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British American Tobacco p.l.c.

LSE:BATS.LConsumer DefensiveFTSE:ASXFTSE:NMX

£44.39−0.40%At closeAt close · Mon 19 Oct · ≈ AED 217.27 · Market cap $127.74B · Next earnings Thu 11 Feb

Ratio	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Current · undated	YoY
Gross margin	82.7%	82.1%	82.6%	82.1%	82.9%	83.5%	—	—
Operating margin	38.6%	39.8%	38.1%	−57.7%	10.6%	39.0%	39.0%	+0.0 pts
Net margin	24.8%	26.5%	24.1%	−52.7%	11.9%	30.3%	30.3%	+0.0 pts
EBITDA margin	45.4%	45.4%	44.4%	32.3%	29.9%	54.9%	—	—
Return on equity	10.2%	10.1%	8.8%	−27.3%	6.2%	16.2%	16.1%	−0.1 pts
Return on assets	4.6%	5.0%	4.3%	−12.1%	2.6%	7.1%	7.1%	+0.0 pts
Return on capital employed	8.2%	8.4%	7.8%	−15.3%	2.7%	10.5%	—	—
Debt / equity	0.7×	0.6×	0.6×	0.8×	0.7×	0.7×	0.7×	−0.5%
Debt / assets	31.9%	28.9%	28.1%	33.5%	31.1%	32.7%	—	—
Interest coverage	6.0×	6.9×	6.3×	−8.3×	2.5×	5.2×	—	—
Current ratio	0.9×	0.8×	0.9×	0.9×	0.8×	0.9×	0.9×	+0.0%
Quick ratio	0.5×	0.5×	0.5×	0.6×	0.5×	0.6×	—	—
Cash ratio	0.2×	0.2×	0.2×	0.3×	0.3×	0.3×	0.3×	+0.0%
Asset turnover	0.2×	0.2×	0.2×	0.2×	0.2×	0.2×	—	—
Inventory turnover	0.7×	0.9×	0.8×	1.0×	1.0×	1.0×	—	—
Receivables turnover	6.8×	6.3×	6.1×	7.2×	9.1×	6.0×	—	—
Dividend payout	74.1%	72.1%	73.7%	−35.6%	169.9%	67.5%	—	—

Margins, returns, leverage and liquidityUpdated 31 Dec 2025 ·

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Current snapshot ratios have no reporting date and are shown separately from fiscal periods.