---
title: Altria (MO) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/mo
ticker: MO
as_of: 2026-10-17
sector: Consumer Defensive
industry: Tobacco
---
# Altria (MO)

Altria (MO) closed at $75.11 on Oct 16, 2026, overvalued by 6% vs its model value of $70.72 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $75.11 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $70.72 |
| Price vs model | overvalued by 6% vs model |
| Range of that model | $40.17 – $218.06 |
| Market value | $125.4B |
| P/E (fiscal 2025) | 18.2 |
| Net margin (fiscal 2025) | 34.5% |
| Free cash flow (fiscal 2025) | $9.1B |
| Dividend yield (trailing twelve months) | 5.71% |
| Beta | 0.46 |
| Cost of capital (WACC) | 7.06% |
| Business classification | Dividend Payer (Revenue declining (~-2% recent), High profitability (30% net margin), Strong dividend yield, Highly cyclical earnings, High leverage (D/E 5.0x), Strong FCF yield (7.2%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Highest dividend yield | #17 | 5.71% | https://sweetvaluelab.com/lists/highest-dividend-yield |
| Near 52-week highs | #16 | 0.0% | https://sweetvaluelab.com/lists/near-52-week-highs |
| Insider buying | #41 | $101,430 | https://sweetvaluelab.com/lists/insider-buying |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 5.71% |
| Dividends per share, last 12 months | $4.29 |
| Dividends / free cash flow (fiscal 2025) | 76.7% |
| Raised | 17 years in a row |
| Growth over 5 years | 4.3% a year |
| Latest payment | $1.11, ex-date Sep 15, 2026, paid Oct 9, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 14, 2021 | $3.48 |
| To Sep 14, 2022 | $3.64 |
| To Sep 14, 2023 | $3.80 |
| To Sep 16, 2024 | $3.96 |
| To Sep 15, 2025 | $4.12 |
| Trailing twelve months (to Sep 15, 2026) | $4.29 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $70.72 | $40.17 | $218.06 |
| DCF · Perpetuity growth · 10y | cross check | $69.37 | $41.10 | $203.32 |
| DCF · EBITDA exit · 5y | cross check | $45.69 | $26.22 | $68.75 |
| DCF · EBITDA exit · 10y | cross check | $49.79 | $31.16 | $74.90 |
| P/E · peers | cross check | $101.28 | $94.13 | $124.22 |
| P/E · own history | cross check | $68.28 | $48.83 | $87.76 |
| PEG | sanity check | $89.01 | $89.01 | $89.01 |
| EV/EBITDA · peers | cross check | $69.78 | $68.91 | $103.27 |
| EV/Revenue · peers | cross check | $59.63 | $57.27 | $97.64 |
| Earnings power value | cross check | $7.21 | $3.74 | $12.56 |
| Dividend discount | cross check | $87.46 | $57.97 | $155.23 |

## Insider activity (SEC Form 4)

Past 90 days: 1 open-market buy ($101,430) and 0 open-market sales ($0); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 14, 2026 | Patterson Katie F | Vice President and Controller | Tax withholding | 1,268 | $90,738.1 |
| Sep 9, 2026 | McQUADE KATHRYN B. | Director | Open-market buy | 1,500 | $101,430 |
| May 26, 2026 | KELLY ENNIS DEBRA J | Director | Open-market sell | 5,790 | $418,317.7 |
| May 26, 2026 | Strahlman Ellen R | Director | Open-market sell | 2,000 | $145,118 |
| May 14, 2026 | Strahlman Ellen R | Director | Grant / award | 2,571 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 9, 2026 | 8-K | 1.01 Entry into a Material Agreement; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/764180/000076418026000105/mo-20261007.htm |
| Aug 28, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/764180/000076418026000098/mo-20260827.htm |
| Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/764180/000076418026000094/mo-20260630.htm |
| Jul 30, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/764180/000076418026000093/mo-20260730.htm |
| May 27, 2026 | 10-K/A | Annual report (amended) | https://www.sec.gov/Archives/edgar/data/764180/000076418026000077/mo-20251231.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bridgewater | 2026-06-30 | 1,727,216 | $124.3M |
| Thomas Russo | 2026-06-30 | 148,603 | $10.7M |
| Lee Ainslie | 2026-06-30 | 50,201 | $3.6M |
| Dodge & Cox | 2026-06-30 | 20,500 | $1.5M |

6 tracked managers in all.

## About

Operating across the United States through its subsidiaries, Altria Group, Inc. is a prominent manufacturer and marketer of both combustible and oral tobacco items. Its portfolio features cigarettes, primarily under the iconic Marlboro brand, alongside cigars and pipe tobacco mainly offered as Black & Mild. The enterprise further provides an assortment of moist smokeless tobacco products, including Copenhagen, Skoal, Red Seal, and Husky, in addition to its on! brand of oral nicotine pouches. Altria distributes its merchandise chiefly to wholesale partners, such as independent distributors, and directly to substantial retail organizations, including major chain stores. The corporation, founded in 1822, maintains its principal offices in Richmond, Virginia.

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Source: https://sweetvaluelab.com/stocks/mo (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.