Turning Point Brands, Inc. (TPB) 10-Year Financial Performance & Capital Metrics

TPB • • Industrial / General

Consumer DefensiveTobaccoTraditional Tobacco ProductsUS Tobacco Companies

AboutTurning Point Brands, Inc., together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker's Products, and NewGen Products. The Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products under the Zig-Zag brand. The Stoker's Products segment manufactures and markets moist snuff tobacco and loose-leaf chewing tobacco products under the Stoker's, Beech-Nut, Durango, Trophy, and Wind River brands. The NewGen Products segment markets and distributes cannabidiol isolate, liquid vapor products, and other products without tobacco and/or nicotine to individual consumers through VaporFi B2C online platform, as well as non-traditional retail through VaporBeast. It sells its products to wholesale distributors and retail merchants in the independent and chain convenience stores, tobacco outlets, food stores, mass merchandising, and drug stores. The company was formerly known as North Atlantic Holding Company, Inc. and changed its name to Turning Point Brands, Inc. in November 2015. Turning Point Brands, Inc. was founded in 1988 and is headquartered in Louisville, Kentucky.Show more

Revenue $361M +11.0%
EBITDA $92M +9.6%
Net Income $40M +3.5%
EPS (Diluted) 2.14 +6.5%
Gross Margin 55.89% -0.7%
EBITDA Margin 25.61% -1.2%
Operating Margin 24.04% -2.5%
Net Margin 11.04% -6.7%
ROE 23.25% -19.8%
ROIC 15.91% +11.1%
Debt/Equity 1.37 -44.8%
Interest Coverage 6.20 +13.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.6%
✓Strong 5Y profit CAGR of 19.7%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 17.3% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Expensive at 12.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.06%

5Y-0.07%

3Y-6.8%

TTM19.66%

Profit (Net Income) CAGR

10Y-

5Y19.65%

3Y-8.55%

TTM10.25%

EPS CAGR

10Y-

5Y25.4%

3Y-5.3%

TTM12.7%

ROCE

10Y Avg16.84%

5Y Avg16.61%

3Y Avg16.49%

Latest18.9%

Peer Comparison

US Tobacco Companies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPBTurning Point Brands, Inc.	2.25B	118.01	55.14	10.95%	12.02%	14.62%	2.77%	1.37
MOAltria Group, Inc.	103.37B	61.58	9.42	-0.28%	43.98%		8.33%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	197.26M	206.23M	285.78M	332.68M	361.99M	405.11M	445.47M	321.23M	325.06M	360.66M
Revenue Growth %	-0.02%	0.05%	0.39%	0.16%	0.09%	0.12%	0.1%	-0.28%	0.01%	0.11%
Cost of Goods Sold+	100.96M	105.87M	160.91M	190.12M	201.87M	215.12M	227.64M	143.4M	142.12M	159.09M
COGS % of Revenue	0.51%	0.51%	0.56%	0.57%	0.56%	0.53%	0.51%	0.45%	0.44%	0.44%
Gross Profit+	96.3M	100.36M	124.87M	142.56M	160.12M	189.99M	217.83M	177.83M	182.94M	201.56M
Gross Margin %	0.49%	0.49%	0.44%	0.43%	0.44%	0.47%	0.49%	0.55%	0.56%	0.56%
Gross Profit Growth %	0.03%	0.04%	0.24%	0.14%	0.12%	0.19%	0.15%	-0.18%	0.03%	0.1%
Operating Expenses+	51.78M	56.77M	75.37M	94.08M	132.89M	125.56M	127.51M	98.58M	102.76M	114.85M
OpEx % of Revenue	0.26%	0.28%	0.26%	0.28%	0.37%	0.31%	0.29%	0.31%	0.32%	0.32%
Selling, General & Admin	51.78M	56.77M	75.37M	94.08M	104.73M	121.65M	123.15M	97.98M	102.16M	113.55M
SG&A % of Revenue	0.26%	0.28%	0.26%	0.28%	0.29%	0.3%	0.28%	0.31%	0.31%	0.31%
Research & Development	1.4M	1.8M	2.3M	2.5M	2.5M	1.3M	1.1M	600K	600K	1.3M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%	0%	0%	0%
Other Operating Expenses	0	0	0	-131K	25.66M	2.62M	3.26M	0	0	0
Operating Income+	44.51M	43.59M	49.5M	48.48M	27.23M	64.43M	90.32M	79.25M	80.18M	86.72M
Operating Margin %	0.23%	0.21%	0.17%	0.15%	0.08%	0.16%	0.2%	0.25%	0.25%	0.24%
Operating Income Growth %	-0.07%	-0.02%	0.14%	-0.02%	-0.44%	1.37%	0.4%	-0.12%	0.01%	0.08%
EBITDA+	45.57M	44.87M	51.83M	51.59M	31.32M	69.44M	95.33M	82.63M	84.3M	92.38M
EBITDA Margin %	0.23%	0.22%	0.18%	0.16%	0.09%	0.17%	0.21%	0.26%	0.26%	0.26%
EBITDA Growth %	-0.07%	-0.02%	0.16%	-0%	-0.39%	1.22%	0.37%	-0.13%	0.02%	0.1%
D&A (Non-Cash Add-back)	1.06M	1.28M	2.33M	3.11M	4.09M	5.02M	5.01M	3.38M	4.12M	5.66M
EBIT	44.51M	41.65M	43.82M	46.39M	52.89M	67.04M	93.58M	79.25M	84.52M	88.39M
Net Interest Income+	-34.28M	-26.62M	-16.89M	-14.82M	-14.44M	-13.49M	-20.5M	-19.52M	-14.64M	-13.98M
Interest Income	0	0	0	267K	0	0	0	0	0	0
Interest Expense	34.28M	26.62M	16.89M	15.09M	14.44M	13.49M	20.5M	19.52M	14.64M	13.98M
Other Income/Expense	-34.28M	-28.68M	-22.75M	-16.91M	-8.13M	-14.28M	-25.02M	-37.18M	-18.11M	-21.76M
Pretax Income+	10.23M	14.91M	26.93M	31.57M	19.1M	50.15M	65.3M	42.07M	62.06M	64.96M
Pretax Margin %	0.05%	0.07%	0.09%	0.09%	0.05%	0.12%	0.15%	0.13%	0.19%	0.18%
Income Tax+	1.08M	-12.01M	7.28M	6.29M	2.86M	11.96M	14.04M	10.98M	24M	16.93M
Effective Tax Rate %	1.63%	1.81%	0.75%	0.8%	0.85%	0.76%	0.8%	0.28%	0.62%	0.61%
Net Income+	16.68M	26.91M	20.21M	25.29M	16.23M	38.19M	52.06M	11.64M	38.46M	39.81M
Net Margin %	0.08%	0.13%	0.07%	0.08%	0.04%	0.09%	0.12%	0.04%	0.12%	0.11%
Net Income Growth %	1.57%	0.61%	-0.25%	0.25%	-0.36%	1.35%	0.36%	-0.78%	2.3%	0.04%
Net Income (Continuing)	9.15M	26.91M	19.65M	25.29M	16.23M	38.19M	51.26M	31.09M	38.07M	48.03M
Discontinued Operations	0	0	0	0	0	0	0	-19.93M	-285K	-7.52M
Minority Interest	0	0	0	0	0	4.05M	2.31M	1.74M	1.03M	2.4M
EPS (Diluted)+	0.55	1.49	1.04	1.28	0.69	1.67	2.52	0.64	2.01	2.14
EPS Growth %	1.31%	1.71%	-0.3%	0.23%	-0.46%	1.42%	0.51%	-0.75%	2.14%	0.06%
EPS (Basic)	0.59	1.63	1.06	1.31	0.70	1.70	2.75	0.65	2.34	2.24
Diluted Shares Outstanding	16.7M	18.02M	19.51M	19.83M	20.04M	19.73M	22.38M	18.06M	20.47M	19.36M
Basic Shares Outstanding	15.54M	16.47M	18.99M	19.36M	19.63M	19.4M	18.92M	17.9M	17.58M	17.73M
Dividend Payout Ratio	-	-	0.04%	0.09%	0.22%	0.1%	0.08%	0.37%	0.12%	0.12%

