British American Tobacco Valuation Multiples

British American Tobacco Overview

About British American Tobacco

The third-largest tobacco company by volume, British American Tobacco sold 518 billion cigarettes in 2024. Its leading brands are Dunhill, Kent, Pall Mall, Lucky Strike, and Rothmans in cigarettes. Its ownership of the Camel, Natural American Spirit, and Newport brands are limited to the US. In next-generation products, the company has the Vuse brand in vaping, Glo in heated tobacco, and Velo in modern oral tobacco. The company also owns a 22.9% stake in ITC limited, the largest Indian cigarette company.

Founded

1997

HQ

Employees

47.8K

Website

bat.com

Sectors

Tobacco

Financials (LTM)

Revenue: $36B

EBITDA: $17B

EV

$176B

Valuation Multiples

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British American Tobacco Financials

British American Tobacco reported last 12-month revenue of $36B and EBITDA of $17B.

In the same LTM period, British American Tobacco generated $28B in gross profit, $17B in EBITDA, and $11B in net income.

British American Tobacco P&L

In the most recent fiscal year, British American Tobacco reported revenue of $36B and EBITDA of $19B.

British American Tobacco expects next 12-month revenue of XXX and NTM EBITDA of XXX

British American Tobacco Stock Performance

British American Tobacco has current market cap of $134B, and enterprise value of $176B.

British American Tobacco's stock price is $61.60.

British American Tobacco Valuation Multiples

British American Tobacco trades at 4.9x EV/Revenue multiple, and 10.4x EV/EBITDA.

British American Tobacco Financial Valuation Multiples

As of March 23, 2026, British American Tobacco has market cap of $134B and EV of $176B.

Equity research analysts estimate British American Tobacco's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

British American Tobacco has a P/E ratio of 12.7x.

British American Tobacco Margins & Growth Rates

British American Tobacco's revenue in the last 12 month declined by (2%).

British American Tobacco's revenue per employee in the last FY averaged $0.8M.

British American Tobacco's rule of 40 is 46% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

British American Tobacco's rule of X is 43% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

British American Tobacco Public Comps

See public comps and valuation multiples for other Tobacco comps.

British American Tobacco M&A Activity

British American Tobacco acquired XXX companies to date.

Last acquisition by British American Tobacco was on XXXXXXXX, XXXXX. British American Tobacco acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

British American Tobacco Investment Activity

British American Tobacco invested in XXX companies to date.

British American Tobacco made its latest investment on XXXXXXXX, XXXXX. British American Tobacco invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).