British American Tobacco p.l.c. (BTI) 10-Year Financial Performance & Capital Metrics

BTI • • Industrial / General

Consumer DefensiveTobaccoTraditional Tobacco ProductsGlobal Cigarette Manufacturers

AboutBritish American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the Americas, Europe, the Asia-Pacific, the Middle East, Africa, and the United States. It offers vapour, heated, and modern oral nicotine products; combustible cigarettes; and traditional oral products, such as snus and moist snuff. The company provides its products under the Vuse, glo, Velo, Grizzly, Kodiak, Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, and Camel brands. The company distributes its products to retail outlets. British American Tobacco p.l.c. was founded in 1902 and is based in London, the United Kingdom.Show more

Revenue $25.87B -5.2%
EBITDA $5.84B +138.6%
Net Income $3.07B +121.4%
EPS (Diluted) 1.36 +121.0%
Gross Margin 82.85% +0.9%
EBITDA Margin 22.57% +140.7%
Operating Margin 10.58% +118.3%
Net Margin 11.86% +122.5%
ROE 5.96% +126.7%
ROIC 2.39% +120.8%
Debt/Equity 0.74 -1.5%
Interest Coverage 2.49 +129.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 36.8% free cash flow margin
✓23 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.0%
✓Trading near 52-week high

✗Weaknesses

✗Profits declining 11.7% over 5 years
✗Dividend payout exceeds 100% of earnings
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.35%

