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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.

60.00 2.00 +3.45%
Market cap
$124.7B
P/E
7.6×
Fwd P/E
12.9×
Dividend yield
6.94%
F-score
7/9
Altman Z
1.73
Beneish M
−2.24
Dividend safety
32/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 4.95%

Capital & Financial Ratios $m

Market Cap 124,720.00
Revenue 68,588.61
Net Income 24,734.02
Free Cash Flow 27,405.68
Net Debt 43,658.52
Current Ratio 0.84 (below 1: weak)
Debt/Equity 0.72
P/E ratio 7.63
Fwd P/E 12.90
P/S ratio 0.00
P/B ratio 0.00
Past 5Y EPS Growth 5.14%
This Y EPS Growth 0.82%
Next Y EPS Growth 7.55%
Next Y revenue growth (46.58%) (below 0%: weak)
Next 5Y EPS Growth 5.44%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.6×, against a ten-year median of 0.7×; over the ten years it ranged from 0.6× in 2024 to 0.9× in 2020.
P/E against its own 10 years 85.59%
10-year low 10-year high
EV/Sales against its own 10 years 44.28%
10-year low 10-year high
EV/FCF against its own 10 years 58.16%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 4.16
Annual Dividend Yield 6.94%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.73
0.83
0.83
0.83
0.83
2025 1.71
0.80
0.80
0.75
0.82
2024 2.98
0.73
0.75
0.76
0.73
2023 2.90
0.72
0.73
0.71
0.73
2022 2.64
0.68
0.66
0.64
0.67
2021 2.94
0.76
0.73
0.72
0.73
2020 2.74
0.64
0.69
0.69
0.72
2019 2.58
0.66
0.62
0.65
0.66
2018 2.54
0.66
0.63
0.62
0.63
2017 2.89
1.52
0.76
0.61
2016 2.18
1.51
0.67
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 6,543 7,425 5,068 3,400
Receivables 4,718 4,691 5,633 5,784
Inventory 6,142 5,899 5,779 6,502
Other 243 252 247 315
17,646 18,266 16,726 16,002
2023 2024 2025 Q'26
Payables 12,066 12,204 12,301 11,510
ST’ Debt 5,379 5,510 4,433 5,393
Other 817 4,089 930 913
19,496 23,952 19,153 19,163

Compound Annual Growth %

10y 5y 3y
Sales 5.36% 0.40% (0.43%)
Cash Flow 1.49% (7.82%) (13.35%)
Earnings 4.44% 4.26% 7.34%
Book Value 23.50% (4.72%) (12.15%)

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 33,772
’24 — — — — 33,055
’23 — — — — 33,937
’22 — — — — 34,206
’21 — — — — 35,318
’20 — — — — 33,096
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 8,363
’24 — — — — 12,939
’23 — — — — 13,327
’22 — — — — 12,856
’21 — — — — 13,362
’20 — — — — 12,565
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — 4,354 — — —
’25 — 2,929 — 7,685 7,525
’24 — 3,872 — 12,503 12,397
’23 — 4,089 — 12,822 12,680
’22 — 3,871 — 12,248 12,087
’21 — 2,933 — 12,680 12,380
’20 — 4,208 — 11,966 11,652
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 4.60
’24 — — — — 1.74
’23 — — — — (8.04)
’22 — — — — 3.61
’21 — — — — 4.06
’20 — — — — 3.58
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 49.91 55.88 30.67 30.91 27.32 33.62 35.47 28.35 28.25 34.82

