British American Tobacco p.l.c. (BTI) Financial Ratios
30 years of historical data (1995–2024) · Consumer Defensive · Tobacco
EV/EBITDA
↑
21.71
↑+63% vs avg
5yr avg: 13.34
30Y Low8.4·High65.6
P/FCF
↓
9.99
+18% vs avg
5yr avg: 8.48
30Y Low6.4·High125.6
P/B Ratio
↑
1.95
↑+47% vs avg
5yr avg: 1.33
30Y Low1.1·High51.2
ROE
↓
6.0%
↓+122% vs avg
5yr avg: 2.7%
30Y Low-22%·High124%
Debt/EBITDA
↑
6.33
↑+42% vs avg
5yr avg: 4.45
30Y Low0.0·High6.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BTI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
British American Tobacco p.l.c. trades at 32.2x earnings, 94% above its 5-year average of 16.6x, sitting at the 86th percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 19.6x, the stock trades at a premium of 64%. On a free-cash-flow basis, the stock trades at 10.0x P/FCF, 18% above the 5-year average of 8.5x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $129.2B | $80.8B | $65.3B | $90.5B | $84.7B | $84.9B | $96.2B | $72.2B | $151.7B | $127.6B | $125.1B |
| Enterprise Value | $172.2B | $112.5B | $102.7B | $130.2B | $121.6B | $125.7B | $139.0B | $117.1B | $197.9B | $144.9B | $140.1B |
| P/E Ratio → | 32.23 | 26.71 | — | 13.69 | 12.64 | 13.44 | 17.05 | 11.98 | 3.66 | 22.63 | 24.01 |
| P/S Ratio | 3.67 | 3.12 | 2.39 | 3.27 | 3.30 | 3.29 | 3.72 | 2.95 | 7.75 | 9.03 | 9.98 |
| P/B Ratio | 1.95 | 1.62 | 1.23 | 1.20 | 1.26 | 1.35 | 1.50 | 1.10 | 2.49 | 15.18 | 24.86 |
| P/FCF | 9.99 | 8.49 | 6.37 | 9.17 | 9.22 | 9.15 | 11.54 | 7.57 | 33.30 | 31.71 | 29.52 |
| P/OCF | 9.39 | 7.98 | 6.09 | 8.71 | 8.72 | 8.68 | 10.69 | 7.01 | 28.37 | 27.68 | 26.50 |
P/E links to full P/E history page with 30-year chart
BTI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
British American Tobacco p.l.c.'s enterprise value stands at 21.7x EBITDA, 63% above its 5-year average of 13.3x. The Consumer Defensive sector median is 11.5x, placing the stock at a 88% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.35 | 3.76 | 4.71 | 4.73 | 4.88 | 5.37 | 4.78 | 10.11 | 10.25 | 11.18 |
| EV / EBITDA | 21.71 | 19.27 | — | 11.58 | 10.87 | 11.65 | 12.25 | 10.62 | 24.78 | 24.98 | 26.26 |
| EV / EBIT | 46.31 | 24.26 | 8.12 | 11.32 | 11.87 | 11.49 | 15.22 | 12.27 | 6.66 | 30.87 | 21.77 |
| EV / FCF | — | 11.82 | 10.01 | 13.19 | 13.23 | 13.56 | 16.68 | 12.27 | 43.43 | 36.00 | 33.07 |
BTI Profitability
Margins and return-on-capital ratios measuring operating efficiency
British American Tobacco p.l.c. earns an operating margin of 10.6%, above the Consumer Defensive sector average of 1.5%. Operating margins have compressed from 38.1% to 10.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 6.0% is modest, trailing the sector median of 7.7%. ROIC of 2.4% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.9% | 82.9% | 82.1% | 82.6% | 82.1% | 82.7% | 82.8% | 81.2% | 74.3% | 73.6% | 75.8% |
