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British American Tobacco p.l.c. (BATS.L)

GBp4,381.00 +0.00 (+0.05%)
GB LSE Consumer Defensive Tobacco
Address Globe House WC2R 2PG
London, GB
CEO Tadeu Marroco
Website bat.com
IPO 1995-01-03
ISIN GB0002875804

Explore sections of this company profile

Also trades on Deutsche Börse · BMT.DE (EUR) London Stock Exchange · BATS.L (GBp) New York Stock Exchange · BTI (USD) Other OTC · BTAFF (USD)
Description

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.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
GBp4,381.00 +0.00 (+0.05%)
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Volume Profile
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Liquidity & share structure
Average Volume
4M
Beta
0.13
Float Shares
1.98B
Free Float %
91.6%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
-2.46% -6.04% +6.20% -1.06% +3.85% +8.95% +37.70% +76.75% +69.10% +9.36% +1,291.21%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Analyst Consensus (13 ratings, all time) Buy
Price Targets & DCF
Current price
4,381.00
DCF (Unlevered) 7,768.82 +77.3%
DCF (Levered) 6,972.41 +59.2%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 75% Bullish
Rating 2026-05 Change
Strong Buy 2 0
Buy 7 0
Hold 2 -1
Sell 0 -1
Strong Sell 1 0
Quality scores
Altman Z-Score
2.13
Grey zone
Piotroski F-Score
7 / 9
Strong
MOAT Score
5 / 10
Developing
Composite Rating
A-
Overall Score
4 / 5
High
DCF Score
4 / 5
High
ROE Score
4 / 5
High
ROA Score
4 / 5
High
D/E Score
2 / 5
Medium
P/E Score
3 / 5
Medium
P/Book Score
3 / 5
Medium
Operational MOAT
✗ Below peers
  • Revenue growth Tobacco: +5.3%
    -1.0% Q4'25: -2.2% (vs Q4'23)
  • EPS growth Tobacco: +18.8%
    +156.6% Q4'25: +117.6% (vs Q4'23)
  • FCF margin FCF growth · Tobacco: +9.5%
    +21.8% Q4'25: +21.8% (vs Q4'23)
  • EBIT margin Tobacco: +20.5%
    +46.0% Q4'25: +37.1% (vs Q4'23)
  • ROIC Tobacco: +16.0%
    +11.6% Q4'25: +18.7% (vs Q4'23)
  • Share dilution Tobacco: +0.0%
    -1.2% Q4'25: -1.8% (vs Q4'23)
  • Debt / EBITDA Net debt/EBITDA · Tobacco: 0.25×
    2.54× Q4'25: 1.40× (vs Q4'23)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.12) × ERP
WACC = 74% × Ke + 26% × Kd (5.4%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 7,768.82 Current price: 4,381.00
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2010
actual
Dec 2011
actual
Dec 2012
actual
Dec 2013
actual
Dec 2014
actual
Dec 2015
actual
Dec 2016
actual
Dec 2017
actual
Dec 2018
actual
Dec 2019
actual
Dec 2020
actual
Dec 2021
actual
Dec 2022
actual
Dec 2023
actual
Dec 2024
actual
Dec 2025
actual
Dec 2026
13 Rev. Ana.
8 EPS Ana.
Dec 2027
12 Rev. Ana.
7 EPS Ana.
Dec 2028
6 Rev. Ana.
5 EPS Ana.
Dec 2029
11 Rev. Ana.
2 EPS Ana.
Revenue
14.88B
est: 15.19B (-2.0%)
15.40B
est: 15.70B (-1.9%)
15.19B
est: 15.61B (-2.7%)
15.26B
est: 15.42B (-1.0%)
13.97B
est: 14.09B (-0.9%)
13.10B
est: 12.90B (+1.6%)
14.13B
est: 14.88B (-5.1%)
19.56B
est: 20.59B (-5.0%)
24.49B
est: 24.36B (+0.5%)
25.88B
est: 25.64B (+0.9%)
25.78B
est: 25.68B (+0.4%)
25.68B
est: 25.63B (+0.2%)
27.66B
est: 28.00B (-1.2%)
27.28B
est: 26.18B (+4.2%)
25.87B
est: 26.03B (-0.6%)
25.61B
est: 25.59B (+0.1%)
26.33B
26.13B – 26.57B
+2.9% YoY
27.24B
27.02B – 27.83B
+3.4% YoY
28.27B
28.04B – 28.70B
+3.8% YoY
29.09B
28.86B – 29.53B
+2.9% YoY
EBITDA
4.93B
est: 4.73B (+4.1%)
6.32B
est: 5.33B (+18.5%)
6.65B
est: 5.65B (+17.6%)
6.12B
est: 6.00B (+1.9%)
5.14B
est: 5.72B (-10.1%)
5.61B
est: 4.91B (+14.3%)
5.24B
est: 8.14B (-35.6%)
30.52B
est: 10.28B (+197.0%)
11.02B
est: 9.62B (+14.5%)
11.02B
est: 8.72B (+26.4%)
11.70B
est: 8.23B (+42.1%)
11.67B
est: 8.58B (+36.1%)
12.29B
est: 8.91B (+38.0%)
8.83B
est: 15.21B (-42.0%)
7.74B
est: 15.14B (-48.9%)
14.06B
est: 14.86B (-5.4%)
15.30B
15.18B – 15.43B
+2.9% YoY
15.82B
15.69B – 16.17B
+3.4% YoY
16.42B
16.29B – 16.67B
+3.8% YoY
16.90B
16.76B – 17.16B
+2.9% YoY
EBIT
4.42B
est: 4.38B (+0.8%)
5.50B
est: 4.40B (+24.9%)
6.17B
est: 4.67B (+32.0%)
5.67B
est: 5.35B (+6.1%)
4.72B
est: 5.05B (-6.6%)
5.21B
est: 4.24B (+22.8%)
4.69B
est: 5.11B (-8.1%)
29.70B
est: 6.29B (+372.2%)
9.99B
est: 4.10B (+143.8%)
9.70B
est: 9.85B (-1.6%)
10.46B
est: 9.00B (+16.2%)
10.65B
est: 9.38B (+13.6%)
10.99B
est: 9.74B (+12.8%)
-15.17B
est: 4.69B (-423.6%)
4.64B
est: 4.67B (-0.7%)
11.79B
est: 4.58B (+157.2%)
4.72B
4.68B – 4.76B
+2.9% YoY
4.88B
4.84B – 4.98B
+3.4% YoY
5.06B
5.02B – 5.14B
+3.8% YoY
5.21B
5.17B – 5.29B
+2.9% YoY
Net Income
2.88B
est: 2.90B (-0.7%)
3.10B
est: 2.98B (+4.0%)
