British American Tobacco p.l.c.BTI
NYSE•Consumer Defensive•Tobacco
British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the United States, Europe, Latin America, Canada, the Asia-Pacific, the Middle East, Central Asia, Caucasus, and Africa. The company offers vapour products; heated products, which consists of a battery-powered device and a plant-based substance consumable that is heated; modern oral products, such as nicotine pouches; combustibles, including cigarette sticks and other tobacco stick products; traditional oral products, such as snus and moist snuff; and fine cut/roll-your-own tobacco products. It sells its products under the Vuse, glo, Velo, Grizzly, Kodiak, Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, and Camel Snus brands, as well as Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, and State Express 555 brands. The company distributes its products to retail outlets. British American Tobacco p.l.c. was founded in 1902 and is headquartered in London, the United Kingdom.
British American Tobacco Indus (BTI) reported trailing twelve months revenue of $51.48B as of December 2025, a 50.5% increase year-over-year. Quarterly revenue reached $13.54B, reflecting continued top-line momentum.
British American Tobacco Indus generated $10.83B in TTM net income, with quarterly EBITDA of $6.41B. The operating margin stands at 36.4%.
The spread between operating margin (36.4%) and net margin (24.0%) indicates moderate non-operating costs. Net margin has improved from 0.0% a year ago, signaling stronger bottom-line efficiency.
BTI trades at a P/E of 11.4x (below the broader market average) and a P/S of 2.4x. The price-to-book ratio of 2.6x reflects a moderate premium to book value.
The company generated $2.98B in free cash flow over the trailing twelve months, indicating cash generation ability. The balance sheet shows $109.29B in total assets with $31.33B in long-term debt against $47.93B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 4.7%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has grown modestly overall (~47.3%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg 0.0x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation