TPB

MKT CAP:$1B

Turning Point Brands, Inc.

Market Cap

$1B

Consumer Defensive·Tobacco·🇺🇸 United States·NYSE

Consumer Def.·Tobacco·🇺🇸·NYSE

Stock Price

$73.01-$37.23 (-33.77%)

Apr 21, 2026

Company Details

Turning Point Brands, Inc., together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker's Products, and NewGen Products. The Zig-Zag...

CEO

Graham A. Purdy

IPO Date

May 11, 2016

Website

www.turningpointbrands.com/home/default.aspx

Key Metrics TTM

Revenue

$405M

-8.2% YoY

Net Income

$48M

EPS (Diluted)

$2.58

Free Cash Flow

$49M

Revenue / Share

$22.18

Gross Margin

52.9%

Operating Margin

21.5%

Net Margin

11.9%

FCF Margin

12.1%

P/S

3.6x

P/E

30.6x

Earnings Reports

Q2 2025

May 6, 2026

PENDING

FY 2025

Mar 2, 2026

$463MEPS $3.11

Q1 2025

May 7, 2025

$106MEPS $0.79

Q2 2024

Aug 1, 2024

$93M-10.7%EPS $0.68

FY 2023

Feb 28, 2024

$325MEPS $2.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$83M	$36M	$13M
Q4 18	$94M	$39M	$11M
Q1 19	$92M	$40M	$12M
Q2 19	$93M	$41M	$20M
Q3 19	$97M	$43M	$13M
Q4 19	$80M	$35M	-$18M
Q2 20	$105M	$48M	$17M
Q3 20	$104M	$48M	$16M
Q1 21	$108M	$53M	$24M
Q2 21	$123M	$60M	$25M
Q3 21	$110M	$54M	$22M
Q1 22	$101M	$52M	$19M
Q2 23	$104M	$52M	$21M
Q3 23	$101M	$52M	$20M
Q2 24	$93M	$50M	$23M
Q1 25	$106M	$60M	$23M

Valuation

Quarter	P/S	P/E
Q3 18	4.7x	61.8x
Q4 18	4.4x	58.2x
Q1 19	4.2x	51.1x
Q2 19	4.1x	45.0x
Q3 19	3.9x	47.5x
Q4 19	4.1x	106.9x
Q2 20	3.9x	84.1x
Q3 20	3.8x	110.5x
Q1 21	3.7x	78.2x
Q2 21	3.4x	31.7x
Q3 21	3.3x	29.7x
Q1 22	3.3x	28.5x
Q2 23	3.4x	29.6x
Q3 23	3.5x	32.6x
Q2 24	3.7x	32.9x
Q1 25	3.6x	30.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	-$5M	-$6M
Q4 18	$12M	$11M
Q1 19	$14M	$13M
Q2 19	$8M	$7M
Q3 19	-$2M	-$4M
Q4 19	$18M	$17M
Q2 20	$3M	$2M
Q3 20	$16M	$14M
Q1 21	$24M	$23M
Q2 21	$13M	$12M
Q3 21	$12M	$10M
Q1 22	$13M	$10M
Q2 23	$12M	$12M
Q3 23	$12M	$11M
Q2 24	$13M	$11M
Q1 25	$17M	$15M

