British American Tobacco p.l.c. (BTI) Key Metrics
BTI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · British poundsBTI returns How much profit the business earns on the capital it uses.
BTI financial health Debt, liquidity and how easily interest is covered.
BTI efficiency & capital use Working capital cycle and where the cash goes.
BTI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BTI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BTI cash returned to shareholders
BTI key metrics in British pounds
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.9% | 6.0% | −22.5% | 9.4% | 10.5% | 10.1% | 8.8% | 9.6% | 108.8% | 71.1% |
| Return on invested capital (ROIC) | 9.8% | 2.9% | −12.2% | 7.1% | 7.5% | 7.2% | 7.1% | 6.9% | 10.8% | 18.0% |
| Return on assets (ROA) | 6.8% | 2.6% | −10.6% | 4.6% | 4.9% | 4.6% | 4.0% | 4.2% | 41.5% | 13.0% |
| Return on tangible assets | 34.5% | 12.5% | −62.0% | 27.2% | 31.3% | 28.6% | 25.7% | 27.0% | 161.4% | 16.8% |
| Free cash flow margin | 22.6% | 36.8% | 37.6% | 35.2% | 34.9% | 35.0% | 31.6% | 38.9% | 23.3% | 28.5% |
| Income quality (OCF / net income) | 0.82 | 3.30 | — | 1.56 | 1.43 | 1.53 | 1.58 | 1.71 | 0.14 | 0.99 |
| Financial health | ||||||||||
| Total debt | £35.07B | £36.95B | £39.73B | £43.14B | £39.66B | £43.97B | £45.37B | £47.51B | £49.45B | £19.50B |
| Cash & short-term investments | £3.84B | £5.81B | £2.96B | £4.03B | £3.27B | £3.38B | £2.65B | £2.78B | £3.36B | £2.22B |
| Net debt | £31.23B | £31.14B | £36.77B | £39.11B | £36.39B | £40.59B | £42.72B | £44.73B | £46.09B | £17.28B |
| Debt / equity | 0.73 | 0.74 | 0.76 | 0.57 | 0.59 | 0.70 | 0.71 | 0.73 | 0.81 | 2.38 |
| Debt / assets | 0.32 | 0.31 | 0.33 | 0.28 | 0.29 | 0.32 | 0.32 | 0.32 | 0.35 | 0.49 |
| Net debt / EBITDA | 2.60 | 4.02 | 1.00 | 3.11 | 3.25 | 3.44 | 4.24 | 4.23 | 1.51 | 3.30 |
| Current ratio | 0.87 | 0.76 | 0.91 | 0.86 | 0.85 | 0.88 | 0.71 | 0.78 | 0.90 | 1.04 |
| Quick ratio | 0.57 | 0.52 | 0.59 | 0.55 | 0.50 | 0.49 | 0.38 | 0.41 | 0.52 | 0.55 |
| Interest coverage | 5.2 | 2.5 | -8.3 | 6.3 | 6.9 | 5.6 | 5.7 | 6.8 | 6.0 | 7.7 |
| Working capital | −£1.84B | −£4.45B | −£1.49B | −£2.44B | −£2.34B | −£1.87B | −£5.55B | −£3.67B | −£1.58B | £503.0M |
| Invested capital | £79.15B | £80.78B | £89.33B | £114.48B | £103.49B | £103.26B | £106.62B | £110.17B | £106.90B | £25.46B |
| Tangible asset value | −£38.64B | −£44.28B | −£42.63B | −£53.37B | −£48.22B | −£52.39B | −£54.63B | −£58.33B | −£56.76B | −£3.71B |
| Net current asset value | −£48.46B | −£54.61B | −£51.60B | −£62.43B | −£57.16B | −£61.12B | −£63.57B | −£68.00B | −£66.05B | −£19.01B |
| Capital allocation | ||||||||||
| Dividends paid | £5.12B | £5.21B | £5.11B | £4.92B | £4.90B | £4.75B | £4.60B | £4.35B | £3.46B | £2.91B |
| Share buybacks (net) | £1.15B | £792.0M | £110.0M | £2.09B | £82.0M | £18.0M | £117.0M | £139.0M | £205.0M | £64.0M |
| Dividend payout ratio | 66.0% | 169.9% | — | 73.7% | 72.1% | 74.1% | 80.6% | 72.1% | 9.2% | 62.6% |
| Dividends + buybacks / free cash flow | 108.3% | 63.1% | 50.9% | 72.0% | 55.6% | 52.7% | 57.6% | 47.0% | 80.6% | 73.9% |
| Capex / revenue | 2.2% | 2.4% | 1.7% | 2.4% | 2.9% | 2.9% | 3.1% | 3.1% | 4.0% | 4.1% |
| Capex / operating cash flow | 8.7% | 6.0% | 4.3% | 6.3% | 7.7% | 7.7% | 9.1% | 7.4% | 14.8% | 12.7% |
