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Turning Point Brands, Inc. (TPB) stock

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NYSE: TPB NYSE Tobacco Next results ~November 9, 2026

C Fundamentals grade

Turning Point Brands, Inc. is a US-listed company in the tobacco industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 47% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 47% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Turning Point Brands, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds136 adding, 113 cuttingOf 46 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Turning Point Brands files

Where Turning Point Brands stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $507m, up 24.5% on a year earlier, slower than the 25.2% growth a quarter earlier. That growth ranks 9 of 104 among the consumer staples companies we cover. Free-cash-flow margin fell to 3.9% from 12.8% a year earlier. Operating margin narrowed to 14.8% from 21.6%. The diluted share count is up 5.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 7 financial-health checks.

Our model value for Turning Point Brands is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Turning Point Brands, Inc.'s trailing-twelve-month revenue grew 24.5% year on year, with a free-cash-flow margin of 3.9%. Where it stands out: days sales outstanding of 16 days ranks 1 of 5 tobacco companies we cover. Where it lags: change in share count of 5.8% ranks 6 of 6 tobacco companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$100–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 62.4% while net income grew 2.0%: a 64pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 24.5% over the last 12 months, against a median of 2.2% for tobacco companies we cover.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 6.9 points on a year ago.
  • Share dilution. Diluted shares rose 5.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 0.6 against the S&P 500.
  • Insiders selling. 8 insiders sold $10M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 44% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.23 against an average estimate of $0.24: missed by 3.4%
Revenue
$143m, up 22.6% on a year earlier
Share reaction
+4.1% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Next report
November 9, 2026; average EPS estimate $0.32

Turning Point Brands' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.2%
  • 1 week+1.8%
  • 1 month+19.5%
  • This year-38.5%
  • 1 year-25.8%
  • 5 years+72.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$507M
Operating margin
14.8%
Net margin
8.8%
EPS (TTM, diluted)
$2.29

Growth

Revenue growth
+24.5%
Change in growth rate
−0.7 pts
Share count change
+5.8%

Cash

Free cash flow (TTM)
$19.6M
FCF margin
3.9%
Stock pay % of revenue
1.8%

Earnings

Last results
August 4, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Turning Point Brands, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 47% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Turning Point Brands, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.59 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$77–$170 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$90 ~$74–$110 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Turning Point Brands, Inc. with Tobacco in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$11.51$19.91$25.79$27.24$42.80$36.47$21.08$25.94$59.69$108.06$66.48
Market value$207m$388m$511m$633m$982m$816m$381m$531m$1.2bn$2.0bn$1.3bn
+ Net debt (− = net cash)$215m$199m$217m$227m$278m$294m$306m$251m$201m$77m$26m
Enterprise value$423m$588m$729m$861m$1.3bn$1.1bn$687m$782m$1.4bn$2.1bn$1.3bn
Multiples
Price / sales 1.0x1.4x1.5x1.7x2.4x1.8x1.2x1.6x3.2x4.4x2.6x
Price / earnings 7.7x19.2x20.2x39.0x25.7x15.7x32.7x13.8x29.0x34.8x29.1x
Price / free cash flow 35.0x14.0x47.3x19.2x26.1x13.2x17.0x8.7x18.5x46.2x66.0x
EV / EBITDA 9.4x11.3x14.1x27.5x18.1x11.6x8.7x8.8x———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

72 /100

Strong moat

How hard Turning Point Brands's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Cash operating profit has been a median 13.4% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 49.1%, moving by 6.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 19.0%; its worst year was 5.8%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.9% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 2.4% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

Forecasts and guidance

Next results: November 9, 2026, before the open. Analysts expect revenue of $148m and EPS of $0.32 (range $0.25 to $0.37) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.76 −56% $567m +22%
Next $2.25 +28% $639m +13%

