Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company debt and equity structure. It measures business productivity performance.
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Altria Group Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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Return on Invested Capital (ROIC)
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net operating profit after taxes (NOPAT)1 | ||||||
Invested capital2 | ||||||
Performance Ratio | ||||||
ROIC3 | ||||||
Benchmarks | ||||||
ROIC, Competitors4 | ||||||
Coca-Cola Co. | ||||||
PepsiCo Inc. | ||||||
Philip Morris International Inc. |
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).
1 NOPAT. See details »
2 Invested capital. See details »
3 2023 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
Performance ratio | Description | The company |
---|---|---|
ROIC | A measure of the periodic, after tax, cash-on-cash yield earned in the business. | Altria Group Inc. ROIC improved from 2021 to 2022 and from 2022 to 2023. |
Decomposition of ROIC
ROIC | = | OPM1 | × | TO2 | × | 1 – CTR3 | |
---|---|---|---|---|---|---|---|
Dec 31, 2023 | = | × | × | ||||
Dec 31, 2022 | = | × | × | ||||
Dec 31, 2021 | = | × | × | ||||
Dec 31, 2020 | = | × | × | ||||
Dec 31, 2019 | = | × | × |
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).
1 Operating profit margin (OPM). See calculations »
2 Turnover of capital (TO). See calculations »
3 Effective cash tax rate (CTR). See calculations »
The primary reason for the increase in return on invested capital (ROIC) over 2023 year is the increase in profitability measured by operating profit margin (OPM) ratio.
Operating Profit Margin (OPM)
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net operating profit after taxes (NOPAT)1 | ||||||
Add: Cash operating taxes2 | ||||||
Net operating profit before taxes (NOPBT) | ||||||
Net revenues | ||||||
Profitability Ratio | ||||||
OPM3 | ||||||
Benchmarks | ||||||
OPM, Competitors4 | ||||||
Coca-Cola Co. | ||||||
PepsiCo Inc. | ||||||
Philip Morris International Inc. |
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).
1 NOPAT. See details »
2 Cash operating taxes. See details »
3 2023 Calculation
OPM = 100 × NOPBT ÷ Net revenues
= 100 × ÷ =
4 Click competitor name to see calculations.
Profitability ratio | Description | The company |
---|---|---|
OPM | The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. | Altria Group Inc. OPM improved from 2021 to 2022 and from 2022 to 2023. |
Turnover of Capital (TO)
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net revenues | ||||||
Invested capital1 | ||||||
Efficiency Ratio | ||||||
TO2 | ||||||
Benchmarks | ||||||
TO, Competitors3 | ||||||
Coca-Cola Co. | ||||||
PepsiCo Inc. | ||||||
Philip Morris International Inc. |
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).
1 Invested capital. See details »
2 2023 Calculation
TO = Net revenues ÷ Invested capital
= ÷ =
3 Click competitor name to see calculations.
Efficiency ratio | Description | The company |
---|---|---|
TO | The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. | Altria Group Inc. TO improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Effective Cash Tax Rate (CTR)
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net operating profit after taxes (NOPAT)1 | ||||||
Add: Cash operating taxes2 | ||||||
Net operating profit before taxes (NOPBT) | ||||||
Tax Rate | ||||||
CTR3 | ||||||
Benchmarks | ||||||
CTR, Competitors4 | ||||||
Coca-Cola Co. | ||||||
PepsiCo Inc. | ||||||
Philip Morris International Inc. |
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).
1 NOPAT. See details »
2 Cash operating taxes. See details »
3 2023 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × ÷ =
4 Click competitor name to see calculations.
Tax rate | Description | The company |
---|---|---|
CTR | Effective cash tax rate on operating income. | Altria Group Inc. CTR decreased from 2021 to 2022 and from 2022 to 2023. |