ALTRIA GROUP, INC.
MO · Cigarettes · 1.67B shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $1.0B (gross $1.0B)
Reference price $72.25 · est. market cap ~$120.6B — last insider sale, 2026-05-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A86Dominant U.S. tobacco franchise with top-decile margins and prodigious free cash flow, offset by secular volume decline.
Strengths
- Operating margin 42.5% (98th), net margin 30% (92nd), ROA 19.8% (96th), FCF $9.1B (99th)
- Marlboro pricing power and 60%+ adjusted OCI-margin target underpin a wide moat and durable cash returns
Risks
- Cigarette volume -10% in 2025 with continued down-trading to discount brands
- Negative book equity (buyback-driven, not distress) makes ROE a meaningless artifact
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -6.89)
- Weak liquidityCurrent ratio 0.65 (<1)
- Strong balance sheetStrong balance sheet — $4.5B cash & investments
- Insider sellingInsider selling — 3 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
62.5%
Operating margin
42.5%
Net margin
29.8%
Return on equity
-198.4%
Return on assets
19.8%
ROIC
37.9%
Revenue growth (QoQ)
-7.2%
Net-income growth
-38.3%
Debt / equity
-6.9×
Net debt / EBITDA
1.9×
Current ratio
0.6×
Free cash flow
$9.1B
EBITDA
$10.2B
Tangible book value
-$21.2B
Cash & investments
$4.5B
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-26 | KELLY ENNIS DEBRA J | Sell | 5.8K | $72.25 |
| 2026-05-26 | Strahlman Ellen R | Sell | 2.0K | $72.56 |
| 2026-05-14 | Strahlman Ellen R | Grant | 2.6K | — |
| 2026-05-14 | Stoddart Richard S | Grant | 2.6K | — |
| 2026-05-14 | Clarke Ian L.T. | Grant | 2.6K | — |
| 2026-05-14 | Connelly Marjorie Mary | Grant | 2.6K | — |
| 2026-05-14 | KELLY ENNIS DEBRA J | Grant | 2.6K | — |
| 2026-05-14 | Davis Robert Matthews | Grant | 2.6K | — |
| 2026-05-14 | SHANKS VIRGINIA E | Grant | 2.6K | — |
| 2026-05-14 | YZAGUIRRE MARIO MAX | Grant | 2.6K | — |
| 2026-05-14 | McQUADE KATHRYN B. | Grant | 4.7K | — |
| 2026-05-13 | Mancuso Salvatore | Grant | 41K | — |
| 2026-03-05 | Whitaker Charles N. | Sell | 28K | $67.57 |
| 2026-02-26 | McCarter Robert A. III | Grant | 5.8K | — |
| 2026-02-26 | McCarter Robert A. III | Tax withheld | 4.5K | $69.70 |
| 2026-02-26 | Gifford William F. Jr. | Grant | 70K | — |
| 2026-02-26 | Gifford William F. Jr. | Tax withheld | 62K | $69.70 |
| 2026-02-26 | Mancuso Salvatore | Grant | 17K | — |
| 2026-02-26 | Mancuso Salvatore | Tax withheld | 17K | $69.70 |
| 2026-02-26 | Patterson Katie F | Tax withheld | 844 | $69.70 |
| 2026-02-26 | Newman Heather A. | Grant | 12K | — |
| 2026-02-26 | Newman Heather A. | Tax withheld | 11K | $69.70 |
| 2026-02-26 | Whitaker Charles N. | Grant | 9.7K | — |
| 2026-02-26 | Whitaker Charles N. | Tax withheld | 8.9K | $69.70 |
| 2026-02-26 | Begley Jody L | Grant | 17K | — |
| 2026-02-26 | Begley Jody L | Tax withheld | 17K | $69.70 |
| 2026-02-25 | Patterson Katie F | Grant | 1.4K | — |
| 2026-02-25 | McCarter Robert A. III | Grant | 22K | — |
| 2026-02-25 | Begley Jody L | Grant | 22K | — |
| 2026-02-25 | Whitaker Charles N. | Grant | 14K | — |
| 2026-02-25 | Newman Heather A. | Grant | 12K | — |
| 2026-02-25 | Mancuso Salvatore | Grant | 25K | — |
| 2026-02-04 | Gifford William F. Jr. | Gift | 16K | — |
| 2025-12-09 | Whitaker Charles N. | Grant | 17K | — |
| 2025-12-09 | Newman Heather A. | Grant | 26K | — |
| 2025-08-21 | Newman Heather A. | Tax withheld | 10K | $67.58 |
