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
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
FCF
Total debt
Cash
2025
$463M
$58M
57.1%
20.6%
$44M
$294M
$223M
2024
$361M
$40M
55.9%
22.4%
$62M
$249M
$49M
2023
$325M
$38M
56.3%
25.5%
$61M
$365M
$118M
2022
$321M
$12M
55.4%
23.0%
$22M
$407M
$106M
2021
$445M
$52M
48.9%
20.3%
$62M
$414M
$128M
2020
$405M
$38M
46.9%
15.9%
$38M
$302M
$42M
2019
$362M
$16M
37.9%
7.5%
$33M
$300M
$95M
2018
$333M
$25M
42.9%
14.6%
$11M
$195M
$3M
2017
$286M
$20M
43.7%
17.4%
$28M
$194M
$3M
2016
$206M
$27M
48.8%
21.3%
$6M
$203M
$3M
2015
—
$9M
—
—
$23M
$292M
$5M
2014
—
-$29M
—
—
—
—
$8M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$124M
$12M
55.0%
10.0%
-$27M
$294M
$192M
Dec '25
$121M
$8M
55.9%
16.5%
$22M
$294M
$223M
Sep '25
$119M
$21M
59.2%
21.8%
-$721000
$293M
$201M
Jun '25
$117M
$14M
57.1%
22.6%
$8M
$293M
$110M
Mar '25
$106M
$14M
56.0%
21.8%
$15M
$293M
$100M
Dec '24
$94M
$2M
56.0%
19.1%
$17M
$249M
$49M
Sep '24
$91M
$12M
55.6%
22.9%
$13M
$248M
$34M
Jun '24
$93M
$13M
54.1%
24.5%
$11M
$366M
$142M
Mar '24
$83M
$12M
58.2%
23.2%
$22M
$366M
$131M
Dec '23
$83M
$10M
57.0%
29.6%
$25M
$365M
$118M
Sep '23
$84M
$11M
56.6%
24.7%
$11M
$365M
$96M
Jun '23
$83M
$10M
56.0%
24.3%
$12M
$379M
$101M
Mar '23
$101M
$8M
48.2%
17.7%
$13M
$394M
$105M
Dec '22
$103M
-$16M
47.9%
17.7%
$13M
$407M
$106M
Sep '22
$108M
$12M
48.9%
18.4%
$8M
$416M
$106M
Jun '22
$103M
$5M
50.0%
17.6%
-$9M
$415M
$107M
Mar '22
$101M
$11M
51.3%
19.1%
$10M
$415M
$126M
Dec '21
$105M
$11M
47.8%
17.8%
$17M
$414M
$128M
Sep '21
$110M
$13M
49.4%
20.4%
$10M
$414M
$131M
Jun '21
$123M
$15M
48.9%
20.3%
$12M
$418M
$157M
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 34.9× (Mar '23) to 28.0× (Jun '26).
The price-to-sales ratio has risen from 1.3× (Mar '23) to 3.5× (Jun '26).
The dividend yield has fallen from 1.0% (Mar '23) to 0.3% (Jun '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?
As of Jun '26, Turning Point Brands, Inc. traded at a price-to-earnings ratio of about 28.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.