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Makes alternative tobacco/nicotine products — Zig-Zag rolling papers, moist snuff/chew and modern nicotine pouches/vapor.
Makes alternative tobacco/nicotine products — Zig-Zag rolling papers, moist snuff/chew and modern nicotine pouches/vapor.
Sells through wholesalers to convenience stores and smoke shops, with Zig-Zag papers, whose US and Canadian rights it holds, as the profit base. Management has steered growth toward nicotine pouches, a newer product it is building alongside the older smokeless and papers lines.
Moat: narrow (brand, distribution). Zig-Zag brand recognition and retail distribution help, but big tobacco dominates modern nicotine growth.
Headquarters: Louisville, Kentucky · Founded: 1988 · Employees: 484
Size Turning Point Brands (TPB) is a United States Consumer Staples company (Tobacco) with a market value of $1.32B, the 2073rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $65.88 on 6 Nov 2026.
Performance Over six months the shares fell 29.5%, against -23.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 6 in its peer set.
Growth Revenue grew 20.1% over the last twelve months (peer median -3.6%); the operating margin is 16.9% (peer median 15.0%).
Valuation It trades at 71.8× forward earnings against a peer median of 12.3× (most expensive of 5).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.6 points above its cost of capital (9.4% WACC).
Short interest Short interest is 16.1% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $507M | $463M | $361M | $325M | $415M |
| Revenue growth | — | +28% | +11% | -22% | — |
| Gross profit | $300M | $264M | $202M | $183M | $205M |
| EBITDA | $94.1M | $112M | $94.3M | $95.3M | $84.9M |
| Net income | $44.6M | $58.2M | $39.8M | $38.5M | $11.6M |
| Free cash flow | $19.6M | $36.6M | $62.3M | $58.7M | $22.6M |
| Capital expenditure | $12.6M | $13.5M | $4.62M | $5.71M | $7.68M |
| Total debt | $311M | $309M | $261M | $378M | $420M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Turning Point Brands TPB | $1.32B | -29% | +20% | 17% | 71.8× | 11.0% |
| Altria MO | $127B | +13% | +2% | 75% | 12.9× | -10.9% |
| Philip Morris International PM | $308B | +17% | +8% | 38% | 22.6× | -0.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TPB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.5% | -3.6% | 2nd highest of 6 |
| 6-month return | -29.5% | -23.5% | lowest of 6 |
| Distance from 52-week high | -55.1% | -32.3% | lowest of 6 |
| Revenue growth (TTM) | +20.1% | -3.6% | highest of 6 |
| Operating margin | 16.9% | 15.0% | 3rd highest of 6 |
| Forward P/E | 71.8× | 12.3× | most expensive of 5 |
| Growth the price implies (Req g, 7 yrs) | 11.0% | 4.1% | 2nd most demanding of 6 |
| Growth delivered (Del g) | +2.7% | +5.7% | 2nd lowest of 6 |
| Hurdle (Req g minus delivered) | +8.3 pp | -10.5 pp | most demanding of 6 |
| ROIC minus cost of capital | +3.6 pp | +2.2 pp | 3rd highest of 6 |
| EV / EBITDA | 14.7× | 6.9× | 2nd most expensive of 6 |
| Net debt / EBITDA | 0.5× | -0.3× | 2nd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Turning Point Brands TPB | United States | $1.32B | -29% | +20% | 17% | 71.8× | 11.0% | +2.7% |
| Scandinavian Tobacco Group A/S STG.CO | Denmark | $890M | +10% | -4% | 14% | 7.6× | -9.1% | +2.4% |
| China Tobacco International (HK) 6055.HK | Hong Kong | $2.31B | -12% | -20% | 10% | 19.8× | 4.1% | +33.1% |
| Godfrey Phillips India GODFRYPHLP.NS | India | $2.96B | -24% | +1% | 21% | 16.0× | 27.1% | +20.6% |
| Miquel y Costas & Miquel MCM.MC | Spain | $434M | -29% | -4% | 15% | n/a | -7.7% | +2.7% |
| VST Industries VSTIND.NS | India | $349M | -25% | -2% | 22% | 8.7× | 9.5% | +5.7% |