{
 "schema": "annalist.findings/0.1",
 "company": "british-american-tobacco",
 "snapshot": "FY2025_01a3b1c3",
 "as_of": {
  "period": "FY2025",
  "period_end": "2025-12-31",
  "release_date": null,
  "indexed": "2026-02-17"
 },
 "findings_version": "0.4",
 "conventions": {
  "ledger": "Append-only: records are never changed or removed; seq gives the order of writing. A thread is one claim of one rule, written <rule>/<claim>.",
  "strength": "Claim polarity times measure. A thread is Strengthened or Weakened when its strength moves by more than the band of its rule, otherwise Confirmed.",
  "states": {
   "New": "The finding is stated for the first time, or again after it was retired.",
   "Confirmed": "The finding still holds and its measure moved by no more than the band of its rule.",
   "Strengthened": "The finding still holds and its measure moved further in the direction the finding states.",
   "Weakened": "The finding still holds and its measure moved back towards the opposite direction.",
   "Retired": "The finding no longer holds: its rule now states another claim, or no longer applies."
  },
  "changes": {
   "initial": "The first record of the rule for the company.",
   "data update": "A later period, from a new report.",
   "restatement": "The same period with different figures, after the company reported them differently.",
   "methodology": "A new method version of the rule.",
   "wording": "A new wording version of the rule, with the same method.",
   "correction": "The same period with different figures after Annalist corrected how it reads the filings; the reason names the correction, and config/corrections.toml lists the earlier records it concerns."
  },
  "basis": {
   "recorded": "Recorded from the snapshot named, after its publication.",
   "reconstructed": "Reconstructed from the figures of the snapshot named, as at the end of the period shown, when the ledger was opened. Figures are as later reported, so restated figures replace the original ones."
  },
  "claims": {
   "higher": "the measure is above its value a year earlier",
   "lower": "the measure is below its value a year earlier",
   "unchanged": "the measure is within rounding of its value a year earlier",
   "stated": "the figure is stated without a comparison",
   "profit_after_loss": "a profit follows a loss in the same period a year earlier",
   "loss": "the latest period shows a loss",
   "positive": "the amount is positive",
   "negative": "the amount is negative",
   "net_debt": "total debt exceeds cash and short-term investments",
   "net_cash": "cash and short-term investments exceed total debt",
   "ahead": "the share of the forecast reached exceeds the share of the year elapsed",
   "behind": "the share of the forecast reached is below the share of the year elapsed",
   "in_line": "the share of the forecast reached equals the share of the year elapsed, within rounding",
   "minimal": "the measure is within the minimal band of the S&P benchmark table",
   "modest": "the measure is within the modest band of the S&P benchmark table",
   "intermediate": "the measure is within the intermediate band of the S&P benchmark table",
   "significant": "the measure is within the significant band of the S&P benchmark table",
   "aggressive": "the measure is within the aggressive band of the S&P benchmark table",
   "highly_leveraged": "the measure is within the highly leveraged band of the S&P benchmark table",
   "covered": "the sources of cash cover the uses",
   "shortfall": "the sources of cash fall short of the uses",
   "cash_backed": "operating cash flow exceeds net income",
   "accrual_led": "net income exceeds operating cash flow",
   "safe_zone": "the score is above the safe threshold of the model",
   "grey_zone": "the score is between the thresholds of the model",
   "distress_zone": "the score is below the distress threshold of the model",
   "below_threshold": "the score is below the threshold of the model",
   "above_threshold": "the score is above the threshold of the model",
   "high_score": "7 or more of the 9 signals are met",
   "middle_score": "4 to 6 of the 9 signals are met",
   "low_score": "3 or fewer of the 9 signals are met"
  }
 },
 "rules": {
  "corp.altman_zone": {
   "version": "1.0",
   "module": "scores",
   "title": "Altman Z'' zone",
   "measure": "Altman Z'' score for the latest fiscal year",
   "band": "0.25 points"
  },
  "corp.beneish_threshold": {
   "version": "1.0",
   "module": "scores",
   "title": "Beneish M-score against its threshold",
   "measure": "Beneish M-score for the latest fiscal year",
   "band": "0.1 points"
  },
  "corp.cash_backing": {
   "version": "2.0",
   "module": "quality",
   "title": "Cash backing of earnings",
   "measure": "net income attributable to the company less operating cash flow, over average total assets, per cent, over 4 quarters or for a fiscal year, whichever ends later",
   "band": "0.5 percentage points"
  },
  "corp.credit_band": {
   "version": "3.0",
   "module": "credit",
   "title": "Debt against the S&P benchmark bands",
   "measure": "lease-adjusted debt to adjusted EBITDA over 4 quarters or for a fiscal year, whichever ends later, with the lease figures that the quarters do not report estimated from the latest fiscal year; where no lease-adjusted value exists, debt to EBITDA on reported figures; a value that ends more than 15 months before the latest quarter end does not count; times; the claim is its band in the S&P standard volatility table",
