MOALTRIA GROUP, INC.

Cigarettes

Revenue: $23.3B; 3.1% YoY
Operating margin: 42.5%; 9.1% YoY
EBITDA: $10.2B; 12% YoY
Market cap: $130.6B
Employees: 5,900; $4M revenue each
Net debt / EBITDA: 2.1×; $21.4B net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
134% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
86% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$4M per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.6 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$130.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$26.0B	$25.1B	$24.5B	$24.0B	$23.3B	3.1%
Operating income	$11.6B	$11.9B	$11.5B	$11.2B	$9.9B	12%
Net income	$2.5B	$5.8B	$8.1B	$11.3B	$6.9B	38%
Operating cash flow	$8.4B	$8.3B	$9.3B	$8.8B	$9.3B	6.1%
Capex	$169M	$205M	$196M	$142M	$216M	52%
Buybacks	$1.7B	$1.8B	$1.0B	$3.4B	$1.0B	71%
Dividends	$6.4B	$6.6B	$6.8B	$6.8B	$7.0B	1.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $101K · 1
Open-market sells, 12 mo: $2M · 3
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.