Tearsheet

Turning Point Brands (TPB)

Market Price (12/30/2025): $106.63 | Market Cap: $1.9 Bil
Sector: Consumer Staples | Industry: Tobacco

Turning Point Brands (TPB)

Market Price (12/30/2025): $106.63
Market Cap: $1.9 Bil
Sector: Consumer Staples
Industry: Tobacco

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54%	Trading close to highs Dist 52W High is -3.8%, Dist 3Y High is -3.8%	Expensive valuation multiples P/SPrice/Sales ratio is 4.5x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%		Key risks TPB key risks include [1] substantial and increasing regulatory challenges from the FDA, Show more.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
3	Low stock price volatility Vol 12M is 45%
4	Megatrend and thematic drivers Megatrends include Adult Consumer Lifestyles. Themes include Niche Consumer Goods, Direct-to-Consumer Channels, and Heritage & Lifestyle Brands.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
3	Low stock price volatility Vol 12M is 45%
4	Megatrend and thematic drivers Megatrends include Adult Consumer Lifestyles. Themes include Niche Consumer Goods, Direct-to-Consumer Channels, and Heritage & Lifestyle Brands.
5	Trading close to highs Dist 52W High is -3.8%, Dist 3Y High is -3.8%
6	Expensive valuation multiples P/SPrice/Sales ratio is 4.5x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 39x
7	Key risks TPB key risks include [1] substantial and increasing regulatory challenges from the FDA, Show more.

Valuation, Metrics & Events

	12/30/25	2024	2023	2022	2021
Share Price CYE	$106.63	$59.88	$26.02	$21.15	$36.58
Market Cap CYE ($ Bil)	1.9	1.1	0.5	0.4	0.7
Total Debt ($ Bil)	0.3	0.3	0.4	0.4	0.4
Total Cash ($ Bil)	0.2	0.0	0.1	0.1	0.1
Enterprise Value ($ Bil)	2.1	1.4	0.9	0.8	1.1
Valuation Ratios
P/S TTM	4.5	3.0	1.4	1.2	1.6
P/EBIT TTM	19.4	13.5	6.0	6.3	8.3
P/E TTM	37.2	26.8	12.0	33.3	13.7
P/FCF TTM	49.9	17.1	7.6	17.3	11.5
Sector Ratios
P/S TTM (Sector)	0.8	0.9	1.0	0.9	1.6
P/EBIT TTM (Sector)	8.4	9.7	10.9	10.9	12.7
P/E TTM (Sector)	12.6	13.9	16.0	14.5	16.8
P/FCF TTM (Sector)	11.1	14.5	12.0	12.0	14.0

	12/30/25	2024	2023
Share Price CYE	$106.63	$59.88	$26.02
Market Cap CYE ($ Bil)	1.9	1.1	0.5
Total Debt ($ Bil)	0.3	0.3	0.4
Total Cash ($ Bil)	0.2	0.0	0.1
Enterprise Value ($ Bil)	2.1	1.4	0.9
Valuation Ratios
P/S TTM	4.5	3.0	1.4
P/EBIT TTM	19.4	13.5	6.0
P/E TTM	37.2	26.8	12.0
P/FCF TTM	49.9	17.1	7.6
Sector Ratios
P/S TTM (Sector)	0.8	0.9	1.0
P/EBIT TTM (Sector)	8.4	9.7	10.9
P/E TTM (Sector)	12.6	13.9	16.0
P/FCF TTM (Sector)	11.1	14.5	12.0

	TPB	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.4
Rev Chg Q	31.2%	7.3%
Rev Chg LTM	53.5%	6.2%
Rev Chg 3Y Avg	6.4%	5.6%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	21.4%	18.8%
CFO/Rev LTM	11.5%	20.6%
Net Inc Mgn	12.0%	13.1%
VALUATION	HIGH
P/S	4.5	3.3
P/CFO	38.7	15.8
P/FCF	49.9	20.7
P/E	37.2	23.7
STABILITY	VERY GOOD
Debt/Equity	0.16	0.20
Cash/Assets	0.27	0.07

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Metric	Value	Date	Source
Retail Outlets in North America	more than 215,000	11102025	Link
Zig-Zag Total Market Share in the U.S.	approximately 33%	12282024	Link
Modern Oral Segment's Percentage of Total Company Net Sales	30.8%	9302025	Link

Recent
12/19/2025	Dividend	Amount: $0.07 Payment On: 1/09/2026
Upcoming
3/05/2026	Earnings Release	Rev: - EPS: -

TPB Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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I am unable to provide the requested information regarding Turning Point Brands (TPB) stock movement for the period from August 31, 2025, to December 30, 2025. This is due to the specified time period falling beyond the scope of my current data access and knowledge cut-off. Show more

Stock Movement Drivers

Fundamental Drivers

The 10.4% change in TPB stock from 9/29/2025 to 12/29/2025 was primarily driven by a 12.1% change in the company's Net Income Margin (%).

	9292025	12292025	Change
Stock Price ($)	96.67	106.68	10.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	407.44	435.72	6.94%
Net Income Margin (%)	10.72%	12.02%	12.15%
P/E Multiple	39.67	37.17	-6.31%
Shares Outstanding (Mil)	17.92	18.25	-1.82%
Cumulative Contribution			10.31%

LTM = Last Twelve Months as of date shown

Market Drivers

9/29/2025 to 12/29/2025

	Return	Correlation
TPB	10.4%
Market (SPY)	3.6%	-2.2%
Sector (XLP)	0.2%	15.6%

Fundamental Drivers

The 41.0% change in TPB stock from 6/30/2025 to 12/29/2025 was primarily driven by a 16.5% change in the company's P/E Multiple.

	6302025	12292025	Change
Stock Price ($)	75.66	106.68	41.00%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	384.03	435.72	13.46%
Net Income Margin (%)	10.99%	12.02%	9.40%
P/E Multiple	31.91	37.17	16.48%
Shares Outstanding (Mil)	17.80	18.25	-2.54%
Cumulative Contribution			40.90%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 12/29/2025

	Return	Correlation
TPB	41.0%
Market (SPY)	11.6%	11.1%
Sector (XLP)	-2.7%	13.2%

Fundamental Drivers

The 78.9% change in TPB stock from 12/29/2024 to 12/29/2025 was primarily driven by a 67.1% change in the company's P/E Multiple.

	12292024	12292025	Change
Stock Price ($)	59.62	106.68	78.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	283.78	435.72	53.54%
Net Income Margin (%)	16.74%	12.02%	-28.19%
P/E Multiple	22.24	37.17	67.10%
Shares Outstanding (Mil)	17.72	18.25	-2.96%
Cumulative Contribution			78.79%

LTM = Last Twelve Months as of date shown

Market Drivers

12/29/2024 to 12/29/2025

	Return	Correlation
TPB	78.9%
Market (SPY)	16.6%	24.6%
Sector (XLP)	0.6%	23.8%

Fundamental Drivers

The 404.5% change in TPB stock from 12/30/2022 to 12/29/2025 was primarily driven by a 290.3% change in the company's P/E Multiple.

	12302022	12292025	Change
Stock Price ($)	21.15	106.68	404.48%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	416.90	435.72	4.51%
Net Income Margin (%)	9.45%	12.02%	27.14%
P/E Multiple	9.52	37.17	290.28%
Shares Outstanding (Mil)	17.75	18.25	-2.80%
Cumulative Contribution			404.08%

LTM = Last Twelve Months as of date shown

Market Drivers

12/30/2023 to 12/29/2025

	Return	Correlation
TPB	309.9%
Market (SPY)	47.9%	26.4%
Sector (XLP)	13.9%	25.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TPB Return	57%	-15%	-42%	23%	130%	78%	289%
Peers Return	16%	38%	-12%	21%	26%	16%	151%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
TPB Win Rate	67%	42%	17%	58%	67%	75%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
TPB Max Drawdown	-48%	-20%	-48%	-7%	-16%	-9%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See TPB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/29/2025 (YTD)

How Low Can It Go

Unique Key	Event	TPB	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-66.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	202.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	697 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-48.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	95.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	119 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-62.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	166.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	467 days	120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Turning Point Brands's stock fell -66.9% during the 2022 Inflation Shock from a high on 2/12/2021. A -66.9% loss requires a 202.4% gain to breakeven.

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About Turning Point Brands (TPB)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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 Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products 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, Beech-Nut, Durango, Trophy, and Wind River brands. The NewGen Products segment markets and distributes cannabidiol isolate, liquid vapor products, and other products without tobacco and/or nicotine to individual consumers through VaporFi B2C online platform, as well as non-traditional retail through VaporBeast. It sells its products to wholesale distributors and retail merchants in the independent and chain convenience stores, tobacco outlets, food stores, mass merchandising, and drug stores. 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.

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Here are 1-3 brief analogies for Turning Point Brands (TPB):

Imagine a smaller, more specialized Altria or British American Tobacco, but centered on iconic smoking accessories like Zig-Zag rolling papers and established smokeless tobacco brands.
Think of it as the BIC of the tobacco and nicotine world, known for essential, everyday products like Zig-Zag rolling papers and Stoker's chewing tobacco.
Consider it a Constellation Brands for the tobacco and nicotine market, managing a portfolio of well-known adult consumable brands such as Zig-Zag and Stoker's.

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Smokeless Tobacco: Offers traditional tobacco products like moist snuff and chewing tobacco, primarily under the Stoker's brand.
Smoking Accessories: Provides rolling papers, cigar wraps, and cones, predominantly through the iconic Zig-Zag brand.
Vapor Products: Sells e-liquids and vapor devices, encompassing various brands and distribution services within the vaping industry.

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Major Customers of Turning Point Brands (TPB)

Turning Point Brands (TPB) primarily sells its products to other companies, specifically wholesale distributors and large national/regional retailers, rather than directly to individual consumers.

Based on their latest public filings (e.g., 2023 10-K), TPB discloses that a significant portion of its gross sales comes from a limited number of major customers. The two primary customers representing 10% or more of gross sales are:

McLane Company, Inc.: A leading supply chain services company, providing grocery and foodservice supply chain solutions. McLane Company is a wholly-owned subsidiary of Berkshire Hathaway Inc. (Symbols: BRK.A, BRK.B).
Core-Mark International, Inc.: One of the largest wholesale distributors to the convenience retail industry in North America. Core-Mark International is a subsidiary of Performance Food Group Company (Symbol: PFGC).

These distributors, in turn, sell TPB's products to a vast network of retail locations including convenience stores, vape shops, and tobacco shops across the United States.

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Graham A. Purdy, Chief Executive Officer

Graham Purdy was appointed Chief Executive Officer of Turning Point Brands in October 2022. Prior to this, he served as Chief Operating Officer from 2019 to 2022. Mr. Purdy joined TPB in 2004 and has held various leadership positions, including President of the New Ventures Division and Senior Vice-President Sales. During his tenure, he oversaw the successful rollout of Zig-Zag Cigar Wraps and Stoker's MST. Before joining TPB, Mr. Purdy spent seven years at Philip Morris, USA, in senior sales and sales management roles.

Andrew Flynn, Chief Financial Officer

Andrew Flynn was appointed Chief Financial Officer in March 2024, leading the company's financial, IT, and supply chain functions. Before joining Turning Point Brands, Mr. Flynn served as the CFO of Connected Cannabis. He previously held a variety of senior leadership roles at JUUL Labs, James Hardie, and Arrow Electronics, and has led multiple financial improvement initiatives.

Summer Frein, Chief Revenue Officer

Summer Frein joined Turning Point Brands in early 2022 as Chief Marketing Officer and was appointed to the newly created role of Chief Revenue Officer in December 2022. In this role, she leads the company's unified revenue strategy and oversees the marketing and sales functions. Prior to joining TPB, Ms. Frein held various senior leadership roles over 15 years at Cronos Group and Altria Group, Inc.