| 2025-08-21 | Whitaker Charles N. | Tax withheld | 10K | $67.58 |
| 2025-08-21 | Mancuso Salvatore | Tax withheld | 15K | $67.58 |
| 2025-05-15 | YZAGUIRRE MARIO MAX | Grant | 3.2K | — |
| 2025-05-15 | Strahlman Ellen R | Grant | 3.2K | — |
| 2025-05-15 | Stoddart Richard S | Grant | 3.2K | — |
| 2025-05-15 | SHANKS VIRGINIA E | Grant | 3.2K | — |
| 2025-05-15 | MUNOZ GEORGE | Grant | 3.2K | — |
| 2025-05-15 | McQUADE KATHRYN B. | Grant | 5.8K | — |
| 2025-05-15 | KELLY ENNIS DEBRA J | Grant | 3.2K | — |
| 2025-05-15 | Davis Robert Matthews | Grant | 3.2K | — |
| 2025-05-15 | Connelly Marjorie Mary | Grant | 3.2K | — |
| 2025-05-15 | Clarke Ian L.T. | Grant | 3.2K | — |
| 2025-04-16 | Gifford William F. Jr. | Grant | 31K | — |
| 2025-04-16 | Gifford William F. Jr. | Tax withheld | 37K | $57.52 |
| 2025-02-27 | Gifford William F. Jr. | Grant | 49K | — |
| 2025-02-27 | Gifford William F. Jr. | Tax withheld | 55K | $54.85 |
| 2025-02-27 | Whitaker Charles N. | Grant | 8.6K | — |
| 2025-02-27 | Whitaker Charles N. | Tax withheld | 7.5K | $54.85 |
| 2025-02-27 | Newman Heather A. | Grant | 10K | — |
| 2025-02-27 | Newman Heather A. | Tax withheld | 9.7K | $54.85 |
| 2025-02-27 | McCarter Robert A. III | Grant | 5.1K | — |
| 2025-02-27 | McCarter Robert A. III | Tax withheld | 5.5K | $54.85 |
| 2025-02-27 | D'Ambrosia Steve | Grant | 1.6K | — |
| 2025-02-27 | D'Ambrosia Steve | Tax withheld | 1.3K | $54.85 |
| 2025-02-27 | Mancuso Salvatore | Grant | 15K | — |
| 2025-02-27 | Mancuso Salvatore | Tax withheld | 15K | $54.85 |
| 2025-02-27 | Begley Jody L | Grant | 17K | — |
| 2025-02-27 | Begley Jody L | Tax withheld | 18K | $54.85 |
| 2025-02-26 | McCarter Robert A. III | Grant | 22K | — |
| 2025-02-26 | Gifford William F. Jr. | Grant | 84K | — |
| 2025-02-26 | D'Ambrosia Steve | Grant | 3.0K | — |
| 2025-02-26 | Whitaker Charles N. | Grant | 13K | — |
| 2025-02-26 | Mancuso Salvatore | Grant | 28K | — |
| 2025-02-26 | Newman Heather A. | Grant | 13K | — |
| 2025-02-26 | Begley Jody L | Grant | 25K | — |
| 2025-01-28 | McCarter Robert A. III | Tax withheld | 4.3K | $53.47 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (2)
- Japan Tobacco Inc.
- JTI (US) Holding, Inc.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-18 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-01-29 | OtherExhibits | filing ↗ |
| 2026-01-29 | ResultsExec/director changeExhibits | filing ↗ |
| 2025-12-11 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-10-30 | ResultsOtherExhibits | filing ↗ |
| 2025-10-09 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-08-06 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-K/A | 2026-05-27 | 2025-12-31 | 0000764180-26-000077 ↗ |
| 8-K | 2026-05-18 | 2026-05-13 | 0000764180-26-000073 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0000764180-26-000058 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000764180-26-000056 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0000764180-26-000017 ↗ |
| 8-K | 2026-01-29 | 2026-01-28 | 0000764180-26-000007 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0000764180-26-000009 ↗ |
| 8-K | 2025-12-11 | 2025-12-08 | 0000764180-25-000133 ↗ |
| 8-K | 2025-10-30 | 2025-10-29 | 0000764180-25-000128 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0000764180-25-000130 ↗ |
| 8-K | 2025-10-09 | 2025-10-03 | 0000764180-25-000124 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001193125-25-174546 ↗ |