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. In the quarter to June 2026, revenue grew 22.6%, EPS fell 77.8%, free cash flow grew 235.1% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three.
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Turning Point Brands, Inc. (TPB) Altman Z-score
Turning Point Brands, Inc.'s Altman Z-score for fiscal 2025 is 4.96, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.96 | 0.79 |
| FY2024 | 4.17 | 1.83 |
| FY2023 | 2.35 | 0.20 |
| FY2022 | 2.14 | (0.59) |
| FY2021 | 2.74 | (0.20) |
| FY2020 | 2.94 | 0.63 |
| FY2019 | 2.31 | (0.44) |
| FY2018 | 2.75 | 0.16 |
| FY2017 | 2.58 | 1.04 |
| FY2016 | 1.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.45 | — | 0.54 | |
| Retained earnings / total assets | 0.26 | — | 0.37 | |
| EBIT / total assets | 0.12 | — | 0.41 | |
| Market value of equity / total liabilities | 5.07 | — | 3.04 | |
| Sales / total assets | 0.61 | — | 0.61 | |
| Altman Z-score | Safe zone | 4.96 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.63 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RLX RLX Technology Inc. Sponsored ADR compare | 6.6× |
| TPB Turning Point Brands, Inc. | 5.0× |
| MO Altria Group, Inc. compare | 4.4× |
| PM Philip Morris International Inc. compare | 3.9× |
| UVV Universal Corporation compare | 3.1× |
| BTI British American Tobacco p.l.c. compare | 1.7× |
| ISPR Ispire Technology Inc. compare | −1.5× |
| RYM RYTHM, Inc. compare | −5.0× |
| AIIR Air Global PLC compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets