BTI vs MO: British American Tobacco p.l.c. and Altria Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Altria Group is the larger company, worth $122.3B, close to British American Tobacco p.l.c.'s $119.6B.
- Altria Group grew revenue faster over the last year (+0.1% vs -1.0%).
- Altria Group keeps more of each dollar of revenue as operating profit (46.8% vs 39.0%).
- On earnings, British American Tobacco p.l.c. is the cheaper stock (11.7x vs 15.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BTI | MO |
|---|---|---|
| Market cap | $119.6B | $122.3B |
| Share price | $55.50 | $71.68 |
| Revenue (last fiscal year) | $25.6B | $23.3B |
| Free cash flow (last fiscal year) | $5.6B | $9.1B |
| Revenue growth, last year | -1.0% | +0.1% |
| Revenue growth per year, last 5 fiscal years | -0.1% | -2.7% |
| Operating margin | 39.0% | 46.8% |
| Net margin | 30.3% | 34.0% |
| Return on equity | 16.9% | — |
| P/E (trailing) | 11.7x | 15.3x |
| Price / free cash flow | 20.6x | 13.5x |
| EV / EBITDA | 8.67x | 12.7x |
| FCF growth the price implies | — | -0.19% |
| Dividend yield | 6.0% | 5.8% |
| Debt / equity | 1.33x | — |
| Fundamental grade | B | C |
| Superinvestors holding it | 5 | 8 |
| Insider purchases, last 12 months | 0 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
British American Tobacco p.l.c.
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $25.7B | $9.0B | 39.8% |
| 2022 | $27.7B | $9.7B | 38.1% |
| 2023 | $27.3B | $10.1B | -57.7% |
| 2024 | $25.9B | $9.5B | 10.6% |
| 2025 | $25.6B | $5.6B | 39.0% |
Altria Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $26.0B | $8.2B | 44.4% |
| 2022 | $25.1B | $8.1B | 47.5% |
| 2023 | $24.5B | $9.1B | 47.2% |
| 2024 | $24.0B | $8.6B | 46.8% |
| 2025 | $23.3B | $9.1B | 42.5% |
Where the revenue comes from
British American Tobacco p.l.c. · by segments, 2019
Combustibles$23.0B89%
New Categories$1.3B5%
Traditional Oral$1.1B4%
Other$540M2%
Altria Group · by segments, 2025
Smokeable Products$20.5B88%
Oral Tobacco Products$2.8B12%
All Other$5M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BTI in InvestinglyQuestions
Which is bigger, British American Tobacco p.l.c. or Altria Group?
Altria Group (MO), at $122.3B against $119.6B.
Is BTI or MO cheaper?
By trailing P/E, British American Tobacco p.l.c. (11.7x) is cheaper than Altria Group (15.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, BTI or MO?
Altria Group: revenue grew +0.1% over the last year, against -1.0%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.