British American Tobacco P.l.c. key statistics and ratios

In fiscal 2025, British American Tobacco P.l.c. had return on equity of 16.8%, an operating margin of 39.0%, debt equal to 76.2% of equity and a current ratio of 0.87. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

British American Tobacco P.l.c.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	34.8%	32.9%	32.8%	38.0%	34.8%	38.6%	39.8%	38.1%	−57.7%	10.6%	39.0%
Net margin	32.7%	32.9%	191.6%	24.6%	22.0%	24.8%	26.5%	24.1%	−52.7%	11.9%	30.3%
Free-cash-flow margin	32.3%	28.5%	23.3%	38.9%	32.2%	36.0%	35.8%	35.7%	37.6%	37.3%	22.6%
Return on equity	88.4%	71.9%	104.6%	9.7%	8.7%	9.6%	10.8%	9.3%	−23.2%	6.3%	16.8%
Return on assets	—	12.8%	40.3%	4.3%	3.9%	4.4%	5.0%	4.4%	−10.6%	2.6%	6.9%
Asset turnover	—	0.39	0.21	0.17	0.18	0.18	0.19	0.18	0.20	0.22	0.23
Current ratio	—	1.04	0.90	0.78	0.71	0.88	0.85	0.86	0.91	0.76	0.87
Debt to equity	—	238.3%	81.3%	72.6%	71.0%	70.2%	60.6%	58.5%	78.1%	77.0%	76.2%
Interest cover (operating income ÷ interest)	8.0x	7.2x	5.9x	5.8x	5.4x	6.2x	7.1x	6.6x	n/m	1.6x	6.0x
Effective tax rate	22.8%	22.5%	−27.5%	25.6%	26.1%	24.3%	23.9%	26.6%	—	10.1%	21.2%
R&D as % of revenue	0.5%	1.0%	1.0%	1.1%	1.5%	1.2%	1.2%	1.2%	1.5%	1.5%	1.4%
Capital spending as % of revenue	3.7%	4.1%	4.0%	3.1%	2.6%	2.0%	2.1%	1.9%	1.7%	1.9%	2.2%
Free cash flow ÷ net income	98.8%	86.6%	12.2%	158.1%	146.1%	144.9%	135.1%	148.1%	—	314.2%	74.6%
Dividends ÷ net income	—	—	—	—	—	77.3%	73.6%	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	1.5%	1.4%	53.3%	54.4%	20.4%	0.0%	7.2%	19.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · December 31, 2025

What it owns · $147.0bn

Short-term assets $17.1bnLonger-term assets $129.9bn

What it owes, and who funded it · $81.4bn

Short-term liabilities $19.5bnShareholders' equity $61.9bn

Short-term assets cover short-term liabilities $17.1bn of assets due within a year against $19.5bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $5.1bn of cash against $47.2bn of debt.
Debt below 40% of shareholders' equity Debt is 76% of equity.
Debt burden no higher than five years ago Debt to equity moved from 64% to 76% over five years.
A year's operating cash flow covers at least 20% of debt $8.4bn of operating cash flow against $47.2bn of debt.
Operating profit covers interest at least five times over Operating income of $13.2bn against $2.2bn of interest.

From British American Tobacco P.l.c.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BTI vs PM BTI vs MO BTI vs UVV

More: Tobacco stocks compared, Consumer Staples sector, rankings of US companies

Figures from British American Tobacco P.l.c.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to British American Tobacco P.l.c.