Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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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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Profitability Ratios (Summary)
Altria Group Inc., profitability 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).
- Gross Profit Margin
- The gross profit margin exhibited a positive and consistent upward trend from March 31, 2020 onwards. Beginning at 50.62%, it gradually increased each quarter, reaching 59.38% by September 30, 2024. This steady growth indicates improving efficiency in production or better pricing power over the analyzed periods.
- Operating Profit Margin
- Operating profit margin values followed a generally stable to gradually improving trend. Starting at 41.12% in March 2020, the margin fluctuated minorly but largely rose to 47.16% by September 2023 before slightly declining to 46.44% in the latest period. This stability and moderate growth imply effective control over operational costs alongside revenue improvement.
- Net Profit Margin
- The net profit margin displayed significant volatility in early 2020 with negative values reaching as low as -5.15% in March 2020 and -3.33% in June 2020. Thereafter, a marked improvement took place, with positive margins emerging from December 2020 (2.84%) and a notable acceleration towards 42.82% by September 2024. This suggests overcoming early losses or extraordinary costs and heightened profitability in recent quarters.
- Return on Equity (ROE)
- Return on equity showed substantial fluctuations, with deeply negative values recorded during early 2020, including -20.78% in March 2020 and -16.07% in September 2020. Subsequently, ROE surged dramatically, reaching exceptionally high levels like 157.34% in March 2021 and remaining strong in the following quarters of 2021. Data after December 2021 are missing; however, the sharp rebound highlights a recovery in shareholder returns, possibly from operational improvements or financial restructuring.
- Return on Assets (ROA)
- Return on assets mirrored the net profit margin trends, initially negative and low in the first half of 2020 (-2.62% to -1.64%), turning marginally positive at 1.57% in December 2020. Afterwards, it experienced a consistent upward trajectory, reaching 30.1% by September 2024. This increasing ROA suggests more efficient utilization of assets to generate profit across the observed periods.
Return on Sales
Return on Investment
Gross Profit Margin
Altria Group Inc., gross profit margin 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) | ||||||||||||||||||||||||||||||
| Gross profit | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Gross Profit Margin, 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
Gross profit margin = 100
× (Gross profitQ3 2024
+ Gross profitQ2 2024
+ Gross profitQ1 2024
+ Gross profitQ4 2023)
÷ (Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024
+ Net revenuesQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Gross Profit
- The gross profit exhibits a cyclical pattern with fluctuations observed on a quarterly basis. Starting at 2,811 million USD in March 2019, it shows an upward trend reaching a peak of 3,717 million USD in September 2020. Subsequently, there is a moderate decline towards the end of 2020, followed by renewed growth through 2021 and 2022, with values consistently above 3,300 million USD. From early 2023 to September 2024, gross profit values generally range between approximately 3,280 and 3,808 million USD, indicating relative stability with minor fluctuations. Overall, the gross profit demonstrates resilience despite some volatility, with peaks predominantly in the third quarter of each year, and a general positive trajectory over the observed period.
- Net Revenues
- Net revenues show a similar seasonal pattern with notable quarterly variation. Initial figures start at 5,628 million USD in March 2019 and rise to a peak of 7,123 million USD in September 2020. Following this peak, there is a downward adjustment into early 2021, with revenues declining to the 5,900–6,000 million USD range mid-year. From late 2021 into 2024, net revenues mostly fluctuate between approximately 5,500 and 6,500 million USD, without substantial growth beyond these bounds. The data indicates that the highest revenue quarters tend to be in the third quarter of each year, suggesting seasonal influences on sales volume or pricing. The trend suggests stabilization in revenues with no sustained increase post-2020 peak.
- Gross Profit Margin
- The gross profit margin data begins in March 2020, showing a steady and consistent improvement over time. Starting at 50.62%, the margin progressively increases each quarter, reaching 59.38% by September 2024. This represents nearly a 9 percentage point increase in margin, indicating improved cost management or pricing power. The margin growth is particularly notable and sustained, reflecting enhanced profitability relative to revenues despite fluctuations in gross profit and net revenues. The steady progression demonstrates a positive development in operational efficiency or product mix shifting towards higher-margin items.
- Overall Financial Trends
- The combined analysis of the three metrics indicates that while gross profit and net revenues experience typical quarterly volatility and some decline after peaks in 2020, the gross profit margin shows clear and continuous improvement. This suggests that despite the fluctuations in revenue and gross profit in absolute terms, the company has become more effective in converting revenues into profit over this period. The seasonal trend with peaks often in the third quarter is evident across metrics, possibly reflecting underlying market or business cycle drivers.
Operating Profit Margin
Altria Group Inc., operating profit margin 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) | ||||||||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, 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
Operating profit margin = 100
× (Operating incomeQ3 2024
+ Operating incomeQ2 2024
+ Operating incomeQ1 2024
+ Operating incomeQ4 2023)
÷ (Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024
+ Net revenuesQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analyzed data demonstrates notable trends in key financial metrics over multiple quarterly periods.