   "band": "a change of band"
  },
  "corp.free_cash_flow_ttm": {
   "version": "1.1",
   "title": "Free cash flow",
   "measure": "free cash flow over the last 4 quarters, in the reporting currency",
   "band": "5% of the earlier amount"
  },
  "corp.liquidity_cover": {
   "version": "3.0",
   "module": "liquidity",
   "title": "Liquidity cover",
   "measure": "cash, short-term investments and operating cash flow over debt due within 12 months, capital expenditure and dividends, times, over 4 quarters or for a fiscal year, whichever ends later; debt due within 12 months is the larger of the maturity schedule and the current portion of long-term debt; a value that ends more than 15 months before the latest quarter end does not count",
   "band": "10% of the earlier cover"
  },
  "corp.net_debt": {
   "version": "1.1",
   "title": "Net debt or net cash",
   "measure": "total debt less cash and short-term investments at the quarter end, in the reporting currency",
   "band": "5% of the earlier amount"
  },
  "corp.net_income_fy": {
   "version": "1.0",
   "title": "Net income against the previous fiscal year",
   "measure": "growth of net income attributable to the company for the fiscal year against the previous fiscal year, per cent; where either year shows a loss, the net income of the latest fiscal year",
   "band": "1.0 percentage point for growth; 5% of the earlier amount for amounts"
  },
  "corp.operating_margin_ttm": {
   "version": "1.1",
   "title": "Operating margin against a year earlier",
   "measure": "change of the operating margin over the last 4 quarters against a year earlier, percentage points",
   "band": "0.2 percentage points"
  },
  "corp.piotroski_score": {
   "version": "1.0",
   "module": "scores",
   "title": "Piotroski F-score",
   "measure": "Piotroski F-score for the latest fiscal year, of 9",
   "band": "less than 1 point"
  },
  "corp.revenue_fy": {
   "version": "1.0",
   "title": "Revenue against the previous fiscal year",
   "measure": "growth of revenue for the fiscal year against the previous fiscal year, per cent",
   "band": "1.0 percentage point"
  },
  "corp.roe_ttm": {
   "version": "1.1",
   "title": "Return on equity against a year earlier",
   "measure": "change of return on equity over the last 4 quarters against a year earlier, percentage points",
   "band": "0.5 percentage points"
  }
 },
 "corrections": [],
 "threads": {
  "corp.revenue_fy/lower": {
   "rule": "corp.revenue_fy",
   "claim": "lower",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    1,
    13,
    30
   ]
  },
  "corp.net_income_fy/loss": {
   "rule": "corp.net_income_fy",
   "claim": "loss",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    2,
    14
   ]
  },
  "corp.operating_margin_ttm/lower": {
   "rule": "corp.operating_margin_ttm",
   "claim": "lower",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    3,
    16
   ]
  },
  "corp.roe_ttm/lower": {
   "rule": "corp.roe_ttm",
   "claim": "lower",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    4,
    18
   ]
  },
  "corp.free_cash_flow_ttm/positive": {
   "rule": "corp.free_cash_flow_ttm",
   "claim": "positive",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    5,
    20,
    35
   ]
  },
  "corp.net_debt/net_debt": {
   "rule": "corp.net_debt",
   "claim": "net_debt",
   "state": "Confirmed",
   "since": "FY2023",
   "active": true,
   "records": [
    6,
    21,
    36
   ]
  },
  "corp.credit_band/significant": {
   "rule": "corp.credit_band",
   "claim": "significant",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    7,
    22
   ]
  },
  "corp.liquidity_cover/covered": {
   "rule": "corp.liquidity_cover",
   "claim": "covered",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    8,
    24,
    39
   ]
  },
  "corp.cash_backing/cash_backed": {
   "rule": "corp.cash_backing",
   "claim": "cash_backed",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    9,
    25,
    40
   ]
  },
  "corp.altman_zone/distress_zone": {
   "rule": "corp.altman_zone",
   "claim": "distress_zone",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    10,
    26
   ]
  },
  "corp.beneish_threshold/below_threshold": {
   "rule": "corp.beneish_threshold",
   "claim": "below_threshold",
   "state": "New",
   "since": "FY2022",
   "active": true,
   "records": [
    11
   ]
  },
  "corp.piotroski_score/middle_score": {
   "rule": "corp.piotroski_score",
   "claim": "middle_score",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    12,
    28,
    44
   ]
  },
  "corp.net_income_fy/profit_after_loss": {
   "rule": "corp.net_income_fy",
   "claim": "profit_after_loss",
   "state": "Retired",
   "since": "FY2024",
   "active": false,
   "records": [
    15,
    31
   ]
  },
  "corp.operating_margin_ttm/higher": {
   "rule": "corp.operating_margin_ttm",
   "claim": "higher",
   "state": "Weakened",
   "since": "FY2024",
   "active": true,
   "records": [
    17,
    33
   ]
  },
  "corp.roe_ttm/higher": {
   "rule": "corp.roe_ttm",
   "claim": "higher",
   "state": "Weakened",
   "since": "FY2024",
   "active": true,
