British American Tobacco p.l.c.

BTI Consumer Defensive Tobacco

British American Tobacco p.l.c.’s revenue for fiscal 2025 (year ended December 2025) was $33.8 billion, up 2.17% from fiscal 2024.

63.11 0.14 +0.22%
Market cap
$135.6B
P/E
8.0×
Fwd P/E
13.9×
Dividend yield
5.27%
F-score
7/9
Altman Z
1.73
Beneish M
−2.24
Dividend safety
32/100

British American Tobacco p.l.c. (BTI) Free cash flow margin

Alert me on Free cash flow margin

British American Tobacco p.l.c.'s free cash flow margin over the twelve months to 30 June 2026 was 0.00%, down 22.3 percentage points from fiscal 2025 (22.3%). Over the past ten years it has ranged from 22.0% (fiscal 2017) to 38.3% (fiscal 2018); the current reading is higher than 18% of that period. That is below the Tobacco industry median of 1.31% and below the Consumer Defensive sector median of 1.51%.

Free cash flow margin, annual

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Annual newest first

Period Free cash flow margin Change (points)
FY2025 22.3% (15.22)
FY2024 37.5% 0.14
FY2023 37.4% 2.02
FY2022 35.3% 0.29
FY2021 35.1% (0.16)
FY2020 35.2% 3.46
FY2019 31.8% (6.59)
FY2018 38.3% 16.34
FY2017 22.0% (5.31)
FY2016 27.3% (4.95)

Against its own ten years

Low 22.0% High 38.3%
Ten-year median 35.1%
Current reading's percentile 18

Free cash flow margin against peers

Company Free cash flow margin
MO Altria Group, Inc. compare 38.6%
PM Philip Morris International Inc. compare 31.5%
RYM RYTHM, Inc. compare 18.4%
RLX RLX Technology Inc. Sponsored ADR compare 11.8%
TPB Turning Point Brands, Inc. compare 3.87%
UVV Universal Corporation compare 1.31%
AIIR Air Global PLC compare 0.00%
BTI British American Tobacco p.l.c. 0.00%
ISPR Ispire Technology Inc. compare −1.38%
Tobacco industry median 1.31%
Consumer Defensive sector median 1.51%
Market median 0.00%

What Free cash flow margin is

Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.

(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue

The full definition of Free cash flow margin →

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