| Operating Margin | 10.6% | 10.6% | -57.7% | 38.1% | 39.8% | 38.6% | 40.2% | 41.0% | 36.6% | 37.2% | 39.4% |
| Net Profit Margin | 11.9% | 11.9% | -52.7% | 24.1% | 26.5% | 24.8% | 22.0% | 24.6% | 191.8% | 32.9% | 34.2% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | 6.0% | -22.3% | 9.3% | 10.4% | 10.1% | 8.8% | 9.5% | 108.1% | 69.2% | 79.1% |
| ROA | 2.6% | 2.6% | -10.6% | 4.6% | 4.9% | 4.6% | 4.0% | 4.2% | 41.5% | 13.0% | 14.9% |
| ROIC | 2.4% | 2.4% | -11.5% | 7.2% | 7.4% | 7.1% | 7.2% | 6.9% | 8.1% | 17.2% | 20.4% |
| ROCE | 2.7% | 2.7% | -13.2% | 8.2% | 8.4% | 8.2% | 8.3% | 7.9% | 9.3% | 20.8% | 24.7% |
BTI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
British American Tobacco p.l.c. carries a Debt/EBITDA ratio of 6.3x, which is highly leveraged (88% above the sector average of 3.4x). Net debt stands at $31.7B ($37.0B total debt minus $5.3B cash). Interest coverage of just 2.5x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.74 | 0.74 | 0.75 | 0.57 | 0.59 | 0.70 | 0.71 | 0.72 | 0.81 | 2.32 | 3.38 |
| Debt / EBITDA | 6.33 | 6.33 | — | 3.84 | 3.55 | 4.07 | 4.00 | 4.31 | 6.19 | 3.36 | 3.19 |
| Net Debt / Equity | — | 0.63 | 0.71 | 0.52 | 0.55 | 0.65 | 0.67 | 0.68 | 0.76 | 2.06 | 2.99 |
| Net Debt / EBITDA | 5.42 | 5.42 | — | 3.53 | 3.30 | 3.78 | 3.78 | 4.07 | 5.78 | 2.98 | 2.82 |
| Debt / FCF | — | 3.33 | 3.64 | 4.02 | 4.01 | 4.40 | 5.14 | 4.71 | 10.13 | 4.30 | 3.55 |
| Interest Coverage | 2.49 | 2.49 | -8.35 | 6.33 | 6.86 | 5.58 | 5.75 | 6.76 | 5.99 | 7.72 | 8.45 |
BTI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.76x is below 1.0, meaning current liabilities exceed current assets — though the company's $5.3B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.86x to 0.76x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.76 | 0.76 | 0.91 | 0.86 | 0.85 | 0.88 | 0.71 | 0.78 | 0.90 | 1.04 | 1.09 |
| Quick Ratio | 0.52 | 0.52 | 0.59 | 0.55 | 0.50 | 0.49 | 0.38 | 0.41 | 0.52 | 0.55 | 0.62 |
| Cash Ratio | 0.31 | 0.31 | 0.19 | 0.23 | 0.22 | 0.22 | 0.14 | 0.17 | 0.22 | 0.19 | 0.22 |
| Asset Turnover | — | 0.22 | 0.23 | 0.18 | 0.19 | 0.19 | 0.18 | 0.17 | 0.14 | 0.36 | 0.40 |
| Inventory Turnover | 0.96 | 0.96 | 0.99 | 0.85 | 0.87 | 0.74 | 0.73 | 0.76 | 0.86 | 0.64 | 0.71 |
| Days Sales Outstanding | — | 40.29 | 50.74 | 59.60 | 57.81 | 53.81 | 47.52 | 42.74 | 61.68 | 69.64 | 68.57 |
BTI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
British American Tobacco p.l.c. returns 6.2% to shareholders annually — split between a 5.3% dividend yield and 0.8% buyback yield. The payout ratio exceeds 100% at 169.9%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.3% | 6.5% | 7.7% | 5.4% | 5.8% | 5.6% | 4.8% | 6.0% | 2.3% | 2.3% | 2.2% |
| Payout Ratio | 169.9% | 169.9% | — | 73.7% | 72.1% | 74.1% | 80.6% | 72.1% | 9.2% | 62.6% | 64.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.7% | — | 7.3% | 7.9% | 7.4% | 5.9% | 8.3% | 27.3% | 4.4% | 4.2% |
