A Business at a Glance
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Turning Point Brands, Inc.
TPB
$1.4B
Mkt Cap
$76.12
+4.13%
Turning Point Brands, Inc. (TPB) has a current P/E ratio of 24.5, compared to its historical median P/E of 22.4. The stock is currently considered Fair based on its historical valuation range.
Turning Point Brands, Inc. (TPB) has a 5-year average return on invested capital (ROIC) of 20.2%. This indicates strong capital allocation and a potential competitive advantage.
Turning Point Brands, Inc. (TPB) has a market capitalization of $1.4B. It is classified as a small-cap stock.
Yes, Turning Point Brands, Inc. (TPB) pays a dividend with a trailing twelve-month yield of 0.39%.
Based on historical P/E analysis, Turning Point Brands, Inc. (TPB) appears fair. The current P/E of 24.5 is 9% above its historical median of 22.4. The estimated fair value CAGR (P/E method) is 12.1%.
Turning Point Brands, Inc. (TPB) operates in the Tobacco Products industry, within the Consumer Defensive sector.
Turning Point Brands, Inc. (TPB) reported annual revenue of $463 million in its most recent fiscal year, based on SEC EDGAR filings.
Turning Point Brands, Inc. (the “Company,” “we,” “our,” or “us”) is a leading manufacturer, marketer and distributor of branded consumer products. We sell a wide range of products to adult consumers consisting of staple products with our iconic brands Zig-Zag® and Stoker’s®. We primarily compete in the alternative smoking accessories and Other Tobacco Products (“OTP”) industries, among other markets. The alternative smoking accessories market is a dynamic market experiencing robust secular growth driven by cannabinoid legalization in the U.S. and Canada, and positively evolving consumer perception and acceptance in North America. The OTP industry, which consists of non-cigarette tobacco products, exhibited steady consumer unit annualized volumes during the full year period ended 2025 as reported by Management Science Associates, Inc. (“MSAi”) a third-party analytics and information company.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 463M | 463M | 361M | 325M | 415M | 445M |
| Net Income | 58M | 58M | 40M | 38M | 12M | 52M |
| EPS | $3.11 | $3.11 | $2.14 | $2.01 | $0.64 | $2.52 |
| Free Cash Flow | 44M | 44M | 62M | 61M | 23M | 62M |
| ROIC | 17.0% | 27.5% | 17.2% | 14.9% | 17.1% | 24.3% |
| Gross Margin | 57.1% | 57.1% | 55.9% | 56.3% | 49.5% | 48.9% |
| Debt/Equity | 0.80 | 0.80 | 1.31 | 2.79 | 3.59 | 3.11 |
| Dividends/Share | $0.30 | $0.30 | $0.28 | $0.26 | $0.24 | $0.20 |
| Operating Income | 95M | 95M | 81M | 83M | 76M | 90M |
| Operating Margin | 20.6% | 20.6% | 22.4% | 25.5% | 18.2% | 20.3% |
| ROE | 15.6% | 20.7% | 20.9% | 25.3% | 10.3% | 38.9% |
| Shares Outstanding | 19M | 19M | 19M | 19M | 18M | 21M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 200M | 197M | 206M | 286M | 333M | 362M | 405M | 445M | 415M | 325M | 361M | 463M | 463M |
| Gross Margin | 46.5% | 48.8% | 48.8% | 43.7% | 42.9% | 37.8% | 46.9% | 48.9% | 49.5% | 56.3% | 55.9% | 57.1% | 57.1% |
| R&D | 1.2M | 1.4M | 2.0M | 2.3M | 2.5M | 2.5M | 1.3M | 1.1M | 600K | 600K | 1.3M | 900K | 900K |
| SG&A | 45M | 52M | 57M | 75M | 94M | 110M | 126M | 128M | 130M | 104M | 122M | 169M | 169M |
| EBIT | 48M | 45M | 44M | 50M | 48M | 27M | 64M | 90M | 76M | 83M | 81M | 95M | 95M |