Alicia Carrasco, Senior Vice President & Chief People Officer

Alicia Carrasco started with Turning Point Brands as Chief People Officer in 2022. She is responsible for ensuring the people and culture agenda supports TPB's business objectives through strategic workforce strategies, employee development, and engagement. Previously, Ms. Carrasco was the Vice President of Human Resources, Consumer Self-Care Americas at the Perrigo Company, where she designed and implemented the human resource strategy for North America, and also led Perrigo's Global Talent Management function.

Brittani N. Cushman, SVP, General Counsel & Secretary

Brittani N. Cushman serves as the Senior Vice President, General Counsel, and Secretary for Turning Point Brands. No additional specific background details were readily available in the search results.

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The key risks to Turning Point Brands (TPB) primarily revolve around regulatory challenges, the declining market for traditional tobacco products, and exposure to product liability litigation.

Regulatory Risks: Turning Point Brands faces substantial and increasing regulation, particularly from the FDA, which possesses broad regulatory authority over tobacco products. Changes in regulatory requirements, such as potential bans on menthol flavors and increased taxes, could significantly impact the company's ability to market and sell its products. This evolving regulatory landscape also affects the emerging market for novel nicotine and cannabinoid products, requiring the company to navigate rapidly changing rules and consumer preferences, which could influence its market share and financial performance.
Declining Traditional Tobacco Product Sales: The company is exposed to market risks associated with the declining sales of traditional tobacco products. This decline is driven by increased regulation, growing health concerns, and evolving consumer preferences. Turning Point Brands anticipates continued reductions in sales volume for these products, which poses a significant threat to its financial performance.
Product Liability Litigation: Turning Point Brands is exposed to significant product liability litigation, especially concerning tobacco and vaporizer products. Adverse legal outcomes from such cases could lead to substantial financial liabilities and damage the company's reputation.

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The rapid growth and consumer adoption of tobacco-free oral nicotine pouches (e.g., Zyn, On!, Velo) directly threaten Turning Point Brands' established moist snuff and chewing tobacco segment (Stoker's). These pouches offer a discreet, tobacco-free alternative for nicotine users, potentially drawing away market share from TPB's traditional smokeless tobacco products.

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Turning Point Brands (TPB) Addressable Markets

Zig-Zag Products (Rolling Papers, Cigar Wraps, Smoking Accessories)

Global Smoking Accessories Market:

Valued at approximately USD 73.8 billion in 2025 and is estimated to reach USD 102.3 billion by 2034.
Valued at USD 72.35 billion in 2023 and is projected to grow to USD 102.98 billion by 2032.
Valued at USD 6.82 billion in 2024 and is expected to reach USD 10.31 billion by 2032.
Valued at US$ 299.59 million in 2024 and is further evaluated to reach US$ 430.84 million by the end of 2034.

U.S. Smoking Accessories Market:

The U.S. market held the largest revenue share within North America in 2024. The North America Smoking Accessories Market is projected to reach $11,033.3 million by 2030, with the U.S. dominating.
The U.S. smoking supplies e-commerce market generated USD 182 million in revenue in November 2024.

Stoker's Products (Smokeless Tobacco, Moist Snuff, Chewing Tobacco, Modern Oral Nicotine Products/Pouches)

Global Smokeless Tobacco Market:

Valued at USD 21.4 billion in 2024 and is estimated to reach USD 30.5 billion by 2033.
Valued at USD 22.71 billion in 2024 and is projected to grow to USD 37.53 billion by 2035.
Valued at USD 16.81 billion in 2023 and is projected to reach USD 23.29 billion by 2030.
Valued at USD 14.75 billion in 2025 and is set to grow to USD 18.77 billion by 2030.

U.S. Smokeless Tobacco Market:

Estimated to grow to US$ 4.02 billion in 2024 and US$ 5.3 billion by 2033.
Valued at approximately USD 4 billion.
The modern oral nicotine pouch market is estimated to be worth more than $5 billion today (within the context of TPB's primary markets, including the U.S.).

NewGen Products / Creative Distribution Solutions (Vapor Products, E-cigarettes, Liquid Nicotine Products)

Global E-cigarette & Vape Market:

Valued at USD 28.17 billion in 2023 and is projected to reach USD 182.84 billion by 2030.
Valued at USD 40.71 billion in 2025 and is set to exceed USD 260.59 billion by 2035.
Valued at USD 27.8 billion in 2023 and is expected to reach USD 66.2 billion by 2032.
Valued at USD 23.7 billion in 2024 and is projected to reach USD 49.6 billion by 2030.
Revenues projected to grow from $10,222.8 million in 2021 to $244,041 million by 2033.

U.S. E-cigarette & Vape Market:

Valued at USD 8.98 billion in 2022 and is expected to reach USD 69.53 billion by 2030.
Valued at approximately USD 13.7 billion.
Valued at USD 36.85 million in 2024 and is anticipated to grow to USD 80.14 million by 2030.
Valued at $6,698.9 million in 2020 and is projected to reach $34,137.3 million by 2031.
The U.S. is the dominant global market, holding 30.47% of the global vapor products market share in 2025.
The U.S. Disposable Vapes Market stood at USD 1513.3 million in 2024 and is anticipated to grow to USD 3965.81 million by 2033.

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Turning Point Brands (TPB) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Expansion of the Modern Oral Nicotine Pouch Segment: The company's Modern Oral segment, including brands like FRE and ALP, is a significant growth engine. This segment has shown remarkable revenue surges, and Turning Point Brands has repeatedly raised its full-year guidance for nicotine pouch sales, aiming for a double-digit market share in this high-growth, high-margin category.
Continued Growth in the Stoker's Segment: The Stoker's segment, encompassing loose leaf and Moist Snuff Tobacco (MST) products, has consistently demonstrated strong revenue growth.
Strategic Investments in Sales Force, Marketing, and Distribution: Turning Point Brands is making strategic investments to expand its sales force, enhance marketing efforts, and broaden its distribution network. These investments are crucial for supporting and accelerating the growth of its product portfolio, especially within the Modern Oral segment.
Product Innovation and New Product Launches: The company is focused on product innovation, as evidenced by the introduction of new offerings such as lower nicotine strength FRE products and new hemp wrap products under the Zig-Zag brand, which are expected to contribute to revenue expansion.
Capitalizing on Cannabis Legalization: Turning Point Brands plans to leverage the ongoing legalization of cannabis in various states, which presents a growing market opportunity for its accessory products.