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+	63.95M	78.86M	79.49M	111.85M	189.25M	163.4M	249.17M	257.65M	267.62M	198.21M
Cash & Short-Term Investments	4.83M	2.87M	2.61M	3.31M	95.25M	41.77M	128.32M	106.4M	117.89M	46.16M
Cash Only	4.83M	2.87M	2.61M	3.31M	95.25M	41.77M	128.32M	106.4M	117.89M	46.16M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.94M	2.18M	3.25M	2.62M	6.91M	9.33M	6.5M	8.38M	29.17M	24.8M
Days Sales Outstanding	7.29	3.86	4.15	2.87	6.96	8.41	5.32	9.52	32.75	25.1
Inventory	44.34M	62.19M	63.3M	91.24M	70.98M	85.86M	87.61M	119.92M	104.67M	96.25M
Days Inventory Outstanding	160.3	214.39	143.58	175.16	128.34	145.67	140.47	305.23	268.81	220.83
Other Current Assets	10.84M	11.63M	10.34M	4.38M	8.43M	15.53M	11.65M	13.12M	15.74M	21.42M
Total Non-Current Assets+	184.77M	206.16M	202.78M	227.52M	257.33M	332.65M	352.39M	314.45M	301.74M	295.15M
Property, Plant & Equipment	5.6M	7.59M	8.86M	10.59M	25.95M	33.44M	33.7M	35.25M	36.78M	37.95M
Fixed Asset Turnover	35.21x	27.17x	32.26x	31.42x	13.95x	12.11x	13.22x	9.11x	8.84x	9.50x
Goodwill	128.7M	134.39M	134.62M	145.94M	154.28M	159.62M	162.33M	136.25M	136.25M	135.93M
Intangible Assets	8.55M	27.14M	26.44M	35.34M	33.47M	79.42M	87.48M	84.52M	86.86M	65.25M
Long-Term Investments	31.84M	139K	1.03M	-1.42M	5.42M	24.02M	33.65M	21.2M	9.15M	12.99M
Other Non-Current Assets	41.91M	30.62M	31.39M	34.79M	38.22M	35.53M	33.86M	28.79M	31.22M	42.03M
Total Assets+	248.72M	285.02M	282.28M	339.38M	446.58M	496.05M	601.56M	572.11M	569.36M	493.35M
Asset Turnover	0.79x	0.72x	1.01x	0.98x	0.81x	0.82x	0.74x	0.56x	0.57x	0.73x
Asset Growth %	-0.01%	0.15%	-0.01%	0.2%	0.32%	0.11%	0.21%	-0.05%	-0%	-0.13%
Total Current Liabilities+	21.52M	41.57M	38.23M	63.77M	55.89M	56.63M	40.34M	41.38M	100.34M	44.82M
Accounts Payable	4.09M	9.15M	3.69M	6.84M	14.13M	9.2M	7.36M	8.36M	8.41M	11.68M
Days Payables Outstanding	14.78	31.56	8.36	13.13	25.54	15.61	11.8	21.27	21.59	26.79
Short-Term Debt	1.67M	16.68M	15.85M	34M	15.24M	12M	0	0	58.29M	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	11.72M	0	13.01M	16.86M	0	203K	38K	20K	0	2.05M
Current Ratio	2.97x	1.90x	2.08x	1.75x	3.39x	2.89x	6.18x	6.23x	2.67x	4.42x
Quick Ratio	0.91x	0.40x	0.42x	0.32x	2.12x	1.37x	4.01x	3.33x	1.62x	2.27x
Cash Conversion Cycle	152.81	186.69	139.37	164.89	109.76	138.47	133.99	293.48	279.97	219.14
Total Non-Current Liabilities+	308.81M	209.4M	190.72M	192.99M	284.11M	321.93M	427.51M	417.35M	317.01M	258.15M
Long-Term Debt	290.77M	201.54M	186.19M	186.72M	268.95M	302.11M	414.17M	406.76M	307.06M	248.6M
Capital Lease Obligations	0	0	0	0	11.07M	16.12M	13.34M	10.59M	9.95M	9.55M
Deferred Tax Liabilities	6.63M	0	0	2.29M	1.57M	4.08M	0	0	0	0
Other Non-Current Liabilities	5.15M	7.85M	4.53M	3.98M	2.52M	-378K	0	0	0	0
Total Liabilities	330.33M	250.96M	228.95M	256.75M	340M	378.56M	467.84M	458.73M	417.35M	302.97M
Total Debt+	298.7M	218.22M	202.04M	220.72M	297.48M	333.46M	430.48M	420.45M	377.99M	261.27M
Net Debt	293.86M	215.36M	199.43M	217.41M	202.23M	291.69M	302.16M	314.05M	260.1M	215.12M
Debt / Equity	-	6.41x	3.79x	2.67x	2.79x	2.84x	3.22x	3.71x	2.49x	1.37x
Debt / EBITDA	6.55x	4.86x	3.90x	4.28x	9.50x	4.80x	4.52x	5.09x	4.48x	2.83x
Net Debt / EBITDA	6.45x	4.80x	3.85x	4.21x	6.46x	4.20x	3.17x	3.80x	3.09x	2.33x
Interest Coverage	1.30x	1.64x	2.93x	3.21x	1.89x	4.78x	4.41x	4.06x	5.47x	6.20x
Total Equity+	-81.61M	34.06M	53.32M	82.62M	106.58M	117.49M	133.72M	113.38M	152.01M	190.38M
Equity Growth %	0.11%	1.42%	0.57%	0.55%	0.29%	0.1%	0.14%	-0.15%	0.34%	0.25%
Book Value per Share	-4.89	1.89	2.73	4.17	5.32	5.95	5.97	6.28	7.43	9.83
Total Shareholders' Equity	-81.61M	34.06M	53.32M	82.62M	106.58M	113.44M	131.4M	111.64M	150.98M	187.98M
Common Stock	72K	184K	192K	196K	197K	195K	197K	198K	199K	202K
Retained Earnings	-90.8M	-66.97M	-47.53M	-25.5M	-15.31M	23.64M	71.46M	78.69M	112.44M	147.16M
Treasury Stock	0	0	0	0	0	-10.19M	-48.87M	-78.09M	-78.09M	-83.14M
Accumulated OCI	-3.51M	-4.05M	-2.97M	-2.54M	-3.77M	-2.63M	-195K	-2.39M	-2.65M	-2.9M
Minority Interest	0	0	0	0	0	4.05M	2.31M	1.74M	1.03M	2.4M

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+	24.43M	9.13M	29.69M	13.09M	37.8M	43.68M	68.22M	30.27M	66.88M	67.06M
Operating CF Margin %	0.12%	0.04%	0.1%	0.04%	0.1%	0.11%	0.15%	0.09%	0.21%	0.19%
Operating CF Growth %	0.95%	-0.63%	2.25%	-0.56%	1.89%	0.16%	0.56%	-0.56%	1.21%	0%
Net Income	9.15M	26.91M	19.65M	25.29M	13.77M	33.04M	51.26M	11.16M	38.46M	48.03M
Depreciation & Amortization	1.06M	1.28M	2.33M	3.11M	4.45M	5.02M	5.01M	5.3M	6.36M	5.66M
Stock-Based Compensation	234K	180K	720K	1.41M	0	2.55M	7.56M	5.27M	6.56M	7.24M
Deferred Taxes	51K	-12.72M	5.18M	2.56M	-4.22M	2.8M	-1.49M	-7.67M	7.02M	519K
Other Non-Cash Items	11.57M	-745K	7.34M	3.33M	2.69M	10.8M	7.01M	42.74M	-2.9M	10.7M
Working Capital Changes	2.36M	-5.79M	-5.53M	-22.62M	21.1M	-10.53M	-1.14M	-26.53M	11.37M	-5.08M
Change in Receivables	-1.41M	2.07M	-1.07M	824K	-3.46M	-2.11M	3.32M	-2.1M	-1.61M	185K
Change in Inventory	2.03M	-12.51M	495K	-20.65M	21.04M	-7.65M	-9K	-32.65M	20.98M	-4.77M
Change in Payables	1.78M	3.63M	-5.7M	2.52M	6.61M	-5.06M	-2.37M	1.24M	-14K	3.69M
Cash from Investing+	-2.03M	-26.83M	-1.93M	-24.67M	15.9M	-64.82M	-58.84M	-18.79M	-5.91M	-10.51M
Capital Expenditures	-1.6M	-3.21M	-2.02M	-2.27M	-4.82M	-6.13M	-6.16M	-7.68M	-5.71M	-4.62M
CapEx % of Revenue	0.01%	0.02%	0.01%	0.01%	0.01%	0.02%	0.01%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-428K	-29.06M	-1.6M	-3.51M	0	-6.13M	-25.77M	-10.11M	3K	51K
Cash from Financing+	-26.03M	15.73M	-28.02M	9.93M	67.97M	-29.34M	57.07M	-43.3M	-49.51M	-128.15M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-768K	-2.32M	-3.53M	-3.8M	-4.1M	-4.25M	-4.5M	-4.91M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.05M	-450K	-4K	-1.97M	-20.61M	-2.4M	-10.53M	-829K	-2.22M	1.56M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	22.83M	5.92M	27.67M	10.82M	32.98M	37.54M	62.06M	22.59M	61.17M	62.44M
FCF Margin %	0.12%	0.03%	0.1%	0.03%	0.09%	0.09%	0.14%	0.07%	0.19%	0.17%
FCF Growth %	1.03%	-0.74%	3.67%	-0.61%	2.05%	0.14%	0.65%	-0.64%	1.71%	0.02%
FCF per Share	1.37	0.33	1.42	0.55	1.65	1.90	2.77	1.25	2.99	3.22
FCF Conversion (FCF/Net Income)	1.46x	0.34x	1.47x	0.52x	2.33x	1.14x	1.31x	2.60x	1.74x	1.68x
Interest Paid	23.16M	34.55M	15.83M	14.24M	0	11.46M	12.54M	18.72M	18.05M	17.49M
Taxes Paid	1.03M	623K	1.81M	3.21M	0	3.38M	16.06M	13.37M	12.45M	21M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	79.02%	46.25%	37.2%	17.16%	34.09%	41.45%	9.42%	28.99%	23.25%
Return on Invested Capital (ROIC)	15.72%	14.16%	14.79%	13.16%	6.71%	13.46%	16.03%	13.77%	14.33%	15.91%
Gross Margin	48.82%	48.66%	43.69%	42.85%	44.23%	46.9%	48.9%	55.36%	56.28%	55.89%
Net Margin	8.46%	13.05%	7.07%	7.6%	4.48%	9.43%	11.69%	3.62%	11.83%	11.04%
Debt / Equity	-	6.41x	3.79x	2.67x	2.79x	2.84x	3.22x	3.71x	2.49x	1.37x
Interest Coverage	1.30x	1.64x	2.93x	3.21x	1.89x	4.78x	4.41x	4.06x	5.47x	6.20x
FCF Conversion	1.46x	0.34x	1.47x	0.52x	2.33x	1.14x	1.31x	2.60x	1.74x	1.68x
Revenue Growth	-1.53%	4.55%	38.57%	16.41%	8.81%	11.91%	9.96%	-27.89%	1.19%	10.95%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023
Zig-Zag Products	-	-	-	-	132.81M	176.49M	190.4M	180.46M
Zig-Zag Products Growth	-	-	-	-	-	32.89%	7.88%	-5.22%
Stoker's Products	-	-	-	-	115.87M	124.28M	130.83M	144.61M
Stoker's Products Growth	-	-	-	-	-	7.26%	5.27%	10.54%
Smoking Products	111M	109.96M	111.51M	108.73M	-	-	-	-
Smoking Products Growth	-	-0.95%	1.41%	-2.49%	-	-	-	-
Smokeless Products	77.91M	84.56M	90.03M	99.89M	-	-	-	-
Smokeless Products Growth	-	8.53%	6.47%	10.96%	-	-	-	-
NewGen Products	17.31M	91.26M	-	-	-	-	-	-
NewGen Products Growth	-	427.22%	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023
UNITED STATES	196.35M	272.93M	317.05M	347.62M	391.7M	415.51M	381.72M	374.35M
UNITED STATES Growth	-	39.00%	16.17%	9.64%	12.68%	6.08%	-8.13%	-1.93%
Non-US	9.88M	12.85M	15.64M	14.37M	13.41M	29.96M	33.29M	31.04M
Non-US Growth	-	30.06%	21.69%	-8.08%	-6.73%	123.46%	11.13%	-6.76%

Frequently Asked Questions

Valuation & Price

Turning Point Brands, Inc. (TPB) has a price-to-earnings (P/E) ratio of 55.1x. This suggests investors expect higher future growth.

Growth & Financials

Turning Point Brands, Inc. (TPB) reported $435.7M in revenue for fiscal year 2024. This represents a 273% increase from $116.9M in 2005.

Turning Point Brands, Inc. (TPB) grew revenue by 11.0% over the past year. This is steady growth.

Yes, Turning Point Brands, Inc. (TPB) is profitable, generating $52.4M in net income for fiscal year 2024 (11.0% net margin).

Dividend & Returns

Yes, Turning Point Brands, Inc. (TPB) pays a dividend with a yield of 0.21%. This makes it attractive for income-focused investors.

Turning Point Brands, Inc. (TPB) has a return on equity (ROE) of 23.3%. This is excellent, indicating efficient use of shareholder capital.

Turning Point Brands, Inc. (TPB) generated $39.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Turning Point Brands, Inc. (TPB) 10-Year Financial Performance & Capital Metrics

TPB • • Industrial / General

Consumer DefensiveTobaccoTraditional Tobacco ProductsUS Tobacco Companies

Revenue $361M +11.0%
EBITDA $92M +9.6%
Net Income $40M +3.5%
EPS (Diluted) 2.14 +6.5%
Gross Margin 55.89% -0.7%
EBITDA Margin 25.61% -1.2%
Operating Margin 24.04% -2.5%
Net Margin 11.04% -6.7%
ROE 23.25% -19.8%
ROIC 15.91% +11.1%
Debt/Equity 1.37 -44.8%
Interest Coverage 6.20 +13.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.6%
✓Strong 5Y profit CAGR of 19.7%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 17.3% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Expensive at 12.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.06%

5Y-0.07%

3Y-6.8%

TTM19.66%

Profit (Net Income) CAGR

10Y-

5Y19.65%

3Y-8.55%

TTM10.25%

EPS CAGR

10Y-

5Y25.4%

3Y-5.3%

TTM12.7%

ROCE

10Y Avg16.84%

5Y Avg16.61%

3Y Avg16.49%

Latest18.9%

Peer Comparison

US Tobacco Companies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPBTurning Point Brands, Inc.	2.25B	118.01	55.14	10.95%	12.02%	14.62%	2.77%	1.37
MOAltria Group, Inc.	103.37B	61.58	9.42	-0.28%	43.98%		8.33%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	197.26M	206.23M	285.78M	332.68M	361.99M	405.11M	445.47M	321.23M	325.06M	360.66M
Revenue Growth %	-0.02%	0.05%	0.39%	0.16%	0.09%	0.12%	0.1%	-0.28%	0.01%	0.11%
Cost of Goods Sold+	100.96M	105.87M	160.91M	190.12M	201.87M	215.12M	227.64M	143.4M	142.12M	159.09M
COGS % of Revenue	0.51%	0.51%	0.56%	0.57%	0.56%	0.53%	0.51%	0.45%	0.44%	0.44%
Gross Profit+	96.3M	100.36M	124.87M	142.56M	160.12M	189.99M	217.83M	177.83M	182.94M	201.56M
Gross Margin %	0.49%	0.49%	0.44%	0.43%	0.44%	0.47%	0.49%	0.55%	0.56%	0.56%
Gross Profit Growth %	0.03%	0.04%	0.24%	0.14%	0.12%	0.19%	0.15%	-0.18%	0.03%	0.1%