   "records": [
    19,
    34
   ]
  },
  "corp.credit_band/highly_leveraged": {
   "rule": "corp.credit_band",
   "claim": "highly_leveraged",
   "state": "Retired",
   "since": "FY2024",
   "active": false,
   "records": [
    23,
    37
   ]
  },
  "corp.altman_zone/grey_zone": {
   "rule": "corp.altman_zone",
   "claim": "grey_zone",
   "state": "Confirmed",
   "since": "FY2024",
   "active": true,
   "records": [
    27,
    42
   ]
  },
  "corp.piotroski_score/high_score": {
   "rule": "corp.piotroski_score",
   "claim": "high_score",
   "state": "Retired",
   "since": "FY2024",
   "active": false,
   "records": [
    29,
    43
   ]
  },
  "corp.net_income_fy/higher": {
   "rule": "corp.net_income_fy",
   "claim": "higher",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    32
   ]
  },
  "corp.credit_band/intermediate": {
   "rule": "corp.credit_band",
   "claim": "intermediate",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    38
   ]
  },
  "corp.cash_backing/accrual_led": {
   "rule": "corp.cash_backing",
   "claim": "accrual_led",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    41
   ]
  }
 },
 "records": [
  {
   "seq": 1,
   "company": "british-american-tobacco",
   "thread": "corp.revenue_fy/lower",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "lower",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -1.34515,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 1.34515,
   "text": "Revenue for the fiscal year ended 31 December 2023 was £27.3 billion, 1.3% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2023/revenue",
     "value": 27283000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    },
    {
     "ref": "pl_annual/FY2022/revenue",
     "value": 27655000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2024-12-31-0"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 2,
   "company": "british-american-tobacco",
   "thread": "corp.net_income_fy/loss",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "loss",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -14367000000.0,
    "unit": "GBP"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 14367000000.0,
   "text": "The company reported a net loss of £14.4 billion for fiscal 2023, against net income of £6.7 billion in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2023/net_income",
     "value": -14367000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    },
    {
     "ref": "pl_annual/FY2022/net_income",
     "value": 6666000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2024-12-31-0"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 3,
   "company": "british-american-tobacco",
   "thread": "corp.operating_margin_ttm/lower",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "lower",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -95.7829,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.2
   ],
   "strength": 95.7829,
   "text": "The operating margin for fiscal 2023 was -57.7%, 95.8 percentage points lower than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.operating_margin/annual/FY2023",
     "value": -57.73192097643221,
     "sources": []
    },
    {
     "ref": "ratio/corp.operating_margin/annual/FY2022",
     "value": 38.05098535527029,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 4,
   "company": "british-american-tobacco",
   "thread": "corp.roe_ttm/lower",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "lower",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -32.6522,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 32.6522,
   "text": "Return on equity for fiscal 2023 was -23.1%, against 9.6% a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.roe/annual/FY2023",
     "value": -23.067659998073278,
     "sources": []
    },
    {
     "ref": "ratio/corp.roe/annual/FY2022",
     "value": 9.584540507120828,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 5,
   "company": "british-american-tobacco",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.1",
   "claim": "positive",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 10254000000.0,
    "unit": "GBP"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 10254000000.0,
   "text": "Free cash flow for fiscal 2023 was £10.3 billion, and operating cash flow was -0.7 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2023",
     "value": 10254000000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/annual/FY2023",
     "value": -0.7457367578478458,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 6,
   "company": "british-american-tobacco",
   "thread": "corp.net_debt/net_debt",
   "rule": "corp.net_debt",
   "rule_version": "1.1",
   "claim": "net_debt",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 35071000000.0,
    "unit": "GBP"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 35071000000.0,
   "text": "Net debt was £35.1 billion at 31 December 2023.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2023",
     "value": 35071000000.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 7,
   "company": "british-american-tobacco",
   "thread": "corp.credit_band/significant",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "significant",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 3.0887,
    "unit": "x"
   },
