Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Altria Group Inc., solvency 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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Altria Group Inc. debt to capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Altria Group Inc. debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Altria Group Inc. interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
Altria Group Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 1,121) | 1,556) | 1,105) | 1,500) | 1,000) | |
| Long-term debt, excluding current portion | 25,112) | 25,124) | 26,939) | 27,971) | 27,042) | |
| Total debt | 26,233) | 26,680) | 28,044) | 29,471) | 28,042) | |
| Stockholders’ equity (deficit) attributable to Altria | (3,540) | (3,973) | (1,606) | 2,839) | 6,222) | |
| Solvency Ratio | ||||||
| Debt to equity1 | — | — | — | 10.38 | 4.51 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Coca-Cola Co. | 1.62 | 1.62 | 1.86 | 2.22 | 2.25 | |
| PepsiCo Inc. | 2.38 | 2.28 | 2.51 | 3.28 | 2.17 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Debt to Equity, Sector | ||||||
| Food, Beverage & Tobacco | 5.40 | 5.23 | 5.08 | 6.43 | 4.71 | |
| Debt to Equity, Industry | ||||||
| Consumer Staples | 1.39 | 1.26 | 1.27 | 1.44 | 1.34 | |
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 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit) attributable to Altria
= 26,233 ÷ -3,540 = —
2 Click competitor name to see calculations.
Debt to Capital
Altria Group Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 1,121) | 1,556) | 1,105) | 1,500) | 1,000) | |
| Long-term debt, excluding current portion | 25,112) | 25,124) | 26,939) | 27,971) | 27,042) | |
| Total debt | 26,233) | 26,680) | 28,044) | 29,471) | 28,042) | |
| Stockholders’ equity (deficit) attributable to Altria | (3,540) | (3,973) | (1,606) | 2,839) | 6,222) | |
| Total capital | 22,693) | 22,707) | 26,438) | 32,310) | 34,264) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 1.16 | 1.17 | 1.06 | 0.91 | 0.82 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Coca-Cola Co. | 0.62 | 0.62 | 0.65 | 0.69 | 0.69 | |
| PepsiCo Inc. | 0.70 | 0.69 | 0.72 | 0.77 | 0.68 | |
| Philip Morris International Inc. | 1.31 | 1.26 | 1.57 | 1.66 | 1.59 | |
| Debt to Capital, Sector | ||||||
| Food, Beverage & Tobacco | 0.84 | 0.84 | 0.84 | 0.87 | 0.82 | |
| Debt to Capital, Industry | ||||||
| Consumer Staples | 0.58 | 0.56 | 0.56 | 0.59 | 0.57 | |
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 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 26,233 ÷ 22,693 = 1.16
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Altria Group Inc. debt to capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023. |
Debt to Assets
Altria Group Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 1,121) | 1,556) | 1,105) | 1,500) | 1,000) | |
| Long-term debt, excluding current portion | 25,112) | 25,124) | 26,939) | 27,971) | 27,042) | |
| Total debt | 26,233) | 26,680) | 28,044) | 29,471) | 28,042) | |
| Total assets | 38,570) | 36,954) | 39,523) | 47,414) | 49,271) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.68 | 0.72 | 0.71 | 0.62 | 0.57 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Coca-Cola Co. | 0.43 | 0.42 | 0.45 | 0.49 | 0.50 | |
| PepsiCo Inc. | 0.44 | 0.42 | 0.44 | 0.48 | 0.41 | |
| Philip Morris International Inc. | 0.73 | 0.70 | 0.67 | 0.70 | 0.72 | |
| Debt to Assets, Sector | ||||||
| Food, Beverage & Tobacco | 0.53 | 0.52 | 0.52 | 0.54 | 0.52 | |
| Debt to Assets, Industry | ||||||
| Consumer Staples | 0.33 | 0.31 | 0.32 | 0.35 | 0.35 | |
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 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 26,233 ÷ 38,570 = 0.68
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Altria Group Inc. debt to assets ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Financial Leverage
Altria Group Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 38,570) | 36,954) | 39,523) | 47,414) | 49,271) | |
| Stockholders’ equity (deficit) attributable to Altria | (3,540) | (3,973) | (1,606) | 2,839) | 6,222) | |
| Solvency Ratio | ||||||
| Financial leverage1 | — | — | — | 16.70 | 7.92 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Coca-Cola Co. | 3.77 | 3.85 | 4.10 | 4.52 | 4.55 | |
| PepsiCo Inc. | 5.43 | 5.38 | 5.76 | 6.91 | 5.31 | |
| Philip Morris International Inc. | — | — | — | — | — | |
| Financial Leverage, Sector | ||||||
| Food, Beverage & Tobacco | 10.18 | 10.01 | 9.79 | 11.83 | 9.05 | |
| Financial Leverage, Industry | ||||||
| Consumer Staples | 4.19 | 3.99 | 4.01 | 4.15 | 3.82 | |
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 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit) attributable to Altria
= 38,570 ÷ -3,540 = —
2 Click competitor name to see calculations.
Interest Coverage
Altria Group Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (losses) attributable to Altria | 8,130) | 5,764) | 2,475) | 4,467) | (1,293) | |
| Add: Net income attributable to noncontrolling interest | —) | —) | —) | (13) | (5) | |
| Add: Income tax expense | 2,798) | 1,625) | 1,349) | 2,436) | 2,064) | |
| Add: Interest expense | 1,149) | 1,128) | 1,188) | 1,223) | 1,322) | |
| Earnings before interest and tax (EBIT) | 12,077) | 8,517) | 5,012) | 8,113) | 2,088) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 10.51 | 7.55 | 4.22 | 6.63 | 1.58 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Coca-Cola Co. | 9.48 | 14.25 | 8.78 | 7.78 | 12.40 | |
| PepsiCo Inc. | 8.95 | 10.57 | 5.94 | 8.24 | 9.20 | |
| Philip Morris International Inc. | 7.95 | 16.33 | 17.80 | 16.07 | 13.59 | |
| Interest Coverage, Sector | ||||||
| Food, Beverage & Tobacco | 9.14 | 11.66 | 7.98 | 8.90 | 8.36 | |
| Interest Coverage, Industry | ||||||
| Consumer Staples | 11.27 | 14.88 | 10.59 | 11.00 | 8.58 | |
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 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 12,077 ÷ 1,149 = 10.51
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Altria Group Inc. interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023. |