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British American Tobacco p.l.c. BTI

Consumer Defensive — Tobacco

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Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership
3.54%

Capital & Financial Ratios

Market Cap
120,670.00
Revenue
68,588.61
Net Income
24,734.02
Free Cash Flow
27,405.68
Net Debt
43,658.52
Current Ratio
0.84
Debt/Equity
0.72
P/E ratio
7.12
P/S ratio
1.82
P/B ratio
1.91
Past 5Y EPS Growth
(11.33%)
This Y EPS Growth
1.09%
Next Y EPS Growth
7.54%
Next 5Y EPS Growth
5.54%
in millions of $

Dividends

Payout Ratio
0.44
Annual Dividend Rate
2.80
Annual Dividend Yield
9.79%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 1.78
—
—
—
—
2025 1.71
—
—
—
—
2024 2.98
—
—
—
—
2023 2.90
—
—
—
—
2022 2.64
—
—
—
—
2021 2.94
—
—
—
—
2020 2.74
—
—
—
—
2019 2.58
—
—
—
—
2018 2.54
—
—
—
—
2017 2.89
—
—
—
2016 2.18
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 6,542.91 7,424.60 5,067.76 3,399.54
Receivables 4,718.11 4,691.17 5,633.49 5,784.45
Inventory 6,142.38 5,898.79 5,778.54 6,502.48
Other 242.56 251.75 246.60 315.39
17,645.96 18,266.30 16,726.39 16,001.86
2023 2024 2025 Q'26
Payables 12,065.83 12,203.95 12,300.83 11,509.85
ST’ Debt 5,378.62 5,510.31 4,433.47 5,392.56
Other 817.24 4,089.28 929.68 912.63
19,495.64 23,951.68 19,152.80 19,162.50
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 — — — —
—
’25 — — — —
33,771.91
’24 — — — —
33,055.44
’23 — 17,013.92 — —
33,937.32
’22 — 15,504.82 — 17,814.46
34,206.47
’21 — 16,909.72 — 18,255.41
35,318.07
’20 — 15,149.38 — 18,500.00
33,096.38
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 — 4,565.82 — —
—
’25 — 3,083.90 — 8,363.20
8,363.20
’24 — 3,994.55 — 12,938.74
12,938.74
’23 — 4,225.84 — 13,327.14
13,327.14
’22 — 4,043.97 — 12,856.34
12,856.34
’21 — 3,150.64 — 13,361.85
13,361.85
’20 — 4,323.30 — 12,565.22
12,565.22
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 — 4,353.77 — —
—
’25 — 2,928.97 — 7,685.38
7,524.50
’24 — 3,872.12 — 12,502.98
12,396.91
’23 — 4,089.36 — 12,822.12
12,680.31
’22 — 3,870.71 — 12,247.79
12,086.99
’21 — 2,932.58 — 12,679.80
12,380.03
’20 — 4,207.89 — 11,965.59
11,652.30
in millions of $

EPS

Mar Jun Sep Dec Year
’26 — — — —
—
’25 — — — —
4.60
’24 — — — —
1.74
’23 — 2.23 — —
(8.04)
’22 — 0.99 — 2.53
3.61
’21 — 1.97 — 2.08
4.06
’20 — 1.86 — 1.75
3.58

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1.1
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 35.47 28.35 28.25 34.82 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 47.24 40.75 39.54 59.29 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 50,937 46,000 48,000 47,797 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.67 0.74 0.69 0.71 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 34,206.47 33,937.32 33,055.44 33,771.91 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 82.71% 83.34% 82.35% 82.57% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11,532.86 (21,222.18) 4,521.21 13,001.06 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 33.72% (62.53%) 13.68% 38.50% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13,015.90 (17,649.70) 4,065.00 10,239.71 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,614.16 35,592.95 3,962.77 3,358.73 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.16 15.23 14.93 15.44 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡ 3.63 (8.04) 1.75 4.63 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.70 5.98 5.84 3.82 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.34) (0.29) (0.24) (0.38) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.36 5.69 5.60 3.44 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 41.51 29.54 28.86 29.03 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,256.00 2,229.00 2,214.00 2,187.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.32 3.79 4.62 7.20 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.33 0.97 1.18 1.84 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.97 1.01 1.27 1.99 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.04 1.59 1.76 2.44 ‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.38 3.30 3.64 6.22 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12,856.34 13,327.14 12,938.74 8,363.20 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (769.35) (646.83) (541.83) (838.69) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12,086.99 12,680.31 12,396.91 7,524.50 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3,022.99) (1,849.68) (5,685.38) (2,426.41) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 53,358.63 49,420.14 47,218.41 46,246.81 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 48,380.11 42,877.23 39,793.81 41,179.05 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 93,645.70 65,844.60 63,888.61 63,488.81 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.32% (10.62%) 2.58% 6.84% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.73% (11.26%) 2.11% 7.87% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.79% (22.48%) 5.96% 15.90% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