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Share Repurchases

Turning Point Brands completed the repurchase of 2,471,405 shares for $83.01 million under a buyback plan announced on February 25, 2020.
In Q4 2021, the company spent $18.2 million to repurchase 477,707 shares, and an additional $6.4 million was spent in early 2022 to repurchase 172,624 shares.
On November 6, 2024, the Board of Directors increased the share repurchase authorization by $77.9 million to an aggregate amount of $100.0 million.

Share Issuance

In Q3 2025, Turning Point Brands raised $97.5 million in net proceeds at an average price of $98.59 per share through an "At the Market" (ATM) offering program, with the capital designated to accelerate the growth of Modern Oral products.

Outbound Investments

In 2020, the company acquired certain assets from Durfort, including co-ownership of intellectual property rights for MYO cigar wraps and an exclusive distribution agreement for Blunt Wrap.
In July 2021, Turning Point Brands acquired certain assets of Unitabac, LLC, a marketer of mass-market cigars.
The most recent investment, as of September 2, 2024, was a Joint Venture with ALP Supply Co.

Capital Expenditures

Over the five years leading up to 2024, capital expenditures ranged annually between $4.7 million and $7.7 million.
Budgeted capital expenditures for 2025 are $4 million to $5 million, with an additional $3 million to $5 million allocated for Modern Oral Premarket Tobacco Applications (PMTAs).
The primary focus of recent and expected capital expenditures is on supporting Modern Oral product growth initiatives and regulatory compliance for PMTAs.

Better Bets than Turning Point Brands (TPB)

INDUSTRY: Tobacco

Higher Rev Chg 3Y Avg | Lower P/S (Values for TPB: 6.4% | 4.5x)

UVV (7.9% | 0.4x)

Universal

RYM (390.1% | 2.9x)

Rythm

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TPB: 6.4% | 20.9x)

PM (8.0% | 17.0x)

Philip Morris International

UVV (7.9% | 5.3x)

Universal

Higher Rev Chg LTM (Value for TPB: 53.5%)

RYM (1338.9%)

Rythm

Higher Rev Chg 3Y Avg (Value for TPB: 6.4%)

RYM (390.1%)

Rythm

PM (8.0%)

Philip Morris International

UVV (7.9%)

Universal

Higher Op Mgn LTM (Value for TPB: 21.4%)

MO (59.0%)

Altria

PM (37.1%)

Philip Morris International

Higher CFO/Rev LTM (Value for TPB: 11.5%)

MO (43.8%)

Altria

PM (28.8%)

Philip Morris International

Higher FCF/Rev LTM (Value for TPB: 8.9%)

MO (43.1%)

Altria

PM (25.3%)

Philip Morris International

Higher Total Yield (Value for TPB: 3.0%)

MO (16.1%)

Altria

UVV (14.4%)

Universal

PM (6.8%)

Philip Morris International

SECTOR: Consumer Staples

Higher Rev Chg 3Y Avg | Lower P/S (Values for TPB: 6.4% | 4.5x)

COST (6.7% | 1.4x)

Costco Wholesale

MDLZ (7.5% | 1.9x)

Mondelez International

DLTR (20.3% | 1.3x)

Dollar Tree

SFM (11.1% | 0.9x)

Sprouts Farmers Market

LW (14.2% | 0.9x)

Lamb Weston

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TPB: 6.4% | 20.9x)

PM (8.0% | 17.0x)

Philip Morris International

MDLZ (7.5% | 16.4x)

Mondelez International

DLTR (20.3% | 16.9x)

Dollar Tree

SFM (11.1% | 11.6x)

Sprouts Farmers Market

LW (14.2% | 7.3x)

Lamb Weston

Higher Rev Chg LTM (Value for TPB: 53.5%)

RYM (1338.9%)

Rythm

DLTR (156.4%)

Dollar Tree

BOF (72.9%)

Branchout Food

CALM (65.8%)

Cal-Maine Foods

CELH (55.1%)

Celsius

Higher Rev Chg 3Y Avg (Value for TPB: 6.4%)

DLTR (20.3%)

Dollar Tree

MNST (8.6%)

Monster Beverage

PM (8.0%)

Philip Morris International

MDLZ (7.5%)

Mondelez International

COST (6.7%)

Costco Wholesale

Higher Op Mgn LTM (Value for TPB: 21.4%)

MO (59.0%)

Altria

PM (37.1%)

Philip Morris International

KO (31.3%)

Coca-Cola

BUD (26.1%)

Anheuser-Busch InBev SA/NV

PG (24.1%)

Procter & Gamble

Higher CFO/Rev LTM (Value for TPB: 11.5%)

MO (43.8%)

Altria

PM (28.8%)

Philip Morris International

PG (22.3%)

Procter & Gamble

KO (16.0%)

Coca-Cola

PEP (12.7%)

PepsiCo

Higher FCF/Rev LTM (Value for TPB: 8.9%)

MO (43.1%)

Altria

PM (25.3%)

Philip Morris International

MNST (24.4%)

Monster Beverage

PG (17.6%)

Procter & Gamble

KO (11.7%)

Coca-Cola

Higher Total Yield (Value for TPB: 3.0%)

PEP (7.5%)

PepsiCo

KO (7.1%)

Coca-Cola

PM (6.8%)

Philip Morris International

PG (5.0%)

Procter & Gamble

WMT (3.4%)

Walmart

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TPB: 6.4% | 4.5x)

AMZN (11.3% | 3.7x)

Amazon.com

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

UNH (11.4% | 0.7x)

UnitedHealth

MS (7.6% | 4.4x)

Morgan Stanley

AXP (11.6% | 3.7x)

American Express

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TPB: 6.4% | 20.9x)

META (17.3% | 20.2x)

