U.S. tobacco and nicotine group
Altria Group, Inc.
Altria sells Marlboro cigarettes, Copenhagen smokeless tobacco, on! nicotine pouches and NJOY e-vapor products through U.S. distributors. It sources tobacco leaf and finished products externally while investing in smoke-free products and adjacent businesses.
MO Updated Sep 11, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Altria Group, Inc. is directly linked to 2 companies (0 supply, 1 revenue, 2 investment relationships) and reaches 17 companies within two hops; the links are backed by 5 dated sources, 4 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · $23.279 billion FY2025 net revenues
- Segments · Smokeable products · Oral tobacco products · E-vapor products · All other
Revenue from
- Philip Morris International Inc. High confidence· Contract value $2.7B · 2022-2024 IQOS rights transaction · Pre-tax consideration for assigning exclusive U.S. IQOS commercialization rights
Altria assigned the exclusive U.S. IQOS commercialization rights to Philip Morris International. The pre-tax consideration was $2.7 billion, and the gain was recognized in FY2024.Confirms KO Daishin Securities Research Center Published Apr 11, 2023: E-Cigarette Industry: Signs of Change in the United States and China - Performance Food Group Company High confidence· Revenue share 25 percent · FY2023 · Performance Food Group's share of Altria consolidated net revenues
Performance Food Group was the largest named customer of Altria's operating companies. It generated approximately 25% of consolidated net revenues in FY2023. - McLane Company, Inc. High confidence· Revenue share 23 percent · FY2023 · McLane's share of Altria consolidated net revenues
McLane is a major wholesale distribution customer of Altria. It generated approximately 23% of consolidated net revenues in FY2023.
Pays to
- (Undisclosed) NJOY product importers High confidence
NJOY sources all of its products from third-party importers. Altria does not disclose the suppliers' names or the transaction value. - (Undisclosed) Middleton cigar importer High confidence
Middleton sources substantially all of its cigars from one third-party importer. Altria does not disclose the supplier's name or the transaction value.
Investors
- Philip Morris International Inc. High confidence· Amount $2.8B · 2022-2024 · Total cash consideration including interest to reacquire U.S. IQOS commercialization rights
Altria assigned its exclusive U.S. IQOS commercialization rights back to Philip Morris International and received total cash consideration of $2.8 billion including interest, ending the prior U.S. IQOS arrangement between the two companies. - BlackRock High confidence· Market share 7.56 percent · Schedule 13G/A holdings as of 2023-12-31 · BlackRock beneficial ownership reported in Altria's 2026 proxy statement
Altria's 2026 proxy statement lists BlackRock as a beneficial owner above 5%. The reported 7.56% stake is based on BlackRock's Schedule 13G/A holdings as of year-end 2023.
Investments
- Horizon Innovations LLC High confidence· Market share 75 percent · FY2025 · Altria's economic interest in Horizon Innovations
Altria holds a 75% economic interest in Horizon, its heated-tobacco joint venture with a Japan Tobacco subsidiary. Horizon is responsible for U.S. marketing and commercialization of heated tobacco stick products.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Philip Morris International Inc. | lead1 | +20.8 | +12.3 | -1.9 | +34.3 | +38 | +28.7 |
| Altria Group, Inc. | node | +24.2 | +4.4 | -3.7 | +40.8 | +18.2 | +30.3 |
| Philip Morris International Inc. | benef1 | +20.8 | +12.3 | -1.9 | +34.3 | +38 | +28.7 |
| BlackRock | benef1 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +2.8 |
| Marathon Petroleum Corporation | benef2 | +61 | +86.6 | +30.5 | -4.1 | +19.2 | +183 |
| Targa Resources Corp. | benef2 | +100.1 | +43.7 | +21 | +110.1 | +5.7 | +59.5 |
| Ross Stores | benef2 | -6 | +2.9 | +20.6 | +10.4 | +20.4 | +28.6 |
| ONEOK, Inc. | benef2 | +64.7 | +18.9 | +13.2 | +50.1 | -22.9 | +26.8 |
| Elevance Health, Inc. | benef2 | +46.1 | +11.8 | -6.9 | -20.7 | -3.1 | +17.4 |
| Old Dominion Freight Line, Inc. | benef2 | +84.1 | -20.5 | +43.5 | -12.5 | -10.5 | +16.5 |
| KT&G | benef2 | +2.6 | +25.8 | +3.9 | +23.8 | +46.5 | +16.4 |
| Incyte Corporation | benef2 | -15.6 | +9.4 | -21.8 | +10 | +43 | +14.2 |
| American Water Works | benef2 | +24.8 | -17.9 | -11.7 | -3.5 | +7.4 | +10.1 |
| Edwards Lifesciences Corporation | benef2 | +42 | -42.4 | +2.2 | -2.9 | +15.2 | +5.5 |
| Hubbell Incorporated | benef2 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| Microsoft | benef2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Edison International | benef2 | +13.6 | -2.6 | +17.4 | +15.2 | -20.4 | -1.7 |
| Public Service Enterprise Group Incorporated | benef2 | +18.3 | -5.1 | +3.6 | +42.6 | -1.9 | -6.7 |
| Zoetis Inc. | benef2 | +48.3 | -39.5 | +35.9 | -16.6 | -21.8 | -39.6 |
YTD as of 2026-10-09 · source: Yahoo Finance
Altria Group, Inc. operates across U.S. tobacco and nicotine group. It is +23.3% in 2026. The stock (+23.3%) and its demand side (avg +15.8%) are moving in step. It sources tobacco leaf and finished products externally while investing in smoke-free products and adjacent businesses.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple