Altria GROUP, Inc. (MO) intrinsic value & 10-year financials
Altria GROUP, Inc. (MO) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 1.1% a year to $23.3B, with an average return on invested capital of 33.9%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $75.11
- Market cap
- $126.4B
- Revenue (FY2025)
- $23.3B
- Revenue growth (10-yr CAGR)
- -1.1%
- ROIC (10-yr avg)
- 33.9%
- Free cash flow (FY2025)
- $9.1B
MO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $23.3B | $6.9B | $4.12 | $9.1B | 42.5% | 39.3% |
| FY2024 | $24.0B | $11.3B | $6.54 | $8.6B | 46.8% | 48.1% |
| FY2023 | $24.5B | $8.1B | $4.57 | $9.1B | 47.2% | 45.6% |
| FY2022 | $25.1B | $5.8B | $3.19 | $8.1B | 47.5% | 45.8% |
| FY2021 | $26.0B | $2.5B | $1.34 | $8.2B | 44.4% | 30.4% |
| FY2020 | $26.2B | $4.5B | $2.40 | $8.2B | 41.6% | 23.6% |
| FY2019 | $25.1B | -$1.3B | -$0.70 | $7.6B | 41.1% | 17.6% |
| FY2018 | $25.4B | $7.0B | $3.68 | $8.2B | 35.9% | 24.9% |
| FY2017 | $25.6B | $10.2B | $5.31 | $4.7B | 37.4% | 38.1% |
| FY2016 | $25.7B | $14.2B | $7.28 | $3.6B | 34.0% | 25.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Altria is facing top-line stagnation, with revenue contracting over the decade.
Altria has earned high returns on invested capital, averaging 33.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Altria shows that management has aggressively returned capital to shareholders by retiring 13.8% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Altria is modeled at -6.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-13.36 per share.