Next year's EPS estimate has moved −21.4% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −17.9% on 90 days ago. In the last 30 days, 1 analyst raised Turning Point Brands, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Turning Point Brands, Inc., last 90 days
$1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.14 Current fiscal year, 60 days ago: $1.92 Current fiscal year, 30 days ago: $1.88 Current fiscal year, 7 days ago: $1.88 Current fiscal year, Now: $1.76 $1.76 Next fiscal year, 90 days ago: $2.86 Next fiscal year, 60 days ago: $2.66 Next fiscal year, 30 days ago: $2.42 Next fiscal year, 7 days ago: $2.42 Next fiscal year, Now: $2.25 $2.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.14$2.86
60 days ago $1.92$2.66
30 days ago $1.88$2.42
7 days ago $1.88$2.42
Now $1.76$2.25

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.24 $0.23 −3.4%
Mar 2026 $0.73 $0.76 +4.6%
Dec 2025 $0.88 $0.95 +8.4%
Sept 2025 $0.81 $1.05 +29.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

6 analysts, Oct 2026
Buy6100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026156
  2. Sep 2026156
  3. Aug 2026156

Counts of recommendations published by analysts covering Turning Point Brands, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
16.8%
of tradable shares
Days to cover
6.42
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
4.2%
of shares
Employees
484
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −25.8%

$89.56 on October 31, 2025 to $66.48

ThenNowEffect
Revenue (last 12 months) $407m $507m +24.5%
Net margin 10.7% 8.8% −18.0%
P/E multiple 37.8x 29.1x −23.0%
Share count 18m 19m −5.5%

Biggest factor: p/e multiple.

Last 3 years +220.8%

$20.72 on November 3, 2023 to $66.48

ThenNowEffect
Revenue (last 12 months) $370m $507m +37.3%
Net margin 3.4% 8.8% +154.8%
P/E multiple 34.0x 29.1x −14.5%
Share count 21m 19m +7.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TPB−15%−42%+23%+130%+81%−39%
Industry peers (median)+23%+3%−3%+11%+10%+8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TPB42%17%58%67%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TPB−40%−48%−24%−16%−22%−61%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 11, 2016: 73% from July 18, 2019 to March 18, 2020. Getting back needed a 267% gain, reached on February 5, 2021, 324 days after the low.

Price behaviour

52-week range
$55.25 – $142.54
From 52-week high
−53.4%
vs 50-day average
−0.8%
vs 200-day average
−22.9%
Volatility (1 year)
54%
Beta vs S&P 500
0.63

