Turning Point Brands (TPB)
Market Price (2/10/2026): $126.61 | Market Cap: $2.3 BilSector: Consumer Staples | Industry: Tobacco
Turning Point Brands (TPB)
Market Price (2/10/2026): $126.61Market Cap: $2.3 BilSector: Consumer StaplesIndustry: Tobacco
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54% | Trading close to highsDist 52W High is -2.6%, Dist 3Y High is -2.6% | Expensive valuation multiplesP/SPrice/Sales ratio is 5.3x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 46x, P/EPrice/Earnings or Price/(Net Income) is 44x |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% | Key risksTPB key risks include [1] substantial and increasing regulatory challenges from the FDA, Show more. | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% | ||
| Low stock price volatilityVol 12M is 44% | ||
| Megatrend and thematic driversMegatrends include Adult Consumer Lifestyles. Themes include Niche Consumer Goods, Direct-to-Consumer Channels, and Heritage & Lifestyle Brands. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 54% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Adult Consumer Lifestyles. Themes include Niche Consumer Goods, Direct-to-Consumer Channels, and Heritage & Lifestyle Brands. |
| Trading close to highsDist 52W High is -2.6%, Dist 3Y High is -2.6% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 5.3x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 46x, P/EPrice/Earnings or Price/(Net Income) is 44x |
| Key risksTPB key risks include [1] substantial and increasing regulatory challenges from the FDA, Show more. |
Qualitative Assessment
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Turning Point Brands (TPB) stock has gained about 40% since 10/31/2025 because of the following key factors:
1. Strong Q3 2025 Earnings Beat and Raised Full-Year Guidance.
Turning Point Brands announced robust third-quarter 2025 financial results on November 5, 2025, significantly surpassing analyst expectations. The company reported an earnings per share (EPS) of $1.27, which exceeded the consensus estimate of $0.81 by $0.46. Additionally, quarterly revenue increased by 12.7% year-over-year to $118.98 million, outperforming the $111.42 million consensus. Following these strong results, the company raised its full-year 2025 Adjusted EBITDA guidance to a range of $115.0 million to $120.0 million, up from the previous $110.0 million to $114.0 million. Net income for Q3 2025 saw a substantial year-over-year increase of 70.34%, with EPS rising by 66.18%.
2. Explosive Growth in the Modern Oral Nicotine Pouch Segment.
A significant driver of the stock's appreciation was the exceptional performance of the Modern Oral (nicotine pouch) segment. Net sales from Modern Oral products surged by an impressive 627.6% year-over-year in Q3 2025, reaching $36.7 million and constituting almost a third of the company's total revenue. This "nicotine pouch craze" was noted as a key factor lifting the stock. The company has also consistently increased its full-year consolidated Modern Oral sales guidance, raising it from an initial $60.0 – $80.0 million to $125.0 – $130.0 million. Turning Point Brands is actively investing in this segment, including expanding its sales force and marketing efforts.
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1. Strong Q3 2025 Earnings Beat and Raised Full-Year Guidance.
Turning Point Brands announced robust third-quarter 2025 financial results on November 5, 2025, significantly surpassing analyst expectations. The company reported an earnings per share (EPS) of $1.27, which exceeded the consensus estimate of $0.81 by $0.46. Additionally, quarterly revenue increased by 12.7% year-over-year to $118.98 million, outperforming the $111.42 million consensus. Following these strong results, the company raised its full-year 2025 Adjusted EBITDA guidance to a range of $115.0 million to $120.0 million, up from the previous $110.0 million to $114.0 million. Net income for Q3 2025 saw a substantial year-over-year increase of 70.34%, with EPS rising by 66.18%.
2. Explosive Growth in the Modern Oral Nicotine Pouch Segment.
A significant driver of the stock's appreciation was the exceptional performance of the Modern Oral (nicotine pouch) segment. Net sales from Modern Oral products surged by an impressive 627.6% year-over-year in Q3 2025, reaching $36.7 million and constituting almost a third of the company's total revenue. This "nicotine pouch craze" was noted as a key factor lifting the stock. The company has also consistently increased its full-year consolidated Modern Oral sales guidance, raising it from an initial $60.0 – $80.0 million to $125.0 – $130.0 million. Turning Point Brands is actively investing in this segment, including expanding its sales force and marketing efforts.
