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BTI · NYSE · United States · Cigarettes
In shortBritish American Tobacco p.l.c. is profitable, generates cash and carries moderate debt, with revenue stable (−1.0% last year).
Financial health
Solid
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 39.0% | 100/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 30.3% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 16.5% | 83/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 9.7% | 65/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.87× | 6/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.76× | 69/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 3.13× | 25/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 4.92× | 33/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 1.95 | 22/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 22.6% | 100/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.75× | 56/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 4 of 5 | 80/100 |
|---|---|---|
| Years of revenue decline (last 5) | 4 of 5 | 0/100 |
| Revenue growth volatility | 4.7% | 94/100 |
| Operating margin volatility | 41.9% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | -2.5% | 3/100 |
|---|---|---|
| EPS growth, 3-year average | 6.1% | 56/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
GBP millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 25,684 | 27,655 | 27,283 | 25,867 | 25,610 |
| Research & development | 304 | 323 | 408 | 380 | 358 |
| Operating income | 10,234 | 10,523 | (15,751) | 2,736 | 9,997 |
| Interest expense | 1,521 | 1,733 | 2,081 | 1,349 | 2,033 |
| Pre-tax income | 9,163 | 9,324 | (17,061) | 3,538 | 9,859 |
| Income tax | 2,189 | 2,478 | (2,872) | 357 | 2,094 |
| Net income | 6,801 | 6,666 | (14,367) | 3,068 | 7,764 |
| Diluted EPS | £2.96 | £2.92 | −£6.47 | £1.36 | £3.49 |
| Diluted shares (millions) | 2,297 | 2,267 | 2,229 | 2,225 | 2,199 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
1.95 Grey zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
6/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Feb 13, 2026