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Turning Point Brands, Inc.

TPB Consumer Defensive Tobacco

Turning Point Brands, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $463.1 million, up 28.4% from fiscal 2024.

Revenue
+22.6%
EPS
−77.8%
Free cash flow
+235.1%
Total debt
+0.34%

Quarter to June 2026, against a year earlier

67.61 2.79 −3.96%
Market cap
$1.4B
P/E
28.4×
Fwd P/E
55.2×
Dividend yield
0.47%
F-score
7/9
Altman Z
4.96
Beneish M
−1.21
Dividend safety
78/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 4.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — 1 — 1 — — — — — —
Insider Ownership 5.59%

Capital & Financial Ratios $m

Size
Market Cap 1,350.00
Revenue ttm 507.23
Net income ttm 59.64
Free cash flow ttm 19.63
Net debt Q 25.84
Valuation
P/E 28.41
Forward P/E 55.20 (above 35: high)
Price / sales 2.65
Forward P/S Powerpack
Price / FCF 68.50
Price / book 2.96
Financial health
Current ratio Q 5.67 (at or above 1.5: strong)
Debt / equity Q 0.65
Interest coverage Q 3.93
Growth
Revenue growth Q +22.57% (above 0%: growing)
Operating income growth Q −36.52% (below 0%: shrinking)
EPS, this year −59.68% (below 0%: weak)
EPS, next year A +54.51% (at or above 15%: strong)
Revenue, next year A +22.45% (at or above 10%: strong)
EPS, past 5 yrs +13.24%
EPS, next 5 yrs A +3.72%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.9×, against a ten-year median of 2.3×; over the ten years it ranged from 1.7× in 2020 to 5.8× in 2026.
P/E against its own 10 years 62.09%
10-year low 10-year high
P/S against its own 10 years 78.89%
10-year low 10-year high
P/B against its own 10 years 6.65%
10-year low 10-year high
EV/Sales against its own 10 years 71.65%
10-year low 10-year high
EV/FCF against its own 10 years 87.76%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.47%
Annual rate
0.32
Payout ratio
13.5%
Growth, 2017–25
+28.6%/yr
  1. 0.04 ’17
  2. 0.17 ’18 +313
  3. 0.18 ’19 +9
  4. 0.20 ’20 +11
  5. 0.22 ’21 +10
  6. 0.24 ’22 +9
  7. 0.26 ’23 +8
  8. 0.28 ’24 +8
  9. 0.30 ’25 +7
  10. 0.32 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 117 46 223 268
Receivables 10 10 26 23
Inventory 92 96 108 133
Other 49 46 61 76
268 198 417 500
2023 2024 2025 Q'26
Payables 8 12 20 35
ST’ Debt 58 — — —
Other 2 2 — —
100 45 75 88