Operating Expenses+	51.78M	56.77M	75.37M	94.08M	132.89M	125.56M	127.51M	98.58M	102.76M	114.85M
OpEx % of Revenue	0.26%	0.28%	0.26%	0.28%	0.37%	0.31%	0.29%	0.31%	0.32%	0.32%
Selling, General & Admin	51.78M	56.77M	75.37M	94.08M	104.73M	121.65M	123.15M	97.98M	102.16M	113.55M
SG&A % of Revenue	0.26%	0.28%	0.26%	0.28%	0.29%	0.3%	0.28%	0.31%	0.31%	0.31%
Research & Development	1.4M	1.8M	2.3M	2.5M	2.5M	1.3M	1.1M	600K	600K	1.3M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%	0%	0%	0%
Other Operating Expenses	0	0	0	-131K	25.66M	2.62M	3.26M	0	0	0
Operating Income+	44.51M	43.59M	49.5M	48.48M	27.23M	64.43M	90.32M	79.25M	80.18M	86.72M
Operating Margin %	0.23%	0.21%	0.17%	0.15%	0.08%	0.16%	0.2%	0.25%	0.25%	0.24%
Operating Income Growth %	-0.07%	-0.02%	0.14%	-0.02%	-0.44%	1.37%	0.4%	-0.12%	0.01%	0.08%
EBITDA+	45.57M	44.87M	51.83M	51.59M	31.32M	69.44M	95.33M	82.63M	84.3M	92.38M
EBITDA Margin %	0.23%	0.22%	0.18%	0.16%	0.09%	0.17%	0.21%	0.26%	0.26%	0.26%
EBITDA Growth %	-0.07%	-0.02%	0.16%	-0%	-0.39%	1.22%	0.37%	-0.13%	0.02%	0.1%
D&A (Non-Cash Add-back)	1.06M	1.28M	2.33M	3.11M	4.09M	5.02M	5.01M	3.38M	4.12M	5.66M
EBIT	44.51M	41.65M	43.82M	46.39M	52.89M	67.04M	93.58M	79.25M	84.52M	88.39M
Net Interest Income+	-34.28M	-26.62M	-16.89M	-14.82M	-14.44M	-13.49M	-20.5M	-19.52M	-14.64M	-13.98M
Interest Income	0	0	0	267K	0	0	0	0	0	0
Interest Expense	34.28M	26.62M	16.89M	15.09M	14.44M	13.49M	20.5M	19.52M	14.64M	13.98M
Other Income/Expense	-34.28M	-28.68M	-22.75M	-16.91M	-8.13M	-14.28M	-25.02M	-37.18M	-18.11M	-21.76M
Pretax Income+	10.23M	14.91M	26.93M	31.57M	19.1M	50.15M	65.3M	42.07M	62.06M	64.96M
Pretax Margin %	0.05%	0.07%	0.09%	0.09%	0.05%	0.12%	0.15%	0.13%	0.19%	0.18%
Income Tax+	1.08M	-12.01M	7.28M	6.29M	2.86M	11.96M	14.04M	10.98M	24M	16.93M
Effective Tax Rate %	1.63%	1.81%	0.75%	0.8%	0.85%	0.76%	0.8%	0.28%	0.62%	0.61%
Net Income+	16.68M	26.91M	20.21M	25.29M	16.23M	38.19M	52.06M	11.64M	38.46M	39.81M
Net Margin %	0.08%	0.13%	0.07%	0.08%	0.04%	0.09%	0.12%	0.04%	0.12%	0.11%
Net Income Growth %	1.57%	0.61%	-0.25%	0.25%	-0.36%	1.35%	0.36%	-0.78%	2.3%	0.04%
Net Income (Continuing)	9.15M	26.91M	19.65M	25.29M	16.23M	38.19M	51.26M	31.09M	38.07M	48.03M
Discontinued Operations	0	0	0	0	0	0	0	-19.93M	-285K	-7.52M
Minority Interest	0	0	0	0	0	4.05M	2.31M	1.74M	1.03M	2.4M
EPS (Diluted)+	0.55	1.49	1.04	1.28	0.69	1.67	2.52	0.64	2.01	2.14
EPS Growth %	1.31%	1.71%	-0.3%	0.23%	-0.46%	1.42%	0.51%	-0.75%	2.14%	0.06%
EPS (Basic)	0.59	1.63	1.06	1.31	0.70	1.70	2.75	0.65	2.34	2.24
Diluted Shares Outstanding	16.7M	18.02M	19.51M	19.83M	20.04M	19.73M	22.38M	18.06M	20.47M	19.36M
Basic Shares Outstanding	15.54M	16.47M	18.99M	19.36M	19.63M	19.4M	18.92M	17.9M	17.58M	17.73M
Dividend Payout Ratio	-	-	0.04%	0.09%	0.22%	0.1%	0.08%	0.37%	0.12%	0.12%