5Y-0.01%

3Y0.24%

TTM-5.18%

Profit (Net Income) CAGR

10Y-0.15%

5Y-11.66%

3Y-23.31%

TTM-175.87%

EPS CAGR

10Y-2.03%

5Y-11.39%

3Y-22.84%

TTM-177.97%

ROCE

10Y Avg8.52%

5Y Avg2.84%

3Y Avg-0.78%

Latest2.69%

Peer Comparison

Global Cigarette Manufacturers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BTIBritish American Tobacco p.l.c.	126.1B	58.08	42.71	-5.19%	-20.75%	-22.78%	7.55%	0.74
PMPhilip Morris International Inc.	268.61B	172.56	38.18	7.69%	21.56%		4.01%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.54B	14.13B	19.56B	24.49B	25.88B	25.78B	25.68B	27.66B	27.28B	25.87B
Revenue Growth %	-0.1%	0.13%	0.38%	0.25%	0.06%	-0%	-0%	0.08%	-0.01%	-0.05%
Cost of Goods Sold+	3.03B	3.73B	5.03B	4.6B	4.46B	4.45B	4.6B	4.8B	4.89B	4.44B
COGS % of Revenue	0.24%	0.26%	0.26%	0.19%	0.17%	0.17%	0.18%	0.17%	0.18%	0.17%
Gross Profit+	9.5B	10.4B	14.53B	19.89B	21.42B	21.33B	21.09B	22.85B	22.39B	21.43B
Gross Margin %	0.76%	0.74%	0.74%	0.81%	0.83%	0.83%	0.82%	0.83%	0.82%	0.83%
Gross Profit Growth %	-0.13%	0.09%	0.4%	0.37%	0.08%	-0%	-0.01%	0.08%	-0.02%	-0.04%
Operating Expenses+	3.15B	3.58B	16.01B	9.98B	11.8B	11.37B	10.85B	12.33B	38.14B	18.56B
OpEx % of Revenue	0.25%	0.25%	0.82%	0.41%	0.46%	0.44%	0.42%	0.45%	1.4%	0.72%
Selling, General & Admin	1.95B	2.1B	2.61B	3B	2.87B	3.76B	3.81B	3.83B	3.86B	3.95B
SG&A % of Revenue	0.16%	0.15%	0.13%	0.12%	0.11%	0.15%	0.15%	0.14%	0.14%	0.15%
Research & Development	148M	144M	191M	105M	376M	307M	304M	323M	408M	380M
R&D % of Revenue	0.01%	0.01%	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	-3.05B	170M	136M	79M	8.55B	7.3B	6.74B	8.18B	33.88B	14.23B
Operating Income+	4.93B	5.26B	7.17B	10.03B	10.41B	9.96B	10.23B	10.52B	-15.75B	2.74B
Operating Margin %	0.39%	0.37%	0.37%	0.41%	0.4%	0.39%	0.4%	0.38%	-0.58%	0.11%
Operating Income Growth %	-0.02%	0.07%	0.36%	0.4%	0.04%	-0.04%	0.03%	0.03%	-2.5%	1.17%
EBITDA+	5.34B	5.8B	7.99B	11.02B	11.34B	10.8B	11.18B	11.25B	-15.12B	5.84B
EBITDA Margin %	0.43%	0.41%	0.41%	0.45%	0.44%	0.42%	0.44%	0.41%	-0.55%	0.23%
EBITDA Growth %	-0.02%	0.09%	0.38%	0.38%	0.03%	-0.05%	0.04%	0.01%	-2.34%	1.39%
D&A (Non-Cash Add-back)	402M	543M	817M	990M	931M	834M	949M	724M	634M	3.1B
EBIT	6.44B	4.69B	29.7B	9.54B	9.13B	10.94B	10.24B	11.5B	12.64B	4.64B
Net Interest Income+	-615M	-607M	-1.05B	-1.58B	-1.71B	-1.74B	-1.44B	-1.59B	-1.72B	-1.1B
Interest Income	494M	577M	1.01B	1.57B	1.7B	50M	35M	92M	186M	0
Interest Expense	584M	681M	1.2B	1.48B	1.81B	1.78B	1.49B	1.66B	1.89B	1.1B
Other Income/Expense	921M	989M	22.36B	-1.68B	-2.5B	-1.29B	-1.07B	-1.2B	-1.31B	802M
Pretax Income+	5.86B	6.25B	29.53B	8.35B	7.91B	8.67B	9.16B	9.32B	-17.06B	3.54B
Pretax Margin %	0.47%	0.44%	1.51%	0.34%	0.31%	0.34%	0.36%	0.34%	-0.63%	0.14%
Income Tax+	1.33B	1.41B	-8.13B	2.14B	2.06B	2.11B	2.19B	2.48B	-2.87B	357M
Effective Tax Rate %	0.73%	0.74%	1.27%	0.72%	0.72%	0.74%	0.74%	0.71%	0.84%	0.87%
Net Income+	4.29B	4.65B	37.53B	6.03B	5.7B	6.4B	6.8B	6.67B	-14.37B	3.07B
Net Margin %	0.34%	0.33%	1.92%	0.25%	0.22%	0.25%	0.26%	0.24%	-0.53%	0.12%
Net Income Growth %	0.38%	0.08%	7.08%	-0.84%	-0.05%	0.12%	0.06%	-0.02%	-3.16%	1.21%
Net Income (Continuing)	3.29B	2.61B	37.66B	5.79B	5.35B	6.56B	6.97B	6.85B	-14.19B	3.18B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	138M	224M	222M	244M	258M	282M	300M	342M	368M	352M
EPS (Diluted)+	2.30	2.49	18.28	2.66	2.49	2.79	2.96	2.92	-6.47	1.36
EPS Growth %	0.38%	0.08%	6.34%	-0.85%	-0.06%	0.12%	0.06%	-0.01%	-3.22%	1.21%
EPS (Basic)	2.31	2.50	18.34	2.68	2.50	2.80	2.97	2.93	-6.49	1.37