- Operating Income
- Operating income displays a cyclical but generally stable pattern throughout the observed quarters. Initial values in 2019 fluctuate between approximately 2,200 and 3,100 million USD. There is evidence of an upward trend toward Q3 and Q4 of most years, peaking above 3,000 million USD around these periods. However, periodic declines follow, with values dipping again close to the mid-2,000 million USD range. The quarters in 2023 and early 2024 show some volatility with decreases and subsequent recoveries, indicating changing operational profitability conditions.
- Net Revenues
- The net revenues maintain a range predominantly between 5,500 to 7,100 million USD, reflecting some growth and contraction phases. Earlier quarters in 2019 and 2020 show increases reaching peaks near 7,100 million USD, followed by decreases in late 2020 and early 2021. The revenue data from mid-2021 to early 2024 highlight a fluctuation pattern without a clear sustained upward or downward trend, though revenue tends to slightly contract in early quarters, then recover toward mid-year and year-end periods.
- Operating Profit Margin
- The operating profit margin, available from March 2020 onward, indicates a steady increase over time. Starting slightly above 40%, the margin gradually rises each quarter, surpassing 45% in 2021 and approaching nearly 47% in subsequent quarters. This consistent upward trajectory points to improved operational efficiency and profitability relative to revenues. Despite minor quarterly variations, the margin stabilizes in the mid-to-high 46% range by the most recent periods.
In summary, the examined financial metrics suggest that while absolute operating income and net revenues exhibit cyclical fluctuations linked likely to seasonal or business cycle factors, the overall operational efficiency measured by profit margin shows marked improvement. This indicates better cost management or product mix effects even amidst variable revenue and income figures. The data reflects a mature but dynamic financial environment with ongoing adjustments influencing periodic financial outcomes.
Net Profit Margin
Altria Group Inc., net profit margin 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 earnings (losses) attributable to Altria | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, 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 profit margin = 100
× (Net earnings (losses) attributable to AltriaQ3 2024
+ Net earnings (losses) attributable to AltriaQ2 2024
+ Net earnings (losses) attributable to AltriaQ1 2024
+ Net earnings (losses) attributable to AltriaQ4 2023)
÷ (Net revenuesQ3 2024
+ Net revenuesQ2 2024
+ Net revenuesQ1 2024
+ Net revenuesQ4 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net earnings (losses) attributable to Altria
- Over the observed periods, net earnings displayed notable volatility with instances of both significant losses and substantial gains. Initially, earnings showed considerable fluctuation, including sizeable negative values in September and December 2019, followed by a recovery in early 2020. The period from 2021 onwards highlighted a pattern of alternating gains and losses, with net earnings generally improving and reaching peak values in several quarters of 2023 and 2024. The latest data indicates the highest recorded net earnings in the quarter ending September 2024, suggesting a positive trajectory in profitability.
- Net revenues
- Net revenues exhibited a cyclical pattern, with mild fluctuations across quarters but without extreme variation. Early quarters in 2019 showed a rising trend until a dip towards the end of that year. Throughout 2020 and 2021, revenues maintained a relatively steady range with periodic modest increases and decreases. A downward adjustment appeared around late 2022 and early 2023, after which revenues rebounded slightly through mid to late 2024. The overall revenue trend remained stable with limited deviation, reflecting consistent sales performance.
- Net profit margin
- The net profit margin data reveals a significant turnaround from negative margins in late 2019 and early 2020 to consistently positive margins thereafter. Margins improved steadily, with substantial increases occurring in 2022 through 2024, reaching peaks above 40% in the most recent quarters, signaling enhanced profitability efficiency. This upward trend in margin suggests improved cost management or pricing power relative to revenues, aligning with the observed growth in net earnings.
- Summary of Trends
- The financial data indicates a recovery and strengthening in profitability after a challenging period around 2019 and early 2020. While net revenues remained relatively stable with moderate variability, net earnings and profit margins demonstrated strong positive momentum in recent quarters. The company's profitability has clearly enhanced, as reflected by the increasing net profit margins that have surpassed 40% in late 2023 and 2024. This pattern suggests effective financial management and possibly favorable market conditions contributing to improved earnings quality despite consistent revenue figures.
Return on Equity (ROE)
Altria Group Inc., ROE 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 earnings (losses) attributable to Altria | ||||||||||||||||||||||||||||||
| Stockholders’ equity (deficit) attributable to Altria | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, 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
ROE = 100
× (Net earnings (losses) attributable to AltriaQ3 2024
+ Net earnings (losses) attributable to AltriaQ2 2024
+ Net earnings (losses) attributable to AltriaQ1 2024
+ Net earnings (losses) attributable to AltriaQ4 2023)
÷ Stockholders’ equity (deficit) attributable to Altria
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals significant volatility in net earnings attributable to the company over the examined quarters. From March 2019 to December 2019, net earnings experienced a steep decline, shifting from positive results to marked losses in the third and fourth quarters of 2019. A recovery phase followed in early 2020, with net earnings fluctuating notably, including episodes of losses and positive earnings throughout 2020 and 2021. The trend from 2022 to the first half of 2024 shows relatively elevated and generally positive net earnings, punctuated by some variability. Notably, the last reported quarters in 2024 indicate a strong rebound in net earnings reaching multi-billion dollar levels.
