British American Tobacco/$BTI
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Capital at risk
About British American Tobacco
The third-largest tobacco company by volume, British American Tobacco sold 465 billion cigarettes in 2025. Its leading brands are Dunhill, Kent, Pall Mall, Lucky Strike, and Rothmans in cigarettes. Its ownership of the Camel, Natural American Spirit, and Newport brands are limited to the US. In next-generation products, the company has the Vuse brand in vaping, glo in heated tobacco, and Velo in modern oral tobacco. The company also owns a 22.9% stake in ITC limited, the largest Indian cigarette company.
- Ticker
- $BTI
- Sector
- Consumer Essentials
- Primary listing
- NYSE
- Employees
- 47,797
- Headquarters
- London, United Kingdom
- Website
- www.bat.com
BTI Metrics
BasicAdvanced
$129B
15.54
$3.89
0.11
$3.20
5.42%
Price and volume
Market cap
$129B
Beta
0.11
52-week high
$67.30
52-week low
$50.84
Average daily volume
5.2M
Dividend rate
$3.20
Financial strength
Current ratio
0.835
Quick ratio
0.479
Long term debt to equity
0.639
Total debt to equity
0.722
Dividend payout ratio (TTM)
82.63%
Interest coverage (TTM)
5.20%
Profitability
EBITDA (TTM)
14,992.549
Gross margin (TTM)
82.72%
Net profit margin (TTM)
24.99%
Operating margin (TTM)
34.73%
Effective tax rate (TTM)
22.90%
Revenue per employee (TTM)
$722,910
Management effectiveness
Return on assets (TTM)
5.12%
Return on equity (TTM)
13.42%
Valuation
Price to earnings (TTM)
15.541
Price to revenue (TTM)
3.807
Price to book
2.09
Price to tangible book (TTM)
-2.39
Price to free cash flow (TTM)
14.575
Free cash flow yield (TTM)
6.86%
Free cash flow per share (TTM)
4.149
Dividend yield (TTM)
5.29%
Forward dividend yield
5.42%
Growth
Revenue change (TTM)
0.70%
Earnings per share change (TTM)
111.11%
3-year revenue growth (CAGR)
-2.98%
10-year revenue growth (CAGR)
6.78%
3-year earnings per share growth (CAGR)
-9.15%
10-year earnings per share growth (CAGR)
2.30%
3-year dividend per share growth (CAGR)
1.06%
10-year dividend per share growth (CAGR)
4.63%
What the Analysts think about BTI
Analyst ratings (Buy, Hold, Sell) for British American Tobacco stock.
Analyst projections of the future price of British American Tobacco stock.
Bulls say / Bears say
New Categories are growing fast enough to support the shift away from cigarettes: first-half revenue rose 18% at constant rates, led by Modern Oral growth of 65.9%. BAT also reported a 54.7% increase in New Category contribution, suggesting the growth is adding profit as well as sales. (British American Tobacco)
Vuse’s US recovery gives BAT another growth lever: first-half US Vapour revenue rose 19.8%, and Vuse’s value share in tracked closed-system channels increased to 55.9%. The company plans further Velo and Vuse launches in the second half of 2026. (British American Tobacco)
Earnings and cash generation are supporting shareholder returns. BAT raised its full-year adjusted EPS growth outlook towards the middle of its 5–8% range after first-half adjusted EPS grew 7.9%, and it remains on track for a £1.3bn share buy-back. (Reuters, British American Tobacco)
The core cigarette business faces a shrinking market and continuing share losses: BAT expects global industry volumes to fall about 3% in 2026, while its own first-half cigarette volumes fell 4.6% and group cigarette volume share slipped 30 basis points. Price and mix may not be enough to offset that pressure indefinitely. (British American Tobacco)
Weakness in APMEA is holding back the group’s growth outlook. First-half regional revenue fell 6.3% at constant rates, and BAT cited a slower-than-expected recovery amid regulatory and tax changes in Asia while keeping full-year revenue and operating-profit growth guidance at the lower end of its ranges. (Reuters, British American Tobacco)
A US appeals court ruling leaves BAT facing class-action claims over whether Natural American Spirit labels misled consumers about the cigarettes’ safety and additives. Consumers in 12 states may pursue the case, creating legal and potential damages risk. (Reuters)
Data summarised monthly by Lightyear AI. Last updated on 11 Oct 2026.
BTI Financial Performance
Revenues and expenses
BTI Earnings Performance
Company profitability
Upcoming events
BTI News
AllArticlesVideos

BAT shares seen rebounding as Citi and Deutsche Bank back delivery prospects
Proactive Investors3 weeks ago

British American Tobacco Targets Smokeless Growth, £50B Cash Flow by 2030
MarketBeat3 weeks ago

British American Tobacco Targets Horizon 2030 Growth With Velo, U.S. Turnaround and AI
MarketBeat3 weeks ago
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