Pyxus International held Q1 earnings call and released operational and financial highlights. Q1 earnings results typically affect near-term financial outlook and investor sentiment.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Cash | 99.79 | 85.54 | 137.65 | 179.55 |
| Receivables | 191.92 | 210.90 | 267.79 | 200.93 |
| Inventory | 931.65 | 761.95 | 817.95 | 1,104.64 |
| Other | 36.65 | 52.62 | 58.09 | 108.47 |
| 1,310.21 | 1,158.16 | 1,330.48 | 1,652.95 |
| 2024 | 2025 | 2026 | Q'26 | |
|---|---|---|---|---|
| Payables | 181.25 | 132.87 | 146.83 | 114.64 |
| ST’ Debt | 20.29 | 0.01 | — | — |
| Other | 90.72 | 135.61 | 175.00 | 166.72 |
| 905.17 | 773.95 | 932.78 | 1,262.32 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | 437.80 | — | — | — |
—
|
| ’26 | 508.82 | 570.21 | 655.80 | 678.18 |
2,413.00
|
| ’25 | 634.86 | 566.38 | 778.31 | 501.72 |
2,481.26
|
| ’24 | 477.09 | 624.25 | 529.82 | 401.40 |
2,032.56
|
| ’23 | 343.91 | 508.28 | 655.55 | 407.15 |
1,914.88
|
| ’22 | 333.29 | 394.20 | 428.94 | 483.43 |
1,639.86
|
| ’21 | 262.81 | 302.63 | 379.56 | 386.93 |
1,331.93
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | (359.71) | — | — | — |
—
|
| ’26 | (495.29) | (85.64) | 62.36 | 310.12 |
(208.45)
|
| ’25 | (252.18) | (28.09) | 108.58 | 158.30 |
(13.39)
|
| ’24 | (285.67) | 30.25 | 38.59 | 1.86 |
(214.97)
|
| ’23 | (242.49) | (44.18) | 176.07 | (27.22) |
(137.82)
|
| ’22 | (185.96) | (45.19) | 46.31 | (13.93) |
(198.76)
|
| ’21 | (100.29) | (98.70) | (8.61) | (18.93) |
(226.54)
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | (363.89) | — | — | — |
—
|
| ’26 | (499.57) | (91.09) | 56.31 | 309.07 |
(225.29)
|
| ’25 | (257.27) | (32.78) | 103.25 | 154.16 |
(32.64)
|
| ’24 | (289.33) | 24.69 | 33.46 | (0.52) |
(231.70)
|
| ’23 | (244.70) | (45.28) | 171.66 | (32.75) |
(151.07)
|
| ’22 | (189.77) | (48.37) | 43.28 | (14.64) |
(209.51)
|
| ’21 | (105.29) | (102.79) | (18.84) | (22.75) |
(249.66)
|
| Jun | Sep | Dec | Mar | Year | |
|---|---|---|---|---|---|
| ’26 | (0.28) | — | — | — |
—
|
| ’26 | (0.62) | (0.03) | 0.65 | 0.55 |
0.56
|
| ’25 | 0.18 | (0.12) | 0.74 | (0.20) |
(0.18)
|
| ’24 | — | 0.32 | 0.15 | (0.40) |
0.11
|
| ’22 | (6.79) | (1.81) | (2.40) | (1.23) |
(3.28)
|
| ’19 | (0.08) | (6.04) | (0.56) | (1.10) |
(7.78)
|
| ’18 | (3.63) | 0.11 | 9.80 | (0.50) |
5.81
|
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | ‡‡‡‡ | ‡‡‡‡ | 0.10 | 0.30 | 1.44 | 2.20 | 2.26 | — | — | — |
Low Price
|
| — | — | — | ‡‡‡ | ‡‡‡ | 1.85 | 1.75 | 4.70 | 6.00 | 4.20 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,000 | 3,000 | 3,000 | 3,100 | 3,300 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.55 | 0.64 | 0.68 | 0.80 | 0.73 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,639.86 | 1,914.88 | 2,032.56 | 2,481.26 | 2,413.00 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.85% | 13.63% | 15.37% | 13.82% | 14.41% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (79.36) | (22.62) | 15.47 | 33.45 | 28.63 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.84%) | (1.18%) | 0.76% | 1.35% | 1.19% | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (82.05) | (38.24) | 3.18 | 16.53 | 15.66 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.32 | 37.60 | 27.81 | 31.57 | 31.46 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 65.59 | 76.60 | 81.30 | 96.76 | 93.56 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.28) | (1.57) | 0.11 | (0.18) | 0.56 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (7.95) | (5.51) | (8.60) | (0.52) | (8.08) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.43) | (0.53) | (0.67) | (0.75) | (0.65) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (8.38) | (6.04) | (9.27) | (1.27) | (8.74) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.25 | 5.67 | 5.87 | 6.46 | 7.02 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.00 | 25.00 | 25.00 | 25.64 | 25.79 | — | — | — |
Shares
|
| ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 6.67 | 4.89 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.02 | 0.02 | 0.05 | 0.04 | 0.03 | — | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.20 | 0.21 | 0.63 | 0.62 | 0.39 | — | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.32 | 0.27 | 0.25 | 0.19 | 0.16 | — | — | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.40) | (3.19) | (2.12) | (11.36) | (1.66) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (198.76) | (137.82) | (214.97) | (13.39) | (208.45) | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (10.74) | (13.25) | (16.73) | (19.26) | (16.84) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (209.51) | (151.07) | (231.70) | (32.64) | (225.29) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 513.27 | 505.51 | 405.04 | 384.21 | 397.71 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 688.33 | 618.51 | 518.03 | 454.86 | 455.76 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 487.41 | 479.60 | 418.24 | 369.32 | 318.10 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 181.37 | 141.83 | 146.82 | 165.77 | 181.11 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.07%) | (2.39%) | 0.16% | 0.96% | 0.91% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.90% | 9.43% | 15.17% | 17.91% | 20.37% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (37.73%) | (24.22%) | 1.85% | 9.70% | 8.40% | — | — | — |
ROE
|
Pyxus International (PYYX), a key player in global tobacco and agricultural products with a focus on emerging markets, has shown notable resilience after pandemic disruptions, with revenues rebounding from a $1.33 billion trough in 2021 to $2.03 billion in 2024 and projected at $2.48 billion for 2025. Operational efficiencies are evident in surging revenue per employee (up 77% to $800,000 projected) and gross margins expanding to 13-15%, alongside a profitability turnaround featuring EBT flipping to $33 million positive and ROIC improving dramatically from -1% to 17.9%. These trends, driven by supply chain innovations and high-margin markets, suggest a stabilizing foundation amid volatile commodity cycles.
The balance sheet has strengthened meaningfully, with total debt halved to $455 million projected by 2025 and net debt down 52%, supporting equity growth to $166 million and dirt-cheap valuations like a 0.04x P/S ratio. Free cash flow losses have narrowed sharply, though operating cash flow remains lumpy due to working capital swings in this inventory-intensive business. Stock performance lags these fundamentals, trading at historically depressed levels with analyst targets implying substantial upside, but past dilution and range-bound trading underscore execution risks.
While emerging market tailwinds like ESG-driven demand offer growth potential, downside risks from forex volatility, regulatory pressures, and inconsistent cash generation warrant caution. Pyxus presents an asymmetric opportunity for patient investors, but steady performers prioritize balance sheet discipline over explosive projections—read the full analysis for a deeper risk assessment.
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