Altria Group, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported
- Operating Lease Liability: not reported
Liquid Liquidation Value
- Finance Lease Liability: not reported
- Operating Lease Liability: not reported
Operating Liquidation Value
- Finance Lease Liability: not reported
- Operating Lease Liability: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-28.94B | $-17.30 |
| Liquid Liquidation Value | $-28.37B | $-16.96 |
| Operating Liquidation Value | $-27.22B | $-16.27 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $3.53B |
| Accounts Receivable | $568.00M |
| Inventory | $1.15B |
| Current Liabilities | $8.41B |
| Long-term Debt (?) | $24.06B |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | 1.67B |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $3.53B | $568.00M | $1.15B | $701.00M | $8.41B | $24.06B | N/A | N/A |
| 2025-12-31 | $4.47B | $526.00M | $1.07B | $750.00M | $9.15B | $24.14B | N/A | N/A |
| 2025-09-30 | $3.47B | $498.00M | $1.06B | $662.00M | $8.29B | $24.13B | N/A | N/A |
| 2025-06-30 | $1.29B | $482.00M | $1.02B | $569.00M | $6.79B | $23.65B | N/A | N/A |
| 2025-03-31 | $4.73B | $516.00M | $1.06B | $550.00M | $10.65B | $23.43B | N/A | N/A |
| 2024-12-31 | $3.13B | $354.00M | $1.08B | $700.00M | $8.78B | $23.40B | N/A | N/A |
| 2024-09-30 | $1.90B | $174.00M | $1.10B | $510.00M | $8.00B | $23.57B | N/A | N/A |
| 2024-06-30 | $1.80B | $144.00M | $1.17B | $556.00M | $7.78B | $23.47B | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-04-30 | View |
| 2025-12-31 | 10-K | 2026-02-25 | View |
| 2025-09-30 | 10-Q | 2025-10-30 | View |
| 2025-06-30 | 10-Q | 2025-07-30 | View |
| 2025-03-31 | 10-Q | 2025-04-29 | View |
| 2024-12-31 | 10-K/A | 2025-06-04 | View |
| 2024-12-31 | 10-K | 2025-02-26 | View |
| 2024-09-30 | 10-Q | 2024-10-31 | View |
AI Insights
Altria Group (MO) presents a deeply negative liquidation recovery posture, consistent with its capital structure as a high-leverage, intangibles-heavy tobacco holding company. As of March 31, 2026, MFFAIS reports a cash liquidation value of approximately -$28.9B, a liquid liquidation value of -$28.4B, and an operating liquidation value of -$27.2B. All three measures confirm zero recovery to equity under any liquidation scenario.
The asset stack under liquidation haircuts is anchored by items that recover at or near zero: $5.8B of goodwill (0% recovery), $11.9B of net intangible assets predominantly comprising indefinite-lived trademarks ($11.1B gross) plus finite-lived intangibles ($0.8B net) — all haircut to zero under the lens. The $1.7B net PP&E recovers at 50-70%, yielding roughly $0.9B-$1.2B. Cash of $3.5B recovers at par. Total receivables of $284M recover at 90-95%, yielding approximately $255M-$270M. Inventory of $1.1B recovers at 60%, yielding approximately $0.7B. The $8.9B investment balance (primarily ABI stake) presents valuation uncertainty — it is carried on equity method; liquidation value depends on marketability and block discount, which the filing does not separately address. Even applying a 70% recovery on investments, the haircutted asset pool falls well short of total liabilities.
The liability stack is the dominant structural feature. Total long-term debt stands at $24.6B (face value, fixed-rate), unchanged conceptually from prior periods though reduced by $1.1B in Q1 2026 via maturity repayment of 4.400% notes. Non-current deferred tax liabilities are $3.5B. Post-retirement obligations (pension $120M + OPEB $935M) total $1.1B at face. Stockholders' equity is deeply negative at -$3.2B, reflecting $43.4B of treasury stock offset against retained earnings and additional paid-in capital. The company explicitly acknowledges a working capital deficit at both March 31, 2026 and December 31, 2025.
No prior filing was provided for direct QoQ balance-sheet comparison. The $1.1B long-term debt repayment in February 2026 is the primary structural change this period, modestly reducing the liability stack. State Settlement Agreement obligations averaging $3.0B annually represent contingent face-value liabilities not fully reflected on the balance sheet. Tobacco litigation contingencies remain material but are not quantified as a consolidated accrual in the tag data beyond the $63M loss contingency accrual disclosed.
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