BTINYSECigarettesAlso trades as BTAFF
British American Tobacco p.l.c.
Financials through fiscal 2025, year ended Dec 31, 2025
$58.51−1.49 (-2.48%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2008 to 2025
Operating margin
39.0%+0.4 pts over 5 years
Net margin
30.3%+5.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.0% | -2.5% | -0.1% | +7.4% | |
| Operating income | +265.4% | -1.7% | +0.1% | +8.2% | |
| Net income | +153.1% | +5.2% | +3.9% | +6.1% | |
| EPS, diluted | +156.7% | +6.1% | +4.6% | -34.2% | |
| Free cash flow | -39.9% | -16.3% | -9.0% | +3.2% | |
| Dividend per share | +2.0% | +2.0% | +2.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 10.1% | 16.5% | |
| Return on assets | – | 4.6% | 6.8% | |
| Current ratio | 1.04 | 0.88 | 0.87 | |
| Debt to equity | 2.38 | 0.70 | 0.76 | |
| Interest coverage | 6.8× | 5.5× | 4.9× | |
| Capex to revenue | 4.1% | 2.0% | 2.2% | |
| Diluted shares | – | 2.29B | 2.20B |
Where the cash went
Fiscal 2021 to 2025, five years combined
British American Tobacco p.l.c. generated £47.29B from operations and spent £11.37B on capital expenditure, dividends and share buybacks. 22% of that went back into the business.
Generated
£47.29B
Used
£11.37B
Capital expenditure£2.55B22%Dividends£5.00B44%Share buybacks£3.82B34%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin30.3%
×Asset turnover0.22×
×Equity multiplier2.43×
=Return on equity, FY202516.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 30.3% | 0.22× | 2.43× | 16.5% |
| FY2024 | 11.9% | 0.22× | 2.40× | 6.2% |
| FY2023 | -52.7% | 0.20× | 2.19× | -23.1% |
| FY2022 | 24.1% | 0.19× | 2.09× | 9.6% |
| FY2021 | 26.5% | 0.19× | 2.15× | 10.6% |
| FY2020 | 24.8% | 0.18× | 2.20× | 10.1% |
| FY2019 | 22.0% | 0.18× | 2.22× | 8.8% |
| FY2018 | 24.6% | 0.17× | 2.28× | 9.6% |
| FY2017 | 191.6% | 0.22× | 2.62× | 108.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero£7.76B
- Cash generatingOperating cash flow above zero£6.34B
- Return on assets improvedROA up on the prior year2.6% → 6.5%
- Earnings backed by cashOperating cash flow above net income£6.34B vs £7.76B
- Less leverageLong-term debt to assets fell27.5% → 29.0%
- Better liquidityCurrent ratio rose0.76 → 0.87
- No dilutionShare count did not rise2.23B → 2.20B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.22 → 0.22