MO
Altria Group, Inc.
MO's fundamentals are mixed, but it looks expensive: trading at 16x earnings, in line with its usual 15x. Analysts expect earnings growth.
MO Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Healthy |
MO's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
MO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.2x | $44.57 | -43% |
| Forward | 13x | $77.92 | — |
| Fair | 15x | $71.01 | -8.9% |
| Current | 16x | $77.92 | — |
| Expensive | 34x | $165 | +112% |
Historical ranges are pointers, not guarantees.
MO's PE is in its fair range at 16x. If earnings grow as analysts expect, today's price would be 13x next year's earnings.
MO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect MO's earnings to grow and its profitability to improve, with its revenue holding steady.
MO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.89 | +21% |
| Q3 2026 | $4.85 | -7.3% |
| Q2 2026 | $4.75 | -7.9% |
| Q1 2026 | $4.79 | -20% |
| Q4 2025 | $4.12 | -37% |
| Q3 2025 | $5.23 | -12% |
| Q2 2025 | $5.16 | -11% |
| Q1 2025 | $5.96 | +25% |
| Q4 2024 | $6.54 | +43% |
MO's earnings per share have fallen from their peak: $4.85 over the past year, against $6.54 in late 2024.
MO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.1B | +1% |
| Q2 2026 | $6.1B | +0.1% |
| Q1 2026 | $5.4B | +3.2% |
| Q4 2025 | $5.8B | -2.1% |
| Q3 2025 | $6.1B | -3% |
| Q2 2025 | $6.1B | -1.7% |
| Q1 2025 | $5.3B | -5.7% |
| Q4 2024 | $6B | 0% |
MO's revenue has held roughly level: $6.1B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 54% | +0.8 points |
| Q2 2026 | 51% | -1.6 points |
| Q1 2026 | 54% | +21 points |
| Q4 2025 | 28% | -20 points |
| Q3 2025 | 53% | +2.8 points |
| Q2 2025 | 53% | +12 points |
| Q1 2025 | 34% | -14 points |
| Q4 2024 | 48% | +1.5 points |
MO's operating margin was 54% last quarter, up 0.8 points from the same quarter a year ago, near the top of its range since 2019.
MO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3B | -1.3% |
| Q2 2026 | $662M | +283% |
| Q1 2026 | $2.2B | -17% |
| Q4 2025 | $3.2B | -3.5% |
| Q3 2025 | $3B | +18% |
| Q2 2025 | $173M | +$277M |
| Q1 2025 | $2.7B | -5.6% |
| Q4 2024 | $3.3B | +3.7% |
MO generated $9.1B in free cash flow over the past year, down 1.3% from the year before.
MO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -1M shares |
| 1 year | -0.7% | -11M shares |
| 3 years | -5.9% | -104M shares |
| 5 years | -9.4% | -173M shares |
| Available history | -11% | -200M shares |
MO has 1.7B diluted shares, down 0.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $400M |
| Q2 2026 | $55M |
| Q1 2026 | $280M |
| Q4 2025 | $288M |
| Q3 2025 | $112M |
| Q2 2025 | $274M |
| Q1 2025 | $326M |
| Q4 2024 | $310M |
MO spent $1B buying back its own shares over the past year, about the same as the year before.
MO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 2.0x | Healthy |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 2.1x | Moderate |
| Q3 2025 | 2.0x | Healthy |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 2.0x | Moderate |
| Q4 2024 | 1.9x | Healthy |
MO's net debt is about 1.9 years of its operating earnings (EBITDA), about the same as a year ago.
MO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.7 | Neutral |
| Stochastic | 84.3 | Overbought |
MO's weekly RSI is 63 (neutral) and its Stochastic is 84 (overbought).
MO PE vs Consumer Defensive Sector
| Metric | MO | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 19x | 18% below |
| PE % | 57 | 18 | 39 pts above |
MO is trading at 16x earnings, a 18% discount to the Consumer Defensive sector's median of 19x.
MO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $73.7 | 5.8% above |
| 20 week MA | $71.3 | 9.3% above |
| 50 week MA | $68.1 | 14% above |
| 100 week MA | $63.6 | 22% above |
| 200 week MA | $54.7 | 43% above |
MO is in an uptrend: it's above all five of its weekly moving averages, and 43% above its 200-week average.
MO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.4 | $41.7 | -17% |
| 2021 | $41.7 | $46.7 | +12% |
| 2022 | $46.7 | $46.2 | -1% |
| 2023 | $46.2 | $40.3 | -13% |
| 2024 | $40.3 | $52.4 | +30% |
| 2025 | $52.4 | $57.6 | +10% |
| 2026 YTD | $57.6 | $77.9 | +35% |
MO is up 35% so far in 2026, after finishing lower in three of the previous six years.