Stockholders’ equity attributable to the company demonstrates a downward trend throughout the time span. Equity levels initially decrease sharply from early 2019 through 2021, including periods of negative equity, indicating potential financial stress or restructuring phases. Though there are intermittent improvements, the overall trend remains negative, with equity levels consistently below initial values and registering deficits from the latter part of 2020 onward. The data from 2023 through mid-2024 shows marginal fluctuations but no substantial recovery in equity levels.
Return on equity (ROE) data is partially available and depicts extreme variability, reflecting the underlying oscillations in net earnings and equity. Negative ROE values observed in 2019 and early 2020 highlight periods of losses. A spike in ROE occurs notably in late 2020 and early 2021, reaching exceptionally high positive percentages, which could be attributed to low or negative equity values amplifying the ratio. The absence of ROE data for subsequent periods limits a complete longitudinal analysis of profitability relative to equity.
- Net Earnings Trend
- Initial decline into negative territory in 2019, followed by cyclical recovery and losses through 2020–2021, and a stronger, more stable positive trend from 2022 to mid-2024.
- Stockholders’ Equity Trend
- Progressive decline with intermittent negative equity readings from late 2020 onwards; no clear recovery evident through to 2024.
- Return on Equity (ROE)
- Marked volatility with sharp negative and positive swings corresponding to fluctuations in earnings and equity; highest values recorded in late 2020 and early 2021; data incomplete for latter periods.
Overall, the data suggests a period of financial instability marked by oscillating profitability and deteriorating equity levels, followed by signs of earnings improvement despite continued challenges in equity positioning. This pattern indicates that while operational profitability may have strengthened recently, balance sheet resilience remains a concern requiring ongoing monitoring.
Return on Assets (ROA)
Altria Group Inc., ROA 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 earnings (losses) attributable to Altria | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, 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
ROA = 100
× (Net earnings (losses) attributable to AltriaQ3 2024
+ Net earnings (losses) attributable to AltriaQ2 2024
+ Net earnings (losses) attributable to AltriaQ1 2024
+ Net earnings (losses) attributable to AltriaQ4 2023)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net earnings (losses) attributable to Altria
- The net earnings experienced significant volatility across the observed periods. Initially, earnings were positive, with a notable peak of 1,996 million USD in the second quarter of 2019. Following this, a sharp decline occurred in the third and fourth quarters of 2019, with losses of -2,600 million USD and -1,809 million USD respectively. The earnings then recovered in 2020, showing fluctuations including a loss of -952 million USD in the third quarter but returning to positive territory by the end of the year. From 2021 onward, the earnings generally trended positively, with intermittent declines such as in the third quarter of 2021 (-2,722 million USD) and in the third quarter of 2022 (224 million USD). The period from 2023 to mid-2024 reveals a strengthening position, culminating in a high of 3,803 million USD in the third quarter of 2024, indicating substantial earnings growth and improved profitability.
- Total assets
- Total assets displayed a declining trend overall throughout the timeline. Starting at 59,233 million USD in the first quarter of 2019, the asset base contracted significantly in subsequent periods. The most pronounced decreases happened between 2019 and 2021, when total assets dropped from 59,233 million USD to approximately 39,000 million USD. Although some minor recoveries appeared sporadically (such as in the last quarters of 2020 and 2023), the general trend remained downward, ending near 34,167 million USD by September 2024. This decline suggests asset dispositions, write-downs, or other reductions in asset holdings over time.
- Return on Assets (ROA)
- Return on Assets showed considerable improvement from negative to strongly positive values over the dataset. In late 2019 and early 2020, ROA was negative, reaching lows around -2.62% and -1.64%, indicative of unprofitable periods relative to assets. However, from mid-2020 onward, ROA turned positive, progressively increasing each quarter and reflecting a much more efficient use of assets or improved profitability. The ROA rose impressively from single-digit percentages into a peak of 30.1% by the third quarter of 2024, highlighting enhanced operational effectiveness and asset utilization during recent periods.
- Overall Trend Summary
- The overall financial performance portrays a company recovering from significant earnings losses experienced in late 2019, moving towards robust profitability by 2024. Despite a considerable decrease in total assets, the company appears to have optimized asset utilization as evidenced by the strong upward trajectory in ROA values. The rising net earnings alongside improving ROA suggest better cost control, operational efficiency, or successful strategic initiatives contributing to earnings growth. The asset base contraction may point to strategic divestitures or restructuring activities designed to refine the asset portfolio and focus on more profitable operations.