| Capex / depreciation | 0.24 | 0.20 | 0.02 | 0.50 | 0.69 | 0.52 | 0.54 | 0.73 | 0.97 | 1.07 |
| Stock-based compensation / revenue | — | — | 20.8% | 0.4% | 0.4% | 0.5% | 0.6% | 0.5% | 0.6% | 0.6% |
| R&D / revenue | 0.5% | 1.5% | 1.5% | 1.2% | 1.2% | 1.2% | 1.5% | 0.4% | 1.0% | 1.0% |
| SG&A / revenue | 4.4% | 15.3% | 14.1% | 13.8% | 14.8% | 14.6% | 11.1% | 12.2% | 13.4% | 14.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 47.4 | 46.9 | 55.6 | 56.6 | 55.9 | 50.8 | 44.0 | 46.0 | 56.0 | 65.2 |
| Days of inventory on hand | 388.6 | 393.1 | 395.9 | 416.0 | 447.7 | 496.2 | 496.0 | 472.1 | 422.7 | 490.8 |
| Days payables outstanding | 815.6 | 792.3 | 751.8 | 760.8 | 765.0 | 797.0 | 832.8 | 775.7 | 589.0 | 648.8 |
| Cash conversion cycle (days) | -379.6 | -352.3 | -300.4 | -288.1 | -261.4 | -250.0 | -292.9 | -257.5 | -110.3 | -92.8 |
| Receivables turnover | 7.69 | 7.78 | 6.57 | 6.44 | 6.53 | 7.19 | 8.30 | 7.93 | 6.52 | 5.59 |
| Payables turnover | 0.45 | 0.46 | 0.49 | 0.48 | 0.48 | 0.46 | 0.44 | 0.47 | 0.62 | 0.56 |
| Inventory turnover | 0.94 | 0.93 | 0.92 | 0.88 | 0.82 | 0.74 | 0.74 | 0.77 | 0.86 | 0.74 |
| Asset turnover | 0.22 | 0.22 | 0.20 | 0.19 | 0.19 | 0.18 | 0.18 | 0.17 | 0.22 | 0.40 |
| Average receivables | £3.33B | £3.32B | £4.15B | £4.29B | £3.93B | £3.58B | £3.12B | £3.09B | £3.00B | £2.53B |
| Average payables | £9.44B | £9.63B | £10.07B | £10.01B | £9.63B | £9.71B | £10.18B | £9.77B | £8.12B | £6.64B |
| Average inventory | £4.50B | £4.78B | £5.30B | £5.47B | £5.64B | £6.05B | £6.06B | £5.95B | £5.83B | £5.02B |
| Intangibles / total assets | 79.4% | 79.3% | 80.5% | 84.1% | 84.2% | 83.8% | 84.2% | 84.7% | 83.5% | 30.5% |
Computed from BTI's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in British pounds; data from EODHD. Averages use the opening and closing balance of each year.
BTI valuation and financial ratios
British American Tobacco p.l.c. earned a return on equity of 15.9% and a return on invested capital of 9.8% in fiscal 2025. It ended the year with £35.1 billion of debt and £3.8 billion in cash and short-term investments, net debt of £31.2 billion. It returned £6.3 billion to shareholders: £5.1 billion in dividends and £1.1 billion in share buybacks, 108% of free cash flow.
See the BTI income statement, the BTI chart for price history, or the BTI stock overview for the latest quote and news.
BTI key metrics FAQ
What is British American Tobacco p.l.c.'s return on equity?
British American Tobacco p.l.c.'s return on equity (ROE) was 15.9% in fiscal 2025: net income of £7.8 billion on average shareholders' equity of £48.8 billion.
What is British American Tobacco p.l.c.'s ROIC?
British American Tobacco p.l.c.'s return on invested capital was 9.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does British American Tobacco p.l.c. have?
British American Tobacco p.l.c. had total debt of £35.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.73 and £31.2 billion of net debt (2.60 times EBITDA).
Does British American Tobacco p.l.c. buy back its shares?
Yes. British American Tobacco p.l.c. spent £1.1 billion on net share repurchases in fiscal 2025.
What is British American Tobacco p.l.c.'s current ratio?
British American Tobacco p.l.c.'s current ratio was 0.87 at the end of fiscal 2025: current assets were 0.87 times current liabilities.