| Op. Margin | 24.0% | 22.6% | 21.3% | 17.4% | 14.6% | 7.4% | 15.9% | 20.3% | 18.2% | 25.5% | 22.4% | 20.6% | 20.6% |
| Net Income | -29M | 9.1M | 27M | 20M | 25M | 14M | 38M | 52M | 12M | 38M | 40M | 58M | 58M |
| Net Margin | -14.7% | 4.6% | 13.1% | 7.1% | 7.6% | 3.8% | 9.4% | 11.7% | 2.8% | 11.8% | 11.0% | 12.6% | 12.6% |
| Non-Recurring | 0 | 2K | 0 | -150K | 0 | 0 | 0 | 0 | 26M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 25.9% | 22.6% | 19.9% | 15.1% | 13.9% | 10.3% | 13.0% | 24.3% | 17.1% | 14.9% | 17.2% | 27.5% | 17.0% |
| ROE | 37.9% | -10.6% | -113.2% | 46.3% | 30.6% | 12.9% | 32.5% | 38.9% | 10.3% | 25.3% | 20.9% | 20.7% | 15.6% |
| ROA | -12.1% | 3.8% | 10.2% | 7.1% | 7.5% | 3.1% | 7.7% | 8.7% | 2.0% | 6.8% | 8.1% | 9.3% | 7.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 6.0M | 24M | 9.1M | 30M | 13M | 38M | 44M | 68M | 30M | 67M | 67M | 57M | 57M |
| Free Cash Flow | 4.7M | 23M | 5.9M | 28M | 11M | 33M | 38M | 62M | 23M | 61M | 62M | 44M | 44M |
| Owner Earnings | 4.7M | 23M | 7.7M | 27M | 8.6M | 30M | 36M | 56M | 22M | 57M | 59M | 49M | 49M |
| CapEx | 1.3M | 1.6M | 3.2M | 2.0M | 2.3M | 4.8M | 6.1M | 6.2M | 7.7M | 5.7M | 4.6M | 14M | 14M |
| Maint. CapEx | 933K | 1.1M | 1.3M | 2.3M | 3.1M | 4.1M | 5.0M | 5.0M | 3.4M | 2.9M | 1.2M | 1.2M | 1.2M |
| Growth CapEx | 381K | 543K | 1.9M | 0 | 0 | 726K | 1.1M | 1.1M | 4.3M | 2.8M | 3.4M | 12M | 12M |
| D&A | 933K | 1.1M | 1.3M | 2.3M | 3.1M | 4.1M | 5.0M | 5.0M | 3.4M | 2.9M | 1.2M | 1.2M | 1.2M |
| CapEx/OCF | N/A | N/A | 35.1% | 6.8% | 17.3% | 12.7% | 14.0% | 9.0% | 25.4% | 8.5% | 6.9% | 23.6% | 23.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 768K | 2.3M | 3.5M | 3.8M | 4.1M | 4.3M | 4.5M | 4.9M | 5.5M | 5.5M |
| Dividend Yield | N/A | N/A | N/A | 0.3% | 0.4% | 0.5% | 0.7% | 0.4% | 0.9% | 1.0% | 0.7% | 0.4% | 0.4% |
| Share Buybacks | 1.4M | 0 | 0 | 0 | 0 | 0 | 10M | 39M | 29M | 0 | 5.1M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 1.1% | 5.3% | 8.2% | N/A | 0.5% | N/A | 0.0% |
| Stock-Based Comp | 400K | 234K | 180K | 720K | 1.4M | 3.6M | 2.6M | 7.6M | 5.3M | 6.6M | 7.2M | 7.0M | 7.0M |
| Debt Repayment | 0 | 0 | 0 | 4.8M | 3.3M | 7.1M | 194K | 6.9M | 0 | 2.4M | 133K | 250M | 250M |
| Balance Sheet | |||||||||||||
| Net Debt | 238M | 288M | 200M | 191M | 196M | 120M | 259M | 159M | 194M | 190M | 156M | -149M | 73M |
| Cash & Equiv. | 8.5M | 4.8M | 2.9M | 2.6M | 3.3M | 95M | 42M | 128M | 106M | 117M | 46M | 223M | 223M |
| Long-Term Debt | 247M | 291M | 202M | 186M | 187M | 269M | 302M | 414M | 407M | 307M | 249M | 294M | 294M |
| Debt/Equity | -2.69 | -3.58 | 5.97 | 3.64 | 2.45 | 2.91 | 2.91 | 3.11 | 3.59 | 2.79 | 1.31 | 0.80 | 0.80 |
| Interest Coverage | N/A | 1.3 | 1.6 | 2.9 | 3.3 | 1.5 | 4.8 | 4.4 | 3.9 | 5.7 | 5.8 | 5.5 | 5.5 |
| Equity | -92M | -82M | 34M | 53M | 83M | 107M | 117M | 134M | 113M | 152M | 190M | 372M | 372M |
| Total Assets | 243M | 242M | 285M | 282M | 339M | 447M | 496M | 602M | 572M | 569M | 493M | 764M | 764M |
| Total Liabilities | 334M | 324M | 251M | 229M | 257M | 340M | 379M | 468M | 459M | 417M | 303M | 392M | 392M |
| Intangibles | N/A | 8.6M | 27M | 26M | 35M | 33M | 79M | 87M | 84M | 66M | 65M | 64M | 64M |
| Retained Earnings | N/A | -91M | -67M | -48M | -26M | -15M | 24M | 71M | 79M | 112M | 147M | 200M | 200M |
