Turning Point Brands, Inc. key statistics and ratios

In fiscal 2025, Turning Point Brands, Inc. had return on equity of 20.7%, an operating margin of 20.6%, debt equal to 80.6% of equity and a current ratio of 5.56. 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.

Turning Point Brands, Inc.: financial ratios, annual
Fiscal year	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
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%
Return on equity	—	—	—	46.3%	37.2%	17.2%	34.1%	41.4%	9.5%	29.3%	23.3%	20.7%	10.8%
Return on assets	−12.1%	3.8%	10.2%	7.1%	8.1%	4.1%	8.1%	9.5%	2.0%	6.7%	7.5%	9.3%	5.5%
Asset turnover	0.83	0.81	0.78	1.01	1.07	0.92	0.86	0.81	0.55	0.57	0.68	0.74	0.63
Current ratio	—	3.03	1.90	2.08	1.75	3.39	2.89	6.18	6.23	2.67	4.42	5.56	5.67
Debt to equity	—	—	640.7%	378.9%	267.1%	302.8%	272.4%	316.0%	369.5%	244.1%	131.3%	80.6%	64.8%
Interest cover (operating income ÷ interest)	—	1.3x	1.6x	2.9x	3.2x	—	—	—	3.4x	3.9x	4.4x	3.8x	2.7x
Effective tax rate	—	10.5%	—	27.0%	19.9%	15.0%	23.8%	21.5%	26.1%	38.7%	26.1%	18.0%	13.8%
R&D as % of revenue	0.6%	0.7%	1.0%	0.8%	0.8%	0.7%	0.3%	0.2%	0.2%	0.2%	0.4%	0.2%	—
SG&A as % of revenue	22.5%	26.3%	27.5%	26.3%	28.3%	30.4%	31.0%	28.6%	32.3%	32.1%	33.9%	36.5%	44.4%
Capital spending as % of revenue	0.7%	0.8%	1.6%	0.7%	0.7%	1.3%	1.5%	1.4%	2.4%	1.8%	1.3%	2.9%	2.5%
Free cash flow ÷ net income	—	249.5%	22.0%	136.9%	42.8%	203.2%	98.3%	119.2%	192.8%	159.1%	156.8%	75.4%	44.1%
Dividends ÷ net income	—	0.0%	0.0%	3.8%	9.2%	21.8%	10.0%	7.9%	36.5%	11.7%	12.3%	9.5%	13.6%
Dividends and buybacks ÷ free cash flow	30.5%	0.0%	0.0%	2.8%	21.4%	10.7%	37.3%	68.9%	149.2%	7.4%	15.9%	12.6%	30.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Turning Point Brands, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	55.6%	56.0%	56.0%	57.1%	59.2%	55.9%	55.0%	65.5%
Operating margin	22.9%	19.1%	21.8%	22.6%	21.8%	16.5%	10.0%	11.7%
Net margin	13.6%	2.6%	13.5%	12.4%	17.7%	6.8%	9.4%	2.5%
Free-cash-flow margin	13.9%	17.8%	14.3%	6.7%	−0.6%	17.8%	−22.0%	18.4%
Current ratio	4.21	4.42	4.42	4.22	5.56	5.56	5.87	5.67
Debt to equity	133.7%	130.6%	144.1%	130.4%	81.9%	78.9%	76.2%	64.8%
SG&A as % of revenue	32.6%	36.9%	34.2%	34.5%	37.4%	39.4%	44.9%	53.9%

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

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.

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.

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Figures from Turning Point Brands, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Turning Point Brands, Inc.