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±9.4%
After a week
9 up, 3 down
typical move ±13.5%
After a month
8 up, 4 down
typical move ±15.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +4.1% +1.6% +9.5% −4.5%
May 7, 2026 +15.0% +0.5% +12.3% +3.7%
March 2, 2026 −21.5% −0.8% −32.2% −36.6%
November 5, 2025 +5.3% −0.7% +5.3% +5.9%
August 6, 2025 +16.0% +0.7% +23.0% +24.4%
May 7, 2025 +16.6% +1.1% +10.0% +17.4%
March 6, 2025 −8.6% −1.2% −15.0% −18.5%
February 10, 2025 +0.8% +0.8% +4.7% −11.8%
November 7, 2024 +1.3% +1.2% +13.7% +23.1%
August 1, 2024 −1.3% −3.3% −2.6% +5.1%
May 2, 2024 +12.1% +2.2% +15.5% +11.2%
February 28, 2024 +10.2% +0.2% +17.6% +28.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Turning Point Brands, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Turning Point Brands, Inc.
$300M $350M $400M $450M $500M $550M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $345.4M Revenue (TTM), FY23 Q4: $325.1M Revenue (TTM), FY24 Q1: $332.6M Revenue (TTM), FY24 Q2: $343M Revenue (TTM), FY24 Q3: $350.1M Revenue (TTM), FY24 Q4: $360.7M Revenue (TTM), FY25 Q1: $384M Revenue (TTM), FY25 Q2: $407.4M Revenue (TTM), FY25 Q3: $435.7M Revenue (TTM), FY25 Q4: $463.1M Revenue (TTM), FY26 Q1: $480.9M Revenue (TTM), FY26 Q2: $507.2M $507.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $345.4M
FY23 Q4 $325.1M
FY24 Q1 $332.6M
FY24 Q2 $343M
FY24 Q3 $350.1M
FY24 Q4 $360.7M
FY25 Q1 $384M
FY25 Q2 $407.4M
FY25 Q3 $435.7M
FY25 Q4 $463.1M
FY26 Q1 $480.9M
FY26 Q2 $507.2M
Revenue growth, TTM YoY Turning Point Brands, Inc.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -17.2% Revenue growth, TTM YoY, FY23 Q4: -21.7% Revenue growth, TTM YoY, FY24 Q1: -14.7% Revenue growth, TTM YoY, FY24 Q2: -7.2% Revenue growth, TTM YoY, FY24 Q3: 1.4% Revenue growth, TTM YoY, FY24 Q4: 11.0% Revenue growth, TTM YoY, FY25 Q1: 15.5% Revenue growth, TTM YoY, FY25 Q2: 18.8% Revenue growth, TTM YoY, FY25 Q3: 24.5% Revenue growth, TTM YoY, FY25 Q4: 28.4% Revenue growth, TTM YoY, FY26 Q1: 25.2% Revenue growth, TTM YoY, FY26 Q2: 24.5% 24.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -17.2%
FY23 Q4 -21.7%
FY24 Q1 -14.7%
FY24 Q2 -7.2%
FY24 Q3 1.4%
FY24 Q4 11.0%
FY25 Q1 15.5%
FY25 Q2 18.8%
FY25 Q3 24.5%
FY25 Q4 28.4%
FY26 Q1 25.2%
FY26 Q2 24.5%
Operating margin (TTM) Turning Point Brands, Inc.
10% 15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 21.8% Operating margin (TTM), FY23 Q4: 25.5% Operating margin (TTM), FY24 Q1: 25.5% Operating margin (TTM), FY24 Q2: 25.5% Operating margin (TTM), FY24 Q3: 25.0% Operating margin (TTM), FY24 Q4: 22.4% Operating margin (TTM), FY25 Q1: 22.1% Operating margin (TTM), FY25 Q2: 21.6% Operating margin (TTM), FY25 Q3: 21.4% Operating margin (TTM), FY25 Q4: 20.6% Operating margin (TTM), FY26 Q1: 17.6% Operating margin (TTM), FY26 Q2: 14.8% 14.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 21.8%
FY23 Q4 25.5%
FY24 Q1 25.5%
FY24 Q2 25.5%
FY24 Q3 25.0%
FY24 Q4 22.4%
FY25 Q1 22.1%
FY25 Q2 21.6%
FY25 Q3 21.4%
FY25 Q4 20.6%
FY26 Q1 17.6%
FY26 Q2 14.8%
FCF margin (TTM) Turning Point Brands, Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 14.0% FCF margin (TTM), FY23 Q4: 18.8% FCF margin (TTM), FY24 Q1: 21.2% FCF margin (TTM), FY24 Q2: 20.4% FCF margin (TTM), FY24 Q3: 20.3% FCF margin (TTM), FY24 Q4: 17.3% FCF margin (TTM), FY25 Q1: 14.4% FCF margin (TTM), FY25 Q2: 12.8% FCF margin (TTM), FY25 Q3: 8.9% FCF margin (TTM), FY25 Q4: 9.5% FCF margin (TTM), FY26 Q1: 0.3% FCF margin (TTM), FY26 Q2: 3.9% 3.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 14.0%
FY23 Q4 18.8%
FY24 Q1 21.2%
FY24 Q2 20.4%
FY24 Q3 20.3%
FY24 Q4 17.3%
FY25 Q1 14.4%
FY25 Q2 12.8%
FY25 Q3 8.9%
FY25 Q4 9.5%
FY26 Q1 0.3%
FY26 Q2 3.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Turning Point Brands took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $463M
  2. Cost of revenue $199M · 42.9%
  3. Gross profit $264M · 57.1%
  4. Selling, general and admin $169M · 36.5%
  5. Operating income $95.3M · 20.6%
  6. Income tax $15M · 3.2%
  7. Interest and other $22.2M · 4.8%
  8. Net income $58.2M · 12.6%

Shares of revenue. Source: Turning Point Brands's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 200 197 206 286 333 362 405 445 321 325 361 463 507
Gross profit 93 96 101 125 143 137 190 218 178 183 202 264 300
EBITDA 49 46 45 52 52 31 69 95 79 89 — — —
Operating income 48 45 44 50 48 27 64 90 74 83 81 95 75
Net income −29 9 27 20 25 16 38 52 12 38 40 58 45
Diluted EPS −$4.07 $1.10 $1.49 $1.04 $1.28 $0.78 $1.85 $2.52 $0.64 $2.01 $2.14 $3.11 $2.29
Growth (year on year)
Revenue — −1.5% +4.5% +38.6% +16.4% +8.8% +11.9% +10.0% −27.9% +1.2% +11.0% +28.4% +24.5%
EBITDA — −7.0% −0.8% +15.1% −0.8% −39.3% +121.7% +37.3% −16.8% +12.6% — — —
Operating income — −7.4% −1.3% +13.1% −2.4% −43.8% +136.6% +40.2% −18.1% +12.1% −2.6% +17.9% −15.0%
Net income — — +194.2% −24.9% +25.1% −35.8% +135.3% +36.3% −77.6% +230.4% +3.5% +46.1% +2.0%
Diluted EPS — — +35.5% −30.2% +23.1% −39.1% +137.2% +36.2% −74.6% +214.1% +6.5% +45.3% −3.6%
Margins
Gross margin 46.5% 48.8% 48.8% 43.7% 42.9% 37.9% 46.9% 48.9% 55.4% 56.3% 55.9% 57.1% 59.2%
EBITDA margin 24.5% 23.1% 21.9% 18.2% 15.5% 8.7% 17.1% 21.4% 24.7% 27.5% — — —
Operating margin 24.0% 22.6% 21.3% 17.4% 14.6% 7.5% 15.9% 20.3% 23.0% 25.5% 22.4% 20.6% 14.8%
Net margin −14.7% 4.6% 13.1% 7.1% 7.6% 4.5% 9.4% 11.7% 3.6% 11.8% 11.0% 12.6% 8.8%
Free-cash-flow margin 2.4% 11.6% 2.9% 9.7% 3.3% 9.1% 9.3% 13.9% 7.0% 18.8% 17.3% 9.5% 3.9%
Cash flow
Cash from operations 6 24 9 30 13 38 44 68 30 67 67 57 32
Capital spending 1 2 3 2 2 5 6 6 8 6 5 14 13
Free cash flow 5 23 6 28 11 33 38 62 22 61 62 44 20
Stock-based pay 0 0 0 1 1 4 3 8 5 7 7 7 9
Free cash flow after stock pay 4 23 6 27 9 29 35 55 17 55 55 37 10
Balance sheet
Cash 8 5 3 3 3 95 42 128 106 118 49 223 268
Total debt 0 299 218 202 221 323 320 423 413 369 250 300 294
Net debt (negative = net cash) −8 294 215 199 217 227 278 294 306 251 201 77 26
Diluted shares 7m 8m 18m 20m 20m 23m 23m 22m 18m 20m 19m 19m 19m
Returned to shareholders
Dividends — 0 0 1 2 4 4 4 4 4 5 6 6
Buybacks 1 0 0 — 0 0 10 39 29 0 5 0 —
Total returned 1 0 0 1 2 4 14 43 33 4 10 6 6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $855m
Short-term assets $500mLonger-term assets $355m
What it owes, and who funded it · $855m
Short-term liabilities $88mLonger-term liabilities $313mShareholders' equity $454m
  • Short-term assets cover short-term liabilities $500m of assets due within a year against $88m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $500m short-term assets against $313m of longer-dated liabilities.
  • More cash than debt $268m of cash against $294m of debt.
  • Debt below 40% of shareholders' equity Debt is 65% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 310% to 65% over five years.
  • A year's operating cash flow covers at least 20% of debt $32m of operating cash flow against $294m of debt.
  • Operating profit covers interest at least five times over Operating income of $75m against $28m of interest.

From Turning Point Brands, Inc.'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.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$6.1M
Returned to shareholders
13%
of free cash flow
Buybacks, last 3 fiscal years
$5.1M
Diluted share count
+5.8%
year over year
Total shareholder yield
0.5%
dividends 0.5% + buybacks 0.0% of market value
Dividend payout ratio
14%
of net income paid out
Sales & admin spending
44.4%
of revenue
Days sales outstanding
16 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in tobacco
Last 12 months unless stated TPB RLX UVV XXII MO BTI Median
Revenue, last 12 months $507m $551m $2.8bn $15m $23.5bn $33.8bn $2.8bn
Revenue growth, last 12 months 24.5% 44.2% −3.6% −27.4% 0.5% 2.2% 2.2%
Revenue growth, 3-year average 11.1% — 2.2% −27.7% −1.5% — −1.5%
Revenue growth, latest quarter 22.6% — −12.2% −29.9% 1.0% — 1.0%
Gross margin 59.2% 29.9% 15.6% 45.0% 63.3% — 52.1%
Operating margin 14.8% 8.3% 4.9% −85.0% 47.0% 39.0% 14.8%
Operating margin, 3-year average 20.6% — 7.2% −82.6% 47.0% 37.2% 28.8%
Net margin 8.8% 23.3% 0.7% −27.0% 34.5% 30.3% 23.3%
Cash from operations / revenue 6.4% 27.9% 7.7% −57.6% 40.1% 24.8% 24.8%
Free-cash-flow margin 3.9% 24.9% 5.8% −60.3% 38.6% 22.0% 22.0%
Free-cash-flow margin, 3-year average 12.4% — 2.2% −73.2% 37.7% 26.4% 19.4%
Stock pay / revenue 1.8% 4.7% 0.2% 5.5% — — 3.3%
Change in share count 5.8% −5.0% 0.1% 19.6% −0.8% −1.2% 0.1%

Median of all 7 companies we cover in tobacco. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

7 tobacco companies
Measure Company Peer median Rank
Revenue growth Growth 24.5% 2.2% 2 of 7
Change in growth rate Growth -0.7pp -0.7pp 4 of 7
Gross margin Profitability 59.2% 59.2% 3 of 6
Operating margin Profitability 14.8% 14.8% 4 of 7
Net margin Profitability 8.8% 23.3% 5 of 7
Free-cash-flow margin Cash generation 3.9% 22.0% 6 of 7
Long-term debt as % of assets Balance sheet 34.4% 34.4% 4 of 6
Change in share count Balance sheet 5.8% 0.1% 6 of 6
Days sales outstanding Balance sheet 16 days 45 days 1 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Stokers Products $285M 61.5% ▲ 69.1%
Zig Zag Products $178M 38.5% ▼ 7.2%
Geography
Region Revenue Share YoY
United States $427M 92.3% ▲ 29.2%
Outside the US $35.7M 7.7% ▲ 19.0%

From Turning Point Brands, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.7B
Institutions reporting
229
Shares held vs prior quarter
▲ 8.1%
Positions opened / closed
40 / 48

Top buyers and sellers, Q2 2026: 136 institutions bought and 113 sold ; the biggest buyer was Divisadero Street Capital Management, LP (+970K shares) and the biggest seller FMR LLC (−456K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $137M 1.6M 8.1% ▲ 10.1%
Divisadero Street Capital Management, LP $107M 1.3M 6.3% ▲ 328.1%
Thrivent Financial For Lutherans $105M 1.2M 6.1% ▲ 0.2%
First Trust Advisors LP $82.7M 975K 4.9% ▲ 41.4%
Vanguard Capital Management LLC $69.8M 823K 4.1% ▲ 0.8%
Copeland Capital Management, LLC $58.5M 690K 3.4% ▲ 69.5%
Maple Rock Capital Partners Inc. $58.2M 687K 3.4% ▲ 57.5%
American Century Companies Inc $53.2M 627K 3.1% ▲ 71.7%
Geode Capital Management, LLC $52.7M 622K 3.1% ▲ 3.4%
T. Rowe Price Investment Management, Inc. $49.9M 589K 2.9% ▲ 59.5%
Two Sigma Investments, LP $48.2M 568K 2.8% ▲ 10.3%
Bank Of America Corp $47.3M 557K 2.8% ▲ 91.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Turning Point Brands, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $10.4M 14 trades by 8 insiders · 0% under pre-set plans
Net ▼ $10.4M net selling
Insider Date Trade Shares Price Value
Wigginton Brian Sr VP Finance & CAO May 12, 2026 Sell 4,000 $91.67 $366,680
Flynn Andrew Chief Financial Officer March 4, 2026 Sell 2,000 $97.57 $195,140
Glazek David Edward Executive Chairman December 19, 2025 Sell 30,000 $110.26 $3.3M
Diao H.C. Charles Director December 15, 2025 Sell 2,000 $108.20 $216,400
Baxter Gregory H.A. Director November 21, 2025 Sell 1,500 $98.23 $147,345
Usher Stephen Director November 20, 2025 Sell 1,000 $102.54 $102,540
Cushman Brittani Sr VP, General Counsel November 19, 2025 Sell 2,500 $101.66 $254,150
Cushman Brittani Sr VP, General Counsel November 19, 2025 Sell 3,000 $101.66 $304,980
Cushman Brittani Sr VP, General Counsel November 19, 2025 Sell 3,250 $101.66 $330,395
Cushman Brittani Sr VP, General Counsel November 19, 2025 Sell 4,000 $101.66 $406,640
Usher Stephen Director November 19, 2025 Sell 1,000 $101.00 $101,000
Wexler Lawrence Director November 13, 2025 Sell 10,401 $99.03 $1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 7, 2026
  • March 2, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Turning Point Brands, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Turning Point Brands, Inc. in brief

What does Turning Point Brands, Inc. do?
Turning Point Brands, Inc. is a US-listed company in the tobacco industry. Its financial year ends in December.
What is Turning Point Brands, Inc.'s stock ticker?
Turning Point Brands, Inc. trades under the ticker TPB on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Turning Point Brands, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Turning Point Brands, Inc. reported revenue of $507M, 24.5% higher than a year earlier, according to its SEC filings.
What is Turning Point Brands, Inc.'s free cash flow?
Turning Point Brands, Inc.'s free-cash-flow margin is 3.9% of revenue over the trailing twelve months, ranking 6 of the 7 tobacco companies we cover.
Who are Turning Point Brands, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Divisadero Street Capital Management, LP and Thrivent Financial For Lutherans. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Turning Point Brands, Inc. buying back stock, and does it pay a dividend?
Turning Point Brands, Inc. spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 5.8% over the year.
What is Turning Point Brands, Inc.'s market cap?
On November 2, 2026, Turning Point Brands, Inc.'s market capitalisation was about $1.3B, with a price-to-earnings ratio of 29.1 and net debt of $25.8M. Market figures come from third-party market data and may be delayed.
Does Turning Point Brands, Inc. pay a dividend?
Yes: Turning Point Brands, Inc. paid $6.1M in dividends over the trailing twelve months, a dividend yield of 0.45% and a payout ratio of 13.6%.
How much debt does Turning Point Brands, Inc. have?
Turning Point Brands, Inc.'s debt-to-equity ratio is 64.8%, from its latest balance sheet (309.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Turning Point Brands, Inc.'s competitors?
In our Tobacco peer group, the companies closest to Turning Point Brands, Inc. are RLX Technology Inc., Universal Corp, 22nd Century Group, Inc., Altria and British American Tobacco P.l.c. The side-by-side comparison below sets their revenue, margins and growth against Turning Point Brands, Inc.'s.
Are insiders buying or selling Turning Point Brands, Inc. stock?
Over the last 12 months, Turning Point Brands, Inc.'s directors and officers reported 0 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Turning Point Brands, Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Turning Point Brands, Inc. announces its own schedule.