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": "Lease-adjusted debt was 3.1 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 21.5% of that debt. Both ratios are within the significant band of the S&P standard volatility table.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.debt_to_ebitda/annual/FY2023",
     "value": 3.088704034828578,
     "sources": []
    },
    {
     "ref": "ratio/corp.ffo_to_debt/annual/FY2023",
     "value": 21.542914674049836,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 8,
   "company": "british-american-tobacco",
   "thread": "corp.liquidity_cover/covered",
   "rule": "corp.liquidity_cover",
   "rule_version": "3.0",
   "claim": "covered",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 1.56246,
    "unit": "x"
   },
   "band": [
    "rel",
    0.1
   ],
   "strength": 1.56246,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2023 equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2023",
     "value": 1.5624555340989938,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 9,
   "company": "british-american-tobacco",
   "thread": "corp.cash_backing/cash_backed",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "cash_backed",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -18.4242,
    "unit": "%"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 18.4242,
   "text": "Operating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 18.4% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/annual/FY2023",
     "value": -18.424164958752968,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 10,
   "company": "british-american-tobacco",
   "thread": "corp.altman_zone/distress_zone",
   "rule": "corp.altman_zone",
   "rule_version": "1.0",
   "claim": "distress_zone",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 0.544791,
    "unit": "score"
   },
   "band": [
    "abs",
    0.25
   ],
   "strength": -0.544791,
   "text": "The Altman Z'' score for fiscal 2023 was 0.54, below the distress threshold of 1.10.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.altman_z2/annual/FY2023",
     "value": 0.5447913856346068,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 11,
   "company": "british-american-tobacco",
   "thread": "corp.beneish_threshold/below_threshold",
   "rule": "corp.beneish_threshold",
   "rule_version": "1.0",
   "claim": "below_threshold",
   "state": "New",
   "change": "initial",
   "period": "FY2022",
   "period_end": "2022-12-31",
   "measure": {
    "value": -2.50079,
    "unit": "score"
   },
   "band": [
    "abs",
    0.1
   ],
   "strength": 2.50079,
   "text": "The Beneish M-score for fiscal 2022 was minus 2.50, below the model threshold of minus 1.78.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.beneish_m/annual/FY2022",
     "value": -2.500793588403588,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 12,
   "company": "british-american-tobacco",
   "thread": "corp.piotroski_score/middle_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "middle_score",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 5.0,
    "unit": "score"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": "The Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were return on assets above zero, return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.piotroski_f/annual/FY2023",
     "value": 5.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 13,
   "company": "british-american-tobacco",
   "thread": "corp.revenue_fy/lower",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "lower",
   "state": "Strengthened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": -5.19005,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 5.19005,
   "text": "Revenue for the fiscal year ended 31 December 2024 was £25.9 billion, 5.2% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2024/revenue",
     "value": 25867000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    },
    {
     "ref": "pl_annual/FY2023/revenue",
     "value": 27283000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 14,
   "company": "british-american-tobacco",
   "thread": "corp.net_income_fy/loss",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "loss",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "rel",
    0.05
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.net_income_fy now states the claim profit_after_loss.",
   "successor": "profit_after_loss",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 15,
   "company": "british-american-tobacco",
   "thread": "corp.net_income_fy/profit_after_loss",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "profit_after_loss",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 3068000000.0,
    "unit": "GBP"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 3068000000.0,
   "text": "Net income attributable to the company for fiscal 2024 was £3.1 billion, against a net loss of £14.4 billion in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2024/net_income",
     "value": 3068000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    },
    {
     "ref": "pl_annual/FY2023/net_income",
     "value": -14367000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 16,
   "company": "british-american-tobacco",
