British American Tobacco p.l.c. (BTI) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), British American Tobacco p.l.c. had a P/E ratio of 11.92 (down from 20.96), return on equity of 15.8% (up from 6.2%), debt-to-equity of 0.73 (down from 0.74) and a current ratio of 0.87 (up from 0.76). A current ratio of 0.87 means current liabilities exceed current assets. Its dividend yield was 5.82% with a payout ratio of 68.2%.

British American Tobacco p.l.c. Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	11.92	20.96	-	11.06	9.24	9.67
P/S Ratio	3.57	2.45	1.88	2.65	2.44	2.40
P/B Ratio	1.90	1.27	0.97	0.97	0.93	0.98
Price/FCF	15.81	6.58	4.99	7.41	6.83	6.67
Price/OCF	14.43	6.26	4.78	7.04	6.46	6.33
Enterprise Value Ratios
EV/Revenue	4.78	3.77	3.28	4.13	4.08	4.18
EV/EBITDA	10.40	8.25	6.75	9.18	8.86	9.05
EV/EBIT	12.53	9.96	-	9.93	9.60	9.84
EV/FCF	21.11	10.12	8.73	11.57	11.39	11.61
Profitability & Returns
Return on Equity (ROE)	15.82%	6.18%	-22.06%	9.57%	10.70%	10.33%
Return on Assets (ROA)	5.34%	5.15%	-4.85%	4.94%	4.96%	4.91%
Return on Invested Capital (ROIC)	9.58%	10.44%	-10.42%	7.71%	8.01%	7.87%
Return on Capital Employed (ROCE)	10.30%	9.80%	-10.30%	8.50%	8.90%	9.00%
Leverage & Solvency Ratios
Debt/Equity	0.73	0.74	0.75	0.58	0.59	0.70
Debt/EBITDA	2.96	3.10	3.01	3.50	3.36	3.69
Debt/FCF	6.06	3.83	3.89	4.42	4.32	4.74
Liquidity Ratios
Current Ratio	0.87	0.76	0.91	0.86	0.85	0.88
Quick Ratio	0.56	0.51	0.58	0.48	0.48	0.46
Efficiency Ratios
Asset Turnover	0.22	0.22	0.20	0.19	0.19	0.18
Inventory Turnover	0.99	0.96	0.92	0.84	0.81	0.74
Yield & Distribution Ratios
Earnings Yield	8.48%	4.84%	-28.06%	9.11%	10.84%	10.34%
FCF Yield	6.33%	15.20%	20.03%	13.49%	14.65%	14.98%
Dividend Yield	5.82%	8.34%	10.26%	6.64%	7.87%	11.23%
Payout Ratio	68.16%	171.74%	-	74.63%	72.20%	74.14%
Buyback Yield	1.17%	0.18%	1.68%	1.31%	-0.09%	-0.17%
Total Return	6.99%	8.52%	11.94%	7.94%	7.78%	11.06%

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About British American Tobacco p.l.c. Financial Ratios

What is British American Tobacco p.l.c.'s P/E ratio?

British American Tobacco p.l.c.'s P/E ratio was 11.92 for fiscal 2025 (period ended Dec 31, 2025). It was 20.96 a year earlier.

What is British American Tobacco p.l.c.'s return on equity?

British American Tobacco p.l.c.'s return on equity (ROE) was 15.8% for fiscal 2025 (period ended Dec 31, 2025). It was 6.2% a year earlier.

What is British American Tobacco p.l.c.'s debt-to-equity ratio?

British American Tobacco p.l.c.'s debt-to-equity ratio was 0.73 for fiscal 2025 (period ended Dec 31, 2025). It was 0.74 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition