NYSE · Consumer Defensive

British American Tobacco p.l.c.

BTI · Tobacco

$58.91

▼ -0.58 (-0.97%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

F⤢

Working Capital vs Long-Term Debt -$33.2B

Working Capital -$1.8B

Valuation

D⤢

Price-to-Book 2.66x

Cash Flow

N/A⤢

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About British American Tobacco p.l.c.

British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the United States, Europe, Latin America, Canada, the Asia-Pacific, the Middle East, Central Asia, Caucasus, and Africa. The company offers vapour products; heated products, which consists of a battery-powered device and a plant-based substance consumable that is heated; modern oral products, such as nicotine pouches; combustibles, including cigarette sticks and other tobacco stick products; traditional oral products, such as snus and moist snuff; and fine cut/roll-your-own tobacco products. It sells its products under the Vuse, glo, Velo, Grizzly, Kodiak, Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, and Camel Snus brands, as well as Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, and State Express 555 brands. The company distributes its products to retail outlets. British American Tobacco p.l.c. was founded in 1902 and is headquartered in London, the United Kingdom.

Market Data

Market Cap $127.3B

Enterprise Value $698.4B

P/E (TTM) 12.53

Dividend Yield 4.12%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

Company Info

Sector Consumer Defensive

Industry Tobacco

Employees 47797

Country United Kingdom

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering British American Tobacco p.l.c. at $58.91.

The business passes only 2 of 4 of Graham's defensive criteria — well below his required standard.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Statement

Balance Sheet

	2025	2024
Treasury Shares Number	139,121	140,380
Ordinary Shares Number	2,173,334	2,202,445
Share Issued	2,312,455	2,342,825
Net Debt	31,049,000	33,479,000
Total Debt	35,070,000	36,950,000
Tangible Book Value	-39,008,000	-44,633,000
Invested Capital	82,467,000	86,008,000
Working Capital	-1,840,000	-4,449,000
Net Tangible Assets	-39,008,000	-44,633,000
Capital Lease Obligations	529,000	585,000
Common Stock Equity	47,926,000	49,643,000
Total Capitalization	79,258,000	81,837,000
Total Equity Gross Minority Interest	48,145,000	49,995,000
Minority Interest	219,000	352,000
Stockholders Equity	47,926,000	49,643,000
Other Equity Interest	1,893,000	1,685,000
Fixed Assets Revaluation Reserve	179,000	179,000
Treasury Stock	4,383,000	4,408,000
Retained Earnings	27,312,000	26,018,000
Additional Paid In Capital	261,000	251,000
Capital Stock	577,000	585,000
Common Stock	577,000	585,000
Total Liabilities Net Minority Interest	61,145,000	68,904,000
Total Non Current Liabilities Net Minority Interest	46,621,000	50,161,000
Derivative Product Liabilities	124,000	268,000
Non Current Pension And Other Postretirement Benefit Plans	801,000	820,000
Tradeand Other Payables Non Current	484,000	685,000
Non Current Deferred Taxes Liabilities	10,343,000	11,679,000
Long Term Debt And Capital Lease Obligation	31,708,000	32,638,000
Long Term Capital Lease Obligation	376,000	444,000
Long Term Debt	31,332,000	32,194,000
Long Term Provisions	3,161,000	4,071,000
Current Liabilities	14,524,000	18,743,000
Current Debt And Capital Lease Obligation	3,362,000	4,312,000
Current Capital Lease Obligation	153,000	141,000
Current Debt	3,209,000	4,171,000
Current Provisions	608,000	3,044,000
Payables	10,457,000	11,231,000
Total Tax Payable	1,129,000	1,681,000
Accounts Payable	9,328,000	9,550,000
Total Assets	109,290,000	118,899,000
Total Non Current Assets	96,606,000	104,605,000
Defined Pension Benefit	880,000	937,000
Non Current Deferred Taxes Assets	2,032,000	2,573,000
Financial Assets	135,000	110,000
Other Investments	333,000	146,000
Investmentin Financial Assets	333,000	146,000
Available For Sale Securities	277,000	65,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total	56,000	81,000
Long Term Equity Investment	1,521,000	1,902,000
Goodwill And Other Intangible Assets	86,934,000	94,276,000
Other Intangible Assets	48,017,000	53,147,000
Goodwill	38,917,000	41,129,000
Net PPE	4,483,000	4,379,000
Accumulated Depreciation	-4,793,000	-4,473,000
Gross PPE	9,276,000	8,852,000
Construction In Progress	650,000	601,000
Other Properties	1,834,000	1,797,000
Machinery Furniture Equipment	5,909,000	5,566,000
Buildings And Improvements	883,000	888,000
Current Assets	12,684,000	14,294,000
Hedging Assets Current	162,000	186,000
Assets Held For Sale Current	25,000	11,000
Restricted Cash	335,000	2,411,000
Inventory	4,382,000	4,616,000
Finished Goods	2,360,000	2,560,000
Raw Materials	2,022,000	2,056,000
Taxes Receivable	470,000	67,000
Accounts Receivable	3,802,000	3,604,000
Cash Cash Equivalents And Short Term Investments	3,508,000	3,399,000
Other Short Term Investments	16,000	513,000
Cash And Cash Equivalents	3,492,000	2,886,000

Cash Flow

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

0.87x current ratio

vs ≥ 2.0x

Operating Cash Flow

N/A

Latest quarter · Buffett's cash reality check

ROIC

N/A

Based on latest annual operating income

Market Cap / Net Assets

2.6x

Net Assets: $48.1B

Peers & Industry

No auto-detected peers for Tobacco. You can manually compare BTI against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.10%

Low — management has little skin in the game

Share Buybacks (Latest Year)

$1.2B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.4% YoY

Debt is declining — management is deleveraging

Leadership Team

Tadeu Luiz Marroco

CEO, Member of Management Board & Executive Director

Age 59

Pay: $6,200,459

Syed Javed Iqbal

Interim CFO, Director of Digital & Information and Member of Management Board

Age 52

Johan Vandermeulen

COO & Member of Management Board

Age 57

Top Institutional Holders

Institution	% Owned	Shares
Capital International Investors	2.25%	48,815,570
FMR, LLC	1.69%	36,688,219
Capital Research Global Investors	1.43%	30,962,901
GQG Partners LLC	1.28%	27,683,334
Blackrock Inc.	0.88%	19,146,696
Capital World Investors	0.45%	9,688,305
Bank of America Corporation	0.45%	9,736,843
Orbis Allan Gray Ltd	0.36%	7,705,968

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.12

Low volatility — more stable than the market

Short Interest

0.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.73x

Conservative balance sheet — low financial risk

Current Ratio

0.87x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $46.38 Current: $58.91 High: $67.30

Currently at 60% of 52-week range