British American Tobacco
BTI
53.90
+0.89
+1.68%
British American Tobacco
US · BTI
#174 by market cap
Listed 1970
53.90
+0.89
+1.68%
Live - 5344 symbols - heartbeat 6s ago
· 2026-10-08 08:30
Pre-market
54.91
+1.87%
After-hours
53.90
0.00%
Overnight
54.39
+0.91%
- Market cap
- 115.94B
- P/E (TTM)i
- 14.03
- P/Bi
- 1.81
- EPSi
- 4.61
- Div yieldi
- 6.05%
- 52W posi
- 37%
Reader sentiment
Are you bullish or bearish on BTI?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Fair
- Altman Z-Score is 2.05, in the 1.8-3.0 "grey zone".
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year -0.99% YoY
Margins
- Gross margin
- 83.50%
- Operating margin
- 45.53%
- Net margin
- 29.98%
Key ratios & quality
- Enterprise valuei
- 147.13B
- PEG ratioi
- 2.69
- Altman Z-Scorei
- 2.05
PEG uses trailing P/E against the 3-year net income growth rate (5.21%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.49B | 25.88B | 25.78B | 25.68B | 27.66B | 27.28B | 25.87B | 25.61B |
| Gross profit | 19.94B | 21.44B | 21.64B | 21.30B | 23.10B | 22.64B | 21.43B | 21.38B |
| Selling & admin expenses | 25.40M | 1.17B | 1.12B | 1.27B | 1.19B | 1.18B | 1.14B | 1.12B |
| Research & development | 105.00M | 126.00M | 121.00M | 141.00M | 138.00M | 181.00M | 174.00M | 133.00M |
| Operating profit | 9.43B | 12.08B | 16.62B | 13.36B | 14.28B | -8.53B | 10.63B | 11.66B |
| Pretax profit | 8.35B | 7.91B | 8.67B | 9.16B | 9.32B | -17.06B | 3.54B | 9.86B |
| Tax | 2.14B | 2.06B | 2.11B | 2.19B | 2.48B | -2.87B | 357.00M | 2.09B |
| Net profit | 6.21B | 5.85B | 6.56B | 6.97B | 6.85B | -14.19B | 3.18B | 7.77B |
| Basic EPS | 3 | 2 | 3 | 3 | 3 | -6 | 1 | 4 |
| Diluted EPS | 2.63 | 2.49 | 2.79 | 2.96 | 2.92 | -6.47 | 1.36 | 3.49 |
| Line item | 2023-12 | 2024-06 | 2024-12 | 2025-06 | 2025-12 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | -- |
| Gross profit | -- | -- | -- | -- | -- | -- |
| Selling & admin expenses | -- | -- | -- | -- | -- | -- |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | -- | -- | -- | -- | -- | -- |
| Pretax profit | -- | -- | -- | -- | -- | -- |
| Tax | -- | -- | -- | -- | -- | -- |
| Net profit | -- | -- | -- | -- | -- | -- |
| Basic EPS | -- | -- | -- | -- | -- | -- |
| Diluted EPS | -- | -- | -- | -- | -- | -- |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 12.66B | 13.27B | 13.61B | 12.81B | 15.41B | 14.19B | 14.29B | 12.68B |
| Cash & ST investments | 2.61B | 2.02B | 2.05B | 1.94B | 2.29B | 2.96B | 3.40B | 3.51B |
| Inventory | 6.03B | 6.09B | 6.00B | 5.28B | 5.67B | 4.94B | 4.62B | 4.38B |
| Total assets | 146.34B | 141.01B | 137.69B | 137.37B | 153.55B | 118.72B | 118.90B | 109.29B |
| Total current liabilities | 16.33B | 18.82B | 15.48B | 15.14B | 17.85B | 15.67B | 18.74B | 14.52B |
| Short-term debt | 4.23B | 7.56B | 4.04B | 3.99B | 4.41B | 4.32B | 4.31B | 3.36B |
| Long-term debt | 43.28B | 37.38B | 39.59B | 35.35B | 38.35B | 35.04B | 32.19B | 31.33B |
| Total liabilities | 80,654,000,000.00 | 76,845,000,000.00 | 74,735,000,000.00 | 69,964,000,000.00 | 77,836,000,000.00 | 65,782,000,000.00 | 68,904,000,000.00 | 61,145,000,000.00 |
| Total equity | 65.69B | 64.16B | 62.96B | 67.40B | 75.71B | 52.93B | 50.00B | 48.15B |
| Retained earnings | 38.56B | 40.23B | 47.19B | 49.33B | 51.20B | 31.63B | 26.02B | 27.31B |
| Line item | 2023-12 | 2024-06 | 2024-12 | 2025-06 | 2025-12 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 14.19B | 15.87B | 14.29B | 13.88B | 12.68B | 11.92B |
| Cash & ST investments | 2.96B | 6.63B | 3.40B | 4.89B | 3.51B | 2.53B |
| Inventory | 4.94B | 5.33B | 4.62B | 5.09B | 4.38B | 4.85B |
| Total assets | 118.72B | 119.37B | 118.90B | 110.23B | 109.29B | 108.39B |
| Total current liabilities | 15.67B | 18.04B | 18.74B | 16.00B | 14.52B | 14.28B |
| Short-term debt | 4.32B | 7.31B | 4.31B | 3.30B | 3.36B | 4.02B |