   "thread": "corp.operating_margin_ttm/lower",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "lower",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "abs",
    0.2
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.operating_margin_ttm now states the claim higher.",
   "successor": "higher",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 17,
   "company": "british-american-tobacco",
   "thread": "corp.operating_margin_ttm/higher",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "higher",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 68.3091,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.2
   ],
   "strength": 68.3091,
   "text": "The operating margin for fiscal 2024 was 10.6%, 68.3 percentage points higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.operating_margin/annual/FY2024",
     "value": 10.57718328372057,
     "sources": []
    },
    {
     "ref": "ratio/corp.operating_margin/annual/FY2023",
     "value": -57.73192097643221,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 18,
   "company": "british-american-tobacco",
   "thread": "corp.roe_ttm/lower",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "lower",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.roe_ttm now states the claim higher.",
   "successor": "higher",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 19,
   "company": "british-american-tobacco",
   "thread": "corp.roe_ttm/higher",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "higher",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 29.2757,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 29.2757,
   "text": "Return on equity for fiscal 2024 was 6.2%, against -23.1% a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.roe/annual/FY2024",
     "value": 6.208075759568591,
     "sources": []
    },
    {
     "ref": "ratio/corp.roe/annual/FY2023",
     "value": -23.067659998073278,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 20,
   "company": "british-american-tobacco",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.1",
   "claim": "positive",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 9639000000.0,
    "unit": "GBP"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 9639000000.0,
   "text": "Free cash flow for fiscal 2024 was £9.6 billion, and operating cash flow was 3.3 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2024",
     "value": 9639000000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/annual/FY2024",
     "value": 3.3001955671447196,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 21,
   "company": "british-american-tobacco",
   "thread": "corp.net_debt/net_debt",
   "rule": "corp.net_debt",
   "rule_version": "1.1",
   "claim": "net_debt",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 31653000000.0,
    "unit": "GBP"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 31653000000.0,
   "text": "Net debt was £31.7 billion at 31 December 2024.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2024",
     "value": 31653000000.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 22,
   "company": "british-american-tobacco",
   "thread": "corp.credit_band/significant",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "significant",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.credit_band now states the claim highly_leveraged.",
   "successor": "highly_leveraged",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 23,
   "company": "british-american-tobacco",
   "thread": "corp.credit_band/highly_leveraged",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "highly_leveraged",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 6.33031,
    "unit": "x"
   },
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": "Lease-adjusted debt was 6.3 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 6.2% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.debt_to_ebitda/annual/FY2024",
     "value": 6.330306664382388,
     "sources": []
    },
    {
     "ref": "ratio/corp.ffo_to_debt/annual/FY2024",
     "value": 6.170500676589986,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 24,
   "company": "british-american-tobacco",
   "thread": "corp.liquidity_cover/covered",
   "rule": "corp.liquidity_cover",
   "rule_version": "3.0",
   "claim": "covered",
   "state": "Confirmed",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 1.54051,
    "unit": "x"
   },
   "band": [
    "rel",
    0.1
   ],
   "strength": 1.54051,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2024 equalled 1.5 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2024",
     "value": 1.5405054440115873,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 25,
   "company": "british-american-tobacco",
   "thread": "corp.cash_backing/cash_backed",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "cash_backed",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": -5.93986,
    "unit": "%"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 5.93986,
   "text": "Operating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 5.9% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/annual/FY2024",
     "value": -5.939860699029944,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 26,
   "company": "british-american-tobacco",
   "thread": "corp.altman_zone/distress_zone",
   "rule": "corp.altman_zone",
   "rule_version": "1.0",