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Stock Movement Drivers
Fundamental Drivers
The 40.9% change in TPB stock from 10/31/2025 to 2/9/2026 was primarily driven by a 19.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.84 | 126.60 | 40.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 407 | 436 | 6.9% |
| Net Income Margin (%) | 10.7% | 12.0% | 12.1% |
| P/E Multiple | 36.9 | 44.1 | 19.6% |
| Shares Outstanding (Mil) | 18 | 18 | -1.8% |
| Cumulative Contribution | 40.9% |
Market Drivers
10/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| TPB | 40.9% | |
| Market (SPY) | 1.7% | 20.6% |
| Sector (XLP) | 14.6% | 20.4% |
Fundamental Drivers
The 52.9% change in TPB stock from 7/31/2025 to 2/9/2026 was primarily driven by a 26.3% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.82 | 126.60 | 52.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 384 | 436 | 13.5% |
| Net Income Margin (%) | 11.0% | 12.0% | 9.4% |
| P/E Multiple | 34.9 | 44.1 | 26.3% |
| Shares Outstanding (Mil) | 18 | 18 | -2.5% |
| Cumulative Contribution | 52.9% |
Market Drivers
7/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| TPB | 52.9% | |
| Market (SPY) | 10.1% | 13.5% |
| Sector (XLP) | 10.3% | 23.4% |
Fundamental Drivers
The 99.4% change in TPB stock from 1/31/2025 to 2/9/2026 was primarily driven by a 86.2% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.50 | 126.60 | 99.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 284 | 436 | 53.5% |
| Net Income Margin (%) | 16.7% | 12.0% | -28.2% |
| P/E Multiple | 23.7 | 44.1 | 86.2% |
| Shares Outstanding (Mil) | 18 | 18 | -2.9% |
| Cumulative Contribution | 99.4% |
Market Drivers
1/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| TPB | 99.4% | |
| Market (SPY) | 16.3% | 25.8% |
| Sector (XLP) | 12.8% | 21.2% |
Fundamental Drivers
The 457.9% change in TPB stock from 1/31/2023 to 2/9/2026 was primarily driven by a 331.6% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.69 | 126.60 | 457.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 417 | 436 | 4.5% |
| Net Income Margin (%) | 9.5% | 12.0% | 27.1% |
| P/E Multiple | 10.2 | 44.1 | 331.6% |
| Shares Outstanding (Mil) | 18 | 18 | -2.7% |
| Cumulative Contribution | 457.9% |
Market Drivers
1/31/2023 to 2/9/2026| Return | Correlation | |
|---|---|---|
| TPB | 457.9% | |
| Market (SPY) | 77.1% | 26.2% |
| Sector (XLP) | 27.5% | 25.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TPB Return | -15% | -42% | 23% | 130% | 81% | 20% | 203% |
| Peers Return | -3% | -20% | -13% | -2% | -10% | 2% | -39% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| TPB Win Rate | 42% | 17% | 58% | 67% | 75% | 100% | |
| Peers Win Rate | 46% | 46% | 44% | 54% | 50% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TPB Max Drawdown | -20% | -48% | -7% | -16% | -9% | -5% | |
| Peers Max Drawdown | -22% | -33% | -28% | -28% | -28% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MO, PM, UVV, GNLN. 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] 2026 data is for the year up to 2/9/2026 (YTD)
How Low Can It Go
| Event | TPB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -66.9% | -25.4% |
| % Gain to Breakeven | 202.4% | 34.1% |
| Time to Breakeven | 697 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -48.9% | -33.9% |
| % Gain to Breakeven | 95.6% | 51.3% |
| Time to Breakeven | 119 days | 148 days |
| 2018 Correction | ||
| % Loss | -62.4% | -19.8% |
| % Gain to Breakeven | 166.1% | 24.7% |
| Time to Breakeven | 467 days | 120 days |
