12 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 2.7% per year over the past 5 years.
Net income has grown faster than revenue (8.8% vs 2.7% per year).
Operating margin has expanded, at 20.6% in the latest year.
Free cash flow has grown 3.2% per year over the past 5 years.
Financial health
Total debt ($294M) exceeds cash ($223M); net debt is $71M.
Total debt has grown slower than revenue (-0.6% vs 2.7% per year).
Operating income covered interest expense 3.8× in the latest year.
Total debt is 3.1× EBITDA.
Shareholder returns
Dividends have been paid for 9 consecutive years, consuming 9.5% of earnings and 12.6% of free cash flow.
The dividend has grown 7.7% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$463M
$58M
57.1%
20.6%
15.6%
7.6%
$44M
$294M
$223M
2024
$361M
$40M
55.9%
22.4%
20.9%
8.1%
$62M
$249M
$49M
2023
$325M
$38M
56.3%
25.5%
25.3%
6.8%
$61M
$365M
$118M
2022
$321M
$12M
55.4%
23.0%
10.3%
2.0%
$22M
$407M
$106M
2021
$445M
$52M
48.9%
20.3%
38.9%
8.7%
$62M
$414M
$128M
2020
$405M
$38M
46.9%
15.9%
32.5%
7.7%
$38M
$302M
$42M
2019
$362M
$16M
37.9%
7.5%
18.4%
3.5%
$33M
$300M
$95M
2018
$333M
$25M
42.9%
14.6%
29.2%
7.5%
$11M
$195M
$3M
2017
$286M
$20M
43.7%
17.4%
37.9%
7.2%
$28M
$194M
$3M
2016
$206M
$27M
48.8%
21.3%
—
9.4%
$6M
$203M
$3M
2015
—
$9M
—
—
—
3.8%
$23M
$292M
$5M
2014
—
-$29M
—
—
—
-12.1%
—
—
$8M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Jun '26
$143M
$4M
65.5%
11.7%
0.8%
0.4%
$26M
$294M
$268M
Mar '26
$124M
$12M
55.0%
10.0%
3.0%
1.5%
-$27M
$294M
$192M
Dec '25
$121M
$8M
55.9%
16.5%
2.2%
1.1%
$22M
$294M
$223M
Sep '25
$119M
$21M
59.2%
21.8%
5.9%
2.8%
-$721000
$293M
$201M
Jun '25
$117M
$14M
57.1%
22.6%
6.4%
2.4%
$8M
$293M
$110M
Mar '25
$106M
$14M
56.0%
21.8%
7.1%
2.5%
$15M
$293M
$100M
Dec '24
$94M
$2M
56.0%
19.1%
1.3%
0.5%
$17M
$249M
$49M
Sep '24
$91M
$12M
55.6%
22.9%
6.6%
2.5%
$13M
$248M
$34M
Jun '24
$93M
$13M
54.1%
24.5%
7.5%
2.2%
$11M
$366M
$142M
Mar '24
$83M
$12M
58.2%
23.2%
7.5%
2.0%
$22M
$366M
$131M
Dec '23
$83M
$10M
57.0%
29.6%
6.7%
1.8%
$25M
$365M
$118M
Sep '23
$84M
$11M
56.6%
24.7%
7.7%
2.0%
$11M
$365M
$96M
Jun '23
$83M
$10M
56.0%
24.3%
7.7%
1.8%
$12M
$379M
$101M
Mar '23
$101M
$8M
48.2%
17.7%
6.3%
1.4%
$13M
$394M
$105M
Dec '22
$103M
-$16M
47.9%
17.7%
-14.4%
-2.9%
$13M
$407M
$106M
Sep '22
$108M
$12M
48.9%
18.4%
8.8%
1.9%
$8M
$416M
$106M
Jun '22
$103M
$5M
50.0%
17.6%
4.2%
0.9%
-$9M
$415M
$107M
Mar '22
$101M
$11M
51.3%
19.1%
8.3%
1.8%
$10M
$415M
$126M
Dec '21
$105M
$11M
47.8%
17.8%
8.6%
1.9%
$17M
$414M
$128M
Sep '21
$110M
$13M
49.4%
20.4%
9.6%
2.2%
$10M
$414M
$131M
Valuation over time
How the market has priced TPB against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 36.2× (Mar '23) to 23.2× (Nov '26).
The price-to-sales ratio has risen from 1.3× (Mar '23) to 2.9× (Nov '26).
The dividend yield has fallen from 1.0% (Mar '23) to 0.4% (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is TPB growing its revenue and profit?
Over the past 5 years, Turning Point Brands, Inc.'s revenue has grown 2.7% per year, and net income grown 8.8% per year. These are computed facts, not advice.
How much debt does TPB have?
As of FY2025, Turning Point Brands, Inc. reported $294M of total debt against $223M of cash; operating income covered interest expense 3.8×.
What is TPB's profit margin?
In FY2025, gross margin was 57.1%, operating margin 20.6%, and net margin 12.6%.
What is TPB's P/E ratio?
Turning Point Brands, Inc.'s P/E (TTM) is 30.26 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the TPB stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 23.2× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.