British American Tobacco p.l.c.
BTI on NYSE. Cigarettes. Market value $113.7bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Everyday goods stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$53.01 a share, 6% above its 1-year low
Over the past year the price has ranged from $49.88 to $67.30.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 2.46bn | 2.46bn | 2.46bn | 2.35bn | 2.31bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 6% fewer since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
9 long-term investors we follow own it, unchanged from 9 last quarter. 904 funds in all.
- Mondrian Investment PartnersMondrian team
- Value
- $227m
- Share of fund
- 3.5%
- Auxier Asset ManagementJeff Auxier
- Value
- $14m
- Share of fund
- 1.8%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $456m | 1.6% | Cut |
| Mondrian Investment PartnersMondrian team | $227m | 3.5% | |
| First Eagle Investment ManagementMatthew McLennan | $212m | 0.2% | Added |
| Cullen Capital ManagementJames Cullen | $134m | 1.3% | Added |
| Causeway Capital ManagementSarah Ketterer | $34m | 0.4% | Added |
| GMOJeremy Grantham | $29m | <0.1% | Cut |
| Auxier Asset ManagementJeff Auxier | $14m | 1.8% | |
| Boston PartnersBoston Partners team | $8m | <0.1% | Added |
| Brandes Investment PartnersCharles Brandes | $437,817 | <0.1% | Cut |
Largest holders overall
- Capital International Investors$3.0bn
- FMR$2.7bnAdded
- Capital Research Global Investors$1.9bnCut
- GQG Partners$1.5bnCut
- BlackRock$1.2bnAdded
- Bank of America$651mAdded
- Capital World Investors$602m
- Morgan Stanley$476mAdded
- Orbis Investment Management$456mCut
- JPMorgan Chase$338mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Capital Research Global InvestorsPassive investor8.8%+1.7 ptsSince 30 June 2025
- BlackRock, Inc.Passive investor6.5%+1.0 ptsSince 30 September 2025
- Capital International InvestorsPassive investor6.3%−2.7 ptsSince 31 March 2026
- FMR LLCPassive investorat least 5.7%(filed with 1 related holder)Since 31 March 2026
- Portfolio Services Ltd.Passive investorat least 2.8%−2.5 pts(filed with 1 related holder)Since 25 September 2025
- STANDARD BANK OF SOUTH AFRICA LTDPassive investorSold down below 5%Since 2 September 2025
What they said
Standard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities Pty Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange and A2X exchange in South Africa.…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Capital Research Global Investors Passive investor | 8.8%+1.7 pts | 30 June 2025 | |
BlackRock, Inc. Passive investor | 6.5%+1.0 pts | 30 September 2025 | |
Capital International Investors Passive investor | 6.3%−2.7 pts | 31 March 2026 | |
FMR LLC Passive investor | at least 5.7% (filed with 1 related holder) | 31 March 2026 | |
Portfolio Services Ltd. Passive investor | at least 2.8%−2.5 pts (filed with 1 related holder) | 25 September 2025 | |
STANDARD BANK OF SOUTH AFRICA LTD Passive investor | Sold down below 5% | 2 September 2025 | What they saidStandard Bank is a licensed bank and Financial Service provider in South Africa. SBG Securities Pty Ltd is a subsidiary of the Standard Bank Group and is the equity broker for the group and has a membership with the Johannesburg Stock Exchange and A2X exchange in South Africa.… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
British American Tobacco p.l.c. doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.