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.
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).
- Net fixed asset turnover
- The net fixed asset turnover ratio remained relatively stable from early 2020 through mid-2021, fluctuating between approximately 12.78 and 13.66. A significant increase is observed in the third quarter of 2021, peaking at 17.17, with a slight decline afterward but maintaining elevated levels until early 2022. From mid-2022 onward, the ratio exhibited a gradual downward trend, stabilizing around 14.8 to 15.6 range through the end of the observed period in late 2024.
- Total asset turnover
- The total asset turnover ratio exhibited a steady upward trajectory from early 2020 to late 2022, rising from 0.49 to a peak of 0.74. Following this peak, there was some volatility with a slight decline and stabilization in the 0.67 to 0.7 range from 2023 through the third quarter of 2024. This indicates maintained efficiency in using assets to generate sales with minor fluctuations in the second half of the period.
- Equity turnover
- Equity turnover data are incomplete, with values reported only through mid-2021. The ratio showed a sharp increase from 3.95 in early 2020 to 9.21 by the fourth quarter of 2020, followed by a slight decrease to 8.11 by mid-2021. The absence of data beyond this point precludes analysis of longer-term trends or recent changes in equity turnover.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | 6,259) | 6,209) | 5,576) | 5,975) | 6,281) | 6,508) | 5,719) | 6,111) | 6,550) | 6,543) | 5,892) | 6,255) | 6,786) | 6,936) | 6,036) | 6,304) | 7,123) | 6,367) | 6,359) | ||||||
| Property, plant and equipment, less accumulated depreciation | 1,618) | 1,620) | 1,624) | 1,652) | 1,629) | 1,626) | 1,593) | 1,608) | 1,587) | 1,557) | 1,547) | 1,553) | 1,518) | 1,933) | 1,982) | 2,012) | 2,009) | 2,002) | 1,997) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 14.84 | 14.84 | 14.99 | 14.82 | 15.11 | 15.31 | 15.65 | 15.61 | 15.90 | 16.36 | 16.72 | 16.75 | 17.17 | 13.66 | 13.03 | 13.00 | 12.87 | 12.78 | 12.94 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 4.70 | 4.89 | 4.95 | 4.95 | 5.08 | 4.55 | 4.42 | 4.37 | 4.58 | 4.37 | 4.10 | 3.90 | 3.76 | 3.45 | 3.13 | — | — | — | — | ||||||
| Mondelēz International Inc. | 3.73 | 3.79 | 3.77 | 3.72 | 3.87 | 3.67 | 3.60 | 3.49 | 3.53 | 3.41 | 3.24 | 3.32 | 3.27 | 3.14 | 3.09 | — | — | — | — | ||||||
| PepsiCo Inc. | 3.38 | 3.40 | 3.43 | 3.38 | 3.69 | 3.68 | 3.63 | 3.56 | 3.67 | 3.61 | 3.67 | 3.55 | 3.61 | 3.45 | 3.36 | — | — | — | — | ||||||
| Philip Morris International Inc. | 4.93 | 5.02 | 4.99 | 4.68 | 4.98 | 4.74 | 4.72 | 4.73 | 5.65 | 5.33 | 5.26 | 5.09 | 5.07 | 5.03 | 4.89 | — | — | — | — | ||||||
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).
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
= (6,259 + 6,209 + 5,576 + 5,975)
÷ 1,618 = 14.84
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues exhibit a fluctuating pattern over the observed quarters. Initially, revenues declined slightly from the first quarter of 2020 through the first quarter of 2021. There is a noticeable rebound in the middle of 2021, followed by another dip towards the end of 2021 and into early 2022. Throughout 2022 and 2023, net revenues continue to cycle but generally trend downward, reaching the lowest levels in the first quarter of 2024 before a modest recovery in mid-2024. Overall, the revenue pattern reflects cyclical variations but does not demonstrate strong sustained growth across the period.
- Property, Plant, and Equipment, Net of Depreciation
- The net value of property, plant, and equipment shows a relatively stable trajectory with minor fluctuations. From the first quarter of 2020 to the end of 2021, there is a slight decrease, notably between mid-2021 and late 2021. After bottoming out around this period, the value stabilizes and slightly increases through 2022 and 2023, then experiences a small decline again by the third quarter of 2024. The fluctuations are minor, indicating limited changes in fixed asset base size and suggesting a steady investment or depreciation pattern.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio demonstrates an upward trend through 2021, peaking in the third quarter of 2021. This increase coincides with the reduction in net fixed assets and the partial recovery of revenues, indicating improved efficiency in asset utilization during that time. Post-peak, the ratio declines gradually and stabilizes at a lower but steady range from late 2022 through 2024, remaining above initial 2020 levels. This suggests that despite fluctuations in revenues and fixed assets, the company maintains a relatively efficient use of its fixed assets to generate sales.