Compound Annual Growth %

10y 5y 3y
Sales 8.91% 2.71% 12.96%
Cash Flow 8.91% 5.61% 23.75%
Earnings 20.32% 8.78% 70.96%
Book Value 0.00% 25.92% 48.59%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.24 Actual 0.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.81 1.05 Beat by 0.24
Q4 FY25 0.87 0.95 Beat by 0.08
Q1 FY26 0.68 0.76 Beat by 0.08
Q2 FY26 0.24 0.23 Miss by 0.01
Q3 FY26 0.33 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.60 0.18 — — —
’25 0.79 0.79 1.13 0.42 3.11
’24 0.63 0.68 0.68 0.13 2.14
’23 0.41 0.53 0.58 0.53 2.01
’22 0.55 0.30 0.60 (0.93) 0.64
’21 0.57 0.73 0.65 0.57 2.52
’20 0.22 0.47 0.40 0.65 1.67
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 124 143 — — —
’25 106 117 119 121 463
’24 83 93 91 94 361
’23 101 106 102 17 325
’22 101 103 108 10 321
’21 108 123 110 105 445
’20 91 105 104 105 405
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (22) 26 — — —
’25 17 12 3 25 57
’24 23 13 13 18 67
’23 15 12 12 27 67
’22 13 (6) 9 14 30
’21 24 13 12 19 68
’20 15 3 16 10 44
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (27) 26 — — —
’25 15 8 (1) 22 44
’24 22 11 13 17 62
’23 13 12 11 25 61
’22 10 (9) 8 13 22
’21 23 12 10 17 62
’20 14 2 14 8 38
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 206 286 333 362 405 445 321 325 361 463 507 +9.4% 567 639 872 +23.5%
Gross margin, % 48.75 43.73 42.85 37.88 46.90 48.90 55.36 56.28 55.89 57.08 59.16 +8.3 pt
EBT 15 27 32 19 50 65 42 62 65 83 69 +21.0%
EBT margin, % 7.23 9.42 9.49 5.28 12.38 14.66 13.10 19.09 18.01 17.96 13.65 +10.7 pt
Net income 27 20 25 16 38 51 11 38 41 68 60 +10.9%
Per share, $
Per share, $ Revenue 12.52 15.05 17.19 18.44 20.88 23.55 17.95 18.49 20.34 25.28 25.50 +8.1%
Earnings 1.63 1.06 1.31 0.83 1.97 2.75 0.65 2.19 2.24 3.18 2.38 +7.7%
Cash flow 0.55 1.56 0.68 1.93 2.25 3.61 1.69 3.80 3.78 3.13 1.62 +21.2%
Capex (0.19) (0.11) (0.12) (0.24) (0.32) (0.32) (0.44) (0.32) (0.26) (0.74) (0.63) +16.0%
Free cash flow 0.36 1.46 0.56 1.69 1.94 3.28 1.26 3.48 3.52 2.39 0.99 +23.5%
Book value 2.07 2.81 4.27 5.43 6.06 7.07 6.33 8.65 10.74 20.31 22.83 +28.9%
Shares, m 16 19 19 20 19 19 18 18 18 18 19 +1.2%
Valuation, ×
Valuation, × P/E 7.46 19.62 20.94 40.28 25.05 13.74 34.94 11.96 26.59 33.77 28.41 23.4
P/S 1.00 1.38 1.58 1.55 2.13 1.60 1.21 1.41 2.96 4.29 2.65 1.9
P/B 6.03 7.41 6.38 5.27 7.36 5.35 3.42 3.01 5.60 5.34 2.96 5.5
EV/Sales 2.04 2.08 2.24 2.07 2.81 2.25 2.15 2.17 3.85 4.70 2.94 2.6
EV/FCF 71.03 21.48 68.77 22.66 30.28 16.16 30.75 11.55 22.21 49.60 75.85 34.4
Cash, $m
Cash, $m Operating cash flow 9 30 13 38 44 68 30 67 67 57 32 +22.7%
Capex (3) (2) (2) (5) (6) (6) (8) (6) (5) (14) (13) +17.3%
Free cash flow 6 28 11 33 38 62 22 61 62 44 20 +24.9%
Balance, $m
Balance, $m Working capital 37 41 48 133 107 209 216 167 153 342 412 +27.9%
Net debt 215 199 217 189 272 289 303 249 202 71 26 (11.6%)
Shareholders’ equity 34 53 83 107 117 134 113 152 190 372 454 +30.4%
Returns, %
Returns, % ROA 10.20 7.12 8.14 4.13 8.10 9.49 1.98 6.74 7.49 9.25 6.14 (0.9) pt
ROIC 11.01 12.28 10.10 5.76 10.33 13.36 11.10 12.94 12.86 13.45 9.77 +2.4 pt
ROE (113.19) 46.25 37.20 17.16 34.09 41.45 9.42 28.99 23.25 20.69 13.13 +133.9 pt
People
People Employees 286 289 520 466 408 426 413 373 310 484 — +6.0%
Revenue/emp, $m 0.72 0.99 0.64 0.78 0.99 1.05 0.78 0.87 1.16 0.96 — +3.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Turning Point Brands, Inc. 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. $314.1B 29.5× 28.3× +5.47% (above 0%: growing) −4.93% (below 0%: shrinking) +21.31% (above 0%: growing) 68.67% 42.54% Compare
BTI British American Tobacco p.l.c. $135.6B 8.0× 13.9× +0.62% (above 0%: growing) +13.60% (above 0%: growing) +12.44% (above 0%: growing) 69.38% 0.00% Compare
MO Altria Group, Inc. $129.1B 16.1× 14.1× +0.99% (above 0%: growing) +6.83% (above 0%: growing) −1.35% (below 0%: shrinking) 64.27% 54.03% Compare
RLX RLX Technology Inc. Sponsored ADR $1.5B 15.3× 12.2× +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. $1.4B 28.4× 55.2× +22.57% (above 0%: growing) −77.78% (below 0%: shrinking) +235.11% (above 0%: growing) 65.55% 11.69%
AIIR Air Global PLC $1.2B 285× — — n/m −487.91% (below 0%: shrinking) 56.58% (46.44%) Compare
UVV Universal Corporation $1.0B — (loss-making) 13.0× −17.55% (below 0%: shrinking) −63.24% (below 0%: shrinking) −551.15% (below 0%: shrinking) 17.29% 6.86% Compare
ISPR Ispire Technology Inc. $82.6M — (loss-making) — (loss-making) +32.55% (above 0%: growing) n/m −26.12% (below 0%: shrinking) 6.32% (50.72%) Compare
RYM RYTHM, Inc. $35.4M 5.1× — (loss-making) +490.08% (above 0%: growing) n/m +217.62% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $1.3B 15.7× 13.9× +5.47% +6.83% −13.73% 47.81% 3.43%

All 11 Tobacco stocks →

Pay and ownership Proxy statement filed 25 March 2026

Ownership

Directors and executive officers, together 5.40%
The Vanguard Group, Inc. 7.30%
BlackRock, Inc. 7.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Turning Point Brands, Inc. (TPB) Latest News

26 Oct

Impact 3 · · Business Wire

18 Oct

Impact 3 · · Simply Wall St.

7 Oct

Impact 3 · · PR Newswire

3 Oct

Impact 4 · · Simply Wall St.

1 Oct

Impact 4 · · Simply Wall St.

28 Sep

Impact 4 · · Zacks

25 Sep

Impact 4 · · The Motley Fool

21 Sep

Impact 4 · · The Motley Fool
Impact 3 · · Barrons.com
Impact 3 · · Business Wire

15 Sep

Impact 3 · · Trefis
Impact 3 ·

8 Sep

Impact 3 ·

1 Sep

Impact 3 ·

28 Aug

Impact 4 · · MarketBeat

20 Aug

Impact 3 ·

12 Aug

Impact 3 ·

10 Aug

Impact 3 ·

9 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 3 ·

4 Aug

Impact 4 · transcript
Impact 4 ·

23 Jul

Impact 4 ·

11 Jun

Impact 3 · · Simply Wall St.

3 Jun

Impact 3 ·

20 May

Impact 3 · · PR Newswire

15 May

Impact 3 · · Simply Wall St.

9 May

Impact 3 · · Simply Wall St.

7 May

Impact 4 · · Moby
Impact 4 · · The Motley Fool
stockrow.com/TPB · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com