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British American Tobacco p.l.c. BTI.JO

ZA · Johannesburg Stock Exchange · XJSE · stock · Consumer Defensive · website

British American Tobacco p.l.c. statistics & valuation

Market cap£1.98T
P / E255.4×
P / S77.4×
P / B41.4×
P / FCF351.7×
Dividend yield0.26%
Net margin30.3%
Return on equity16.2%
FCF margin22.0%
Net debt£31.6B
Enterprise value USD$165.5B
Earnings yield EBIT/EV0.6%
Return on capital12.3%
Graham number -100%£41.79

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (£41.79); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
24.10% -52.70% 11.90% 30.30% 2022202320242025
Gross margin (%)
83.50% 83.00% 82.90% 83.50% 2022202320242025
Operating margin (%)
51.60% -31.30% 41.10% 45.50% 2022202320242025
Return on equity (%)
8.80% -27.30% 6.20% 16.20% 2022202320242025
Shares outstanding
2.16B 2.16B 2.16B 2.16B 2022202320242025
Net debt (£)
£41.43B £37.37B £34.06B £31.58B 2022202320242025
Share buybacks (£)
£2.09B £110.0M £792.0M £1.17B 2022202320242025
Return on assets (%)
4.30% -12.10% 2.60% 7.10% 2022202320242025
Free cash flow margin (%)
35.20% 37.10% 36.80% 22.00% 2022202320242025
Debt / equity (×)
0.57× 0.76× 0.74× 0.73× 2022202320242025
EPS (£)
£2.92 -£6.47 £1.36 £3.49 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Gross margin83.5%82.9%83.0%83.5%
Operating margin45.5%41.1%-31.3%51.6%
Net margin30.3%11.9%-52.7%24.1%
FCF margin22.0%36.8%37.1%35.2%
Return on assets7.1%2.6%-12.1%4.3%
Return on equity16.2%6.2%-27.3%8.8%
Debt / equity0.65×0.65×0.67×0.51×
Current ratio0.870.760.910.86

Computed from company filings · ZA · as of 2025-12-31. Figures in GBP. Facts plus Stocktoria's own computed scores — not investment advice.