Altria Group Inc

MO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Altria Continues to Generate Robust Free Cash Flow but Lacks Top-Line Growth of Many of Its Peers

Kristoffer Inton

May 12, 2026

Business Strategy and Outlook

Altria is the dominant cigarette maker in the US. Its Marlboro brand holds a 40% share per Euromonitor, towering above the 13% held by the next-largest marker. The US market size has remained around $90 billion for several years, as price increases offset volume declines.

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Altria Group Inc

Altria Continues to Generate Robust Free Cash Flow but Lacks Top-Line Growth of Many of Its Peers

Business Strategy and Outlook

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