Is the business good?
How good a business is MO?
Altria earns 44% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
44%
Return on invested capital · cost of capital 9.0% · 35 points above what the capital costs: growth creates value
- Operating margin
- 47%
Operating margin · Consumer Defensive median 9.0% · 12 months to Q2 2026
- Cash conversion
- 1.14×
Cash conversion · 0.99× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −0.83%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 42% |
| FY2021 | 44% |
| FY2022 | 47% |
| FY2023 | 47% |
| FY2024 | 47% |
| FY2025 | 43% |
Details›
- Gross margin12 months to Q2 2026
- 63%
- Operating margin12 months to Q2 2026
- 47%
- Net margin12 months to Q2 2026
- 34%
- Free cash flow margin
- 39%
- Revenue, trailing twelve months
- $23.5B
- Free cash flow, trailing twelve months
- $9.11B
- Net income, trailing twelve months
- $7.97B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 44%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Consumer Defensive
Ranks #27 of 106 by Smart Score