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+	63.95M	78.86M	79.49M	111.85M	189.25M	163.4M	249.17M	257.65M	267.62M	198.21M
Cash & Short-Term Investments	4.83M	2.87M	2.61M	3.31M	95.25M	41.77M	128.32M	106.4M	117.89M	46.16M
Cash Only	4.83M	2.87M	2.61M	3.31M	95.25M	41.77M	128.32M	106.4M	117.89M	46.16M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.94M	2.18M	3.25M	2.62M	6.91M	9.33M	6.5M	8.38M	29.17M	24.8M
Days Sales Outstanding	7.29	3.86	4.15	2.87	6.96	8.41	5.32	9.52	32.75	25.1
Inventory	44.34M	62.19M	63.3M	91.24M	70.98M	85.86M	87.61M	119.92M	104.67M	96.25M
Days Inventory Outstanding	160.3	214.39	143.58	175.16	128.34	145.67	140.47	305.23	268.81	220.83
Other Current Assets	10.84M	11.63M	10.34M	4.38M	8.43M	15.53M	11.65M	13.12M	15.74M	21.42M
Total Non-Current Assets+	184.77M	206.16M	202.78M	227.52M	257.33M	332.65M	352.39M	314.45M	301.74M	295.15M
Property, Plant & Equipment	5.6M	7.59M	8.86M	10.59M	25.95M	33.44M	33.7M	35.25M	36.78M	37.95M
Fixed Asset Turnover	35.21x	27.17x	32.26x	31.42x	13.95x	12.11x	13.22x	9.11x	8.84x	9.50x
Goodwill	128.7M	134.39M	134.62M	145.94M	154.28M	159.62M	162.33M	136.25M	136.25M	135.93M
Intangible Assets	8.55M	27.14M	26.44M	35.34M	33.47M	79.42M	87.48M	84.52M	86.86M	65.25M
Long-Term Investments	31.84M	139K	1.03M	-1.42M	5.42M	24.02M	33.65M	21.2M	9.15M	12.99M
Other Non-Current Assets	41.91M	30.62M	31.39M	34.79M	38.22M	35.53M	33.86M	28.79M	31.22M	42.03M
Total Assets+	248.72M	285.02M	282.28M	339.38M	446.58M	496.05M	601.56M	572.11M	569.36M	493.35M
Asset Turnover	0.79x	0.72x	1.01x	0.98x	0.81x	0.82x	0.74x	0.56x	0.57x	0.73x
Asset Growth %	-0.01%	0.15%	-0.01%	0.2%	0.32%	0.11%	0.21%	-0.05%	-0%	-0.13%
Total Current Liabilities+	21.52M	41.57M	38.23M	63.77M	55.89M	56.63M	40.34M	41.38M	100.34M	44.82M
Accounts Payable	4.09M	9.15M	3.69M	6.84M	14.13M	9.2M	7.36M	8.36M	8.41M	11.68M
Days Payables Outstanding	14.78	31.56	8.36	13.13	25.54	15.61	11.8	21.27	21.59	26.79
Short-Term Debt	1.67M	16.68M	15.85M	34M	15.24M	12M	0	0	58.29M	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	11.72M	0	13.01M	16.86M	0	203K	38K	20K	0	2.05M
Current Ratio	2.97x	1.90x	2.08x	1.75x	3.39x	2.89x	6.18x	6.23x	2.67x	4.42x
Quick Ratio	0.91x	0.40x	0.42x	0.32x	2.12x	1.37x	4.01x	3.33x	1.62x	2.27x
Cash Conversion Cycle	152.81	186.69	139.37	164.89	109.76	138.47	133.99	293.48	279.97	219.14
Total Non-Current Liabilities+	308.81M	209.4M	190.72M	192.99M	284.11M	321.93M	427.51M	417.35M	317.01M	258.15M
Long-Term Debt	290.77M	201.54M	186.19M	186.72M	268.95M	302.11M	414.17M	406.76M	307.06M	248.6M
Capital Lease Obligations	0	0	0	0	11.07M	16.12M	13.34M	10.59M	9.95M	9.55M
Deferred Tax Liabilities	6.63M	0	0	2.29M	1.57M	4.08M	0	0	0	0
Other Non-Current Liabilities	5.15M	7.85M	4.53M	3.98M	2.52M	-378K	0	0	0	0
Total Liabilities	330.33M	250.96M	228.95M	256.75M	340M	378.56M	467.84M	458.73M	417.35M	302.97M
Total Debt+	298.7M	218.22M	202.04M	220.72M	297.48M	333.46M	430.48M	420.45M	377.99M	261.27M
Net Debt	293.86M	215.36M	199.43M	217.41M	202.23M	291.69M	302.16M	314.05M	260.1M	215.12M
Debt / Equity	-	6.41x	3.79x	2.67x	2.79x	2.84x	3.22x	3.71x	2.49x	1.37x
Debt / EBITDA	6.55x	4.86x	3.90x	4.28x	9.50x	4.80x	4.52x	5.09x	4.48x	2.83x
Net Debt / EBITDA	6.45x	4.80x	3.85x	4.21x	6.46x	4.20x	3.17x	3.80x	3.09x	2.33x
Interest Coverage	1.30x	1.64x	2.93x	3.21x	1.89x	4.78x	4.41x	4.06x	5.47x	6.20x
Total Equity+	-81.61M	34.06M	53.32M	82.62M	106.58M	117.49M	133.72M	113.38M	152.01M	190.38M
Equity Growth %	0.11%	1.42%	0.57%	0.55%	0.29%	0.1%	0.14%	-0.15%	0.34%	0.25%
Book Value per Share	-4.89	1.89	2.73	4.17	5.32	5.95	5.97	6.28	7.43	9.83
Total Shareholders' Equity	-81.61M	34.06M	53.32M	82.62M	106.58M	113.44M	131.4M	111.64M	150.98M	187.98M
Common Stock	72K	184K	192K	196K	197K	195K	197K	198K	199K	202K
Retained Earnings	-90.8M	-66.97M	-47.53M	-25.5M	-15.31M	23.64M	71.46M	78.69M	112.44M	147.16M
Treasury Stock	0	0	0	0	0	-10.19M	-48.87M	-78.09M	-78.09M	-83.14M
Accumulated OCI	-3.51M	-4.05M	-2.97M	-2.54M	-3.77M	-2.63M	-195K	-2.39M	-2.65M	-2.9M
Minority Interest	0	0	0	0	0	4.05M	2.31M	1.74M	1.03M	2.4M

