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British American Tobacco p.l.c. stock: key metrics
BTIBritish American Tobacco p.l.c. had an operating margin of 39% and a return on invested capital (ROIC) of 9.8% in fiscal 2025.
Margins show how much of revenue is left over, returns on capital how hard the invested money works.
Daily figure as of 13 Nov 2026
Margins
- Gross margin
- Operating margin
- Net margin
Figures as a table
| Year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| 2006 | 70.6% | 26.9% | 19.4% |
| 2007 | 72.3% | 29.0% | 21.3% |
| 2008 | 72.6% | 29.5% | 20.3% |
| 2009 | 72.2% | 28.9% | 19.1% |
| 2010 | 75.1% | 29.0% | 19.3% |
| 2011 | 77.8% | 30.7% | 20.1% |
| 2012 | 78.2% | 35.6% | 25.3% |
| 2013 | 78.7% | 37.9% | 25.6% |
| 2014 | 78.3% | 36.0% | 22.3% |
| 2015 | 75.8% | 39.4% | 34.2% |
| 2016 | 73.6% | 37.2% | 32.9% |
| 2017 | 74.3% | 36.6% | 191.8% |
| 2018 | 81.2% | 41.0% | 24.6% |
| 2019 | 82.8% | 40.2% | 22.0% |
| 2020 | 82.7% | 38.6% | 24.8% |
| 2021 | 82.1% | 39.8% | 26.5% |
| 2022 | 82.6% | 38.1% | 24.1% |
| 2023 | 82.1% | −57.7% | −52.7% |
| 2024 | 82.9% | 10.6% | 11.9% |
| 2025 | 83.5% | 39.0% | 30.3% |
Returns on capital
- ROE
- ROIC
- ROA
Figures as a table
| Year | ROE | ROIC | ROA |
|---|---|---|---|
| 2006 | 29.3% | 16.6% | 10.7% |
| 2007 | 31.0% | 17.7% | 11.4% |
| 2008 | 35.4% | 17.4% | 8.9% |
| 2009 | 35.6% | 17.6% | 10.2% |
| 2010 | 31.3% | 18.1% | 10.3% |
| 2011 | 37.9% | 19.1% | 11.4% |
| 2012 | 51.4% | 24.0% | 14.1% |
| 2013 | 58.8% | 25.5% | 14.5% |
| 2014 | 56.5% | 21.6% | 11.9% |
| 2015 | 87.7% | 21.0% | 13.6% |
| 2016 | 56.8% | 17.8% | 11.7% |
| 2017 | 61.7% | 10.8% | 26.6% |
| 2018 | 9.2% | 6.9% | 4.1% |
| 2019 | 8.9% | 7.1% | 4.0% |
| 2020 | 10.2% | 7.2% | 4.6% |
| 2021 | 10.1% | 7.5% | 5.0% |
| 2022 | 8.8% | 7.1% | 4.3% |
| 2023 | −27.3% | −12.3% | −12.1% |
| 2024 | 6.2% | 2.9% | 2.6% |
| 2025 | 16.2% | 9.8% | 7.1% |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = £0.7544)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 31 May 2024)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.