| Working Capital | N/A | 43M | 37M | 41M | 48M | 133M | 107M | 209M | 216M | 167M | 153M | 342M | 342M |
| Current Assets | N/A | 64M | 79M | 79M | 112M | 189M | 163M | 249M | 258M | 268M | 198M | 417M | 417M |
| Current Liabilities | N/A | 21M | 42M | 38M | 64M | 56M | 57M | 40M | 41M | 100M | 45M | 75M | 75M |
| Per Share Data | |||||||||||||
| EPS | -4.07 | 1.10 | 1.49 | 1.04 | 1.28 | 0.69 | 1.85 | 2.52 | 0.64 | 2.01 | 2.14 | 3.11 | 3.11 |
| Owner EPS | 0.65 | 2.78 | 0.42 | 1.37 | 0.43 | 1.51 | 1.75 | 2.69 | 1.19 | 3.00 | 3.15 | 2.63 | 2.63 |
| Book Value | -12.67 | -9.81 | 1.89 | 2.74 | 4.18 | 5.34 | 5.69 | 6.47 | 6.23 | 7.94 | 10.23 | 19.89 | 19.89 |
| Cash Flow/Share | 0.83 | 2.94 | 0.51 | 1.53 | 0.66 | 1.89 | 2.12 | 3.30 | 1.66 | 3.50 | 3.61 | 3.07 | 3.18 |
| Dividends/Share | N/A | 0.00 | 0.00 | 0.04 | 0.12 | 0.18 | 0.18 | 0.20 | 0.24 | 0.26 | 0.28 | 0.30 | 0.30 |
| Shares Out. | 7.2M | 8.3M | 18.1M | 19.4M | 19.8M | 20.0M | 20.6M | 20.7M | 18.2M | 19.1M | 18.6M | 18.7M | 18.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 7.9 | 18.8 | 20.7 | 38.1 | 24.2 | 14.1 | 30.6 | 12.9 | 27.8 | 34.2 | 24.5 |
| P/FCF | N/A | N/A | 36.0 | 13.7 | 48.4 | 15.9 | 24.6 | 11.8 | 15.7 | 8.1 | 17.7 | 45.3 | 32.5 |
| EV/EBIT | N/A | N/A | 9.5 | 11.6 | 14.9 | 24.0 | 18.3 | 9.9 | 7.3 | 8.3 | 15.6 | 19.3 | 15.7 |
| Price/Book | N/A | N/A | 6.3 | 7.1 | 6.3 | 4.9 | 7.9 | 5.5 | 3.1 | 3.3 | 5.8 | 5.3 | 3.8 |
| Price/Sales | N/A | N/A | 1.0 | 1.0 | 1.6 | 2.0 | 1.4 | 2.1 | 1.2 | 1.3 | 1.9 | 3.2 | 3.1 |
| FCF Yield | N/A | N/A | 2.8% | 7.3% | 2.1% | 6.3% | 4.1% | 8.5% | 6.4% | 12.3% | 5.6% | 2.2% | 3.1% |
| Market Cap | N/A | N/A | 213M | 380M | 524M | 525M | 922M | 732M | 356M | 498M | 1.1B | 2.0B | 1.4B |
| Avg. Price | N/A | N/A | 11.30 | 14.86 | 27.53 | 35.53 | 27.10 | 44.54 | 26.66 | 22.48 | 36.63 | 79.22 | 76.12 |
| Year-End Price | N/A | N/A | 11.79 | 19.54 | 26.53 | 26.32 | 44.68 | 35.45 | 19.55 | 26.03 | 59.56 | 106.22 | 76.12 |
Turning Point Brands, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Turning Point Brands, Inc. trades at 24.5x trailing earnings, compared to its 15-year median P/E of 22.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 32.5x vs a median of 16.8x. The company's 5-year average ROIC is 20.2% with a gross margin of 53.5%. Total shareholder yield (dividends) is 0.4%. At current prices, the estimated annualized return to fair value is +16.0%.
Turning Point Brands, Inc. (TPB) has a net profit margin of 12.6%. This is a healthy margin.
Turning Point Brands, Inc. (TPB) generated $44 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Turning Point Brands, Inc. (TPB) has a debt-to-equity ratio of 0.80. This indicates moderate leverage.
Turning Point Brands, Inc. (TPB) reported earnings per share (EPS) of $3.11 in its most recent fiscal year.
Turning Point Brands, Inc. (TPB) has a return on equity (ROE) of 20.7%. This indicates the company generates strong returns for shareholders.
Turning Point Brands, Inc. (TPB) has a 5-year average gross margin of 53.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 12 years of financial data for Turning Point Brands, Inc. (TPB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Turning Point Brands, Inc. (TPB) has a book value per share of $19.89, based on its most recent annual SEC filing.