MO Looks Cheap Until You See the Numbers: Negative Equity, Crumbling Margins, and a Dividend About to Break

Altria's 6.6% dividend yield and record of 60 consecutive dividend increases are portrayed as vulnerable due to a shrinking core tobacco business, an unsuccessful smoke-free product transition, and a highly leveraged balance sheet. The article argues that liabilities exceed assets, raising concerns over the sustainability of shareholder payouts and the company’s long-term fundamentals.