Diluted Shares Outstanding	2.26B	2.26B	2.26B	2.26B	2.26B	2.26B	2.26B	2.26B	2.23B	2.23B
Basic Shares Outstanding	2.25B	2.25B	2.25B	2.25B	2.25B	2.25B	2.25B	2.25B	2.22B	2.21B
Dividend Payout Ratio	0.65%	0.63%	0.09%	0.72%	0.81%	0.74%	0.72%	0.74%	-	1.7%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	9.81B	12.36B	13.97B	12.65B	13.27B	13.61B	12.81B	15.41B	14.19B	14.29B
Cash & Short-Term Investments	2B	2.22B	3.36B	2.78B	2.65B	3.38B	3.27B	4.03B	2.96B	5.81B
Cash Only	1.96B	2.2B	3.29B	2.6B	2.53B	3.14B	2.81B	3.45B	2.36B	5.3B
Short-Term Investments	35M	15M	65M	178M	123M	242M	456M	579M	601M	513.4M
Accounts Receivable	2.35B	2.7B	3.31B	2.87B	3.37B	3.8B	4.07B	4.52B	3.79B	2.85B
Days Sales Outstanding	68.57	69.64	61.68	42.74	47.52	53.81	57.81	59.6	50.74	40.29
Inventory	4.25B	5.79B	5.86B	6.03B	6.09B	6B	5.28B	5.67B	4.94B	4.62B
Days Inventory Outstanding	511.1	566.42	425.27	478.7	498.61	492.3	419.15	430.87	368.51	379.81
Other Current Assets	1.21B	1.65B	1.44B	978M	1.16B	433M	195M	1.2B	195M	1.01B
Total Non-Current Assets+	21.7B	27.41B	127.07B	133.69B	127.73B	124.08B	124.56B	138.14B	104.53B	104.61B
Property, Plant & Equipment	3.02B	3.66B	4.88B	5.17B	5.52B	5.06B	4.95B	4.87B	4.58B	4.38B
Fixed Asset Turnover	4.15x	3.86x	4.01x	4.74x	4.69x	5.09x	5.19x	5.68x	5.95x	5.91x
Goodwill	9.32B	11.02B	44.15B	46.16B	44.32B	43.32B	43.19B	47.96B	41.09B	41.13B
Intangible Assets	1.11B	1.09B	73.64B	77.85B	74.47B	72.02B	72.43B	81.12B	54.47B	53.15B
Long-Term Investments	6.94B	9.54B	1.55B	1.6B	1.75B	1.58B	1.54B	1.56B	1.49B	2.05B
Other Non-Current Assets	978M	1.67B	2.53B	2.57B	1.25B	1.56B	1.83B	1.95B	1.99B	3.9B
Total Assets+	31.52B	39.77B	141.04B	146.34B	141B	137.69B	137.37B	153.55B	118.72B	118.9B
Asset Turnover	0.40x	0.36x	0.14x	0.17x	0.18x	0.19x	0.19x	0.18x	0.23x	0.22x
Asset Growth %	0.2%	0.26%	2.55%	0.04%	-0.04%	-0.02%	-0%	0.12%	-0.23%	0%
Total Current Liabilities+	9.01B	11.86B	15.54B	16.33B	18.82B	15.48B	15.14B	17.85B	15.67B	18.74B
Accounts Payable	5.94B	7.33B	8.91B	10.63B	9.73B	9.69B	9.58B	10.45B	9.7B	9.56B
Days Payables Outstanding	714.48	717.19	646.02	844.1	795.87	795.58	760.41	793.9	723.88	786.4
Short-Term Debt	2.19B	3.01B	4.98B	3.75B	7.09B	3.9B	3.87B	4.27B	4.19B	4.17B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	-1000K	0
Other Current Liabilities	460M	956M	975M	1.07B	1.31B	876M	696M	1.94B	657M	3.18B
Current Ratio	1.09x	1.04x	0.90x	0.78x	0.71x	0.88x	0.85x	0.86x	0.91x	0.76x
Quick Ratio	0.62x	0.55x	0.52x	0.41x	0.38x	0.49x	0.50x	0.55x	0.59x	0.52x
Cash Conversion Cycle	-134.81	-81.13	-159.08	-322.66	-249.73	-249.47	-283.45	-303.42	-304.63	-366.3
Total Non-Current Liabilities+	17.48B	19.51B	64.47B	64.33B	58.02B	59.26B	54.82B	59.98B	50.11B	50.16B
Long-Term Debt	14.79B	16.47B	44.03B	43.28B	37.8B	39.59B	35.35B	38.35B	35.04B	32.19B
Capital Lease Obligations	19M	16M	12M	7M	425M	338M	320M	375M	367M	444M
Deferred Tax Liabilities	563M	652M	17.13B	17.78B	17.05B	16.31B	16.46B	18.43B	12.19B	11.68B
Other Non-Current Liabilities	2.67B	3.02B	3.3B	3.27B	2.74B	3.02B	2.69B	2.83B	2.51B	5.84B
Total Liabilities	26.48B	31.37B	80.01B	80.65B	76.84B	74.73B	69.96B	77.84B	65.78B	68.9B
Total Debt+	17B	19.5B	49.45B	47.51B	45.37B	43.97B	39.66B	43.14B	39.73B	36.95B
Net Debt	15.04B	17.29B	46.16B	44.91B	42.84B	40.83B	36.85B	39.69B	37.37B	31.65B
Debt / Equity	3.38x	2.32x	0.81x	0.72x	0.71x	0.70x	0.59x	0.57x	0.75x	0.74x
Debt / EBITDA	3.19x	3.36x	6.19x	4.31x	4.00x	4.07x	3.55x	3.84x	-	6.33x
Net Debt / EBITDA	2.82x	2.98x	5.78x	4.07x	3.78x	3.78x	3.30x	3.53x	-	5.42x
Interest Coverage	8.45x	7.72x	5.99x	6.76x	5.75x	5.58x	6.86x	6.33x	-8.35x	2.49x
Total Equity+	5.03B	8.41B	61.03B	65.69B	64.16B	62.95B	67.4B	75.71B	52.93B	49.99B
Equity Growth %	-0.13%	0.67%	6.26%	0.08%	-0.02%	-0.02%	0.07%	0.12%	-0.3%	-0.06%
Book Value per Share	2.22	3.71	26.95	29.01	28.33	27.80	29.76	33.43	23.75	22.47
Total Shareholders' Equity	4.89B	8.18B	60.8B	65.44B	63.9B	62.67B	67.1B	75.37B	52.57B	49.64B
Common Stock	507M	507M	614M	614M	614M	614M	614M	614M	614M	585M
Retained Earnings	1.75B	3.33B	36.98B	38.56B	40.23B	47.19B	49.33B	51.2B	31.63B	26.02B
Treasury Stock	0	0	0	0	0	-5.15B	-5.12B	-7.12B	-7.1B	-4.41B
Accumulated OCI	-4.46B	31M	-3.29B	-232M	-3.45B	19.82B	-4.42B	30.56B	27.31B	27.33B
Minority Interest	138M	224M	222M	244M	258M	282M	300M	342M	368M	352M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.72B	4.61B	5.35B	10.29B	9B	9.79B	9.72B	10.39B	10.71B	10.13B
Operating CF Margin %	0.38%	0.33%	0.27%	0.42%	0.35%	0.38%	0.38%	0.38%	0.39%	0.39%
Operating CF Growth %	0.27%	-0.02%	0.16%	0.93%	-0.13%	0.09%	-0.01%	0.07%	0.03%	-0.05%
Net Income	4.29B	4.65B	37.48B	6.03B	5.7B	6.4B	6.8B	6.67B	-14.19B	3.18B
Depreciation & Amortization	402M	494M	723M	800M	994M	961M	901M	834M	24B	3.1B
Stock-Based Compensation	60M	84M	117M	123M	120M	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	1.19B	181M	-32.38B	1.87B	2.59B	2B	2.08B	2.79B	1.37B	-1.93B
Working Capital Changes	-1.23B	-797M	-596M	1.47B	-416M	429M	-62M	103M	-469M	5.78B
Change in Receivables	-508M	87M	-732M	502M	-699M	300M	-393M	-42M	-487M	-269M
Change in Inventory	-520M	-638M	1.41B	-192M	-371M	-144M	433M	-246M	265M	35M
Change in Payables	732M	428M	-685M	123M	730M	0	183M	3M	353M	0
Cash from Investing+	-3.99B	-640M	-18.54B	-1.02B	-639M	-783M	-1.14B	-705M	-296M	1.38B
Capital Expenditures	-483M	-586M	-791M	-758M	-664M	-511M	-527M	-523M	-460M	-486M
CapEx % of Revenue	0.04%	0.04%	0.04%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.51B	3M	-96M	-263M	-91M	-29M	-154M	-14M	85M	249M
Cash from Financing+	-219M	-4.23B	14.76B	-9.63B	-8.59B	-7.9B	-8.75B	-8.88B	-9.31B	-10.63B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.77B	-2.91B	-3.46B	-4.35B	-4.6B	-4.75B	-4.9B	-4.92B	-5.11B	-5.21B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.3B	-891M	-1.68B	-1.66B	-2.48B	-2.33B	102M	-2.09B	-2.46B	-2.21B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	4.24B	4.02B	4.56B	9.54B	8.33B	9.28B	9.19B	9.87B	10.25B	9.52B
FCF Margin %	0.34%	0.28%	0.23%	0.39%	0.32%	0.36%	0.36%	0.36%	0.38%	0.37%
FCF Growth %	0.33%	-0.05%	0.13%	1.09%	-0.13%	0.11%	-0.01%	0.07%	0.04%	-0.07%
FCF per Share	1.87	1.78	2.01	4.21	3.68	4.10	4.06	4.36	4.60	4.28
FCF Conversion (FCF/Net Income)	1.10x	0.99x	0.14x	1.71x	1.58x	1.53x	1.43x	1.56x	-0.75x	3.30x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	79.11%	69.18%	108.11%	9.52%	8.79%	10.07%	10.43%	9.32%	-22.34%	5.96%
Return on Invested Capital (ROIC)	20.38%	17.23%	8.09%	6.91%	7.18%	7.09%	7.38%	7.19%	-11.49%	2.39%
Gross Margin	75.81%	73.58%	74.27%	81.23%	82.76%	82.75%	82.1%	82.63%	82.07%	82.85%
Net Margin	34.22%	32.89%	191.85%	24.63%	22.04%	24.83%	26.48%	24.1%	-52.66%	11.86%
Debt / Equity	3.38x	2.32x	0.81x	0.72x	0.71x	0.70x	0.59x	0.57x	0.75x	0.74x
Interest Coverage	8.45x	7.72x	5.99x	6.76x	5.75x	5.58x	6.86x	6.33x	-8.35x	2.49x
FCF Conversion	1.10x	0.99x	0.14x	1.71x	1.58x	1.53x	1.43x	1.56x	-0.75x	3.30x
Revenue Growth	-10.27%	12.72%	38.46%	25.19%	5.65%	-0.39%	-0.36%	7.67%	-1.35%	-5.19%

Revenue by Segment

	2017	2018	2019	2020	2021	2022
Combustibles	-	-	-	22.75B	22.03B	23.03B
Combustibles Growth	-	-	-	-	-3.18%	4.54%
Traditional Oral	-	-	-	1.16B	1.12B	1.21B
Traditional Oral Growth	-	-	-	-	-3.62%	8.14%
Others	-	-	-	421M	483M	522M
Others Growth	-	-	-	-	14.73%	8.07%
T H P	-	-	35M	-	-	-
T H P Growth	-	-	-	-	-	-
Vapour	-	-	9M	-	-	-
Vapour Growth	-	-	-	-	-	-
Modern Oral	-	-	-3M	-	-	-
Modern Oral Growth	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022
Foreign countries	-	-	-	-	25.48B	27.43B
Foreign countries Growth	-	-	-	-	-	7.66%
Foreign Countries	20.08B	24.31B	25.7B	25.59B	-	-
Foreign Countries Growth	-	21.05%	5.72%	-0.43%	-	-

Frequently Asked Questions

Valuation & Price

British American Tobacco p.l.c. (BTI) has a price-to-earnings (P/E) ratio of 42.7x. This suggests investors expect higher future growth.

Growth & Financials

British American Tobacco p.l.c. (BTI) reported $51.78B in revenue for fiscal year 2024. This represents a 236% increase from $15.40B in 2011.

British American Tobacco p.l.c. (BTI) saw revenue decline by 5.2% over the past year.

British American Tobacco p.l.c. (BTI) reported a net loss of $10.75B for fiscal year 2024.

Dividend & Returns

Yes, British American Tobacco p.l.c. (BTI) pays a dividend with a yield of 4.03%. This makes it attractive for income-focused investors.

British American Tobacco p.l.c. (BTI) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.

British American Tobacco p.l.c. (BTI) generated $18.71B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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