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British American Tobacco p.l.c.

BTI
61
Tobacco · Consumer Defensive
Price
$60.00
+2.00 (+3.45%)
Market Cap
$129.03B
Exchange
New York Stock Exchange
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Good
13/20
Cash Flow
Exceptional
9/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Strong
4/5

61 of 100 counted points = Winston Score 61.

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Share count falling — buybacks

−2.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.26B (2021) → 2.20B (2025)

§Winston Score History

The full picture

British American Tobacco (BAT) makes and sells tobacco and nicotine products to adult consumers around the world. Its most well-known cigarette brands include Lucky Strike, Dunhill, and Camel (outside the US). BAT is one of the largest tobacco companies on the planet, selling in over 170 countries.

BAT earns money by selling cigarettes, cigars, and a growing range of newer nicotine products like Vuse e-cigarettes, Velo nicotine pouches, and glo heated tobacco devices. The company is headquartered in London and generates tens of billions in annual revenue, with strong pricing power and loyal customers giving it a durable competitive position. The key challenge BAT faces is that cigarette volumes are declining globally as smoking rates fall, so the company is betting its future growth on these newer "non-combustible" nicotine products — which are growing but not yet large enough to fully replace cigarette profits.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-28.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£133M/ year

↓ Declining (-65% vs prior year)

0.5% of revenue

Below sector average (2%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£4.7B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

British American Tobacco p.l.c. is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
59.1%
Premium pricing power — 59.1% gross margin
Profit after running costs
Operating Margin
38.2%
Excellent — 38.2% operating margin
Return on the money invested
ROCE
11.6%
Below par — 11.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+1.1%
Nearly flat sales (+1.1% YoY)
Profit growth
EPS YoY
+110.1%
Earnings growing fast (+110.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
103%
Turns 103% of profit into real cash
Spare cash per sale
FCF Margin
23.4%
Converts sales into free cash efficiently (23.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.72
Moderate — manageable debt (0.72)
Covers its interest
Interest Cover
5.79x
Adequate interest coverage (5.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.5x
Growth-priced — P/E 20.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+10.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (20.5 → 10.2)

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Dividends

Dividend
Dividend Yield
6.00%
Healthy income — 6.00% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+5.1%
Dividend growing modestly (5.1% YoY)
Payout Ratio
82%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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