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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 | 15.6% | 28.4% | 46.1% |
| 2024 | $361M | $89M | $40M | $62M | 20.9% | 11.0% | 3.5% |
| 2023 | $325M | $87M | $38M | $61M | 25.3% | 1.2% | 230.4% |
| 2022 | $321M | $65M | $12M | $22M | 10.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 321.23 | 325.06 | 360.66 | 463.06 |
| Cost Of Revenue | 143.40 | 142.12 | 159.09 | 198.75 |
| Gross Profit | 177.83 | 182.94 | 201.56 | 264.31 |
| Operating Expense | 103.82 | 99.98 | 120.73 | 168.99 |
| Operating Income | 74.01 | 82.96 | 80.83 | 95.33 |
| EBITDA | 64.97 | 87.21 | 89.14 | 115.94 |
| EBIT | 61.59 | 83.09 | 83.48 | 108.53 |
| Pretax Income | 42.07 | 62.06 | 64.96 | 83.14 |
| Tax Provision | 10.98 | 24 | 16.93 | 14.99 |
| Net Income | 11.64 | 38.46 | 39.81 | 58.16 |
| Net Income Common Stockholders | 11.64 | 38.46 | 39.81 | 58.16 |
| Total Expenses | 247.22 | 242.10 | 279.83 | 367.74 |
| Interest Expense | 19.52 | 21.03 | 18.53 | 25.39 |
| Interest Income | 0 | 6.38 | 4.54 | 7.92 |
| Selling General And Administration | 103.82 | 104.33 | 122.41 | 168.99 |
| Normalized EBITDA | 77.39 | 95.15 | 91.11 | 116.12 |
| Normalized Income | 40.75 | 43.61 | 48.78 | 58.31 |
| Basic EPS | 0.65 | 2.19 | 2.24 | 3.18 |
| Diluted EPS | 0.64 | 2.01 | 2.14 | 3.11 |
| Tax Effect Of Unusual Items | -3.24 | -3.07 | -0.51 | -0.03 |
| Tax Rate For Calcs | 0.26 | 0.39 | 0.26 | 0.18 |
| Total Unusual Items | -12.42 | -7.94 | -1.97 | -0.17 |
| Total Unusual Items Excluding Goodwill | -12.42 | -7.94 | -1.97 | -0.17 |
| Net Income From Continuing Operation Net Minority Interest | 31.57 | 38.75 | 47.33 | 58.16 |
| Reconciled Depreciation | 3.38 | 4.12 | 5.66 | 7.42 |
| Reconciled Cost Of Revenue | 143.40 | 142.12 | 159.09 | 198.75 |
| Net Interest Income | -19.52 | -14.64 | -13.98 | -17.47 |
| Net Income From Continuing And Discontinued Operation | 11.64 | 38.46 | 39.81 | 58.16 |
| Total Operating Income As Reported | 74.01 | 82.96 | 80.83 | 95.33 |
| Diluted Average Shares | 18.06 | 20.47 | 19.36 | 18.73 |
| Basic Average Shares | 17.90 | 17.58 | 17.73 | 18.31 |
| Diluted NI Availto Com Stockholders | 11.64 | 41.13 | 41.41 | 58.16 |
| Average Dilution Earnings | 0 | 2.67 | 1.60 | 0 |
| Minority Interests | 0.48 | 0.68 | -0.70 | -9.99 |
| Net Income Including Noncontrolling Interests | 11.16 | 37.78 | 40.51 | 68.15 |
| Net Income Discontinuous Operations | -19.93 | -0.28 | -7.52 | 0 |
| Net Income Continuous Operations | 31.09 | 38.07 | 48.03 | 68.15 |
| Other Income Expense | -12.42 | -6.25 | -1.89 | 5.28 |
| Other Non Operating Income Expenses | 0 | 4 | 0 | 6.62 |
| Special Income Charges | 0.89 | 1.66 | 0 | -1.24 |
| Other Special Charges | -0.89 | -1.66 | 0 | 1.24 |
| Impairment Of Capital Assets | 27.57 | 0 | 0 | 0 |
| Earnings From Equity Interest | 0 | -2.31 | 0.07 | -1.16 |
| Gain On Sale Of Security | -13.30 | -9.60 | -1.97 | 1.06 |
| Net Non Operating Interest Income Expense | -19.52 | -14.64 | -13.98 | -17.47 |
| Interest Expense Non Operating | 19.52 | 21.03 | 18.53 | 25.39 |
| Interest Income Non Operating | 0 | 6.38 | 4.54 | 7.92 |
| Other Operating Expenses | 0 | -4.34 | -1.67 | 0 |
| Operating Revenue | 321.23 | 325.06 | 360.66 | 463.06 |
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 | $1.5B | 24.82↑ premium | 4.17 | 15.6% | 14.86 |
| Ingles Markets, Incorporated | IMKTA | $1.7B | 17.77 | 1.03 | 5.2% | 8.78 |
| Strategic Education, Inc. | STRA | $1.7B | 13.20 | 1.02 | 7.7% | 6.71 |
| Herbalife Ltd. | HLF | $1.7B | 7.26 | -3.20 | -44.8% | 5.64 |
| J&J Snack Foods Corp. | JJSF |
| $1.6B |
| 24.39 |
| 1.66 |
| 6.8% |
| 10.28 |
| Dole plc | DOLE | $1.4B | 14.69 | 1.04 | 3.4% | 7.65 |
| The Simply Good Foods Company | SMPL | $1.3B | 11.94 | 0.68 | 5.7% | 7.70 |
| Universal Corporation | UVV | $1.3B | 14.07 | 0.92 | 6.5% | 7.43 |
| Lincoln Educational Services Corporation | LINC | $1.3B | 63.05 | 6.39 | 10.0% | 29.34 |
| Peer Median | - | 14.38 | 1.02 | 6.1% | 7.67 | |