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Cigarettes: capital spending and supply chain

SIC 2111 · 3 companies with filed cash-flow statements

Capital spending, 12 months$1.9B
Operating cash flow$24.6B
Capex / cash flow8%
Capex / revenue2.9%
Top 3 share100%

Analysis

3 companies in Cigarettes (SIC 2111) spent $1.9B on capital projects over their latest twelve months, 8% of the $24.6B their operations generated.

Capital spending is 2.9% of the industry's $66.8B of annual revenue.

By the industry's asset mix most of it goes to equipment (52%); about $388M is imported.

The largest supplier of that spending is manufacturing structures ($373M).

Its largest supplying industries, by the input-output tables: paperboard container manufacturing ($3.1B), management of companies and enterprises ($2.3B), metal can, box, and other metal container (light gauge) manufacturing ($1.9B).

Charts

Cigarettes: capital spending by company, latest twelve monthsCigarettes: capital spending by company, latest twelve monthsPM$1.6BMO$351MXXII$393K
Filed cash-flow statements (SEC XBRL).
Cigarettes: what the capital spending buys (US part)Cigarettes: what the capital spending buys (US part)Structures$416MEquipment$788MSoftware$223MOther$95.8M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Cigarettes: the industries that build and sell what it buysCigarettes: the industries that build and sell what it buysManufacturing structures$373MSoftware publishers$114MOther commercial and service indu…$97.0MPlate work and fabricated structu…$74.8MOther industrial machinery manufa…$74.0MComputer systems design services$59.5MMaterial handling equipment manuf…$58.1MAir conditioning, refrigeration, …$53.6MOther fabricated metal manufactur…$47.4MOffice and commercial structures$43.1M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Cigarettes: its first-tier supplying industriesCigarettes: its first-tier supplying industriesPaperboard container manufacturing$3.1BManagement of companies and enter…$2.3BMetal can, box, and other metal c…$1.9BOther crop farming$1.7BTobacco manufacturing$1.6BOther nondurable goods merchant w…$1.4BImports$828MTruck transportation$439MMonetary authorities and deposito…$416MSynthetic rubber and artificial a…$367M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Cigarettes: where the industry's cash came from (+) and went (−)Cigarettes: where the industry's cash came from (+) and went (−)Operating cash flow$24.6BDividends−$16.3BNet debt repaid−$3.6BCash added to the balance she…−$2.6BCapital spending−$1.9BBuybacks−$1.0BCash drawn from the balance s…$790MOther investing (in)$647MNot reconciled (out)−$196MOther financing (out)−$186MOther investing (out)−$130MOther financing (in)$13.9MOperating cash outflow−$8.9M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
PM Philip Morris International$1.6B$15.2B10%TTM to Q3 2026
MO Altria Group$351M$9.4B4%TTM to Q3 2026
XXII 22nd Century Group$393K−$8.4M—TTM to Q2 2026

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
UVVPM60%Stated in 10-K (sentence)filing
MOPFGC22%Stated in 10-K (sentence)filing
UVVMO—Stated in 10-K (named, share not stated)filing

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.