesting possible asset disposals, depreciation, or revaluation actions.
- Total Asset Turnover
- The total asset turnover ratio shows a consistent upward trend from 0.51 in the third quarter of 2019 to approximately 0.70 in the third quarter of 2024. This improvement implies increased efficiency in utilizing assets to generate revenue despite the shrinking asset base. The ratio climbed steadily through 2020 and 2021, reaching and maintaining levels near 0.66 to 0.74 during parts of 2021 and 2022. The persistently higher ratios in more recent quarters reflect enhanced operational productivity or better asset management.
Overall, the data suggest that while the company’s net revenues have experienced variability with some periods of decline, there has been a sustained reduction in total assets. Concurrently, the increase in total asset turnover ratio indicates that the company is generating more revenue per unit of assets than in previous years, improving asset use efficiency.
Equity Turnover
Altria Group Inc., equity turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Stockholders’ equity (deficit) attributable to Altria | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Equity turnover
= (Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024
+ Net revenuesQ4 2023)
÷ Stockholders’ equity (deficit) attributable to Altria
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit significant fluctuations over the analyzed periods. Initially, from March 2019 to September 2019, there is a general upward trend peaking at 6856 million USD. However, this is followed by a decrease in the fourth quarter of 2019 to 6007 million USD. The revenues stabilize somewhat through 2020 with variations between approximately 6300 and 7100 million USD, reflecting some resilience despite potential external pressures during that time. In 2021, net revenues maintain a similar range but face a slight declining tendency toward the end of the year. From 2022 onwards, the data shows a downward progression overall, with values dropping from around 6550 million USD in early 2022 to roughly 5576 million USD by March 2024. While occasional rebounds occur, for example, mid-2023 to mid-2024, they do not fully counteract the prevailing decline by the end of the period.
- Stockholders’ Equity Attributable to Altria
- Stockholders’ equity reveals a marked downward trend over the period. Starting at a robust 14079 million USD in March 2019, the equity gradually contracts with substantial volatility. By the end of 2019, the equity figure has reduced substantially to just above 6000 million USD. The decline intensifies in 2021, where a significant drop into negative territory occurs during the second and third quarters (-1267 to -1606 million USD), suggesting a deficit state. This negative equity condition largely persists throughout 2022 and 2023, with values ranging between approximately -4000 and -2000 million USD, indicating financial stress or heavy equity withdrawals. Though there is some recovery toward less negative figures in mid-2024, the equity remains below zero, reflecting continued financial deficits compared to the starting period.
- Equity Turnover Ratio
- The equity turnover ratio data is limited and only available for four quarters between March 2020 and December 2020. During this interval, the ratio shows an increasing trend from 4.04 to a peak of 9.21 and then decreases slightly to 8.11. This pattern indicates progressively more efficient utilization of equity during that year, possibly due to lower equity values or increased revenues. However, the absence of data for subsequent periods restricts further analysis of turnover performance or longer-term trends.
- Overall Insights
- The analysis highlights a dichotomy between revenue performance and equity health. While net revenues demonstrate cyclicality with periods of growth and decline, the overall reduction from early 2022 onward is a concern. Concurrently, the substantial and sustained decline in stockholders’ equity culminating in prolonged negative equity positions signals considerable financial challenges. The limited equity turnover data suggests that during 2020, the company may have improved equity usage efficiency, although this improvement was short-lived or unreported in later quarters. The persistent negative equity position emphasizes the need for closer attention to capital structure and solvency risk. The revenue trends hint at pressures or operational difficulties that may be contributing to deteriorated equity levels over multiple years.