Turning Point Brands, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Turning Point Brands, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	206	286	333	362	405	445	321	325	361	463
Cost of revenue	106	161	190	225	215	228	143	142	159	199
Gross profit	101	125	143	137	190	218	178	183	202	264
Research and development	2	2.3	2.5	2.5	1.3	1.1	0.6	0.6	1.3	0.9
Selling, general and administrative	56.6	75.3	94.1	110	126	128	104	104	122	169
Selling and marketing	3.9	3.4	5.6	12	5.2	12.1	6.2	7.6	12	29.8
Operating income	43.9	49.7	48.5	27.2	64.4	90.3	74	83	80.8	95.3
Interest expense	26.7	16.9	15.1				21.9	21	18.5	25.4
Interest income	0.77	0.44	0.42	2.65	0.2		2.4	6.38	4.54	7.92
Pre-tax income	14.9	26.9	31.6	19.1	50.1	65.3	42.1	62.1	65	83.1
Income tax	-12	7.28	6.29	2.86	12	14	11	24	16.9	15
Net income to minority interests	0	-0.56	0	0	0	-0.8	-0.48	-0.68	0.7	9.99
Net income	26.9	20.2	25.3	16.2	38.2	52.1	11.6	38.5	39.8	58.2
EBITDA	45.2	52	51.6	31.3	69.4	95.3	79.3	89.3
EPS, basic	1.84	1.20	1.48	0.83	1.97	2.75	0.65	2.19	2.24	3.18
EPS, diluted	1.68	1.18	1.45	0.78	1.85	2.52	0.64	2.01	2.14	3.11
Shares, basic (weighted)	14.6	16.8	17.1	19.6	19.4	18.9	17.9	17.6	17.7	18.3
Shares, diluted (weighted)	15.9	17.3	17.5	23.2	22.9	22.4	18.1	20.5	19.4	18.7
Dividend per share							0.24	0.26	0.28	0.30

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.87	2.61	3.31	95.3	41.8	128	106	118	48.9	223
Receivables	2.18	3.25	2.62	6.91	9.33	6.5	8.38	10	9.62	25.7
Inventory	62.2	63.3	91.2	71	85.9	87.6	120	91.7	96.3	108
Other current assets	11.6	10.3	14.7	16.1	26.5	26.7	23	36.9	34.7	60.7
Total current assets	78.9	79.5	112	189	163	249	258	268	198	417
Property, plant and equipment	7.59	8.86	10.6	13.8	15.5	18.7	22.8	25.1	26.3	36.2
Lease right-of-use assets			0	12.1	17.9	12.9	11	8.83	8.34	6.85
Goodwill	134	135	146	154	160	162	136	136	136	136
Intangible assets	27.1	26.4	35.3	33.5	79.4	87.5	83.6	66.5	65.3	64
Long-term investments					0	8	7.82	0	5.49	14.9
Other non-current assets	0.21	0.96	4.24	10.7	26.8	35.4	22.6	15.2	20.7	64.7
Total assets	285	282	339	447	496	602	572	569	493	764
Accounts payable	9.15	3.69	6.84	14.1	9.2	7.36	8.36	7.79	11.7	20.4
Accrued liabilities	15.3	18.7	22.9	26.5	35.2	32.9	33	32.1	31.1	54.6
Short-term debt	1.65	7.85	8				0	58.3	0
Total current liabilities	41.6	38.2	63.8	55.9	56.6	40.3	41.4	100	44.8	75
Long-term debt	202	186	187	269	302	414	407	307	249	294
Lease liabilities			0	11.1	16.1	12.3	10.2	8.32	7.4	5.65
Other non-current liabilities	3.02	0.57	0.89	2.52	3.7	0			0	4.14
Total liabilities	251	229	257	340	379	468	459	417	303	392
Total debt	203	194	195	269	302	414	407	365	249	294
Paid-in capital	105	104	110	125	102	109	113	119	127	204
Retained earnings	-67	-47.5	-25.5	-15.3	23.6	71.5	78.7	112	147	200
Treasury stock				0	-10.2	-48.9	-78.1	-78.1	-83.1	-47.6
Other comprehensive income	-4.05	-2.97	-2.54	-3.77	-2.64	-0.2	-2.39	-2.65	-2.9	-1.56
Shareholders' equity	34.1	53.3	82.6	107			112	151
Minority interests				0	4.05	2.31	1.74	1.03	2.4	17.7
Total equity	34.1	53.3	86.6	88.1	117	134	113	152	190	372
Total liabilities and equity	285	282	339	447	496	602	572	569	493	764