Meta Platforms

V (10.9% | 17.3x)

Visa

UNH (11.4% | 11.3x)

UnitedHealth

AMGN (11.2% | 20.5x)

Amgen

BKNG (17.8% | 19.6x)

Booking

Higher Rev Chg LTM (Value for TPB: 53.5%)

APP (86.4%)

AppLovin

HOOD (74.6%)

Robinhood Markets

NVDA (65.2%)

NVIDIA

OKE (58.4%)

ONEOK

TFC (55.5%)

Truist Financial

Higher Rev Chg 3Y Avg (Value for TPB: 6.4%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for TPB: 21.4%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for TPB: 11.5%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for TPB: 8.9%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for TPB: 3.0%)

JPM (6.5%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

		Best Bets In Consumer Staples Sector
	TPB	MO	PM	MNST	PG	STZ	CL	HSY	KO	FIZZ	COCO
What You Pay
P/E	37.2	11.0	29.2	43.9	20.2	19.9	22.2	24.0	23.2	16.2	44.8
P/EBIT	19.4	8.3	16.4	33.4	15.4	11.5	15.4	19.2	17.3	12.7	42.1
What You Get
Rev Chg Q	31.2%	0.2%	9.4%	16.8%	3.0%	-15.0%	1.0%	26.0%	5.1%	-1.0%	37.2%
Rev Chg LTM	53.5%	-0.2%	7.5%	7.6%	1.2%	-5.6%	0.1%	2.5%	2.8%	1.0%	23.1%
Rev Chg 3Y Avg	6.4%	-0.9%	8.0%	8.6%	1.8%	0.7%	4.2%	5.2%	4.0%	1.1%	13.3%
FCF/Rev 3Y Avg	16.4%	42.7%	24.9%	22.0%	18.0%	17.0%	15.4%	13.9%	13.9%	13.4%	13.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Turning Point Brands Earnings Notes
2	Turning Point Brands Stock Jump Looks Great, But How Secure Is That Gain?	Return
3	How Does TPB Stock Compare With Its Peers Right Now?
4	TPB Dip Buy Analysis
5	Turning Point Brands (TPB) Operating Cash Flow Comparison	Financials
6	Turning Point Brands (TPB) Net Income Comparison	Financials
7	Turning Point Brands (TPB) Operating Income Comparison	Financials
8	Turning Point Brands (TPB) Revenue Comparison	Financials
9	Turning Point Brands vs. S&P500 Correlation	Correlation
10	Day 7 of Gains Streak for Turning Point Brands Stock with 9.5% Return (vs. 62% YTD) [9/25/2024]	Notification

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TPB. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-9.2%	-9.2%	-9.2%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.6%	-7.6%	-9.2%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.5%	12.5%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	5.9%	5.9%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.2%	-4.2%	-6.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	6.7	13.2%	295.8%
HPK	HighPeak Energy	0.6	9.8%	-67.5%
DBRG	DigitalBridge	2.7	9.6%	35.7%
METCB	Ramaco Resources	0.7	8.8%	49.5%
AQST	Aquestive Therapeutics	0.7	8.0%	81.7%
PGEN	Precigen	1.3	7.0%	297.3%
BW	Babcock & Wilcox Enterprises	0.5	5.5%	237.8%
OMER	Omeros	1.0	5.5%	67.7%
SCHL	Scholastic	0.8	4.8%	49.7%
EVMN	Evommune	0.5	4.6%	-11.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RARE	Ultragenyx Pharmaceutical	2.0	-42.3%	-53.1%
USAS	Americas Gold And Silver	1.4	-12.5%	475.7%
UAMY	United States Antimony	0.7	-10.1%	216.9%
UP	Wheels Up Experience	0.4	-9.8%	-63.3%
ITRG	Integra Resources	0.7	-9.6%	366.7%
BRBR	BellRing Brands	3.5	-9.4%	-63.7%
RZLT	Rezolute	0.3	-9.0%	-50.4%
SGML	Sigma Lithium	1.5	-8.8%	17.9%
IMSR	Terrestrial Energy	0.6	-8.5%	-59.4%
ZBIO	Zenas BioPharma	1.6	-8.1%	376.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	1.0	72.6%	67.7%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
RZLT	Rezolute	0.3	37.3%	-50.4%
ADEA	Adeia	1.9	35.6%	25.7%
METC	Ramaco Resources	1.1	25.1%	80.3%
AAOI	Applied Optoelectronics	2.3	17.3%	-0.3%
BNTC	Benitec Biopharma	0.6	17.3%	6.8%
UAMY	United States Antimony	0.7	16.4%	216.9%
DBRG	DigitalBridge	2.7	15.7%	35.7%
METCB	Ramaco Resources	0.7	15.5%	49.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.2%	-19.6%
RARE	Ultragenyx Pharmaceutical	2.0	-41.1%	-53.1%
LAB	Standard BioTools	0.5	-21.5%	-26.9%
NNE	Nano Nuclear Energy	1.0	-20.0%	6.1%
TMC	TMC The Metals	2.3	-19.9%	464.3%
IMSR	Terrestrial Energy	0.6	-18.9%	-59.4%
DJT	Trump Media & Technology	3.7	-18.2%	-61.4%
TLRY	Tilray Brands	9.8	-17.0%	-30.4%
EVEX	Eve	1.3	-16.5%	-26.3%
TDUP	ThredUp	0.8	-16.2%	351.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	9.8	799.0%	-30.4%
HPP	Hudson Pacific Properties	4.7	428.6%	-51.2%
WVE	WAVE Life Sciences	2.9	132.9%	44.4%
OMER	Omeros	1.0	72.1%	67.7%
PL	Planet Labs PBC	6.0	69.5%	391.8%
LUNR	Intuitive Machines	1.8	69.0%	-13.5%
RKLB	Rocket Lab	36.1	67.2%	175.3%
TE	T1 Energy	1.0	67.2%	372.1%
PRAX	Praxis Precision Medicines	6.7	61.5%	295.8%
DBRG	DigitalBridge	2.7	60.3%	35.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-74.6%	-50.4%
JANX	Janux Therapeutics	0.9	-59.4%	-73.7%
FRMI	Fermi	5.3	-52.4%	-76.9%
LENZ	LENZ Therapeutics	0.5	-46.2%	-42.8%
RARE	Ultragenyx Pharmaceutical	2.0	-41.6%	-53.1%
NKTR	Nektar Therapeutics	0.6	-35.0%	206.3%
GOGO	Gogo	0.6	-33.9%	-42.2%
SYM	Symbotic	6.5	-31.5%	152.3%
IMSR	Terrestrial Energy	0.6	-30.9%	-59.4%
ORIC	ORIC Pharmaceuticals	0.6	-30.2%	2.2%