British American Tobacco (BTI) faces intensifying regulatory headwinds and declining cigarette volumes, yet shows resilience with revenue stabilizing around $33-35 billion post-2017 Reynolds acquisition. A massive 2023 impairment charge caused a $21.2 billion EBT loss, echoing past tobacco industry shocks, but 2024 saw a sharp recovery with improved margins (82.4% gross), cost efficiencies boosting revenue per employee 72% since 2016, and robust free cash flow per share at $5.60—backing a 60-year dividend streak yielding 8-9%.

Valuations look dirt cheap at 4.6x PE, 1.2x PS, and 1.3x PB versus peers, with stock rallying 50% from 2024 lows despite earnings volatility, hinting at market bets on diversification. Debt has dropped 33% net to $39.8 billion, and non-combustibles like vapes now make up 16% of sales, targeting 50% by 2030 amid a pivot mirroring tech disruptions.

Analysts forecast EPS rebound to $2.42 in 2025 and net income growth to $5.4-5.7 billion by 2027, implying 15-20% stock upside if multiples normalize to 12-14x and new products scale against 5-7% combustible declines. Risks like ESG pressures and bans loom, but at current levels, BTI’s cash flows and yield make it a compelling defensive play for patient investors—dive into the full analysis for the numbers that could light up your portfolio.

Read full commentary →

British American Tobacco p.l.c. (BTI) Latest News

News by impact score

Fine-tune

17 Sep

3 , 2:12 AM
British American Tobacco tracks cash flows and buyback prospects while fair value remains elevated above current levels. Cash flow tracking and buyback hopes may modestly support near-term sentiment and valuation without altering core operations.

25 Aug

3 , 11:16 AM
British American Tobacco delivers best-in-class first-half performance through AIR Global amid disruptions with second-half recovery anticipated in the quarterly update. Resilient first-half results and recovery outlook can moderately support investor sentiment without major trajectory shifts.

14 Aug

3 , 10:07 PM
British American Tobacco p.l.c. forms a new tech partnership that may shape its operational strategies and market performance for LSE:BATS investors. Tech partnership may moderately influence innovation and competitive positioning without fundamentally altering long-term trajectory.

6 Aug

4 , 9:08 AM
Philip Morris commits $1.2 billion to ZYN nicotine pouches as British American Tobacco accelerates its pouch product strategy. Philip Morris's $1.2B ZYN investment heightens competition for BAT in the nicotine pouch segment.

30 Jul

4 transcript , 1:03 PM
British American Tobacco PLC reported strong new category performance in its H1 2026 earnings call. Strong new category momentum signals major strategic progress likely to lift future revenue and investor outlook.

3 www.marketbeat.com, 6:04 AM
British American Tobacco p.l.c. issued highlights from its H1 earnings call, detailing first-half financial results, volume trends, and strategic updates on its core tobacco and next-generation products business. H1 earnings updates deliver financial metrics and guidance that typically produce moderate short-term effects on valuation and sentiment without reshaping long-term strategy.

27 Jul

3 investorshub.advfn.com, 9:30 AM
Philip Morris expands Colorado Zyn investment to $1.2 billion. Competitor Philip Morris scaling Zyn capacity intensifies pressure on BAT oral nicotine products in the US.

5 Jul

4 www.barchart.com, 9:45 AM
British American Tobacco p.l.c. is cutting 5,500 jobs while sustaining its high-yield dividend payouts for investors. Large-scale job cuts represent major cost restructuring that alters operations and financial trajectory.

30 Jun

4 , 6:07 PM
British American Tobacco launches restructuring with 5,500 job cuts. Major job cuts represent a significant cost-cutting strategy that can alter operations and investor sentiment.

3 , 5:15 PM
Zyn gains a new ‘Lower Risk’ label that could provide British American Tobacco an edge over competing nicotine pouch brands. Zyn's lower risk label may modestly improve BTI's competitive position in nicotine pouches.

29 Jun

4 , 2:04 PM
British American Tobacco p.l.c. cuts nearly 20% of its global workforce to achieve cost savings. Workforce reduction of this scale signals major restructuring that lowers costs and alters operational trajectory.

