TPB
Turning Point Brands, Inc.
Next earnings Aug 3, 2026 · consensus $0.56 EPS, $130M rev
Last earnings +11.0% on 2026-05-07
$85.94
▲ +1.63%$85.94▲ +13.22%
over 1Y
L $70.52H $142.70
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.6%
1W+2.4%
1M+4.3%
3M+19.2%
YTD-21.9%
1Y+13.2%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 9 analysts
Buy
#1 in rolling papers with a fortress balance sheet and 28%/45% rev/EPS growth — a 27x P/E that growth can outrun.
Revenue (FY2025) $463M · FY2025
The read
Quality fundamentals and an attractive price line up (~38% below fair value) — the rarer case where both the business and the entry look good.
TPB has re-accelerated decisively. FY2025 revenue of $463M (+28.4%) finally cleared the FY2021 peak of $445M after the 2022 trough ($321M, when net income collapsed to $11.6M), and net income of $58.2M (+46.1%) and diluted EPS of $3.11 (+45.3%) show the recovery is dropping through to the bottom line. Margins are genuinely good for the sector — 57.1% gross, 20.6% operating, 12.6% net — and ROE is a healthy 15.6%. The business sits on durable moats: the 10-K reports Zig-Zag at 32.7% share / #1 in cigarette papers and 34.3% / #1 in MYO cigar wraps, with products in ~220,000 retail locations and a stated secular tailwind from cannabinoid legalization driving the alternative-smoking-accessories category. This is a branded, cash-generative franchise, not a commodity tobacco play.
The balance sheet is the standout. Cash exploded to $223M (+355%) and stockholders' equity nearly doubled (+95.4%) on only +7.9% more shares, so against $294M long-term debt the company is roughly net-debt neutral — a war chest management explicitly earmarks for the acquisitions and JVs that have powered its growth. Liabilities/equity of 1.05x and a current ratio above 5x ($417M vs $75M) leave ample room. At $84.56 the stock trades at 27.2x trailing EPS and 3.5x sales — a premium to legacy tobacco, but with EPS compounding in the mid-40s% the growth-adjusted multiple is undemanding if even part of that pace persists.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 30, 2026, 5:40 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $445M | $321M | $325M | $361M | $463M |
| Gross profit | $218M | $178M | $183M | $202M | $264M |
| Operating income | $90.3M | $74.0M | $83.0M | $80.8M | $95.3M |
| Net income | $52.1M | $11.6M | $38.5M | $39.8M | $58.2M |
| Diluted EPS | $2.52 | $0.64 | $2.01 | $2.14 | $3.11 |
| Net margin | 11.7% | 3.6% | 11.8% | 11.0% | 12.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.74B
EV / EBITDA17.1
EV / Sales3.7
EV / FCF39.6
P / FCF38.0
PEG (trailing)0.60
Earnings yield3.5%
FCF yield2.6%
Quality & risk
ROIC (est.)11.3%
Free cash flow$43.8M
Total debt$294M
Net cash-$70.9M
Altman Z-Score4.47 safe
Piotroski F-Score5/9
Capital returns
Buyback yield0.0%
Dividend yield (est.)0.3%
Shareholder yield0.3%
Shares Δ YoY+7.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 10-Q Quarterly report2026-05-08
Q1 2026 10-Q; tariff/IEEPA refund uncertainty offsets healthy ongoing growth
- 8-K Earnings results2026-05-07
Q1 2026 earnings release; continues strong growth momentum off record FY2025
- 8-K Shareholder vote2026-05-05
Annual meeting voting results (Item 5.07); routine governance, no financial impact
- DEF 14A Proxy statement2026-03-25
2026 proxy statement; routine board/comp/auditor items, no business change
- 8-K Earnings results2026-03-02
FY2025: rev $463M, NI $58.2M, cash +355% to $223M; #1 Zig-Zag/Stoker's share
- 10-K Annual report2026-03-02
FY2025: rev $463M, NI $58.2M, cash +355% to $223M; #1 Zig-Zag/Stoker's share
- 8-K Other event2025-11-05
Amended prior 8-K (likely acquisition financials/exhibit); informational
- 8-K Earnings results2025-11-05
Amended prior 8-K (likely acquisition financials/exhibit); informational
- 10-Q Quarterly report2025-11-05
Amended prior 8-K (likely acquisition financials/exhibit); informational
Recent filings
all on EDGAR ↗SCHEDULE 13GFiling2026-05-15open ↗4Period ending 2026-05-112026-05-13open ↗4Period ending 2026-05-122026-05-13open ↗4Period ending 2026-05-112026-05-13open ↗4Period ending 2026-05-112026-05-13open ↗4Period ending 2026-05-112026-05-13open ↗4Period ending 2026-05-112026-05-13open ↗4Period ending 2026-05-112026-05-13open ↗4Period ending 2026-05-112026-05-13open ↗4Period ending 2026-05-112026-05-13open ↗10-QPeriod ending 2026-03-312026-05-08open ↗8-KPeriod ending 2026-05-072026-05-07open ↗
Frequently asked
- Is Turning Point Brands, Inc. (TPB) a buy?
- TPB currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. #1 in rolling papers with a fortress balance sheet and 28%/45% rev/EPS growth — a 27x P/E that growth can outrun.
- What is TPB's fair value?
- A Modified-Graham model based on TPB's SEC fundamentals estimates a fair value of about $118.18. It is an estimate from reported earnings, not a price target.
- Is TPB overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, TPB currently appears undervalued relative to its SEC-grounded earnings power.
- What is Turning Point Brands, Inc.'s quality score?
- TPB scores 72.00465764174945/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001290677, latest 10-Q filed 2026-05-08) · EODHD · Proprietary analysis · as of 6/30/2026, 9:40:58 AM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.