Analyst estimates 2026–2028

Powerpack
High 65.67 73.41 71.44 43.00 45.64 41.14 47.24 40.75 39.54 59.29
People
People Employees 49,817 55,761 56,710 53,185 55,329 52,050 50,937 46,000 48,000 47,797
Revenue/emp, $m 0.40 0.47 0.58 0.62 0.60 0.68 0.67 0.74 0.69 0.71
Income, $m
Income, $m Revenue 19,992 26,152 32,692 33,042 33,096 35,318 34,206 33,937 33,055 33,772
Gross margin, % 74.39 77.73 80.96 82.23 82.22 82.32 82.71 83.34 82.35 82.57
EBT 8,464 38,137 11,147 10,103 11,135 12,600 11,533 (21,222) 4,521 13,001
EBT margin, % 42.34 145.83 34.10 30.58 33.64 35.68 33.72 (62.53) 13.68 38.50
Net income 6,309 8,346 12,431 11,513 12,791 14,073 13,016 (17,650) 4,065 10,240
Depreciation 823 1,162 1,386 1,931 1,862 1,480 1,614 35,593 3,963 3,359
Per share, $
Per share, $ Revenue 10.76 12.79 14.31 14.47 14.48 15.44 15.16 15.23 14.93 15.44
Earnings 3.53 23.67 3.52 3.19 3.60 4.08 3.63 (8.04) 1.75 4.63
Cash flow 3.36 3.37 6.01 5.03 5.50 5.84 5.70 5.98 5.84 3.82
Capex (0.42) (0.56) (0.53) (0.44) (0.40) (0.43) (0.34) (0.29) (0.24) (0.38)
Free cash flow 2.94 2.81 5.49 4.59 5.10 5.41 5.36 5.69 5.60 3.44
Book value 6.13 38.48 38.37 35.87 35.36 40.53 41.51 29.54 28.86 29.03
Shares, m 1,858 2,044 2,285 2,284 2,286 2,287 2,256 2,229 2,214 2,187
Valuation, ×
Valuation, × P/E 4.48 1.98 17.05 8.34 5.48 4.86 5.32 3.79 4.62 7.20
P/S 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EV/Sales 0.00 0.00 0.00 0.00 0.78 0.73 0.71 0.63 0.58 0.60
EV/FCF 1.20 2.94 2.32 1.75 1.76 1.57 1.52 1.29 1.20 1.53
Cash, $m
Cash, $m Operating cash flow 6,248 6,891 13,742 11,487 12,565 13,362 12,856 13,327 12,939 8,363
Capex (787) (1,138) (1,208) (997) (913) (982) (769) (647) (542) (839)
Free cash flow 5,461 5,753 12,534 10,490 11,652 12,380 12,087 12,680 12,397 7,525
Balance, $m
Balance, $m Working capital 682 (2,034) (4,904) (7,086) (2,396) (3,214) (3,023) (1,850) (5,685) (2,426)
Total debt 26,422 63,731 63,415 57,928 56,455 54,534 53,359 49,420 47,218 46,247
Net debt 23,414 59,406 59,704 54,545 52,114 50,044 48,380 42,877 39,794 41,179
Shareholders’ equity 11,393 78,650 87,680 81,926 80,834 92,683 93,646 65,845 63,889 63,489
Returns, %
Returns, % ROA 12.34 41.05 4.27 3.88 4.61 5.11 4.32 (10.62) 2.58 6.84
ROIC 11.33 3.78 5.27 5.27 6.01 6.16 5.73 (11.26) 2.11 7.87
ROE 66.01 107.44 9.68 8.59 10.10 10.78 8.79 (22.48) 5.96 15.90
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025

Charts ten years each

British American Tobacco p.l.c. vs peers in Tobacco (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PM Philip Morris International Inc. $311.6B 29.5× 22.6× +10.37% (above 0%: growing) −7.69% (below 0%: shrinking) +67.28% (above 0%: growing) 68.43% 40.48% Compare
BTI British American Tobacco p.l.c. $124.7B 7.6× 12.9× +0.62% (above 0%: growing) +13.60% (above 0%: growing) +12.44% (above 0%: growing) 69.38% 0.00%
MO Altria Group, Inc. $123.3B 15.8× 12.9× +0.15% (above 0%: growing) −2.84% (below 0%: shrinking) +282.66% (above 0%: growing) 62.51% 51.32% Compare
RLX RLX Technology Inc. Sponsored ADR $1.6B 16.0× 17.0× +21.90% (above 0%: growing) +30.00% (above 0%: growing) −129.25% (below 0%: shrinking) 39.03% 14.22% Compare
TPB Turning Point Brands, Inc. $1.2B 26.3× 60.5× +22.57% (above 0%: growing) −77.78% (below 0%: shrinking) +235.11% (above 0%: growing) 65.55% 11.69% Compare
AIIR Air Global PLC $1.2B — (loss-making) — — n/m −487.91% (below 0%: shrinking) 56.58% (46.44%) Compare
UVV Universal Corporation $1.0B 53.4× 12.5× −11.79% (below 0%: shrinking) n/m +38.82% (above 0%: growing) 15.86% 0.44% Compare
ISPR Ispire Technology Inc. $83.2M — (loss-making) — (loss-making) +32.55% (above 0%: growing) n/m −26.12% (below 0%: shrinking) 6.32% (50.72%) Compare
RYM RYTHM, Inc. $40.1M — (loss-making) — (loss-making) +1,027.38% (above 0%: growing) n/m +202.80% (above 0%: growing) 80.52% 8.41% Compare
Median of peers $1.2B 26.3× 17.0× +21.90% −5.26% +53.05% 59.55% 10.05%

All 11 Tobacco stocks →

British American Tobacco p.l.c. (BTI) key facts

  • Strength: 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.
  • British American Tobacco p.l.c. (BTI) is a Tobacco company in the Consumer Defensive sector, traded in the US as an ADR.
  • As of October 16, 2026, BTI traded at $60.00, a market capitalization of $124.7 billion.
  • British American Tobacco p.l.c. pays an annual dividend of $4.16 per share, a yield of 6.94%.
  • Return on equity was 15.9% and debt-to-equity 0.72.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 1.73 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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

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stockrow.com/BTI · Data as of Dec 31, 2025 · For information only; not investment advice. · © 2026 stockrow.com