Analysis of Inventory
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Altria Group Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Inventory Disclosure
Altria Group Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Leaf tobacco | |||||||||||
| Other raw materials | |||||||||||
| Work in process | |||||||||||
| Finished product | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Item | Description | The company |
|---|---|---|
| Inventories | Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. | Altria Group Inc. inventories decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Adjustment to Inventory: Conversion from LIFO to FIFO
Adjusting LIFO Inventory to FIFO (Current) Cost
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Altria Group Inc. inventory value on Dec 31, 2023 would be $1,915) (in millions) if the FIFO inventory method was used instead of LIFO. Altria Group Inc. inventories, valued on a LIFO basis, on Dec 31, 2023 were $1,215). Altria Group Inc. inventories would have been $700) higher than reported on Dec 31, 2023 if the FIFO method had been used instead.
Altria Group Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: LIFO vs. FIFO (Summary)
Altria Group Inc., adjusted financial ratios
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Altria Group Inc. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Altria Group Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Altria Group Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Altria Group Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023. |
Altria Group Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Current Ratio
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
2023 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =
| Liquidity ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Altria Group Inc. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
2023 Calculations
1 Net profit margin = 100 × Net earnings (losses) attributable to Altria ÷ Net revenues
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Net revenues
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Altria Group Inc. adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
2023 Calculations
1 Total asset turnover = Net revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Altria Group Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Adjusted Financial Leverage
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
2023 Calculations
1 Financial leverage = Total assets ÷ Stockholders’ equity (deficit) attributable to Altria
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit) attributable to Altria
= ÷ =
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
2023 Calculations
1 ROE = 100 × Net earnings (losses) attributable to Altria ÷ Stockholders’ equity (deficit) attributable to Altria
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Adjusted stockholders’ equity (deficit) attributable to Altria
= 100 × ÷ =
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
2023 Calculations
1 ROA = 100 × Net earnings (losses) attributable to Altria ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net earnings (losses) attributable to Altria ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Altria Group Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023. |