   "claim": "distress_zone",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "abs",
    0.25
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.altman_zone now states the claim grey_zone.",
   "successor": "grey_zone",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 27,
   "company": "british-american-tobacco",
   "thread": "corp.altman_zone/grey_zone",
   "rule": "corp.altman_zone",
   "rule_version": "1.0",
   "claim": "grey_zone",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 1.26353,
    "unit": "score"
   },
   "band": [
    "abs",
    0.25
   ],
   "strength": null,
   "text": "The Altman Z'' score for fiscal 2024 was 1.26, between the distress threshold of 1.10 and the safe threshold of 2.60.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.altman_z2/annual/FY2024",
     "value": 1.2635320157995586,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 28,
   "company": "british-american-tobacco",
   "thread": "corp.piotroski_score/middle_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "middle_score",
   "state": "Retired",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": null,
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.piotroski_score now states the claim high_score.",
   "successor": "high_score",
   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 29,
   "company": "british-american-tobacco",
   "thread": "corp.piotroski_score/high_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "high_score",
   "state": "New",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 7.0,
    "unit": "score"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 7.0,
   "text": "The Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and current ratio higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.piotroski_f/annual/FY2024",
     "value": 7.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 30,
   "company": "british-american-tobacco",
   "thread": "corp.revenue_fy/lower",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "lower",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -0.993544,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 0.993544,
   "text": "Revenue for the fiscal year ended 31 December 2025 was £25.6 billion, 1.0% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2025/revenue",
     "value": 25610000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    },
    {
     "ref": "pl_annual/FY2024/revenue",
     "value": 25867000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 31,
   "company": "british-american-tobacco",
   "thread": "corp.net_income_fy/profit_after_loss",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "profit_after_loss",
   "state": "Retired",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": null,
   "band": [
    "rel",
    0.05
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.net_income_fy now states the claim higher.",
   "successor": "higher",
   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 32,
   "company": "british-american-tobacco",
   "thread": "corp.net_income_fy/higher",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "higher",
   "state": "New",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 153.064,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 153.064,
   "text": "Net income attributable to the company for fiscal 2025 was £7.8 billion, 153.1% higher than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2025/net_income",
     "value": 7764000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    },
    {
     "ref": "pl_annual/FY2024/net_income",
     "value": 3068000000.0,
     "sources": [
      "AFR:213800FKA5MF17RJKT63-2025-12-31-0"
     ]
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 33,
   "company": "british-american-tobacco",
   "thread": "corp.operating_margin_ttm/higher",
   "rule": "corp.operating_margin_ttm",
   "rule_version": "1.1",
   "claim": "higher",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 28.4583,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.2
   ],
   "strength": 28.4583,
   "text": "The operating margin for fiscal 2025 was 39.0%, 28.5 percentage points higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.operating_margin/annual/FY2025",
     "value": 39.03553299492386,
     "sources": []
    },
    {
     "ref": "ratio/corp.operating_margin/annual/FY2024",
     "value": 10.57718328372057,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 34,
   "company": "british-american-tobacco",
   "thread": "corp.roe_ttm/higher",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "higher",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 10.3127,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 10.3127,
   "text": "Return on equity for fiscal 2025 was 16.5%, against 6.2% a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.roe/annual/FY2025",
     "value": 16.5207307082593,
     "sources": []
    },
    {
     "ref": "ratio/corp.roe/annual/FY2024",
     "value": 6.208075759568591,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 35,
   "company": "british-american-tobacco",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.1",
   "claim": "positive",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 5791000000.0,
    "unit": "GBP"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 5791000000.0,
