Altria management check
MO · Consumer Staples · Tobacco · CEO Salvatore Mancuso (since the last proxy; previously William F. Gifford, Jr)
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $208, against $136 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.97 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.4% of net income$24.6m of reported pay in fiscal 2025, against $6.9bn of net income.
- Good
Do they own the stock?
New CEO since the proxySalvatore Mancuso filed as Chief Executive Officer after the last proxy (which named William F. Gifford, Jr) and holds 320,909 shares. Their pay will be in the next proxy. 1 insider bought $101k on the open market in the last six months, with their own money, near the lows. Sales: $563k.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.7% a year over the last three fiscal years.
- Watch
Is leadership stable?
New CEO: Salvatore MancusoSalvatore Mancuso has filed as CEO since the last proxy. CEO in the pay table: William F. Gifford, Jr. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
An annual report was amendedNo restatements, auditor changes or late filings since 2021. 5 amended annual reports.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Staples.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 31 | |
| Pay for performance | 99 | 84 | |
| CEO cost | 88 | 40 | |
| Skin in the game | — | — | 65 |
| Dilution | 84 | 60 | |
| Stable leadership | 70 | 70 | |
| Clean books | 70 | 100 |
Closest peers
Others in Tobacco, by management score. Altria is 1st of 33 in its sector.
Pay versus performance
From the proxy statement filed April 2, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | William F. Gifford, Jr | $24.6m | $27.7m | $7.7m | $208 | $136 | $6.9bn |
| 2024 | — | $26.8m | $24.9m | $5.4m | $176 | $126 | $11.3bn |
| 2023 | — | $18.5m | $14.4m | $5.7m | $125 | $121 | $8.1bn |
| 2022 | — | $16.2m | $18.1m | $5.3m | $130 | $127 | $5.8bn |
| 2021 | — | $12.6m | $14.9m | $3.9m | $124 | $116 | $2.5bn |
The board says pay is tied most to Adjusted diluted EPS. Its other key measures: Adjusted Diluted EPS (1), Adjusted Discretionary Cash Flow (1), Total Adjusted OCI (1), Cash Conversion (1), Relative TSR, Strategic Initiatives.
Insiders and the CEO's stake
Salvatore Mancuso (Chief Executive Officer) held 320,909 shares directly after their latest Form 4 on May 13, 2026.
1 insider bought $101k on the open market in the last six months, with their own money, near the lows. Sales: $563k.
- BoughtKathryn B. McQUADEDirector$101kSep 9, 2026
- SoldEnnis Debra J KellyDirector$418kMay 26, 2026
- SoldEllen R StrahlmanDirector$145kMay 26, 2026
Leadership and governance on file
- Aug 28, 2026Leadership change8-K 5.02
- May 27, 2026Annual report amended10-K/A
- May 18, 2026Leadership change8-K 5.02
- Jan 29, 2026Leadership change8-K 5.02
- Dec 11, 2025Leadership change8-K 5.02
- Oct 9, 2025Leadership change8-K 5.02
- Jun 4, 2025Annual report amended10-K/A
- May 19, 2025Leadership change8-K 5.02
- Jan 30, 2025Leadership change8-K 5.02
- Jun 5, 2024Annual report amended10-K/A
- Feb 28, 2024Leadership change8-K 5.02
- Feb 26, 2024Leadership change8-K 5.02
Latest shareholder vote results: May 18, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $42.5bn returned to owners in buybacks and dividends, 123% of net income, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.0bn | $25.1bn | $24.5bn | $24.0bn | $23.3bn |
| Net income | $2.5bn | $5.8bn | $8.1bn | $11.3bn | $6.9bn |
| Stock-based pay | — | — | — | — | — |
| Buybacks | $1.7bn | $1.8bn | $1.0bn | $3.4bn | $1.0bn |
| Dividends | $6.4bn | $6.6bn | $6.8bn | $6.8bn | $7.0bn |
| Diluted shares | 1845m | 1804m | 1777m | 1718m | 1683m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.