Capital Expenditures

Quarter	CapEx
Q3 18	$525.0K
Q4 18	$739.0K
Q1 19	$886.0K
Q2 19	$1M
Q3 19	$2M
Q4 19	$755.0K
Q2 20	$1M
Q3 20	$1M
Q1 21	$842.0K
Q2 21	$1M
Q3 21	$2M
Q1 22	$3M
Q2 23	$558.0K
Q3 23	$1M
Q2 24	$2M
Q1 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+13.6%	+19.4%
Q4 18	+28.2%	+32.6%
Q1 19	+23.9%	+24.0%
Q2 19	+15.1%	+10.7%
Q3 19	+16.1%	+19.0%
Q4 19	-14.9%	+18.1%
Q2 20	+14.6%	+10.3%
Q3 20	+11.6%	+20.1%
Q1 21	+11.2%	-0.6%
Q2 21	+52.9%	-0.6%
Q3 21	+4.7%	-0.3%
Q1 22	-3.1%	-7.4%
Q2 23	-3.0%	+0.7%
Q3 23	-17.9%	-17.7%
Q2 24	-15.2%	-19.6%
Q1 25	+5.5%	+1.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$365.0K	0.4%
Q4 18	$355.0K	0.4%
Q1 19	$466.0K	0.5%
Q2 19	$946.0K	1.0%
Q3 19	$1M	1.1%
Q4 19	$1M	1.4%
Q2 20	$758.0K	0.7%
Q3 20	$773.0K	0.7%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$2M	1.6%
Q1 22	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q2 24	$2M	2.0%
Q1 25	$2M	1.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 18	—	$23M	$45.0K
Q4 18	$3M	$23M	$5M
Q1 19	—	$24M	$4M
Q2 19	—	$17M	$4M
Q3 19	—	$23M	$6M
Q4 19	$3M	$20M	$800.0K
Q2 20	—	$23M	$7M
Q3 20	—	$28M	$5M
Q1 21	—	$23M	$6M
Q2 21	—	$600.0K	$8M
Q3 21	—	$1M	$7M
Q1 22	—	$26M	$6M
Q2 23	—	$800.0K	$6M
Q3 23	—	$400.0K	$5M
Q2 24	—	$1M	$5M
Q1 25	—	$2M	$7M

Revenue Segments

Quarter	Stoker's Products	Zig-Zag Products
Q2 24	$43M	$50M

Revenue by Geography

Quarter	Non-US	United States
Q3 18	$5M	$79M
Q4 18	$4M	$90M
Q1 19	$3M	$89M
Q2 19	$2M	$92M
Q3 19	$6M	$91M
Q4 19	$4M	$76M
Q2 20	$3M	$102M
Q3 20	$4M	$100M
Q1 21	$8M	$100M
Q2 21	$6M	$117M
Q3 21	$8M	$102M
Q1 22	$7M	$94M
Q2 23	$7M	$98M
Q3 23	$8M	$94M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$126M	$0	$126M
Q2 22	$107M	$0	$107M
Q3 22	$106M	$0	$106M
Q4 22	$106M	$0	$106M
Q1 23	$105M	$0	$105M
Q2 23	$101M	$0	$101M
Q3 23	$96M	$0	$96M
Q4 23	$117M	$0	$117M
Q1 24	$131M	$0	$131M
Q2 24	$142M	$0	$142M
Q3 24	$34M	$0	$34M
Q4 24	$46M	$0	$46M
Q1 25	$100M	$0	$100M
Q2 25	$110M	$0	$110M
Q3 25	$201M	$0	$201M
Q4 25	$223M	$0	$223M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	20M	+0.5%	+1.5%
Q4 18	20M	+0.8%	+1.6%
Q1 19	20M	+0.0%	+1.4%
Q2 19	20M	+0.4%	+1.7%
Q3 19	20M	-0.3%	+0.9%
Q4 19	20M	-2.0%	-1.9%
Q2 20	23M	+17.1%	+14.9%
Q3 20	20M	-14.8%	-2.5%
Q1 21	23M	+15.4%	+12.9%
Q2 21	22M	-0.8%	+14.4%
Q3 21	22M	-0.6%	-2.9%
Q1 22	22M	-2.8%	+10.8%
Q2 23	20M	-6.2%	-9.9%
Q3 23	20M	-1.5%	-10.6%
Q2 24	20M	+0.3%	-9.9%
Q1 25	18M	-9.5%	-16.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$288.4K	289
Q4 18	$181.3K	520
Q1 19	$176.2K	520
Q2 19	$179.5K	520
Q3 19	$186.2K	520
Q4 19	$172.2K	466
Q2 20	$225.2K	466
Q3 20	$223.5K	466
Q1 21	$263.8K	408
Q2 21	$300.6K	408
Q3 21	$269.4K	408
Q1 22	$236.8K	426
Q2 23	$252.8K	413
Q3 23	$243.9K	413
Q2 24	$249.9K	373
Q1 25	$343.3K	310

Revenue / Employee