Value Sense
TPB
Turning Point Brands, Inc. (TPB)
Last Price$70.30.1%
Market Cap$1,261.4M
LTM Revenue
$460.2M
+11.8% YoY
LTM Net Income
$47.5M
+288.1% YoY
LTM Net Debt
$226.6M
Net Debt to FCF - 3.2x
LTM Free Cash Flow (FCF)
$71.0M
15.4% margin

TPB Income Statement

TPB Income Statement Overview

Annual
Quarterly
LTM
Dec'14
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Revenue
$405.4M (2.3%) YoY
Gross profit
$203.2M (1.1%) YoY
50.1% margin
Cost of revenue
$202.2M (3.5%) YoY
Operating income
$82.6M 9.4% YoY
20.4% margin
Other: $6,250.0K
Net interest: $14.6M
Operating expenses
$120.7M (7.2%) YoY
Pre-tax income
$61.7M 285.4% YoY
15.2% margin
Net income
$38.5M 230.4% YoY
9.5% margin
Income tax
$23.9M
38.7% tax rate
R&D
$600.0K 0.0% YoY
0.1% of revenue
SG&A
$123.9M (4.7%) YoY
30.6% of revenue

TPB Income statement key metrics

Annual
Quarterly
LTM

Revenue

$405.4M -2.3% YoY

Operating Income

$82.6M +9.4% YoY

Net Income

$38.5M +230.4% YoY

TPB Balance Sheet

TPB Balance Sheet Overview

Annual
Quarterly
LTM
Dec'14
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Assets
Liabilities
Total assets
$569.4M
Current assets ($267.6M, 47.0% of total)
Cash & ST investments
$117.9M (20.7%)
Other current assets
$120.6M (21.2%)
Non-current assets ($301.7M, 53.0% of total)
Long-term investments
$9,155.0K (1.6%)
Intangible assets
$86.9M (15.3%)
Other non-current assets
$168.9M (29.7%)
Financial position
Net Debt
$260.1M
$117.9M$378.0M
Cash & Short-term Investments
Total Debt
Quick ratio
1.5x
Net Debt to Free Cash Flow
4.3x
Debt to Equity ratio
248.7%

TPB Balance Sheet Metrics

Annual
Quarterly
LTM

Assets

$569.4M -0.5% YoY

Liabilities

$417.4M -9.0% YoY

Shareholder's Equity

$152.0M +34.1% YoY

TPB Cash Flow Statement

TPB Cash Flow Statement Overview

Annual
Quarterly
LTM
Dec'14
Dec'15
Dec'16
Dec'17
Dec'18
Dec'19
Dec'20
Dec'21
Dec'22
Dec'23
Cash Beginning of PeriodOperating Cash FlowInvesting Cash FlowFinancing Cash FlowForex Changes on CashCash End of Period$106.4M$66.9M($5,906.0K)($49.5M)$13.0K$117.9M

TPB Cash Flow Statement key metrics

Annual
Quarterly
LTM

Operating Cash Flow (OCF)

$66.9M +120.9% YoY

Capital Expenditure (CAPEX)

($5,707.0K) -25.7% YoY

Free Cash Flow (FCF)

$61.2M +170.8% YoY

TPB Financials

USD
Millions
Billions
Annual
Quarterly
Trailing
Key stats
Income statement
Balance sheet
Cash Flow Statement
Valuation
Ratios
Per share
Per employee
Dividends & Yields
Dec'04Dec'05Dec'06Dec'10Dec'11Dec'12Dec'13Dec'14Dec'15Dec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23
Revenue
% growth
115.3
0.0%
116.9
1.4%
117.6
0.6%
174.5
48.4%
188.5
8.0%
186.7
(1.0%)
193.3
3.5%
200.3
3.6%
197.3
(1.5%)
206.2
4.5%
285.8
38.6%
332.7
16.4%
362.0
8.8%
405.1
11.9%
445.5
10.0%
415.0
(6.8%)
405.4
(2.3%)
Cost of Goods Sold (COGS)58.656.753.396.2100.7100.9103.0107.2101.0105.9160.9190.1225.2215.5227.6209.5202.2
Gross Profit
% margin
56.7
49.2%
60.2
51.5%
64.3
54.7%
78.3
44.9%
87.8
46.6%
85.8
46.0%
90.3
46.7%
93.2
46.5%
96.3
48.8%
100.4
48.7%
124.9
43.7%
142.6
42.9%
136.7
37.8%
189.6
46.8%
217.8
48.9%
205.5
49.5%
203.2
50.1%
Operating Expenses37.544.348.438.643.141.446.845.151.856.875.494.1109.9125.6127.5130.0120.7
Research & Development Expenses (R&D)0.00.00.00.00.00.00.91.21.41.82.32.52.51.31.10.60.6
Selling, General & Administrative Expenses (SG&A)37.043.947.839.642.841.446.845.151.856.875.494.1109.9125.6127.5130.0123.9
Operating Income
% margin
19.2
16.7%
15.9
13.6%
15.9
13.5%
39.7
22.8%
44.7
23.7%
44.5
23.8%
43.4
22.5%
48.1
24.0%
44.5
22.6%
43.6
21.1%
49.5
17.3%
48.5
14.6%
26.9
7.4%
64.1
15.8%
90.3
20.3%
75.5
18.2%
82.6
20.4%
Interest Income0.00.00.00.00.00.00.00.00.00.00.00.32.60.20.427.80.0
Interest Expense(31.3)(31.9)(27.1)(26.4)(35.2)(43.0)44.134.334.326.616.915.117.320.220.519.514.6
Pre-tax Income(7.7)10.3(11.2)13.29.51.4(1.1)(29.0)10.214.926.931.615.843.165.316.061.7
Income Tax
% effective tax rate
17.4
(226.0%)
0.2
2.2%
0.9
(7.6%)
(3.1)
(23.5%)
1.1
11.6%
1.0
71.4%
0.5
(43.3%)
0.4
(1.3%)
1.1
10.5%
(12.0)
(80.5%)
7.3
27.0%
6.3
19.9%
2.0
12.9%
10.0
23.3%
14.0
21.5%
4.8
30.3%
23.9
38.7%
Net Income
% margin
(34.9)
(30.3%)
10.1
8.6%
(12.0)
(10.2%)
16.3
9.3%
8.4
4.5%
0.4
0.2%
(1.6)
(0.8%)
(29.4)
(14.7%)
16.7
8.5%
26.9
13.1%
20.2
7.1%
25.3
7.6%
13.8
3.8%
38.2
9.4%
52.1
11.7%
11.6
2.8%
38.5
9.5%
EPS(1.90)0.55(0.65)0.890.460.02(0.10)(1.89)0.591.631.061.310.701.972.750.652.34
Diluted EPS(1.90)0.55(0.65)0.890.460.02(0.10)(1.76)0.551.491.041.280.691.852.520.642.01
EBITDA
% margin
(47.5)
(41.2%)
(19.9)
(17.0%)
(35.8)
(30.4%)
(13.2)
(7.6%)
(25.7)
(13.6%)
(41.6)
(22.3%)
46.3
24.0%
49.0
24.5%
45.6
23.1%
45.8
22.2%
46.2
16.1%
60.6
18.2%
37.2
10.3%
67.5
16.7%
90.5
20.3%
40.8
9.8%
82.7
20.4%