3.80B
est: 3.08B (+23.3%)
3.90B
est: 3.79B (+2.9%)
3.12B
est: 3.57B (-12.7%)
4.29B
est: 2.91B (+47.7%)
4.65B
est: 4.92B (-5.6%)
37.53B
est: 6.42B (+484.7%)
6.03B
est: 44.47B (-86.4%)
5.70B
est: 6.35B (-10.2%)
6.40B
est: 5.69B (+12.4%)
6.80B
est: 5.93B (+14.6%)
6.67B
est: 8.72B (-23.5%)
-14.37B
est: -13.88B (-3.5%)
3.07B
est: 8.04B (-61.9%)
7.76B
est: 7.75B (+0.1%)
7.72B
7.72B – 8.36B
-0.4% YoY
8.62B
8.33B – 8.91B
+11.6% YoY
9.21B
9.11B – 9.39B
+6.9% YoY
9.77B
9.67B – 9.96B
+6.1% YoY
SGA
3.46B
est: 2.48B (+39.5%)
16.00M
est: 2.47B (-99.4%)
15.10M
est: 2.39B (-99.4%)
3.67B
est: 2.26B (+62.2%)
2.07B
est: 2.16B (-4.2%)
2.97B
est: 1.93B (+54.2%)
2.11B
est: 2.24B (-6.0%)
2.61B
est: 2.91B (-10.2%)
3.00B
est: 3.10B (-3.2%)
2.87B
est: 3.16B (-9.0%)
6.83B
est: 2.85B (+139.5%)
6.82B
est: 2.97B (+129.4%)
3.83B
est: 3.09B (+24.1%)
3.86B
est: 3.88B (-0.7%)
3.95B
est: 3.87B (+2.2%)
1.12B
est: 3.80B (-70.4%)
3.91B
3.88B – 3.94B
+2.9% YoY
4.04B
4.01B – 4.13B
+3.4% YoY
4.19B
4.16B – 4.26B
+3.8% YoY
4.32B
4.28B – 4.38B
+2.9% YoY
EPS
1.45
est: 1.76 (-17.7%)
1.57
est: 1.96 (-19.8%)
1.96
est: 2.09 (-6.1%)
2.05
est: 2.19 (-6.4%)
1.67
est: 2.09 (-20.1%)
2.31
est: 2.06 (+11.9%)
2.50
est: 2.48 (+1.0%)
18.34
est: 2.80 (+554.4%)
2.64
est: 2.92 (-9.5%)
2.50
est: 3.21 (-22.1%)
2.80
est: 3.30 (-15.2%)
2.97
est: 3.28 (-9.6%)
2.93
est: 3.69 (-20.5%)
-6.47
est: -6.23 (-3.8%)
1.37
est: 3.64 (-62.4%)
3.51
est: 3.42 (+2.7%)
3.62
3.51 – 3.80
+5.8% YoY
3.89
3.79 – 4.05
+7.5% YoY
4.19
4.14 – 4.27
+7.6% YoY
4.44
4.40 – 4.53
+6.1% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-29 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-28 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-27 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-26 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-22 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-21 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-20 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-19 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-18 A- 4/5 4/5 4/5 4/5 2/5 3/5 3/5
2026-05-15 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-14 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-13 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-12 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-11 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-08 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-07 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-06 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-05 A- 4/5 4/5 4/5 4/5 2/5 4/5 3/5
2026-05-01 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-30 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-29 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-28 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-27 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-24 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-23 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-22 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-21 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-20 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-17 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-16 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5
2026-04-15 A- 4/5 4/5 4/5 5/5 1/5 4/5 3/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
12.64B
OE per share TTM
5.73
Owner's Yield
12.65%
Maintenance CapEx ratio
15.48%
Maint CapEx / Avg PPE
18.4%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
248.4K
Shares Outstanding
2.16B

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Tadeu Luiz Marroco Chief Executive Officer, Member of Management Board & Executive Director 5M male
James Barrett Director of Business Development & Member of Management Board male
James Murphy Director of Research & Science and Member of Management Board
Johan Vandermeulen Chief Operating Officer & Member of Management Board male
Kingsley Wheaton Chief Corporate Officer & Member of Management Board male
Luciano Comin Chief Marketing Officer & Member of Management Board male
Paul McCrory Director of Legal, General Counsel & Member of Management Board male
Syed Javed Iqbal Interim Chief Financial Officer, Director of Digital and Information & Member of Management Board male
David Waterfield Member of Management Board male
Zafar Aslam Khan Member of the Management Board & Director of Operations male
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits