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Earnings transcript
Read the complete earnings call transcript.
BTI
British American Tobacco p.l.c.
$61.39
-0.41
(-0.66%)
| Exchange: | NYSE |
| Market Cap: | 132.929B |
| Shares Outstanding: | 2.254B |
Delayed data
About The Company
| Sector: | Consumer Defensive | |||||
| Industry: | Tobacco | |||||
| CEO: | Tadeu Marroco | |||||
| Full Time Employees: | 47440 | |||||
| Address: |
| |||||
| Website: | https://www.bat.com |
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.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 27,283,000 | 25,867,000 | 25,610,000 |
| Gross Profit | 22,392,000 | 21,431,000 | 21,384,000 |
| EBITDA | 13,275,000 | 7,737,000 | 11,758,000 |
| Operating Income | -15,751,000 | 2,736,000 | 9,997,000 |
| Net Income | -14,367,000 | 3,068,000 | 7,764,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 118,716,000 | 118,899,000 | 109,290,000 |
| Total Liabilities | 65,782,000 | 68,904,000 | 61,145,000 |
| Total Stockholders Equity | 52,566,000 | 49,643,000 | 47,926,000 |
| Total Debt | 39,730,000 | 36,950,000 | 35,070,000 |
| Cash and Cash Equivalents | 2,363,000 | 5,297,000 | 3,827,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 10,714,000 | 10,125,000 | 6,342,000 |
| Capital Expenditure | -460,000 | -608,000 | -551,000 |
| Free Cash Flow | 10,254,000 | 9,517,000 | 5,791,000 |
| Net Income | -14,189,000 | 3,181,000 | 7,765,000 |
| Net Change in Cash | 1,180,000 | 587,000 | -1,317,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 28,484,966.093 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 29,447,707.680 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 29,023,995.298 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 12,092,216.008 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 12,500,911.570 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 12,321,040.489 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 9,650,223.544 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 10,076,653.624 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 9,888,968.974 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 3,558,603.185 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 3,678,877.693 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 3,625,943.656 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 4.500 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 4.580 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 4.390 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 7 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 2 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Financial Performance: BTI reported group results at the top end of guidance for 2025 during the latest earnings call, indicating robust revenue and profitability metrics. Key financial indicators such as revenue, net income, and operating cash flow from recent income and cash flow statements reflect consistent operational efficiency.
- Focus on Smokeless Products: The company is actively pursuing a transformation journey, emphasizing smokeless products and premium innovations as highlighted in the 2025 earnings call. This strategic pivot aligns with shifting consumer preferences and positions BTI favorably within the evolving tobacco industry.
- High Dividend Yield: BTI’s dividend yield (TTM) remains competitive as per key metrics, providing an attractive return for income-focused investors. The consistent dividend payments, evidenced by cash flow statements, underscore financial stability and shareholder commitment.
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Intrinsic Value Calculator
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about BTI valuation
Is British American Tobacco p.l.c. (BTI) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for British American Tobacco p.l.c. (BTI) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is BTI a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether BTI trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is BTI’s P/E ratio?
You can see BTI’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for BTI?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is BTI a good long-term investment?
Whether BTI fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
BTI
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Daily snapshot
-0.66
Trading Metrics:
| Open: | 61.51 | Previous Close: | 61.8 | |
| Day Low: | 61.13 | Day High: | 61.98 | |
| Year Low: | 48.53 | Year High: | 67.3 | |
| Price Avg 50: | 61.31 | Price Avg 200: | 57.85 | |
| Volume: | 2.91M | Average Volume: | 4.164M |
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Hey everyone, welcome back to the channel! Today, we’re diving deep into a comprehensive analysis of British American Tobacco, ticker BTI, one of the giants in the tobacco industry. I know a lot of you are curious about this stock, especially with its high dividend yield and evolving business model. So, let’s break it all down—financials, valuation, performance, and more—to see if this is a stock worth adding to your portfolio. Stick around, and don’t forget to smash that like…
