Altria Group, Inc. (MO) reported notable progress in its transition to smoke-free products during the third quarter of 2025. The company’s oral nicotine product, on!, maintained a retail share of 8.7%, with shipment volumes rising 14.8% year-to-date to 133.6 million cans. Altria launched on! PLUS in select markets—Florida, North Carolina, and Texas—as a premium offering aimed at both existing users and those switching from competitors.
Additionally, Altria submitted a combined application to the FDA in August for its heated tobacco products, including the Ploom device and Marlboro heated tobacco sticks, marking a critical step toward introducing these items to the U.S. market. The company’s strategic focus on smoke-free alternatives mirrors trends in the industry, with Philip Morris International reporting a 16.6% increase in smoke-free shipment volumes in the same period and Turning Point Brands seeing a surge of 627.6% in Modern Oral sales.
Shares of Altria have appreciated by 8.3% over the past month, while the company trades at a forward price-to-earnings ratio of 11.09X, below the industry average of 15.3X. Zacks Consensus Estimates project year-over-year earnings growth of 6.3% for the current year.