| Long-term debt | 35.04B | -- | 32.19B | -- | 31.33B | -- |
| Total liabilities | 65,782,000,000.00 | 64,900,000,000.00 | 68,904,000,000.00 | 63,049,000,000.00 | 61,145,000,000.00 | 59,793,000,000.00 |
| Total equity | 52.93B | 54.47B | 50.00B | 47.18B | 48.15B | 48.60B |
| Retained earnings | 31.63B | 26.03B | 26.02B | 22.99B | 27.31B | 22.81B |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.30B | 9.00B | 9.79B | 9.72B | 10.39B | 10.71B | 10.13B | 6.34B |
| Depreciation & amortization | -- | -- | -- | -- | -- | -- | -- | -- |
| Free cash flow | 9.35B | 8.18B | 9.03B | 8.97B | 9.74B | 10.11B | 9.52B | 5.64B |
| Dividends paid | -4.35B | -4.60B | -4.75B | -4.90B | -4.92B | -5.06B | -5.21B | -5.24B |
| Stock buybacks / issuance | -139.00M | -117.00M | -18.00M | -82.00M | -2.09B | -110.00M | -792.00M | -1.17B |
| Ending cash balance | 2.33B | 2.04B | 2.89B | 2.46B | 3.34B | 4.52B | 5.10B | 3.79B |
| Line item | 2023-12 | 2024-06 | 2024-12 | 2025-06 | 2025-12 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | -- | -- | -- | -- | -- | -- |
| Depreciation & amortization | -- | -- | -- | -- | -- | -- |
| Free cash flow | -- | -- | -- | -- | -- | -- |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | -- |
| Ending cash balance | -- | -- | -- | -- | -- | -- |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 9.56 | 8.82 | 10.11 | 10.46 | 9.29 | -22.53 | 5.92 | 15.74 |
| ROA %i | 4.20 | 3.97 | 4.59 | 4.94 | 4.55 | -10.59 | 2.55 | 6.73 |
| ROIC %i | 6.45 | 6.27 | 7.14 | 7.40 | 6.90 | -12.33 | 4.96 | 10.64 |
| 5-year avg ROE %i | 64.63 | 56.14 | 41.67 | 29.54 | 9.65 | 3.23 | 2.65 | 3.78 |
| EBIT margin %i | 40.77 | 37.49 | 40.56 | 41.48 | 39.73 | -55.62 | 20.72 | 46.02 |
| FCF / sales %i | 38.18 | 31.61 | 35.04 | 34.93 | 35.21 | 37.07 | 36.79 | 22.01 |
| Current ratioi | 0.78 | 0.71 | 0.88 | 0.85 | 0.86 | 0.91 | 0.76 | 0.87 |
| Quick ratioi | 0.38 | 0.32 | 0.37 | 0.39 | 0.37 | 0.42 | 0.37 | 0.50 |
| Debt / assetsi | 32.46 | 32.17 | 31.93 | 28.87 | 28.10 | 33.47 | 31.08 | 32.09 |
| LT debt / equityi | 66.14 | 59.16 | 63.71 | 53.15 | 51.38 | 67.36 | 65.75 | 66.16 |
| Interest coveragei | 6.11 | 5.43 | 5.86 | 7.15 | 6.61 | -8.04 | 2.94 | 6.12 |
| Revenue CAGR (3Y) %i | 23.18 | 22.35 | 9.63 | 1.60 | 2.24 | 1.91 | 0.24 | -2.53 |
| Net income CAGR (3Y) %i | 12.03 | 7.06 | -44.52 | 4.08 | 5.33 | -- | -23.31 | 5.21 |
| FCF CAGR (3Y) %i | 31.43 | 27.62 | 27.38 | -1.37 | 5.98 | 3.84 | 1.99 | -16.65 |
| Line item | 2023-12 | 2024-06 | 2024-12 | 2025-06 | 2025-12 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | -22.53 | -21.96 | 5.92 | 6.03 | 15.74 | 13.33 |
| ROA %i | -10.59 | -10.46 | 2.55 | 2.65 | 6.73 | 5.81 |
| ROIC %i | -12.33 | -12.30 | 4.96 | 6.01 | 10.64 | 8.94 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | -55.62 | -59.17 | 20.72 | 23.43 | 46.02 | 37.62 |
| FCF / sales %i | 37.07 | 37.76 | 36.79 | 33.85 | 22.01 | 26.02 |
| Current ratioi | 0.91 | 0.88 | 0.76 | 0.87 | 0.87 | 0.84 |
| Quick ratioi | 0.42 | 0.57 | 0.37 | 0.52 | 0.50 | 0.45 |
| Debt / assetsi | 33.47 | 33.64 | 31.08 | 31.94 | 32.09 | 32.35 |
| LT debt / equityi | 67.36 | 60.71 | 65.75 | 68.06 | 66.16 | 64.17 |
| Interest coveragei | -8.04 | -12.19 | 2.94 | 2.41 | 6.12 | 7.13 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Single-engine
- Combustibles is the largest reported line at 78.88% of revenue, across 6 reported segments.
- The next-largest line, Vapour, is a distant second at 6.02% - a sharp slowdown here would have little to offset it.
Revenue breakdown most recent period
Business
Combustibles78.88%
Vapour6.02%
Modern Oral4.55%
Traditional Oral4.07%
Heated Products (HP)3.57%
Other2.91%
Region
US45.04%
Americas and Europe (AME)36.35%
Asia-Pacific, Middle East and Africa (APMEA)18.61%
Quote time 2026-10-08 08:30:03 · For reference only, not investment advice and not tailored to your situation.