Last 24 quarters of trend data · Consumer Defensive · Tobacco & Nicotine
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 | Q2 '19 | Q4 '18 | Q2 '18 | Q4 '17 | Q2 '17 | Q4 '16 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.07 | 10.58 | 9.76 | 5.80 | — | 3.87 | — | 4.72 | 4.74 | 13.24 | 6.07 | 6.92 | 7.32 | 6.43 | 8.42 | 7.03 | 5.38 | 10.60 | 1.08 | 17.14 | 16.19 |
| — | +173.5% | — | +23.0% | — | -70.8% | — | -31.9% | -35.3% | +106.1% | -27.9% | -1.6% | +36.1% | -39.4% | +682.2% | -59.0% | -66.8% | -22.7% | -94.3% | +48.1% | -27.9% | |
| P/S Ratio | 3.85 | 2.73 | 2.29 | 2.16 | 1.48 | 1.40 | 1.18 | 1.38 | 1.53 | 1.89 | 1.59 | 1.85 | 1.59 | 1.81 | 1.77 | 1.62 | 1.40 | 2.45 | 3.12 | 5.23 | 4.28 |
| — | +94.9% | +94.3% | +56.5% | -3.3% | -26.2% | -25.8% | -25.5% | -4.1% | +4.4% | -10.3% | +14.2% | +13.6% | -26.1% | -43.2% | -69.0% | -67.2% | -55.3% | -33.0% | +9.2% | +0.5% | |
| P/B Ratio | 2.08 | 2.77 | 2.58 | 2.21 | 1.60 | 1.27 | 1.23 | 1.02 | 1.19 | 1.32 | 1.28 | 1.43 | 1.37 | 1.28 | 1.52 | 1.20 | 1.10 | 1.82 | 2.49 | 19.63 | 15.18 |
| — | +118.2% | +109.0% | +116.3% | +34.0% | -3.7% | -3.2% | -28.4% | -12.7% | +2.7% | -15.9% | +18.6% | +24.5% | -29.7% | -39.0% | -93.9% | -92.8% | -92.2% | -90.0% | +0.0% | -27.7% | |
| P/FCF | 17.03 | 13.62 | 8.66 | 11.83 | 3.09 | 5.66 | 2.34 | 5.69 | 3.35 | 15.62 | 3.47 | 16.84 | 4.45 | 8.90 | 4.54 | 15.21 | 3.07 | 7.82 | 12.44 | 25.73 | 10.32 |
| — | +140.7% | +270.5% | +108.0% | -7.7% | -63.8% | -32.7% | -66.2% | -24.7% | +75.5% | -23.4% | +10.7% | +45.0% | +13.8% | -63.6% | -40.9% | -70.3% | -80.1% | +20.8% | +0.8% | -26.0% | |
| EV / EBITDA | 10.59 | 6.86 | 6.59 | 5.46 | — | 4.39 | — | 4.39 | 4.39 | 8.27 | 4.73 | 5.97 | 4.93 | 5.91 | 5.17 | 6.19 | 5.05 | 7.99 | 10.37 | 13.97 | 11.37 |
| — | +56.2% | — | +24.4% | — | -46.9% | — | -26.4% | -10.9% | +39.8% | -8.6% | -3.5% | -2.4% | -26.0% | -50.1% | -55.7% | -55.6% | -49.4% | -21.4% | +9.5% | -10.4% | |
| EV / EBIT | 12.99 | 8.86 | 7.13 | 6.67 | 74.63 | 6.07 | 3.89 | 4.75 | 4.26 | 8.65 | 5.75 | 6.75 | 6.71 | 6.55 | 7.49 | 7.07 | 5.84 | 8.88 | 1.82 | 16.77 | 15.26 |
| — | +46.0% | +83.3% | +40.4% | +1653.2% | -29.8% | -32.3% | -29.7% | -36.6% | +32.1% | -23.2% | -4.5% | +14.8% | -26.2% | +310.8% | -57.8% | -61.7% | -48.9% | -87.2% | +21.7% | +10.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 | Q2 '19 | Q4 '18 | Q2 '18 | Q4 '17 | Q2 '17 | Q4 '16 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.5% | 59.1% | 83.4% | 83.6% | 83.2% | 82.5% | 80.9% | 83.3% | 82.1% | 83.3% | 81.7% | 82.5% | 81.9% | 83.7% | 82.5% | 83.0% | 82.3% | 80.4% | 74.5% | 73.8% | 71.7% |
| — | -28.4% | +3.1% | +0.3% | +1.4% | -1.0% | -1.0% | +0.9% | +0.2% | -0.5% | -1.0% | -0.6% | -0.6% | +4.1% | +10.7% | +12.5% | +14.8% | +6.3% | -2.6% | -4.4% | -8.3% | |
| Operating Margin | 39.0% | 38.2% | 36.4% | 42.0% | -11.3% | 34.5% | -156.7% | 44.2% | 46.3% | 28.6% | 44.0% | 41.6% | 43.5% | 42.2% | 42.5% | 37.7% | 42.1% | 39.7% | 36.2% | 37.4% | 39.3% |
| — | +10.7% | +123.2% | -4.9% | -124.3% | +20.7% | -456.4% | +6.2% | +6.5% | -32.3% | +3.4% | +10.3% | +3.1% | +6.4% | +17.5% | +0.7% | +7.3% | +11.4% | -1.2% | -3.5% | +17.5% | |
| Net Margin | 30.3% | 26.1% | 24.0% | 37.4% | -10.5% | 36.4% | -132.4% | 29.5% | 32.5% | 14.4% | 26.2% | 26.7% | 21.8% | 28.2% | 21.1% | 23.1% | 26.0% | 23.1% | 290.0% | 30.5% | 26.5% |