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26.9	19.7	25.3	16.2	38.2	51.3	11.2	37.8	40.5	68.2
Depreciation and amortization	1.29	2.33	3.11	4.09	5.02	5.01	5.3	6.36
Stock-based compensation	0.18	0.72	1.41	3.63	2.55	7.56	5.27	6.56	7.24	6.97
Deferred income tax	-12.7	5.18	2.57	-3.4	4.74	-1.49	-6.51	7.02	0.52	8.93
Change in receivables	2.07	-1.07	0.82	-3.46	-2.11	3.32	-3.34	-2.63	0.19	-16.1
Change in inventory	-12.5	0.5	-20.7	20.7	-8	-0.01	-26.7	13.3	-4.77	-11.6
Change in payables	3.63	-5.7	2.52	6.61	-5.06	-2.37	1.51	0.1	3.69	8.6
Cash from operations	9.13	29.7	13.1	37.8	43.7	68.2	30.3	66.9	67.1	57.4
Capital expenditures	-3.21	-2.02	-2.27	-4.82	-6.14	-6.16	-7.83	-5.71	-4.62	-13.5
Acquisitions	-23.6	0.27	-19.2	-7.7	-39.4	-16.4	0	0
Purchases of investments	0	-0.18	-2				-1	-0.2	-10.9	-13.8
Sales and maturities of investments							0	0	5.42	6.36
Cash from investing	-55.9	-1.12	-24.7	15.9	-64.8	-58.8	-18.8	-5.91	-10.5	-31.7
Debt issued	0			0	0	250	0	0
Stock issued	55.7	0	0	0.74	0.86	2.07	0.5	0	0	97.5
Share buybacks	0		0	0	-10.2	-38.7	-29.2	0	-5.05	0
Dividends paid	0	-0.77	-2.32	-3.53	-3.8	-4.1	-4.25	-4.5	-4.91	-5.52
Cash from financing	15.7	-28	9.93	68	-29.3	57.1	-43.3	-49.5	-128	148
Net change in cash	-31	0.56	-1.65	122	-50.5	66.4	-31.8	11.5	-71.7	174
Free cash flow	5.92	27.7	10.8	33	37.5	62.1	22.4	61.2	62.4	43.8
Interest paid	34.6	15.8	14.2	11.8	11.5	12.5	18.7	18	17.5	20.5
Income taxes paid	0.62	1.81	3.22	11.3	3.38	16.1	13.4	12.4	21	10.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $62.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.2%	Gross profit / revenue.
Operating margin	14.8%	Operating income / revenue.
Pre-tax margin	13.6%	Pre-tax income / revenue.
Net margin	8.8%	Net income / revenue.
FCF margin	3.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.4%	Cash from operations / revenue.
Effective tax rate	13.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.2%	Net income / average total assets.
SG&A / revenue	44.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	31.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	46.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	71.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	45.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	69.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	25.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	54.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.67x	Current assets / current liabilities.
Quick ratio	3.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.04x	(Cash + short-term investments) / current liabilities.
Debt / assets	34.4%	Total debt / total assets.
Liabilities / assets	46.9%	Total liabilities / total assets.
Net debt	$25.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.67x	Operating income / interest expense.
Working capital	$411.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	23.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	12.8x	Revenue / average property, plant and equipment.
Inventory turnover	1.55x	Cost of revenue / average inventory.
Days inventory	235 days	365 x average inventory / cost of revenue.
Receivables turnover	22.3x	Revenue / average receivables.
Days sales outstanding	16 days	365 x average receivables / revenue.
Days payables	62 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	189 days	Days inventory + days sales outstanding - days payables.
FCF conversion	44.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	39.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.16	Revenue / diluted weighted shares.
FCF per share	$0.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.60	Cash from operations / diluted weighted shares.
Cash per share	$13.31	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.9%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.24B	Share price x shares outstanding.
Enterprise value	$1.27B	Market cap + total debt - cash - short-term investments.
P/E	27.9x	Market cap / net income. Only when net income is positive.
P/S	2.45x	Market cap / revenue.
P/FCF	63.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	38.6x	Market cap / cash from operations, when positive.
EV/Sales	2.50x	Enterprise value / revenue.
EV/EBIT	16.9x	Enterprise value / operating income, when both are positive.
EV/FCF	64.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.6%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.40x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Turning Point Brands, Inc.'s revenue in fiscal 2025?

Turning Point Brands, Inc. reported revenue of $463.1M for fiscal 2025, 28.4% higher than the year before.

Was Turning Point Brands, Inc. profitable in fiscal 2025?

Yes. Net income was $58.2M, a net margin of 12.6%.

How much free cash flow did Turning Point Brands, Inc. generate in fiscal 2025?

Cash from operations of $57.4M minus capital expenditures of $13.5M left free cash flow of $43.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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