Peer Comparisons for Turning Point Brands

Peers to compare with:

Financials

	TPB	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Turning .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	106.68	22.73	24.33	305.74	77.79	273.76	92.24
Mkt Cap	1.9	21.4	32.4	285.5	307.7	4,079.8	159.0
Rev LTM	436	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	93	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	39	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	53	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	50	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	60	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	TPB	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Turning .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	53.5%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	6.4%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	31.2%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	6.9%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	21.4%	6.6%	4.8%	17.7%	22.5%	31.9%	19.5%
Op Mgn 3Y Avg	25.3%	7.4%	7.2%	16.4%	24.2%	30.8%	20.3%
QoQ Delta Op Mgn LTM	-0.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	11.5%	6.7%	8.5%	20.6%	23.8%	26.6%	16.1%
CFO/Rev 3Y Avg	18.4%	6.8%	12.7%	21.4%	26.1%	28.4%	19.9%
FCF/Rev LTM	8.9%	5.1%	1.8%	18.1%	22.1%	23.5%	13.5%
FCF/Rev 3Y Avg	16.4%	5.5%	4.6%	18.6%	24.6%	25.6%	17.5%

Valuation

	TPB	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Turning .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	1.9	21.4	32.4	285.5	307.7	4,079.8	159.0
P/S	4.5	0.4	0.9	4.4	5.3	10.0	4.4
P/EBIT	19.4	6.6	19.7	25.1	22.4	31.3	21.1
P/E	37.2	8.4	569.0	36.1	29.8	41.1	36.6
P/CFO	38.7	5.8	11.1	21.2	22.4	37.6	21.8
Total Yield	3.0%	14.4%	2.3%	5.0%	5.5%	2.8%	4.0%
Dividend Yield	0.3%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	7.8%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.2	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.1	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	TPB	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Turning .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	6.6%	-5.8%	11.9%	-0.9%	1.1%	-1.8%	0.1%
3M Rtn	10.4%	-14.5%	1.4%	9.9%	15.6%	7.7%	8.8%
6M Rtn	41.0%	-5.0%	20.3%	5.0%	13.5%	33.7%	16.9%
12M Rtn	78.9%	-28.7%	15.4%	40.8%	33.9%	7.6%	24.6%
3Y Rtn	404.5%	-5.3%	65.8%	142.1%	78.3%	113.9%	96.1%
1M Excs Rtn	5.9%	-5.5%	12.3%	-0.5%	0.9%	-2.7%	0.2%
3M Excs Rtn	6.7%	-18.1%	-2.3%	6.2%	11.9%	4.0%	5.1%
6M Excs Rtn	29.7%	-16.3%	9.0%	-6.3%	2.2%	22.4%	5.6%
12M Excs Rtn	67.2%	-43.3%	-0.2%	25.4%	19.0%	-7.8%	9.4%
3Y Excs Rtn	378.4%	-82.8%	-10.4%	61.9%	0.1%	27.1%	13.6%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	3/6/2025	2/28/2024	3/15/2023	3/11/2022	2/19/2021	3/12/2020
Key Financials
Total Revenue	436	361	325	321	445	405	362
EBITDA	107	85	81	65	91	69	38
Operating Income	93	81	83	74	90	64	27
Net Income	52	40	38	12	52	38	16
EPS	2.92	2.24	2.19	0.65	2.75	1.97	0.83
Growth Rates
Total Revenue Growth	53.5%	11.0%	1.2%	-27.9%	10.0%	11.9%	8.8%
EBITDA Growth	13.3%	4.7%	24.4%	-28.5%	32.3%	82.5%	-24.0%
Operating Income Growth	6.9%	-2.6%	12.1%	-18.1%	40.2%	136.6%	-43.8%
Net Income Growth	10.3%	3.5%	230.4%	-77.6%	36.3%	135.3%	-35.8%
Margins
EBITDA Margin	24.6%	23.5%	24.9%	20.2%	20.4%	16.9%	10.4%
Operating Income Margin	21.4%	22.4%	25.5%	23.0%	20.3%	15.9%	7.5%
Net Income Margin	12.0%	11.0%	11.8%	3.6%	11.7%	9.4%	4.5%
Cash & Debt
Total Cash	201	46	117	106	128	42	95
Total Debt	307	261	378	420	430	333	297
Net Debt / (Cash)	106	215	261	314	302	292	202
Cash Flows
Net Cash from Operations	50	67	67	30	68	44	38
Free Cash from Operations	39	62	61	22	62	38	33
Returns to Shareholders
Dividends	5	5	4	4	4	4	4
Share Repurchases	4	6	-0	29	39	10	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/11/2025	5/7/2025	3/6/2025	11/7/2024	8/1/2024	5/2/2024	2/28/2024	11/8/2023	8/2/2023	5/4/2023	3/15/2023
Key Financials Quarterly
Total Revenue	119	117	106	94	91	93	83	17	102	106	101	10
Ebitda	39	28	25	15	24	22	22	27	20	19	15	10
Operating Income	26	26	23	18	21	23	19	24	20	21	18	17
Net Income	21	14	14	2	12	13	12	10	11	10	8	-16
EPS	1.16	0.81	0.81	0.14	0.70	0.74	0.68	0.57	0.62	0.56	0.43	-0.93
Key Financials TTM
Total Revenue TTM	436	407	384	361	284	295	307	325	318	324	321	321
Ebitda TTM	107	92	85	82	95	91	88	81	65	66	60	66
Operating Income TTM	93	88	85	81	87	87	84	83	75	75	73	74
Net Income TTM	52	44	42	40	48	46	43	38	12	13	8	12
Growth Rates Quarterly
Total Revenue Growth	31.2%	25.1%	28.1%	457.8%	-10.8%	-11.7%	-17.7%	74.8%	-5.6%	2.6%	0.1%	-90.9%
EBITDA Growth	66.4%	30.5%	12.6%	-45.5%	16.2%	16.3%	45.2%	159.9%	-4.6%	40.3%	-25.6%	-49.0%
Operating Income Growth	24.4%	15.1%	20.3%	-26.5%	2.8%	11.3%	8.0%	44.8%	2.1%	13.2%	-7.2%	-10.2%
Net Income Growth	70.3%	11.3%	19.9%	-76.1%	14.3%	31.1%	58.1%	162.0%	-6.1%	83.0%	-30.9%	-242.5%
Margins Quarterly
EBITDA Margin	32.9%	24.2%	23.6%	15.8%	25.9%	23.2%	26.9%	162.0%	19.9%	17.6%	15.2%	109.0%
Operating Income Margin	21.8%	22.6%	21.8%	19.1%	22.9%	24.5%	23.2%	144.9%	19.9%	19.5%	17.7%	175.0%
Net Income Margin	17.7%	12.4%	13.5%	2.6%	13.6%	14.0%	14.5%	60.2%	10.6%	9.4%	7.5%	-169.8%
Cash & Debt
Total Cash	201	110	100	46	34	142	131	117	96	101	105	106
Total Debt	307	305	305	261	260	378	378	378	378	391	407	420
Net Debt / (Cash)	106	195	205	215	227	236	247	261	282	291	302	314
Cash Flows Quarterly
FCF from Operations	3	12	17	18	13	13	23	27	12	12	15	14
Cash Flows TTM
FCF from Operations TTM	50	60	62	67	76	75	74	67	54	51	33	30
Returns to Shareholders Quarterly
Dividends	1	1	1	1	1	1	1	1	1	1	1	1
Share Repurchases	3	-0	-0	1	2	1	2	-0	-0	-0	-0	2
Return on Invested Capital (ROIC) Quarterly
ROIC	38.9%	43.2%	40.0%	23.8%	26.8%	28.9%	23.9%	15.4%	21.3%	21.0%	17.7%	13.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	35.6%	35.6%	31.9%	27.8%	24.5%	23.4%	21.5%	19.5%	19.5%	18.8%	17.6%	17.4%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Corporate unallocated	190	155	159	65	89
Zig-Zag products	177	226	228	207	146
Stoker’s products	175	151	142	133	121
Creative Distribution Solutions	27	40	73	91	91
Total	569	572	602	496	447

