British American Tobacco p.l.c.
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
14.8813.9413.1112.38
Price/Sales ratio
3.753.623.503.39
Earnings per Share (EPS)
$3.84$4.10$4.36$4.61

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
20.7016.2318.242.709.4612.829.809.2911.18-3.56-2.8112.82
Price/Sales ratio
4.615.315.744.992.332.822.432.462.691.871.922.82
Price/Book Value ratio
11.7014.2210.361.660.871.141.000.940.980.971.190.87
Price/Cash Flow ratio
17.3514.7518.3918.955.548.126.406.507.174.776.165.54
Price/Free Cash Flow ratio
20.2316.4321.0722.245.988.776.766.877.554.996.335.98
Price/Earnings Growth ratio
-1.110.422.210.00-0.11-2.410.811.53-8.300.01-0.98-2.41
Dividend Yield
4.20%3.97%3.43%3.41%7.61%6.28%7.56%7.75%6.59%9.87%10.29%7.61%
Profitability Indicator Ratios
Gross Profit Margin
78.31%76.85%74.69%75.19%81.42%82.85%83.94%82.93%83.53%82.98%77.14%82.85%
Operating Profit Margin
32.53%34.77%31.55%31.91%38.02%34.84%38.64%39.84%38.05%-57.73%42.42%38.02%
Pretax Profit Margin
34.70%44.68%42.33%145.82%34.09%30.57%33.64%35.67%33.71%-62.53%-85.31%30.57%
Net Profit Margin
22.29%32.73%31.50%184.96%24.62%22.04%24.82%26.47%24.10%-52.65%-69.60%22.04%
Effective Tax Rate
30.01%22.76%22.51%-27.41%25.63%26.07%24.30%23.88%26.57%16.83%3.64%26.07%
Return on Assets
11.90%13.61%11.68%26.61%4.12%4.04%4.64%4.95%4.34%-12.10%-19.30%4.04%
Return On Equity
56.53%87.65%56.80%61.72%9.21%8.92%10.21%10.13%8.84%-27.33%-43.19%8.92%
Return on Capital Employed
26.12%20.24%16.67%5.16%7.16%7.37%8.15%8.37%7.75%-15.28%13.86%7.16%
Liquidity Ratios
Current Ratio
1.041.081.040.890.770.700.87N/AN/AN/A0.870.77
Quick Ratio
0.570.610.550.520.400.380.490.490.540.590.580.40
Cash ratio
0.200.210.180.210.150.130.200.180.190.150.320.15
Days of Sales Outstanding
54.1065.5966.7159.4642.7447.5239.1242.6034.4338.6240.1047.52
Days of Inventory outstanding
497.86511.09566.41425.26483.64501.30529.06439.71454.52388.35257.30501.30
Operating Cycle
551.97576.69633.12484.73526.38548.82568.19482.32488.96426.98297.40548.82
Days of Payables Outstanding
92.03127.08125.25166.65285.34284.05328.30326.76149.23134.25434.97285.34
Cash Conversion Cycle
459.94449.61507.87318.07241.04264.77239.88155.55339.72292.73-137.56264.77
Debt Ratios
Debt Ratio
0.470.540.480.350.320.310.310.280.280.330.330.32
Debt Equity Ratio
2.243.492.370.810.720.700.690.580.570.740.730.72
Long-term Debt to Capitalization
0.640.750.660.410.390.360.380.340.330.390.370.37
Total Debt to Capitalization
0.690.770.700.440.420.410.400.360.360.420.420.42
Interest Coverage Ratio
7.617.506.685.625.725.075.70N/AN/AN/A7.265.72
Cash Flow to Debt Ratio
0.300.270.230.100.210.200.220.240.240.270.260.21
Company Equity Multiplier
4.746.434.862.312.232.202.192.042.032.252.202.20
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.260.360.310.260.420.340.370.370.370.390.310.34
Free Cash Flow / Operating Cash Flow Ratio
0.850.890.870.850.920.920.940.940.940.950.950.92
Cash Flow Coverage Ratio
0.300.270.230.100.210.200.220.240.240.270.260.21
Short Term Coverage Ratio
1.492.021.530.982.441.212.502.512.422.551.431.21
Dividend Payout Ratio
87.06%64.56%62.60%9.23%72.06%80.61%74.14%72.10%73.73%-35.18%-28.20%80.61%