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Turning Point Brands, Inc., together with its subsidiaries, manufactures, markets, and distributes branded consumer products in the United States and Canada. The company operates through two segments, Zig-Zag Products and Stoker's Products. Its Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand. The Stoker's Products segment manufactures and markets moist snuff tobacco and loose-leaf chewing tobacco products under the Stoker's, FRE, Beech-Nut, Durango, Trophy, and Wind River brands. In addition, the company markets and distributes cannabis accessories and tobacco products. It sells its products to wholesale distributors and retail merchants in the independent and chain convenience stores, tobacco outlets, food stores, mass merchandising, drug store, and non-traditional retail channels. The company was formerly known as North Atlantic Holding Company, Inc. and changed its name to Turning Point Brands, Inc. in November 2015. Turning Point Brands, Inc. was founded in 1988 and is headquartered in Louisville, Kentucky.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $463M | $116M | $58M | $44M | 16.4% | 28.4% | 46.1% |
| 2024 | $361M | $89M | $40M | $62M | 21.2% | 11.0% | 3.5% |
| 2023 | $325M | $87M | $38M | $61M | 25.5% | 1.2% | 230.4% |
| 2022 | $321M | $65M | $12M | $22M | 10.4% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 321.23 | 325.06 | 360.66 | 463.06 |
| Operating Revenue | - | 321.23 | 325.06 | 360.66 | 463.06 |
| Cost Of Revenue | - | 143.40 | 142.12 | 159.10 | 198.75 |
| Gross Profit | - | 177.83 | 182.94 | 201.56 | 264.31 |
| Operating Expense | - | 103.82 | 99.98 | 120.73 | 168.99 |
| Selling General And Administration | - | 103.82 | 104.33 | 122.41 | 168.99 |
| Total Expenses | - | 247.22 | 242.10 | 279.83 | 367.74 |
| Operating Income | - | 74.01 | 82.96 | 80.83 | 95.33 |
| Total Operating Income As Reported | - | 74.01 | 82.96 | 80.83 | 95.33 |
| EBITDA | - | 64.97 | 87.21 | 89.14 | 115.94 |
| Normalized EBITDA | - | 77.39 | 95.15 | 91.11 | 116.12 |
| EBIT | - | 61.59 | 83.09 | 83.48 | 108.53 |
| Interest Income | - | - | 6.38 | 4.54 | 7.92 |
| Interest Expense | - | 19.52 | 21.03 | 18.53 | 25.39 |
| Net Interest Income | - | -19.52 | -14.64 | -13.98 | -17.47 |
| Other Non Operating Income Expenses | - | - | 4 | - | 6.62 |
| Other Income Expense | - | -12.42 | -6.25 | -1.89 | 5.28 |
| Interest Income Non Operating | - | - | 6.38 | 4.54 | 7.92 |
| Interest Expense Non Operating | - | 19.52 | 21.03 | 18.53 | 25.39 |
| Net Non Operating Interest Income Expense | - | -19.52 | -14.64 | -13.98 | -17.47 |
| Pretax Income | - | 42.07 | 62.06 | 64.96 | 83.14 |
| Tax Provision | - | 10.98 | 24 | 16.93 | 14.99 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -3.24 | -3.07 | -0.51 | -0.03 |
| Net Income Continuous Operations | - | 31.09 | 38.07 | 48.03 | 68.15 |
| Net Income From Continuing And Discontinued Operation | - | 11.64 | 38.46 | 39.81 | 58.16 |
| Net Income From Continuing Operation Net Minority Interest | - | 31.57 | 38.75 | 47.33 | 58.16 |
| Net Income | - | 11.64 | 38.46 | 39.81 | 58.16 |
| Net Income Common Stockholders | - | 11.64 | 38.46 | 39.81 | 58.16 |
| Net Income Including Noncontrolling Interests | - | 11.16 | 37.78 | 40.51 | 68.15 |
| Normalized Income | - | 40.75 | 43.61 | 48.78 | 58.31 |
| Diluted NI Availto Com Stockholders | - | 11.64 | 41.13 | 41.41 | 58.16 |
| Basic Average Shares | - | 17.90 | 17.58 | 17.73 | 18.31 |
| Diluted Average Shares | - | 18.06 | 20.47 | 19.36 | 18.73 |
| Reconciled Depreciation | - | 3.38 | 4.12 | 5.66 | 7.42 |
| Reconciled Cost Of Revenue | - | 143.40 | 142.12 | 159.10 | 198.75 |
| Total Unusual Items | - | -12.42 | -7.94 | -1.97 | -0.18 |
| Total Unusual Items Excluding Goodwill | - | -12.42 | -7.94 | -1.97 | -0.18 |
| Minority Interests | - | 0.48 | 0.68 | -0.70 | -9.99 |
| Net Income Discontinuous Operations | - | -19.93 | -0.28 | -7.52 | 0 |
| Special Income Charges | - | 0.88 | 1.66 | 0 | -1.24 |
| Other Special Charges | -2.15 | -0.88 | -1.66 | - | 1.24 |
| Impairment Of Capital Assets | 0 | 27.57 | 0 | - | - |
| Gain On Sale Of Security | - | -13.30 | -9.60 | -1.97 | 1.06 |
| Other Operating Expenses | - | - | -4.34 | -1.67 | - |
| Earnings From Equity Interest | - | - | -2.31 | 0.08 | -1.16 |
| Average Dilution Earnings | - | 0 | 2.67 | 1.60 | 0 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Turning Point Brands, Inc.this co. | TPB | $1.7B | 29.19↑ premium | 4.79 | 16.4% | 15.39 |
| Spectrum Brands Holdings, Inc. | SPB | $1.9B | 18.97 | 0.99 | 5.2% | 11.27 |
| Weis Markets, Inc. | WMK | $1.9B | 19.99 | 1.39 | 6.9% | 8.08 |
| Strategic Education, Inc. | STRA | $1.8B | 14.46 | 1.11 | 7.7% | 7.33 |
| Ingles Markets, Incorporated | IMKTA |
| - |
| - |
| - |
| - |
| - |
| - |
| $1.7B |
| 19.80 |
| 1.02 |
| 5.2% |
| 7.26 |
| Newell Brands Inc. | NWL | $1.6B | -5.73 | 0.68 | -11.9% | 20.08 |
| Lincoln Educational Services Corporation | LINC | $1.6B | 80.26 | 8.04 | 10.0% | 36.58 |
| Coursera, Inc. | COUR | $1.6B | -31.27 | 2.51 | -8.0% | - |
| Fresh Del Monte Produce Inc. | FDP | $1.4B | 15.41 | 0.69 | 4.5% | 7.97 |
| Peer Median | - | 17.19 | 1.07 | 5.2% | 8.08 | |