Altria Group Inc

MO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Altria's US Cigarettes Should Still Generate Massive Cash Flow Even as It Lags in Reduced Risk

Kristoffer Inton

May 13, 2025

Business Strategy and Outlook

Altria offers pure-play tobacco exposure to the US, where cigarette volumes declined 6% per year from 2019 to 2024, faster than the global market's 1% annual loss, according to Euromonitor. Moreover, excise taxes are constantly increasing and regulations tightening.

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Altria Group Inc

Altria's US Cigarettes Should Still Generate Massive Cash Flow Even as It Lags in Reduced Risk

Business Strategy and Outlook

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