- Overall Insights
- The data reveal a cyclical and somewhat volatile revenue pattern over the quarters, without a clear long-term upward or downward trajectory. The fixed asset base remains stable with modest changes, reflecting consistent asset management. The improvement and subsequent moderation in net fixed asset turnover imply periods of enhanced operational efficiency followed by consolidation. These patterns suggest that the company is navigating through varying market conditions while maintaining consistent asset utilization, although revenue generation does not exhibit strong growth momentum.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | 6,259) | 6,209) | 5,576) | 5,975) | 6,281) | 6,508) | 5,719) | 6,111) | 6,550) | 6,543) | 5,892) | 6,255) | 6,786) | 6,936) | 6,036) | 6,304) | 7,123) | 6,367) | 6,359) | ||||||
| Total assets | 34,167) | 34,387) | 36,475) | 38,570) | 36,469) | 37,151) | 36,826) | 36,954) | 33,953) | 36,746) | 40,235) | 39,523) | 39,564) | 44,388) | 48,776) | 47,414) | 46,651) | 50,200) | 52,618) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.70 | 0.70 | 0.67 | 0.63 | 0.68 | 0.67 | 0.68 | 0.68 | 0.74 | 0.69 | 0.64 | 0.66 | 0.66 | 0.59 | 0.53 | 0.55 | 0.55 | 0.51 | 0.49 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 0.44 | 0.46 | 0.46 | 0.47 | 0.46 | 0.45 | 0.45 | 0.46 | 0.46 | 0.44 | 0.43 | 0.41 | 0.42 | 0.40 | 0.37 | — | — | — | — | ||||||
| Mondelēz International Inc. | 0.50 | 0.49 | 0.47 | 0.50 | 0.50 | 0.47 | 0.45 | 0.44 | 0.45 | 0.45 | 0.43 | 0.43 | 0.42 | 0.42 | 0.41 | — | — | — | — | ||||||
| PepsiCo Inc. | 0.91 | 0.92 | 0.92 | 0.91 | 0.92 | 0.94 | 0.95 | 0.94 | 0.89 | 0.88 | 0.87 | 0.86 | 0.82 | 0.81 | 0.78 | — | — | — | — | ||||||
| Philip Morris International Inc. | 0.56 | 0.55 | 0.55 | 0.54 | 0.54 | 0.54 | 0.52 | 0.51 | 0.78 | 0.78 | 0.76 | 0.76 | 0.74 | 0.74 | 0.73 | — | — | — | — | ||||||
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).
1 Q3 2024 Calculation
Total asset turnover
= (Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024
+ Net revenuesQ4 2023)
÷ Total assets
= (6,259 + 6,209 + 5,576 + 5,975)
÷ 34,167 = 0.70
2 Click competitor name to see calculations.
- Net Revenues
- The net revenues demonstrate a fluctuating pattern over the analyzed quarters. Initially, revenues are relatively stable around the 6300 to 7100 million USD range during 2020, peaking in the third quarter of that year. There is a noticeable dip in the first quarter of 2021, followed by a modest recovery mid-year. After the end of 2021, a general downward trend emerges, with revenues declining gradually through the quarters of 2022 and 2023. By the first quarter of 2024, revenues reach their lowest observed levels, around 5500 to 6300 million USD, exhibiting some mild recovery towards mid and late 2024. Overall, this suggests volatility with a subtle longer-term decrease in net revenues.
- Total Assets
- Total assets show a steady decline from early 2020 through most of 2022, dropping from over 52 billion USD to just below 34 billion USD. From late 2022 onward, assets remain relatively stable with minor fluctuations between approximately 34 and 39 billion USD. This downward trend in total assets indicates possible asset disposals, depreciation, or strategic downsizing during the period, which stabilizes in more recent quarters.
- Total Asset Turnover
- The total asset turnover ratio exhibits a generally positive trend, increasing from 0.49 in the first quarter of 2020 to around 0.70 in the latest quarters of 2024. This improvement indicates enhanced efficiency in generating revenues from the asset base despite the reduction in total assets. The metric peaks in late 2022 and shows minor fluctuations but maintains higher levels than the early period, suggesting operational improvements or better asset utilization over time.
