British American Tobacco p.l.c. (BTI) Financial Ratios
30 years of historical data (1995–2024) · Consumer Defensive · Tobacco
EV/EBITDA
↑
21.96
↑+65% vs avg
5yr avg: 13.34
30Y Low8.4·High65.6
P/FCF
↓
10.15
+20% vs avg
5yr avg: 8.48
30Y Low6.4·High125.6
P/B Ratio
↑
1.98
↑+49% 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 32.7x earnings, 97% above its 5-year average of 16.6x, sitting at the 90th percentile of its historical range. Compared to the Consumer Defensive sector median P/E of 18.8x, the stock trades at a premium of 74%. On a free-cash-flow basis, the stock trades at 10.1x P/FCF, 20% 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 | $127.8B | $80.8B | $65.3B | $90.5B | $84.7B | $84.9B | $96.2B | $72.2B | $151.7B | $127.6B | $125.1B |
| Enterprise Value | $169.6B | $112.5B | $102.7B | $130.2B | $121.6B | $125.7B | $139.0B | $117.1B | $197.9B | $144.9B | $140.1B |
| P/E Ratio → | 32.74 | 26.71 | — | 13.69 | 12.64 | 13.44 | 17.05 | 11.98 | 3.66 | 22.63 | 24.01 |
| P/S Ratio | 3.73 | 3.12 | 2.39 | 3.27 | 3.30 | 3.29 | 3.72 | 2.95 | 7.75 | 9.03 | 9.98 |
| P/B Ratio | 1.98 | 1.62 | 1.23 | 1.20 | 1.26 | 1.35 | 1.50 | 1.10 | 2.49 | 15.18 | 24.86 |
| P/FCF | 10.15 | 8.49 | 6.37 | 9.17 | 9.22 | 9.15 | 11.54 | 7.57 | 33.30 | 31.71 | 29.52 |
| P/OCF | 9.54 | 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 22.0x EBITDA, 65% above its 5-year average of 13.3x. The Consumer Defensive sector median is 11.0x, placing the stock at a 100% 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 | 21.96 | 19.27 | — | 11.58 | 10.87 | 11.65 | 12.25 | 10.62 | 24.78 | 24.98 | 26.26 |
| EV / EBIT | 46.86 | 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 3.5%. 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 6.5%. ROIC of 2.4% represents below-average returns on invested capital versus a sector median of 5.7%.
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 (81% above the sector average of 3.5x). 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 6.1% 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 | 9.9% | 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 | 6.1% | 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 | $128B | 32.7 | 22.0 | 10.1 | 82.9% | 10.6% | 6.0% | 2.4% | 6.3 |
 MO | $116B | 16.8 | 8.9 | 12.7 | 86.6% | 74.8% | — | 60.4% | 1.7 |
 PM | $278B | 24.6 | 19.0 | 26.1 | 67.1% | 36.7% | — | 33.2% | 2.9 |
 TPB | $2B | 26.4 | 16.3 | 36.2 | 57.1% | 20.6% | 20.7% | 16.6% | 3.0 |
 UVV | $1B | 40.1 | 8.2 | 16.2 | 17.5% | 7.2% | 2.2% | 6.8% | 3.5 |
 XXII | $2M | -0.1 | — | — | -44.5% | -162.0% | -51.1% | -81.4% | — |
 STG | $46M | 0.9 | -0.3 | 2.2 | 86.9% | 22.0% | 47.3% | 84.8% | 0.3 |
 CRON | $1B | -110.6 | — | 6679.1 | 32.5% | -1.5% | -0.8% | -0.7% | — |
 IIPR | $2B | 15.2 | 10.3 | 9.7 | 88.7% | 46.7% | 6.0% | 4.3% | 2.0 |
 CGC | $372M | -1.6 | — | — | 24.5% | -56.8% | -61.9% | -18.2% | — |
 ACB | $181M | -1.9 | — | — | 5.2% | -50.8% | -21.8% | -25.8% | — |
| Consumer Defensive Median | — | 18.8 | 11.0 | 15.3 | 40.8% | 3.5% | 6.5% | 5.7% | 3.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into BTI consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
BTI — 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 32.7x. The historical average is 23.1x. This places it at the 90th 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 22.0x. 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 32.7x. This is at the 90th 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 5.26% 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.