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+	24.43M	9.13M	29.69M	13.09M	37.8M	43.68M	68.22M	30.27M	66.88M	67.06M
Operating CF Margin %	0.12%	0.04%	0.1%	0.04%	0.1%	0.11%	0.15%	0.09%	0.21%	0.19%
Operating CF Growth %	0.95%	-0.63%	2.25%	-0.56%	1.89%	0.16%	0.56%	-0.56%	1.21%	0%
Net Income	9.15M	26.91M	19.65M	25.29M	13.77M	33.04M	51.26M	11.16M	38.46M	48.03M
Depreciation & Amortization	1.06M	1.28M	2.33M	3.11M	4.45M	5.02M	5.01M	5.3M	6.36M	5.66M
Stock-Based Compensation	234K	180K	720K	1.41M	0	2.55M	7.56M	5.27M	6.56M	7.24M
Deferred Taxes	51K	-12.72M	5.18M	2.56M	-4.22M	2.8M	-1.49M	-7.67M	7.02M	519K
Other Non-Cash Items	11.57M	-745K	7.34M	3.33M	2.69M	10.8M	7.01M	42.74M	-2.9M	10.7M
Working Capital Changes	2.36M	-5.79M	-5.53M	-22.62M	21.1M	-10.53M	-1.14M	-26.53M	11.37M	-5.08M
Change in Receivables	-1.41M	2.07M	-1.07M	824K	-3.46M	-2.11M	3.32M	-2.1M	-1.61M	185K
Change in Inventory	2.03M	-12.51M	495K	-20.65M	21.04M	-7.65M	-9K	-32.65M	20.98M	-4.77M
Change in Payables	1.78M	3.63M	-5.7M	2.52M	6.61M	-5.06M	-2.37M	1.24M	-14K	3.69M
Cash from Investing+	-2.03M	-26.83M	-1.93M	-24.67M	15.9M	-64.82M	-58.84M	-18.79M	-5.91M	-10.51M
Capital Expenditures	-1.6M	-3.21M	-2.02M	-2.27M	-4.82M	-6.13M	-6.16M	-7.68M	-5.71M	-4.62M
CapEx % of Revenue	0.01%	0.02%	0.01%	0.01%	0.01%	0.02%	0.01%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-428K	-29.06M	-1.6M	-3.51M	0	-6.13M	-25.77M	-10.11M	3K	51K
Cash from Financing+	-26.03M	15.73M	-28.02M	9.93M	67.97M	-29.34M	57.07M	-43.3M	-49.51M	-128.15M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-768K	-2.32M	-3.53M	-3.8M	-4.1M	-4.25M	-4.5M	-4.91M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.05M	-450K	-4K	-1.97M	-20.61M	-2.4M	-10.53M	-829K	-2.22M	1.56M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	22.83M	5.92M	27.67M	10.82M	32.98M	37.54M	62.06M	22.59M	61.17M	62.44M
FCF Margin %	0.12%	0.03%	0.1%	0.03%	0.09%	0.09%	0.14%	0.07%	0.19%	0.17%
FCF Growth %	1.03%	-0.74%	3.67%	-0.61%	2.05%	0.14%	0.65%	-0.64%	1.71%	0.02%
FCF per Share	1.37	0.33	1.42	0.55	1.65	1.90	2.77	1.25	2.99	3.22
FCF Conversion (FCF/Net Income)	1.46x	0.34x	1.47x	0.52x	2.33x	1.14x	1.31x	2.60x	1.74x	1.68x
Interest Paid	23.16M	34.55M	15.83M	14.24M	0	11.46M	12.54M	18.72M	18.05M	17.49M
Taxes Paid	1.03M	623K	1.81M	3.21M	0	3.38M	16.06M	13.37M	12.45M	21M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	79.02%	46.25%	37.2%	17.16%	34.09%	41.45%	9.42%	28.99%	23.25%
Return on Invested Capital (ROIC)	15.72%	14.16%	14.79%	13.16%	6.71%	13.46%	16.03%	13.77%	14.33%	15.91%
Gross Margin	48.82%	48.66%	43.69%	42.85%	44.23%	46.9%	48.9%	55.36%	56.28%	55.89%
Net Margin	8.46%	13.05%	7.07%	7.6%	4.48%	9.43%	11.69%	3.62%	11.83%	11.04%
Debt / Equity	-	6.41x	3.79x	2.67x	2.79x	2.84x	3.22x	3.71x	2.49x	1.37x
Interest Coverage	1.30x	1.64x	2.93x	3.21x	1.89x	4.78x	4.41x	4.06x	5.47x	6.20x
FCF Conversion	1.46x	0.34x	1.47x	0.52x	2.33x	1.14x	1.31x	2.60x	1.74x	1.68x
Revenue Growth	-1.53%	4.55%	38.57%	16.41%	8.81%	11.91%	9.96%	-27.89%	1.19%	10.95%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023
Zig-Zag Products	-	-	-	-	132.81M	176.49M	190.4M	180.46M
Zig-Zag Products Growth	-	-	-	-	-	32.89%	7.88%	-5.22%
Stoker's Products	-	-	-	-	115.87M	124.28M	130.83M	144.61M
Stoker's Products Growth	-	-	-	-	-	7.26%	5.27%	10.54%
Smoking Products	111M	109.96M	111.51M	108.73M	-	-	-	-
Smoking Products Growth	-	-0.95%	1.41%	-2.49%	-	-	-	-
Smokeless Products	77.91M	84.56M	90.03M	99.89M	-	-	-	-
Smokeless Products Growth	-	8.53%	6.47%	10.96%	-	-	-	-
NewGen Products	17.31M	91.26M	-	-	-	-	-	-
NewGen Products Growth	-	427.22%	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023
UNITED STATES	196.35M	272.93M	317.05M	347.62M	391.7M	415.51M	381.72M	374.35M
UNITED STATES Growth	-	39.00%	16.17%	9.64%	12.68%	6.08%	-8.13%	-1.93%
Non-US	9.88M	12.85M	15.64M	14.37M	13.41M	29.96M	33.29M	31.04M
Non-US Growth	-	30.06%	21.69%	-8.08%	-6.73%	123.46%	11.13%	-6.76%

Frequently Asked Questions

Valuation & Price

Turning Point Brands, Inc. (TPB) has a price-to-earnings (P/E) ratio of 55.1x. This suggests investors expect higher future growth.

Growth & Financials

Turning Point Brands, Inc. (TPB) reported $435.7M in revenue for fiscal year 2024. This represents a 273% increase from $116.9M in 2005.

Turning Point Brands, Inc. (TPB) grew revenue by 11.0% over the past year. This is steady growth.

Yes, Turning Point Brands, Inc. (TPB) is profitable, generating $52.4M in net income for fiscal year 2024 (11.0% net margin).

Dividend & Returns

Yes, Turning Point Brands, Inc. (TPB) pays a dividend with a yield of 0.21%. This makes it attractive for income-focused investors.

Turning Point Brands, Inc. (TPB) has a return on equity (ROE) of 23.3%. This is excellent, indicating efficient use of shareholder capital.

Turning Point Brands, Inc. (TPB) generated $39.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.