median 35% — gross profit as a share of total assets, each member's median across its readable years; read on 5 of 6 members
Capital intensity
median 1.4% — capital expenditure as a share of revenue, each member's median across its readable years; read on 6 of 6 members
Net cash
1 of the 6 members with a readable debt line hold more cash and short-term investments than total debt
Figures describe the list as a group, from each member's own filed record; they name no
member and form no rank. A member missing an input is absent from that median, never counted
against the others.
From the latest filings · data as of July 9, 2026.
Japan Tobacco makes and sells cigarettes and other tobacco products — both the kind you burn and the kind you heat — under brands sold in Japan and in markets abroad. Smokers buy them through the ordinary retail chain, and the company keeps the gap between what a pack costs to make and what the brand name lets it charge. It also runs businesses outside tobacco, but tobacco is the core.
Altria sells tobacco to adult smokers in the United States. Most of the money comes from cigarettes, with Marlboro as the centerpiece, and the rest from oral tobacco such as moist snuff and nicotine pouches. It makes its money by owning brands people ask for by name and moving them through wholesale distributors to retailers, at prices set well above what the product costs to make.
Philip Morris International sells cigarettes and smoke-free nicotine products — heat-not-burn devices and their consumables, nicotine pouches, and e-vapor — to adult smokers across markets outside the United States, led by Europe and a swath of emerging regions. It is a consumer-brand business: it makes a packaged good people buy by habit and brand name, and the profit comes from charging more for that pack than it costs to make and ship. The company has put years and a great deal of money into shifting that portfolio away from burning tobacco toward smoke-free alternatives.
Retained capitalRetained $210M of earnings over 2016–2025; annual owner earnings grew $43M, $0.21 per $1 retained.
Balance sheetModest net debt, $71M · buybacks at an average near $35.20 · dividend paid 9 of 10 yrs, never cut
The same four lines for every member, in strict ticker order; a figure that could not be read
renders as "not read," never as a mark against the record beside it. The header describes the
list and names no member; the entries carry no ranking and form no score. What a chapter
cannot carry — understanding of the business, and a price — is yours.
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