Altria Group Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings (losses) attributable to Altria	8,130)	5,764)	2,475)	4,467)	(1,293)
Net losses attributable to noncontrolling interests	—)	—)	—)	(13)	(5)
Net noncash charges	1,204)	3,078)	5,927)	3,682)	9,188)
Cash effects of changes in operating capital	(47)	(586)	3)	249)	(53)
Net cash provided by operating activities	9,287)	8,256)	8,405)	8,385)	7,837)
Cash paid, interest, net of tax¹	830)	873)	769)	805)	871)
Capital expenditures	(196)	(205)	(169)	(231)	(246)
Free cash flow to the firm (FCFF)	9,921)	8,924)	9,005)	8,959)	8,462)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Altria Group Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Altria Group Inc. FCFF decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Altria Group Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	25.60%	22.00%	35.30%	35.40%	21.00%
Interest Paid, Net of Tax
Cash paid, interest, before tax	1,116)	1,119)	1,189)	1,246)	1,102)
Less: Cash paid, interest, tax²	286)	246)	420)	441)	231)
Cash paid, interest, net of tax	830)	873)	769)	805)	871)

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 See details »

² 2023 Calculation
Cash paid, interest, tax = Cash paid, interest × EITR
= 1,116 × 25.60% = 286

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Altria Group Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	117,269)
Free cash flow to the firm (FCFF)	9,921)
Valuation Ratio
EV/FCFF	11.82
Benchmarks
EV/FCFF, Competitors¹
Coca-Cola Co.	27.26
PepsiCo Inc.	26.96
Philip Morris International Inc.	27.79
EV/FCFF, Sector
Food, Beverage & Tobacco	23.39
EV/FCFF, Industry
Consumer Staples	35.59

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Altria Group Inc., historical EV/FCFF 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)
Enterprise value (EV)¹	94,723)	105,800)	117,052)	105,651)	104,984)
Free cash flow to the firm (FCFF)²	9,921)	8,924)	9,005)	8,959)	8,462)
Valuation Ratio
EV/FCFF³	9.55	11.86	13.00	11.79	12.41
Benchmarks
EV/FCFF, Competitors⁴
Coca-Cola Co.	26.54	27.95	25.28	26.04	28.08
PepsiCo Inc.	28.63	40.39	33.08	30.09	35.72
Philip Morris International Inc.	20.71	19.53	16.35	16.31	16.47
EV/FCFF, Sector
Food, Beverage & Tobacco	21.39	23.90	21.47	20.59	22.56
EV/FCFF, Industry
Consumer Staples	27.85	27.96	19.75	21.80	22.08

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 See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 94,723 ÷ 9,921 = 9.55

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Altria Group Inc. EV/FCFF ratio decreased from 2021 to 2022 and from 2022 to 2023.

Altria Group Inc. (NYSE:MO)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical