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Turning Point Brands, Inc. (TPB) Financial Ratios

Latest Ratios: P/E Ratio 28.2x · EV/EBITDA 17.4x · ROE 20.7%. (2004–2025 historical series)

TPB Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Market Cap	$1.7B	$2.0B	$1.2B	$539M	$391M	$846M	$879M	$573M	$540M	$412M	$221M
Enterprise Value	$1.8B	$2.1B	$1.4B	$799M	$705M	$1.1B	$1.2B	$775M	$757M	$612M	$436M
P/E Ratio →	28.17	34.86	28.08	13.09	33.80	14.99	26.68	41.45	21.27	20.32	8.22
P/S Ratio	3.66	4.38	3.23	1.66	1.22	1.90	2.17	1.58	1.62	1.44	1.07
P/B Ratio	4.41	5.46	6.11	3.54	3.44	6.32	7.48	5.38	6.53	7.73	6.48
P/FCF	38.70	46.31	18.64	8.81	17.29	13.63	23.42	17.38	49.87	14.90	37.27
P/OCF	29.57	35.39	17.35	8.05	12.90	12.40	20.13	15.16	41.23	13.89	24.18

P/E links to full P/E history page with 30-year chart

TPB EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
EV / Revenue	—	4.57	3.82	2.46	2.19	2.58	2.89	2.14	2.28	2.14	2.11
EV / EBITDA	17.35	20.60	14.93	9.48	8.53	12.04	16.86	24.75	14.67	11.80	9.72
EV / EBIT	18.70	19.50	15.60	9.45	8.89	12.26	17.47	14.66	16.32	13.96	10.47
EV / FCF	—	48.27	22.08	13.06	31.19	18.49	31.19	23.51	69.95	22.11	73.64

TPB Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

Full margin charts and quarterly trend are on the Earnings History page

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Gross Margin	57.1%	57.1%	55.9%	56.3%	55.4%	48.9%	46.9%	44.2%	42.9%	43.7%	48.7%
Operating Margin	20.6%	20.6%	24.0%	24.7%	24.7%	20.3%	15.9%	7.5%	14.6%	17.3%	21.1%
Net Profit Margin	12.6%	12.6%	11.0%	11.8%	3.6%	11.7%	9.4%	4.5%	7.6%	7.1%	13.1%

Return on Capital

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
ROE	20.7%	20.7%	23.3%	29.0%	9.4%	41.4%	34.1%	17.2%	37.2%	46.3%	79.0%
ROA	9.3%	9.3%	7.5%	6.7%	2.0%	9.5%	8.1%	4.1%	8.1%	7.1%	10.1%
ROIC	16.6%	16.6%	15.9%	14.3%	13.8%	16.0%	13.5%	6.7%	13.2%	14.8%	14.2%
ROCE	16.8%	16.8%	18.9%	16.0%	14.5%	18.1%	15.5%	8.2%	18.7%	20.3%	18.5%

TPB Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Debt / Equity	0.83	0.83	1.37	2.49	3.71	3.22	2.84	2.79	2.67	3.79	6.41
Debt / EBITDA	3.01	3.01	2.83	4.48	5.09	4.52	4.80	9.50	4.28	3.90	4.86
Net Debt / Equity	—	0.23	1.13	1.71	2.77	2.26	2.48	1.90	2.63	3.74	6.32
Net Debt / EBITDA	0.84	0.84	2.33	3.09	3.80	3.17	4.20	6.46	4.21	3.85	4.80
Debt / FCF	—	1.97	3.45	4.25	13.90	4.87	7.77	6.13	20.09	7.21	36.37
Interest Coverage	4.28	4.28	6.32	5.77	4.06	4.56	4.97	3.66	3.08	2.59	1.56

TPB Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Current Ratio	5.56	5.56	4.42	2.67	6.23	6.18	2.89	3.39	1.75	2.08	1.90
Quick Ratio	4.12	4.12	2.27	1.62	3.33	4.01	1.37	2.12	0.32	0.42	0.40
Cash Ratio	2.97	2.97	1.03	1.17	2.57	3.18	0.74	1.70	0.05	0.07	0.07
Asset Turnover	—	0.61	0.73	0.57	0.56	0.74	0.82	0.81	0.98	1.01	0.72
Inventory Turnover	1.84	1.84	1.65	1.36	1.20	2.60	2.51	2.84	2.08	2.54	1.70
Days Sales Outstanding	—	20.28	25.10	32.75	9.52	5.32	8.41	6.96	2.87	4.15	3.86

TPB Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

Full dividend history and growth charts are on the Dividend History page

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Dividend Yield	0.3%	0.3%	0.4%	0.8%	1.1%	0.5%	0.4%	0.6%	0.4%	0.2%	—
Payout Ratio	9.5%	9.5%	12.3%	11.7%	36.5%	7.9%	10.0%	21.8%	9.2%	3.8%	—