Price Behavior

Price Behavior

Market Price	$106.68
Market Cap ($ Bil)	1.9
First Trading Date	05/11/2016
Distance from 52W High	-3.8%
	50 Days	200 Days
DMA Price	$99.10	$83.65
DMA Trend	up	up
Distance from DMA	7.7%	27.5%
	3M	1YR
Volatility	36.7%	44.8%
Downside Capture	3.69	40.61
Upside Capture	50.98	91.88
Correlation (SPY)	-2.2%	24.6%

TPB Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.63	-0.06	0.03	0.48	0.58	0.64
Up Beta	-1.85	-1.01	-0.51	0.60	0.27	0.35
Down Beta	3.80	-0.48	-0.36	0.06	0.82	0.72
Up Capture	169%	36%	30%	89%	89%	102%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	22	34	68	139	393
Down Capture	30%	37%	41%	32%	63%	81%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	20	28	57	108	345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of TPB With Other Asset Classes (Last 1Y)
	TPB	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	84.3%	1.1%	16.7%	65.4%	7.5%	4.2%	-7.3%
Annualized Volatility	44.4%	13.9%	19.4%	19.8%	15.3%	17.0%	34.9%
Sharpe Ratio	1.49	-0.16	0.67	2.43	0.27	0.08	-0.06
Correlation With Other Assets		23.9%	24.6%	-3.6%	-2.2%	27.0%	1.8%

ETFs used for asset classes: Sector ETF = XLP, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of TPB With Other Asset Classes (Last 5Y)
	TPB	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.1%	5.6%	14.8%	17.7%	11.2%	5.1%	30.2%
Annualized Volatility	39.6%	13.0%	17.1%	15.6%	18.7%	18.9%	48.6%
Sharpe Ratio	0.58	0.23	0.70	0.91	0.48	0.18	0.57
Correlation With Other Assets		23.5%	27.4%	7.0%	5.0%	30.0%	15.4%

Based On 10-Year Data

		Comparison of TPB With Other Asset Classes (Last 10Y)
	TPB	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	28.6%	7.5%	15.0%	14.6%	6.9%	5.4%	69.0%
Annualized Volatility	47.5%	14.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.71	0.38	0.72	0.82	0.31	0.23	0.89
Correlation With Other Assets		24.8%	29.2%	5.9%	14.0%	29.1%	11.7%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,444,339
Short Interest: % Change Since 11302025	5.9%
Average Daily Volume	305,787
Days-to-Cover Short Interest	4.72
Basic Shares Quantity	18,246,722
Short % of Basic Shares	7.9%

Returns Analyses

	Title
0	Turning Point Brands Stock Jump Looks Great, But How Secure Is That Gain?
1	Turning Point Brands Stock Return Comparison
2	[10/7/2021] Turning Point Brands (TPB) Stock Price Forecast: AI Forecasts TPB Stock Price To Be Around $49.50 In A Month (Up 3%)
3	Turning Point Brands Total Shareholder Return (TSR): -42.1% in 2022 and -8.2% 3-yr returns (below peer average)

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	6.3%	5.6%	5.9%
8/6/2025	14.2%	22.0%	21.8%
3/6/2025	-8.1%	-11.6%	-13.3%
11/7/2024	-2.8%	7.8%	25.8%
8/1/2024	1.3%	-0.8%	5.2%
2/28/2024	7.6%	13.8%	27.7%
11/8/2023	4.6%	5.5%	13.7%
8/2/2023	6.5%	10.6%	5.8%
...
SUMMARY STATS
# Positive	12	13	12
# Negative	7	6	7
Median Positive	7.1%	10.1%	9.8%
Median Negative	-4.7%	-8.9%	-14.4%
Max Positive	14.2%	22.0%	27.7%
Max Negative	-20.7%	-19.6%	-22.6%

	Forward Returns
11/5/2025	6.3%	5.6%	5.9%
8/6/2025	14.2%	22.0%	21.8%
3/6/2025	-8.1%	-11.6%	-13.3%
11/7/2024	-2.8%	7.8%	25.8%
8/1/2024	1.3%	-0.8%	5.2%
2/28/2024	7.6%	13.8%	27.7%
11/8/2023	4.6%	5.5%	13.7%
8/2/2023	6.5%	10.6%	5.8%
2/24/2023	11.0%	8.8%	-4.3%
10/17/2022	-4.7%	-1.9%	1.0%
7/27/2022	-19.6%	-19.6%	-19.6%
2/22/2022	5.7%	1.0%	-0.3%
10/26/2021	-20.7%	-18.9%	-22.6%
7/27/2021	10.5%	14.5%	2.9%
4/27/2021	-3.7%	-6.1%	-14.4%
2/1/2021	9.6%	15.2%	5.9%
10/27/2020	13.1%	12.5%	18.4%
7/8/2020	-2.4%	10.1%	18.9%
2/26/2020	0.2%	2.3%	-15.3%
SUMMARY STATS
# Positive	12	13	12
# Negative	7	6	7
Median Positive	7.1%	10.1%	9.8%
Median Negative	-4.7%	-8.9%	-14.4%
Max Positive	14.2%	22.0%	27.7%
Max Negative	-20.7%	-19.6%	-22.6%

SEC Filings

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Report Date	Filing Date	Filing
09/30/2025	11/05/2025	10-Q (09/30/2025)
06/30/2025	08/11/2025	10-Q (06/30/2025)
03/31/2025	05/07/2025	10-Q (03/31/2025)
12/31/2024	03/06/2025	10-K (12/31/2024)
09/30/2024	11/07/2024	10-Q (09/30/2024)
06/30/2024	08/01/2024	10-Q (06/30/2024)
03/31/2024	05/02/2024	10-Q (03/31/2024)
12/31/2023	02/28/2024	10-K (12/31/2023)
09/30/2023	11/08/2023	10-Q (09/30/2023)
06/30/2023	08/02/2023	10-Q (06/30/2023)
03/31/2023	05/04/2023	10-Q (03/31/2023)
12/31/2022	03/15/2023	10-K (12/31/2022)
09/30/2022	10/26/2022	10-Q (09/30/2022)
06/30/2022	07/27/2022	10-Q (06/30/2022)
03/31/2022	04/27/2022	10-Q (03/31/2022)
12/31/2021	03/11/2022	10-K (12/31/2021)

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Wexler Lawrence		11132025	Sell	99.89	15,000	1,498,350	31,483,930	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Turning Point Brands (TPB)

Market Price (12/30/2025): $106.63 | Market Cap: $1.9 BilSector: Consumer Staples | Industry: Tobacco

Turning Point Brands (TPB)

Market Price (12/30/2025): $106.63Market Cap: $1.9 BilSector: Consumer StaplesIndustry: Tobacco

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

TPB Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Turning Point Brands (TPB)

Major Customers of Turning Point Brands (TPB)

Turning Point Brands (TPB) Addressable Markets

Zig-Zag Products (Rolling Papers, Cigar Wraps, Smoking Accessories)

Stoker's Products (Smokeless Tobacco, Moist Snuff, Chewing Tobacco, Modern Oral Nicotine Products/Pouches)

NewGen Products / Creative Distribution Solutions (Vapor Products, E-cigarettes, Liquid Nicotine Products)

Interactive Breakdown

Better Bets than Turning Point Brands (TPB)

INDUSTRY: Tobacco

Higher Rev Chg 3Y Avg | Lower P/S (Values for TPB: 6.4% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TPB: 6.4% | 20.9x)

Higher Rev Chg LTM (Value for TPB: 53.5%)

Higher Rev Chg 3Y Avg (Value for TPB: 6.4%)

Higher Op Mgn LTM (Value for TPB: 21.4%)

Higher CFO/Rev LTM (Value for TPB: 11.5%)

Higher FCF/Rev LTM (Value for TPB: 8.9%)

Higher Total Yield (Value for TPB: 3.0%)

SECTOR: Consumer Staples

Higher Rev Chg 3Y Avg | Lower P/S (Values for TPB: 6.4% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TPB: 6.4% | 20.9x)

Higher Rev Chg LTM (Value for TPB: 53.5%)

Higher Rev Chg 3Y Avg (Value for TPB: 6.4%)

Higher Op Mgn LTM (Value for TPB: 21.4%)

Higher CFO/Rev LTM (Value for TPB: 11.5%)

Higher FCF/Rev LTM (Value for TPB: 8.9%)

Higher Total Yield (Value for TPB: 3.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TPB: 6.4% | 4.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TPB: 6.4% | 20.9x)

Higher Rev Chg LTM (Value for TPB: 53.5%)

Higher Rev Chg 3Y Avg (Value for TPB: 6.4%)

Higher Op Mgn LTM (Value for TPB: 21.4%)

Higher CFO/Rev LTM (Value for TPB: 11.5%)

Higher FCF/Rev LTM (Value for TPB: 8.9%)

Higher Total Yield (Value for TPB: 3.0%)

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Market Price (12/30/2025): $106.63 | Market Cap: $1.9 Bil
Sector: Consumer Staples | Industry: Tobacco

Market Price (12/30/2025): $106.63
Market Cap: $1.9 Bil
Sector: Consumer Staples
Industry: Tobacco