4 www.euronews.com, 9:10 AM
BAT will cut 5,500 jobs worldwide and spend €695m on restructuring to drive cost reductions. Large-scale job cuts and €695m restructuring represent a major strategic efficiency drive that will alter cost base and performance trajectory.

4 , 8:26 AM
British American Tobacco p.l.c. is cutting 9,000 jobs. Workforce reduction of 9,000 positions signals major restructuring with direct effects on costs and operations.

4 www.telegraph.co.uk, 8:23 AM
British American Tobacco p.l.c. will cut 9,000 jobs as consumers shift from cigarettes to vapes. Major job cuts reflect strategic restructuring amid core product decline and vaping transition with direct effects on operations and costs.

4 , 8:23 AM
British American Tobacco to cut 9,000 jobs as consumers shift from cigarettes to vapes. 9,000 job cuts mark major restructuring to address falling cigarette volumes and rising vape demand, likely pressuring near-term costs while reshaping long-term operations.

4 , 5:27 AM
British American Tobacco cuts 9,000 jobs to slash costs. Eliminating 9,000 jobs drives major cost savings that improve efficiency and profitability.

4 , 4:29 AM
British American Tobacco p.l.c. is cutting 5,500 jobs as part of an artificial intelligence efficiency drive. Major workforce reduction tied to AI signals structural cost-cutting that can lift margins and reshape operations.

3 www.foxbusiness.com, 5:24 PM
British American Tobacco to cut thousands of jobs. Workforce reduction signals cost-cutting measures likely to have moderate effects on company expenses and structure.

3 app.moby.co, 2:14 PM
British American Tobacco executes deep cost cuts amid continued decline in global cigarette volumes and demand. Deep cost reductions respond to long-term cigarette volume erosion but represent incremental adjustments rather than transformative shifts.

3 stocktwits.com, 6:18 AM
British American Tobacco plans job cuts with certain roles outsourced to partners as part of an AI adoption push, generating investor interest. Operational efficiency moves via AI and outsourcing may influence costs and sentiment without fundamentally shifting long-term trajectory.

26 Jun

3 , 7:09 AM
Morgan Stanley and Bank of America have reiterated backing for British American Tobacco (BTI) despite ongoing regional weakness affecting parts of its operations. Major bank endorsements offer moderate positive sentiment for BTI but are offset by acknowledged regional weakness.

24 Jun

3 Insider Monkey, 8:44 AM
British American Tobacco plc (BTI) offers high dividends while projecting robust growth. Positive growth projections for BTI may moderately influence investor sentiment and stock trajectory.

2 Jun

4 PA Media: Money, 3:33 AM
British American Tobacco raises its sales growth outlook for smokeless product ranges. Upward revision to smokeless growth outlook signals stronger future revenue trajectory and strategic shift.

31 May

4 PA Media: Money, 4:00 AM
British American Tobacco pursues transition to mainly smokeless business amid questions on payoff. Shift toward smokeless products marks major strategic move likely to reshape long-term trajectory.

29 May

4 PA Media: Money, 10:47 AM
British American Tobacco pursues shift to mainly smokeless business, prompting questions on whether the strategy will deliver returns amid declining traditional cigarette volumes. BAT's planned move to smokeless products represents a major strategic pivot that can materially reshape revenue mix and long-term growth prospects.

27 May

3 Insider Monkey, 5:39 PM
British American Tobacco p.l.c. opens a new technology hub in Bengaluru, India. New hub advances innovation and operations with moderate effects on efficiency and positioning.

5 May

4 Investing.com, 1:31 PM
Vaping industry shares, including British American Tobacco (BTI), surged after reports that President Trump demands FDA approval for flavored vapes. Trump's push for FDA approval of flavored vapes represents a major regulatory shift boosting BTI's vaping segment growth and investor sentiment.

17 Apr

3 Insider Monkey, 1:58 PM
British American Tobacco (BTI) maintains a strong position due to robust pricing power amid market challenges. Pricing power bolsters BTI's financial resilience and competitive edge without transformative shifts.

15 Apr

4 Business Wire, 12:03 PM
Organigram closed its acquisition of Sanity Group, funded by private placement financing from British American Tobacco (BAT) and ATB senior secured credit facilities. BAT's investment via private placement in Organigram's Sanity Group acquisition bolsters its cannabis sector expansion and diversification strategy.

12 Apr

4 Simply Wall St., 4:11 AM
British American Tobacco p.l.c. (BTI) appoints new CFO, shifting investor focus to capital allocation strategies amid scrutiny of financial priorities and returns. New CFO appointment signals potential shifts in capital allocation, significantly impacting investor sentiment and BTI's financial trajectory.
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