May 2026
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Largest Tobacco Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
Philip Morris, Altria Group, Turning Point Brands, Universal Corp. and Ispire Technology.
 | Created from the international operations of Altria in 2008, Philip Morris International sells cigarettes and reduced-risk products, including heat sticks, vapes, and oral nicotine offerings, primarily outside of the US. With the 2023 acquisition of Swedish Match, a leading manufacturer of traditional oral tobacco products and nicotine pouches primarily in the US and Scandinavia, PMI is not only dominant in smokable products but also has the Iqos and Zyn brands, which respectively dominate heated tobacco and nicotine pouches in most markets. | $189 | +5% | $295B | $341B | 8.4x | 19.2x | ||
| Altria comprises Philip Morris USA, US Smokeless Tobacco, John Middleton, Horizon Innovations, and Helix Innovations. Through its tobacco subsidiaries, Altria maintains the leading position in cigarettes and smokeless tobacco in the United States and the number-two spot in machine-made cigars. The company's Marlboro brand is the leading cigarette brand in the US with 42% annual share in 2024. Beyond its core business, it holds an 8% interest in the world's largest brewer, Anheuser-Busch InBev and a 41% stake in cannabis manufacturer Cronos. It also acquired vaping company Njoy Holdings in 2023 and operates a joint venture with Japan Tobacco in the heated tobacco category for the US. | $74 | +22% | $123B | $144B | 7.2x | 11.0x | ||
| Turning Point Brands Inc operates as manufacturer, marketer, provider of consumer products that include Other Tobacco Products (OTP) in the U.S. The company offers a wide variety across the OTP spectrum including moist snuff tobacco (MST), loose-leaf chewing tobacco, premium cigarette papers, make- your-own (MYO) cigar wraps, cigars, liquid vapor products, and tobacco vaporizer products. It operates in two segments namely Zig-Zag products and Stoker's products segment. The company generates maximum revenue from the Zig-Zag products segment. | $90 | +21% | $2B | $2B | 4.0x | 15.6x | ||
| Universal Corp is an international leaf tobacco supplier. The company procures leaf tobacco from farmers, processes it, and sells it to companies that manufacture consumer tobacco products. Universal does not manufacture or sell any consumer products itself. The company's segments include Tobacco Operations and Ingredients Operations. It generates maximum revenue from the Tobacco Operations segment. Geographically, it derives a majority of revenue from the United States. The company operates in the USA, Belgium, China, Egypt, Philippines, Germany, and Other Countries with majority of revenue from USA. | $55 | -17% | $1B | $2B | 0.8x | 7.6x | ||
| Ispire Technology Inc is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The company sells its cannabis vaping products in the United States, Europe, Canada, and South Africa. Geographically, the company generates the majority of its revenue from Europe. | Cannabis+1 | $2 | -28% | $104M | $90M | 0.7x | (2.8x) | |
| Vapor Group Inc is engaged in designing, manufacturing, and marketing of vaporizers and electronic cigarettes and e-liquids. The company also markets consumer products including the Whizboard brand of scooters and Hoverkart accessories sold by Smart Wheels. Its products are marketed under the Vapor Group, Total Vapor, Vapor 123, and The Vapor Products brands. All products are sold nationwide through distributors and directly to consumers through company-owned websites. | -- | -- | $11M | $14M | — | — | ||
| Green Leaf Innovations Inc is engaged in the Marketing and Distribution of handmade premium cigars Manufactured out of Nicaragua. It imports and distributes handmade Premium Cigars and packaged whole leaf Tobacco to cigar lounges, smoke shops, C-stores, and vape shops across the United States and International Markets. | Tobacco+1 | $0 | -- | $193K | $193K | — | — | |
| Median | $64 | +5% | $1B | $2B | 4.0x | 11.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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