- Overall Insights
- The combination of declining total assets with rising asset turnover ratios suggests optimization of asset use within the company. Although net revenues have experienced volatility and some decline, the improved efficiency captured by the turnover ratio partially offsets concerns related to shrinking asset size. The company appears to be managing to better leverage its asset base to maintain revenue generation despite broader challenges reflected in the revenue trends.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net revenues | 6,259) | 6,209) | 5,576) | 5,975) | 6,281) | 6,508) | 5,719) | 6,111) | 6,550) | 6,543) | 5,892) | 6,255) | 6,786) | 6,936) | 6,036) | 6,304) | 7,123) | 6,367) | 6,359) | ||||||
| Stockholders’ equity (deficit) attributable to Altria | (3,468) | (3,016) | (5,114) | (3,540) | (3,407) | (3,827) | (3,876) | (3,973) | (4,232) | (2,403) | (1,760) | (1,606) | (1,267) | 3,257) | 2,913) | 2,839) | 3,139) | 5,688) | 6,543) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | 8.11 | 8.87 | 9.21 | 8.24 | 4.50 | 3.95 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Coca-Cola Co. | 1.75 | 1.80 | 1.74 | 1.76 | 1.71 | 1.70 | 1.72 | 1.78 | 1.86 | 1.80 | 1.62 | 1.68 | 1.70 | 1.64 | 1.64 | — | — | — | — | ||||||
| Mondelēz International Inc. | 1.30 | 1.30 | 1.27 | 1.27 | 1.24 | 1.19 | 1.17 | 1.17 | 1.14 | 1.09 | 1.04 | 1.02 | 1.02 | 1.01 | 1.00 | — | — | — | — | ||||||
| PepsiCo Inc. | 4.73 | 4.73 | 4.82 | 4.94 | 4.87 | 5.10 | 5.17 | 5.04 | 4.41 | 4.41 | 4.44 | 4.95 | 4.83 | 4.88 | 5.11 | — | — | — | — | ||||||
| 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).
1 Q3 2024 Calculation
Equity turnover
= (Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024
+ Net revenuesQ4 2023)
÷ Stockholders’ equity (deficit) attributable to Altria
= (6,259 + 6,209 + 5,576 + 5,975)
÷ -3,468 = —
2 Click competitor name to see calculations.
The financial data exhibits a range of trends in net revenues, stockholders’ equity, and equity turnover over the analyzed quarters.
- Net Revenues
- Net revenues demonstrate notable fluctuations across the periods. Starting at approximately 6.4 billion USD in early 2020, the figure peaks at over 7.1 billion USD in the third quarter of 2020, followed by a significant drop at the end of that year to roughly 6.3 billion USD. In 2021, revenues show some recovery with a peak near 6.9 billion USD in the second quarter, but decline again in the last quarter to around 6.3 billion USD. The trend continues with negative momentum into 2022 and 2023, with values mostly below the 6 billion USD mark and only intermittent rises slightly above this level. By early 2024, revenues stabilize somewhat in the range of 5.5 to 6.3 billion USD, yet they do not return to the prior peak levels observed in 2020.
- Stockholders’ Equity Attributable to Altria
- The equity position reveals a pronounced deterioration over the time frame. Starting at approximately 6.5 billion USD in the first quarter of 2020, it declines steadily with some variability, including a sharp fall into negative territory beginning in the third quarter of 2021. This negative trend in equity worsens, reaching lows of nearly -4.2 billion USD in the third quarter of 2022. Subsequently, the equity deficit fluctuates around the -3.8 to -5.1 billion USD range through 2023 and early 2024. The persistence of negative equity indicates financial strain and impaired book value for shareholders.
- Equity Turnover
- Equity turnover shows high ratios during the initial periods, starting at just under 4 times in the first quarter of 2020 and rising to above 9 times at the end of that year. The ratio then remains elevated, approximately 8 to 9 times in early 2021, before data for subsequent periods is unavailable. The high turnover ratios combined with the declining or negative equity suggest that the company is generating revenue efficiently relative to its shareholder equity base, although the sustainability of this performance may be compromised by the deteriorating equity position.
Overall, the data reflects a challenging financial environment with declining net revenues since 2020 peaks and a sustained negative equity position from mid-2021 onward. Despite this, equity turnover ratios indicate a relatively strong utilization of the equity base when it remains positive. The prolonged negative equity condition warrants close attention as it poses risks to the company's financial stability.