   "text": "Free cash flow for fiscal 2025 was £5.8 billion, and operating cash flow was 0.8 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2025",
     "value": 5791000000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/annual/FY2025",
     "value": 0.8168469860896446,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 36,
   "company": "british-american-tobacco",
   "thread": "corp.net_debt/net_debt",
   "rule": "corp.net_debt",
   "rule_version": "1.1",
   "claim": "net_debt",
   "state": "Confirmed",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 31243000000.0,
    "unit": "GBP"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 31243000000.0,
   "text": "Net debt was £31.2 billion at 31 December 2025.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2025",
     "value": 31243000000.0,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 37,
   "company": "british-american-tobacco",
   "thread": "corp.credit_band/highly_leveraged",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "highly_leveraged",
   "state": "Retired",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": null,
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.credit_band now states the claim intermediate.",
   "successor": "intermediate",
   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 38,
   "company": "british-american-tobacco",
   "thread": "corp.credit_band/intermediate",
   "rule": "corp.credit_band",
   "rule_version": "3.0",
   "claim": "intermediate",
   "state": "New",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 2.79576,
    "unit": "x"
   },
   "band": [
    "abs",
    0.0
   ],
   "strength": null,
   "text": "Lease-adjusted debt was 2.8 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 22.8% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.debt_to_ebitda/annual/FY2025",
     "value": 2.7957589285714284,
     "sources": []
    },
    {
     "ref": "ratio/corp.ffo_to_debt/annual/FY2025",
     "value": 22.77445109780439,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 39,
   "company": "british-american-tobacco",
   "thread": "corp.liquidity_cover/covered",
   "rule": "corp.liquidity_cover",
   "rule_version": "3.0",
   "claim": "covered",
   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 1.11124,
    "unit": "x"
   },
   "band": [
    "rel",
    0.1
   ],
   "strength": 1.11124,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2025 equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2025",
     "value": 1.1112446727133647,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 40,
   "company": "british-american-tobacco",
   "thread": "corp.cash_backing/cash_backed",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "cash_backed",
   "state": "Retired",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": null,
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.cash_backing now states the claim accrual_led.",
   "successor": "accrual_led",
   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 41,
   "company": "british-american-tobacco",
   "thread": "corp.cash_backing/accrual_led",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "accrual_led",
   "state": "New",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 1.24634,
    "unit": "%"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 1.24634,
   "text": "Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.2% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/annual/FY2025",
     "value": 1.2463352747064933,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 42,
   "company": "british-american-tobacco",
   "thread": "corp.altman_zone/grey_zone",
   "rule": "corp.altman_zone",
   "rule_version": "1.0",
   "claim": "grey_zone",
   "state": "Confirmed",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 2.01496,
    "unit": "score"
   },
   "band": [
    "abs",
    0.25
   ],
   "strength": null,
   "text": "The Altman Z'' score for fiscal 2025 was 2.01, between the distress threshold of 1.10 and the safe threshold of 2.60.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.altman_z2/annual/FY2025",
     "value": 2.0149565185875025,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 43,
   "company": "british-american-tobacco",
   "thread": "corp.piotroski_score/high_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "high_score",
   "state": "Retired",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": null,
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.piotroski_score now states the claim middle_score.",
   "successor": "middle_score",
   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  },
  {
   "seq": 44,
   "company": "british-american-tobacco",
   "thread": "corp.piotroski_score/middle_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "middle_score",
   "state": "New",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 6.0,
    "unit": "score"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": "The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were operating cash flow above net income, long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.piotroski_f/annual/FY2025",
     "value": 6.0,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_01a3b1c3",
   "dataset_sha256": "01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23"
  }
 ]
}