| — | -28.4% | +118.1% | +26.9% | -132.4% | +152.0% | -605.4% | +10.3% | +49.2% | -48.7% | +24.3% | +15.4% | -16.2% | +21.9% | -92.7% | -24.1% | -1.9% | -42.3% | +1082.2% | -26.3% | +38.9% |
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 | Q2 '19 | Q4 '18 | Q2 '18 | Q4 '17 | Q2 '17 | Q4 '16 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 6.6% | 6.8% | 9.3% | -2.7% | 8.4% | -29.2% | 5.3% | 6.4% | 2.6% | 5.4% | 5.2% | 4.4% | 5.2% | 4.5% | 4.3% | 5.2% | 4.4% | 102.2% | 27.7% | 27.0% |
| — | -20.6% | +123.4% | +74.0% | -142.5% | +218.3% | -638.5% | +3.6% | +44.4% | -49.2% | +21.6% | +20.2% | -14.6% | +18.9% | -95.6% | -84.5% | -80.7% | -90.8% | +250.4% | -36.8% | +14.0% | |
| ROA | 6.8% | 3.0% | 3.0% | 3.9% | -1.2% | 3.8% | -13.8% | 2.6% | 3.1% | 1.3% | 2.6% | 2.4% | 2.0% | 2.4% | 2.0% | 1.9% | 2.3% | 1.9% | 39.1% | 5.7% | 5.2% |
| — | -21.8% | +121.4% | +49.0% | -138.0% | +193.5% | -636.6% | +11.7% | +55.3% | -45.4% | +29.0% | +23.8% | -12.4% | +24.1% | -94.9% | -66.6% | -55.5% | -75.9% | +615.1% | -40.6% | -1.4% | |
| ROIC | 9.3% | 4.4% | 4.7% | 4.8% | -1.3% | 3.6% | -16.2% | 3.9% | 4.4% | 2.5% | 4.3% | 3.6% | 4.0% | 3.5% | 4.0% | 3.1% | 3.7% | 3.2% | 4.9% | 7.9% | 8.7% |
| — | +23.5% | +129.1% | +21.1% | -130.1% | +41.9% | -479.7% | +8.2% | +10.6% | -28.2% | +6.8% | +17.9% | +8.8% | +9.3% | -19.0% | -61.0% | -57.6% | -59.7% | -45.9% | -21.9% | -19.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q4 '25 | Q2 '25 | Q4 '24 | Q2 '24 | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 | Q2 '19 | Q4 '18 | Q2 '18 | Q4 '17 | Q2 '17 | Q4 '16 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.73 | 0.72 | 0.73 | 0.75 | 0.74 | 0.74 | 0.75 | 0.58 | 0.57 | 0.61 | 0.59 | 0.71 | 0.70 | 0.73 | 0.71 | 0.77 | 0.72 | 0.77 | 0.81 | 2.64 | 2.32 |
| — | -2.7% | -2.9% | +29.0% | +29.7% | +22.4% | +27.6% | -18.5% | -18.4% | -16.6% | -16.8% | -7.2% | -3.4% | -6.2% | -12.7% | -71.0% | -68.8% | -76.1% | -76.0% | +6.7% | +10.0% | |
| Debt / EBITDA | 2.86 | 5.76 | 5.95 | 5.71 | — | 6.86 | — | 6.57 | 5.82 | 10.69 | 6.11 | 8.13 | 6.83 | 8.86 | 6.70 | 9.88 | 8.18 | 9.66 | 10.35 | 6.71 | 6.11 |
| — | -15.9% | — | -13.2% | — | -35.8% | — | -19.1% | -14.7% | +20.6% | -8.8% | -17.7% | -16.5% | -8.3% | -35.3% | +47.2% | +33.8% | +24.5% | +61.9% | +16.1% | +30.4% | |
| Current Ratio | 0.87 | 0.84 | 0.87 | 0.87 | 0.76 | 0.88 | 0.91 | 0.93 | 0.86 | 0.88 | 0.85 | 0.78 | 0.88 | 0.89 | 0.71 | 0.73 | 0.78 | 0.81 | 0.90 | 0.87 | 1.04 |
| — | -5.1% | -3.5% | -6.9% | -11.6% | +0.0% | +7.0% | +19.6% | -1.9% | -1.6% | +19.9% | +7.0% | +13.5% | +10.9% | -21.5% | -16.2% | -25.7% | -11.1% | -17.5% | -29.9% | +0.1% | |
| Quick Ratio | 0.57 | 0.50 | 0.57 | 0.55 | 0.52 | 0.58 | 0.59 | 0.58 | 0.55 | 0.52 | 0.50 | 0.43 | 0.49 | 0.53 | 0.38 | 0.39 | 0.41 | 0.41 | 0.52 | 0.48 | 0.55 |
| — | -15.1% | -3.1% | -6.0% | -5.3% | +11.6% | +18.7% | +35.5% | +10.9% | -0.7% | +30.3% | +10.8% | +21.2% | +28.3% | -26.8% | -18.4% | -26.7% | -18.8% | -15.7% | -28.7% | -2.9% | |
| Interest Coverage | 5.06 | 5.65 | 6.56 | 6.64 | 0.53 | 2.37 | 6.39 | 6.58 | 9.51 | — | — | 4.72 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying BTI stock.
British American Tobacco p.l.c.'s current P/E is 13.1x. The average P/E over the last 3 quarters is 8.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
British American Tobacco p.l.c.'s current operating margin is 39.0%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking British American Tobacco p.l.c.'s business trajectory between earnings reports.