Total Shareholder Return Metrics

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Earnings Yield	3.5%	2.9%	3.6%	7.6%	3.0%	6.7%	3.7%	2.4%	4.7%	4.9%	12.2%
FCF Yield	2.6%	2.2%	5.4%	11.4%	5.8%	7.3%	4.3%	5.8%	2.0%	6.7%	2.7%
Buyback Yield	0.0%	0.0%	0.5%	0.2%	7.5%	4.6%	1.2%	0.0%	0.1%	0.7%	0.0%
Total Shareholder Yield	0.3%	0.3%	1.0%	1.0%	8.6%	5.1%	1.6%	0.6%	0.5%	0.9%	0.0%
Shares Outstanding	—	$19M	$19M	$20M	$18M	$22M	$20M	$20M	$20M	$20M	$18M

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

Regulatory and PMTA uncertainty

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Premium Valuation Reflects Growth Expectations

According to current market data, TPB trades at a forward P/E of 60.85, which significantly exceeds the valuation of legacy tobacco peers, suggesting that investors are pricing in aggressive growth expectations for the Zig-Zag brand's expansion into the broader cannabis-ancillary market rather than traditional tobacco earnings.

The elevated P/E ratio relative to the sector average implies that the market is decoupling TPB from the secular decline of traditional tobacco. However, the PEG ratio of 2.11 warrants caution, as it suggests the current valuation may be overextended if the company fails to maintain its recent 28.39% revenue growth trajectory.

Capital Efficiency Constrained by Intangibles

Based on reported financial statements, TPB's ROIC has remained in a narrow range between 2.0% and 4.8% over the last ten quarters, indicating that the company is struggling to generate high returns on its invested capital despite the high-margin nature of its core Zig-Zag and Stoker's segments.

The persistent gap between gross margins and ROIC suggests that significant capital is tied up in non-performing assets or regulatory-heavy segments like NewGen. Investors should monitor whether management can improve capital allocation efficiency or if the current return profile is a structural limitation of the company's acquisition-led growth strategy.

Working Capital Inefficiencies Impact Liquidity

As reported in recent filings, the cash conversion cycle has fluctuated significantly, reaching 165 days in 2026Q1, primarily driven by an elevated days inventory outstanding (DIO) of 191 days, which highlights potential challenges in managing inventory levels across the diverse Zig-Zag and NewGen product portfolios.

The high DIO relative to historical norms suggests that the company may be carrying excess stock, potentially to mitigate supply chain risks or as a result of channel loading. This inefficiency ties up cash that could otherwise be deployed for debt reduction or strategic investments, warranting further investigation into inventory turnover trends.

Liquidity Buffers Against Operational Volatility

Based on the latest balance sheet data, TPB maintains a current ratio of 5.87, which provides a substantial liquidity cushion that appears designed to insulate the company from the cash flow volatility inherent in its regulatory-sensitive NewGen segment and the cyclical nature of wholesale inventory management.

While the high current ratio indicates a strong short-term position, it also suggests that a significant portion of assets may be trapped in working capital rather than being deployed for growth. This liquidity profile appears adequate to weather potential regulatory shocks, though it may signal an overly conservative approach to cash management.

Misapplication of Traditional Tobacco Metrics

Investors frequently misapply traditional tobacco valuation metrics like dividend yield and P/E to TPB, failing to account for the company's role as a high-growth, asset-light brand licensor, which obscures the true value of its Zig-Zag brand in the evolving legal cannabis consumption market.

Using legacy tobacco benchmarks ignores the growth potential of the Zig-Zag brand and the specific value-oriented positioning of Stoker's. Analysts should instead focus on brand-licensing revenue growth and adjusted EBITDA margins to better capture the company's underlying earning power and competitive moat.

Download Financial Ratios Data

Includes 30+ ratios · 16 years · Updated daily

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TPB — Frequently Asked Questions

Quick answers to the most common questions about buying TPB stock.

What is Turning Point Brands, Inc.'s P/E ratio?

Turning Point Brands, Inc.'s current P/E ratio is 28.2x. The historical average is 24.3x. This places it at the 70th percentile of its historical range.

What is Turning Point Brands, Inc.'s EV/EBITDA?

Turning Point Brands, Inc.'s current EV/EBITDA is 17.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.

What is Turning Point Brands, Inc.'s ROE?

Turning Point Brands, Inc.'s return on equity (ROE) is 20.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 33.8%.

Is TPB stock overvalued?

Based on historical data, Turning Point Brands, Inc. is trading at a P/E of 28.2x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.

What is Turning Point Brands, Inc.'s dividend yield?

Turning Point Brands, Inc.'s current dividend yield is 0.34% with a payout ratio of 9.5%.

What are Turning Point Brands, Inc.'s profit margins?

Turning Point Brands, Inc. has 57.1% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.

How much debt does Turning Point Brands, Inc. have?

Turning Point Brands, Inc.'s Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.