Turning Point Brands, Inc. (TPB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-34.1%

$44.70

vs $67.79 price

Levered DCF

$50.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.9

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.09×	26.83×	11.25×	33.28×	13.74×	26.21×	40.86×	20.78×
P/B	5.6×	5.67×	3.06×	3.47×	5.44×	7.62×	5.27×	6.38×
P/S	4.29×	2.96×	1.42×	1.21×	1.6×	2.13×	1.55×	1.58×
EV / EBITDA	17.87×	13.62×	8.15×	10.79×	10.31×	16.04×	13.32×	12.27×
Gross margin	57.1%	55.9%	56.3%	55.4%	48.9%	46.9%	44.2%	42.9%
Operating margin	20.6%	24.0%	24.7%	24.7%	20.3%	15.9%	7.5%	14.6%
Net margin	12.6%	11.0%	11.8%	3.6%	11.7%	9.4%	4.5%	7.6%
Current ratio	5.56×	4.42×	2.67×	6.23×	6.18×	2.89×	3.39×	1.75×
Debt / equity	0.87×	1.39×	2.5×	3.77×	3.28×	2.94×	2.79×	2.67×
Interest coverage	3.76×	6.2×	5.47×	4.06×	4.41×	4.78×	1.89×	3.21×
Dividend yield	0.3%	0.5%	1.0%	1.1%	0.6%	0.4%	0.6%	0.4%
Payout ratio	9.5%	12.3%	11.7%	36.5%	7.9%	10.0%	21.8%	9.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.4%	21.2%	25.5%	10.4%	39.6%	33.7%	15.2%	30.6%
Return on invested capital	11.3%	14.2%	9.3%	11.0%	12.6%	10.8%	5.7%	12.5%
Return on assets	7.6%	8.1%	6.8%	2.0%	8.7%	7.7%	3.6%	7.5%
Free cash flow yield	2.2%	5.9%	13.2%	5.8%	8.7%	4.3%	5.9%	2.1%
Earnings yield	2.9%	3.7%	8.3%	3.0%	7.3%	4.4%	2.9%	4.8%
Enterprise value	$2.1B	$1.3B	$722.8M	$701.2M	$1B	$1.2B	$763.6M	$744.3M
Net debt / EBITDA	0.74×	2.29×	2.93×	4.83×	3.06×	4.05×	3.53×	3.58×
Cash conversion cycle (days)	193	219	280	293	134	138	110	165