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BAT’s multi-year history shows a mature, broadly stable revenue base, substantial operating profitability, and periodic reported-earnings distortion from large non-recurring items. Operating cash generation materially exceeds capital spending, supporting sustained distributions while the balance sheet remains debt-funded.
The latest comparable period preserves the cash-generative model and shows continued progress in smokeless categories, but reported profitability remains volatile because of one-off and financing effects. The underlying financial model appears intact even as quarterly earnings and cash conversion diverge.
Whether TTM operating cash flow recovers toward the company’s stated 95%+ conversion objective without renewed working-capital pressure.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 14.1B | 19.6B | 24.5B | 25.9B | 25.8B | 25.7B | 27.7B | 27.3B | 25.9B | 25.6B | |
| (3.7B) | (5B) | (4.6B) | (4.4B) | (4.1B) | (4.6B) | (4.8B) | (4.9B) | (4.6B) | (4.4B) | |
| 10.4B | 14.5B | 19.9B | 21.4B | 21.6B | 21.1B | 22.9B | 22.4B | 21.3B | 21.2B | |
| (5.1B) | (7.5B) | (10.3B) | (11.6B) | (11.1B) | (10.1B) | (11.4B) | (9.8B) | (11.1B) | (11.2B) | |
| (2.1B) | (2.6B) | (3B) | (2.9B) | (2.7B) | (2.6B) | (2.7B) | (2.7B) | (4B) | (4.2B) | |
| (53m) | (80m) | (105m) | (126m) | (121m) | (141m) | (138m) | (181m) | (174m) | (133m) | |
| (543m) | (817m) | (990m) | (1.3B) | (1.1B) | (949m) | (976m) | (863m) | (2.3B) | (2.2B) | |
| (2.4B) | (4B) | (6.2B) | (7.4B) | (7.2B) | (6.5B) | (7.6B) | (6B) | (4.7B) | (4.6B) | |
| 5.3B | 7B | 9.7B | 9.8B | 10.6B | 11B | 11.5B | 12.6B | 10.2B | 10B | |
| 782m | 42m | (930m) | (1B) | (1.1B) | (1B) | (1.3B) | (1.4B) | 293m | 45m | |
| 645m | 1.1B | 1.6B | 1.7B | 1.6B | 1.5B | 1.6B | 1.8B | 1.7B | 1.7B | |
| (704m) | 22.5B | (321m) | (762m) | (762m) | (703m) | (814m) | (28.2B) | (6.9B) | 13m | |
| 941m | 0 | 0 | 0 | 0 | — | — | — | — | — | |
| (30m) | (56m) | (54m) | (90m) | (34m) | (64m) | (57m) | (71m) | (97m) | (183m) | |
| 6.2B | 29.5B | 8.4B | 7.9B | 8.7B | 9.2B | 9.3B | (17.1B) | 3.5B | 9.9B | |
| (1.4B) | (1.5B) | (2.2B) | (2.1B) | (2.2B) | (2.3B) | (2.5B) | 2.9B | (357m) | (2.1B) | |
| 4.8B | 28.1B | 6.1B | 5.8B | 6.4B | 6.8B | 6.8B | (14.2B) | 3.2B | 7.8B | |
| (191m) | (171m) | (178m) | (145m) | (164m) | (173m) | (180m) | (178m) | (113m) | (1m) | |
| 4.6B | 37.5B | 6B | 5.7B | 6.4B | 6.8B | 6.7B | (14.4B) | 3.1B | 7.8B | |
| 2.49 | 18.27 | 2.63 | 2.47 | 2.78 | 2.96 | 2.94 | (6.45) | 1.38 | 3.53 |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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