| FCF Yield | 10.0% | 11.8% | 15.7% | 10.9% | 10.8% | 10.9% | 8.7% | 13.2% | 3.0% | 3.2% | 3.4% |
| Buyback Yield | 0.8% | 1.0% | 0.2% | 2.3% | 0.1% | 0.0% | 0.1% | 0.2% | 0.1% | 0.1% | 0.0% |
| Total Shareholder Yield | 6.2% | 7.4% | 7.9% | 7.7% | 5.9% | 5.6% | 4.9% | 6.2% | 2.4% | 2.3% | 2.3% |
| Shares Outstanding | — | $2.2B | $2.2B | $2.3B | $2.3B | $2.3B | $2.3B | $2.3B | $2.3B | $2.3B | $2.3B |
Peer Comparison
Compare BTI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BTIYou | $129B | 32.2 | 21.7 | 10.0 | 82.9% | 10.6% | 6.0% | 2.4% | 6.3 |
 MO | $117B | 17.1 | 9.0 | 12.9 | 86.6% | 74.8% | — | 60.4% | 1.7 |
 PM | $266B | 23.5 | 18.3 | 24.9 | 67.1% | 36.7% | — | 33.2% | 2.9 |
 TPB | $2B | 26.1 | 16.0 | 35.4 | 57.1% | 20.6% | 20.7% | 16.6% | 3.0 |
 UVV | $1B | 14.3 | 7.2 | 5.1 | 18.6% | 8.3% | 6.4% | 7.6% | 3.6 |
 XXII | $621210 | — | — | — | -20.2% | -117.4% | -378.0% | -148.2% | — |
 STG | $45M | 0.9 | -0.0 | 1.6 | 84.0% | 15.0% | 78.2% | 447.4% | 0.6 |
 CRON | $1000M | — | — | — | 32.5% | -1.5% | -0.9% | -0.8% | — |
 IIPR | $2B | 14.7 | 10.1 | 9.4 | 88.7% | 46.7% | 6.0% | 4.3% | 2.0 |
 CGC | $124M | -0.3 | — | — | 29.6% | -43.5% | -121.1% | -10.2% | — |
 ACB | $201M | 168.8 | 7.0 | — | 54.6% | 1.4% | 0.3% | 0.7% | 3.8 |
| Consumer Defensive Median | — | 19.6 | 11.5 | 14.8 | 40.2% | 1.5% | 7.7% | 5.5% | 3.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Full BTI Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
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Start ComparisonBTI — Frequently Asked Questions
Quick answers to the most common questions about buying BTI stock.
What is British American Tobacco p.l.c.'s P/E ratio?
British American Tobacco p.l.c.'s current P/E ratio is 32.2x. The historical average is 23.1x. This places it at the 86th percentile of its historical range.
What is British American Tobacco p.l.c.'s EV/EBITDA?
British American Tobacco p.l.c.'s current EV/EBITDA is 21.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.3x.
What is British American Tobacco p.l.c.'s ROE?
British American Tobacco p.l.c.'s return on equity (ROE) is 6.0%. The historical average is 40.5%.
Is BTI stock overvalued?
Based on historical data, British American Tobacco p.l.c. is trading at a P/E of 32.2x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is British American Tobacco p.l.c.'s dividend yield?
British American Tobacco p.l.c.'s current dividend yield is 5.35% with a payout ratio of 169.9%.
What are British American Tobacco p.l.c.'s profit margins?
British American Tobacco p.l.c. has 82.9% gross margin and 10.6% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does British American Tobacco p.l.c. have?
British American Tobacco p.l.c.'s Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.