British American Tobacco p.l.c.

Name: British American Tobacco p.l.c. financial statements and ratios
Creator: Annalist

BATS · LSE · Consumer staples, tobacco · United Kingdom · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_01a3b1c3.

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Overview

Revenue, fiscal year

−1.0% year on year

Operating profit, fiscal year

+265% year on year

Net income, fiscal year

+153% year on year

Diluted EPS, fiscal year

+157% year on year

Operating margin, fiscal year

+28.5pp year on year

Return on equity, fiscal year

+10.3pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was £25.6 billion, 1.0% lower than in the previous fiscal year.
Weakenedin FY2025 · stated since FY2023
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was £25.6 billion, 1.0% lower than in the previous fiscal year.Recorded from FY2025_01a3b1c3 · data update
2. FY2024 StrengthenedRevenue for the fiscal year ended 31 December 2024 was £25.9 billion, 5.2% lower than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was £27.3 billion, 1.3% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was £7.8 billion, 153.1% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 5 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was £7.8 billion, 153.1% higher than in the previous fiscal year.Recorded from FY2025_01a3b1c3 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_01a3b1c3 · data update
3. FY2024 NewNet 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.Reconstructed · data update
4. FY2024 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
5. FY2023 NewThe company reported a net loss of £14.4 billion for fiscal 2023, against net income of £6.7 billion in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 39.0%, 28.5 percentage points higher than a year earlier.
Weakenedin FY2025 · stated since FY2024
Rule: Operating margin against a year earlier · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 WeakenedThe operating margin for fiscal 2025 was 39.0%, 28.5 percentage points higher than a year earlier.Recorded from FY2025_01a3b1c3 · data update
2. FY2024 NewThe operating margin for fiscal 2024 was 10.6%, 68.3 percentage points higher than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was -57.7%, 95.8 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 16.5%, against 6.2% a year earlier.
Weakenedin FY2025 · stated since FY2024
Rule: Return on equity against a year earlier · Sources Annual financial report 2025-12, Annual financial report 2024-12
History of this finding, 4 records
1. FY2025 WeakenedReturn on equity for fiscal 2025 was 16.5%, against 6.2% a year earlier.Recorded from FY2025_01a3b1c3 · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 6.2%, against -23.1% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was -23.1%, against 9.6% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was £5.8 billion, and operating cash flow was 0.8 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedFree cash flow for fiscal 2025 was £5.8 billion, and operating cash flow was 0.8 times net income attributable to the company.Recorded from FY2025_01a3b1c3 · data update
2. FY2024 WeakenedFree cash flow for fiscal 2024 was £9.6 billion, and operating cash flow was 3.3 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was £10.3 billion, and operating cash flow was -0.7 times net income attributable to the company.Reconstructed · initial
Net debt was £31.2 billion at 31 December 2025.
Confirmedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedNet debt was £31.2 billion at 31 December 2025.Recorded from FY2025_01a3b1c3 · data update
2. FY2024 WeakenedNet debt was £31.7 billion at 31 December 2024.Reconstructed · data update
3. FY2023 NewNet debt was £35.1 billion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents6 documents, latest Annual financial report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_01a3b1c3

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, pounds sterling

Operating Profit

By fiscal year, pounds sterling

Profit Attributable to Owners of the Parent

By fiscal year, pounds sterling

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, pounds sterling

Net Debt

Total debt less cash and short-term investments, at fiscal year end, pounds sterling

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual financial report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

NewCash Backing of Earnings
Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.2% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 2.80x, FFO to debt 22.8% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

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.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the intermediate band is number 3 of 6, and a higher number means more debt against earnings.
Newin FY2025 · first stated
Rule: Debt against the S&P benchmark bands · Sources Annual financial report 2025-12
History of this finding, 5 records
1. FY2025 NewLease-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.Recorded from FY2025_01a3b1c3 · data update
2. FY2025 RetiredThe finding changed to the intermediate band.Recorded from FY2025_01a3b1c3 · data update
3. FY2024 NewLease-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.Reconstructed · data update
4. FY2024 RetiredThe finding changed to the highly leveraged band.Reconstructed · data update
5. FY2023 NewLease-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.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 2.8 years of adjusted EBITDA; a year of funds from operations equals 22.8% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2.80x2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	22.8%20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	significant	significant	significant	highly leveraged	intermediate
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	aggressive	aggressive	significant	highly leveraged	significant
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	£0	£0	£0	£0	£0
Lease liabilities	£0	£0	£0	£0	£0
Borrowings and lease liabilities presented as one line	£39.7bn	£43.1bn	£39.7bn	£37.0bn	£35.1bn
Lease-adjusted debt	£39.7bn	£43.1bn	£39.7bn	£37.0bn	£35.1bn
EBIT	£10.2bn	£10.5bn	−£15.8bn	£2.7bn	£10.0bn
Depreciation and amortisation, with the impairment reported with them	£1.1bn	£1.3bn	£28.6bn	£3.1bn	£2.5bn
Share-based payments	£0	£0	£0	£0	£0
Adjusted EBITDA	£11.3bn	£11.8bn	£12.9bn	£5.8bn	£12.5bn
Cash interest	−£1.5bn	−£1.6bn	−£1.7bn	−£1.7bn	−£1.6bn
Cash taxes	−£2.2bn	−£2.5bn	−£2.6bn	−£1.9bn	−£2.9bn
Funds from operations	£7.6bn	£7.7bn	£8.6bn	£2.3bn	£8.0bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.11x, Debt due within 12 months £3.4bn · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

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.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Weakenedin FY2025 · stated since FY2023
Rule: Liquidity cover · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedCash, 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.Recorded from FY2025_01a3b1c3 · data update
2. FY2024 ConfirmedCash, 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.Reconstructed · data update
3. FY2023 NewCash, 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.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	£3.8bn
Operating cash flow	£6.3bn
Sources	£10.2bn

Uses	Amount
Debt due within 12 months	£3.4bn
Capital expenditure	£551m
Dividends paid	£5.2bn
Uses	£9.2bn

Liquidity cover 1.11x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityEarnings above cash flowCash-flow accruals 1.2% · FY2025

Accruals and the cash backing of reported earnings.

Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.2% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 1.2% of average total assets.Recorded from FY2025_01a3b1c3 · data update
2. FY2025 RetiredThe finding changed to earnings led by accruals.Recorded from FY2025_01a3b1c3 · data update
3. FY2024 WeakenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 5.9% of average total assets.Reconstructed · data update
4. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 18.4% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company			n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.01, Beneish −2.50 · Piotroski 6 of 9 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 2.01, between the distress threshold of 1.10 and the safe threshold of 2.60.
Interpretation. By this model, the company is between the 2 groups of its original study: below 1.10 the profile resembles companies that went bankrupt, above 2.60 companies that did not. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2025 · stated since FY2024
Rule: Altman Z'' zone · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 2.01, between the distress threshold of 1.10 and the safe threshold of 2.60.Recorded from FY2025_01a3b1c3 · data update
2. FY2024 NewThe Altman Z'' score for fiscal 2024 was 1.26, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
3. FY2024 RetiredThe finding changed to the grey zone.Reconstructed · data update
4. FY2023 NewThe Altman Z'' score for fiscal 2023 was 0.54, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2022 was minus 2.50, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Newin FY2022 · first stated
Rule: Beneish M-score against its threshold · Sources Annual financial report 2022-12, Annual financial report 2023-12, Annual financial report 2024-12
History of this finding, 1 record
1. FY2022 NewThe Beneish M-score for fiscal 2022 was minus 2.50, below the model threshold of minus 1.78.Reconstructed · initial
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.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Newin FY2025 · first stated
Rule: Piotroski F-score · Sources Annual financial report 2024-12, Annual financial report 2025-12
History of this finding, 5 records
1. FY2025 NewThe 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.Recorded from FY2025_01a3b1c3 · data update
2. FY2025 RetiredThe finding changed to a middle score.Recorded from FY2025_01a3b1c3 · data update
3. FY2024 NewThe 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.Reconstructed · data update
4. FY2024 RetiredThe finding changed to a high score.Reconstructed · data update
5. FY2023 NewThe 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.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	distress zone	grey zone	grey zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	n/a	n/a	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

2.01Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 2.01 is in the grey zone of the model, between 1.10 and 2.60. The largest part is equity against liabilities, at 0.83; working capital below zero lowers the score by 0.11.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.017	6.560	−0.110
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.210	3.260	0.684
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.091	6.720	0.615
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.787	1.050	0.827
Score			2.015

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2022

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.50Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.50 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.027	0.920	0.944
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.997	0.404	0.403
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.077	0.892	0.960
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.000	0.115	0.115
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.024	4.679	−0.114
Leverage indexDebt against total assets, against a year earlier.	0.996	−0.327	−0.326
Score			−2.501

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.65 means a probability of a misstatement 0.65 times the average rate in the Dechow sample: 0.24% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.003	0.790	−0.003
Change in receivables / average total assetsThe growth of receivables against average assets.	0.002	2.518	0.004
Change in inventories / average total assetsThe growth of stock against average assets.	−0.002	1.191	−0.002
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.965	1.979	1.910
Change in cash salesThe growth of sales collected in cash.	−0.018	0.171	−0.003
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.042	−0.932	−0.039
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.026
Probability of a misstatement			0.24%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

6 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Not met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Met
Asset turnover higher than a year earlier	Not met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 December 2025 Search page of the FCA National Storage Mechanism	17 Feb 2026, added to the index	AFR:213800FKA5MF17RJKT63-2025-12-31-0
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	25 Feb 2025, added to the index	AFR:213800FKA5MF17RJKT63-2024-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the FCA National Storage Mechanism	20 Feb 2024, added to the index	AFR:213800FKA5MF17RJKT63-2023-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	7 Mar 2023, added to the index	AFR:213800FKA5MF17RJKT63-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	15 Mar 2022, added to the index	AFR:213800FKA5MF17RJKT63-2021-12-31-0
Annual financial report for the year to 31 December 2020 Search page of the FCA National Storage Mechanism	17 Jun 2021, added to the index	AFR:213800FKA5MF17RJKT63-2020-12-31-0

Checks

286280 of 286 checks passed, 6 warnings

Fiscal calendar13 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity7 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share7 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement with the 20-F251 of 253 passedEach figure equals the figure of the annual report on Form 20-F that the company files with the SEC for the same fiscal year. A figure that differs is withheld. Checked at warning level.

Finance costs, FY2020: £1,745m against £1,795m

Finance costs, FY2021: £1,486m against £1,521m

Withheld values4 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Depreciation and amortisation, FY2020: withheld, the document gives it as a wider line

Depreciation and amortisation, FY2021: withheld, the document gives it as a wider line

Finance costs, FY2020: withheld, another official report of the company gives it differently

Finance costs, FY2021: withheld, another official report of the company gives it differently

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	262
Proven by a check	98.5%, 258 values
Confirmed by a second document	95.8%, 251 values
Derived from reported figures	2.7%, 7 values
Values withheld	4
Restated figures tracked	7
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, British American Tobacco p.l.c., snapshot british-american-tobacco/FY2025_01a3b1c3 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_01a3b1c3 · dataset SHA-256 01a3b1c34c8356763a84819a75fc6e5d19abc934c4092a2a688b86ff54a60f23 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json