Compare to MO, PM, UVV, GNLN
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)
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.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 64.40 |
| Mkt Cap | 2.3 |
| Rev LTM | 2,912 |
| Op Inc LTM | 228 |
| FCF LTM | 53 |
| FCF 3Y Avg | 61 |
| CFO LTM | 101 |
| CFO 3Y Avg | 123 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.0% |
| Rev Chg 3Y Avg | 5.1% |
| Rev Chg Q | -1.7% |
| QoQ Delta Rev Chg LTM | -0.5% |
| Op Mgn LTM | 21.4% |
| Op Mgn 3Y Avg | 25.3% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 11.5% |
| CFO/Rev 3Y Avg | 18.4% |
| FCF/Rev LTM | 8.9% |
| FCF/Rev 3Y Avg | 16.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.3 |
| P/S | 5.3 |
| P/EBIT | 9.2 |
| P/E | 15.2 |
| P/CFO | 12.8 |
| Total Yield | 7.1% |
| Dividend Yield | 3.0% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.8% |
| 3M Rtn | 14.0% |
| 6M Rtn | 1.5% |
| 12M Rtn | 30.4% |
| 3Y Rtn | 73.1% |
| 1M Excs Rtn | 13.9% |
| 3M Excs Rtn | 10.9% |
| 6M Excs Rtn | -5.2% |
| 12M Excs Rtn | 15.1% |
| 3Y Excs Rtn | 7.5% |
Price Behavior
Price Behavior
| Market Price | $126.60 | |
| Market Cap ($ Bil) | 2.3 | |
| First Trading Date | 05/11/2016 | |
| Distance from 52W High | -2.6% | |
| 50 Days | 200 Days | |
| DMA Price | $111.18 | $91.93 |
| DMA Trend | up | up |
| Distance from DMA | 13.9% | 37.7% |
| 3M | 1YR | |
| Volatility | 31.4% | 44.1% |
| Downside Capture | -40.77 | 37.45 |
| Upside Capture | 87.41 | 95.81 |
| Correlation (SPY) | 23.2% | 26.2% |
TPB Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.45 | 0.15 | 0.44 | 0.31 | 0.58 | 0.63 |
| Up Beta | -0.07 | -1.09 | -1.40 | -0.08 | 0.24 | 0.35 |
| Down Beta | 0.70 | 0.92 | 1.59 | 0.22 | 0.90 | 0.75 |
| Up Capture | 151% | 104% | 138% | 99% | 102% | 106% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 12 | 26 | 36 | 72 | 143 | 396 |
| Down Capture | -98% | -141% | -50% | -10% | 50% | 75% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 8 | 15 | 25 | 52 | 107 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPB | |
|---|---|---|---|---|
| TPB | 89.7% | 43.9% | 1.57 | - |
| Sector ETF (XLP) | 12.2% | 14.1% | 0.58 | 21.5% |
| Equity (SPY) | 15.5% | 19.4% | 0.62 | 25.9% |
| Gold (GLD) | 78.8% | 24.9% | 2.30 | -2.1% |
| Commodities (DBC) | 9.9% | 16.6% | 0.40 | -1.3% |
| Real Estate (VNQ) | 4.8% | 16.5% | 0.11 | 23.1% |
| Bitcoin (BTCUSD) | -27.0% | 44.8% | -0.57 | 5.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPB | |
|---|---|---|---|---|
| TPB | 21.0% | 39.3% | 0.60 | - |
| Sector ETF (XLP) | 8.9% | 13.1% | 0.46 | 23.9% |
| Equity (SPY) | 14.2% | 17.0% | 0.67 | 27.0% |
| Gold (GLD) | 22.3% | 16.9% | 1.07 | 6.4% |
| Commodities (DBC) | 11.6% | 18.9% | 0.49 | 4.2% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 29.4% |
| Bitcoin (BTCUSD) | 14.7% | 58.0% | 0.47 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TPB | |
|---|---|---|---|---|
| TPB | 29.5% | 47.3% | 0.74 | - |
| Sector ETF (XLP) | 8.3% | 14.6% | 0.44 | 24.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 29.1% |
| Gold (GLD) | 15.8% | 15.5% | 0.85 | 5.7% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 13.7% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.25 | 28.9% |
| Bitcoin (BTCUSD) | 69.0% | 66.8% | 1.08 | 11.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| 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% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Glazek, David Edward | Executive Chairman | Direct | Sell | 12232025 | 110.26 | 30,000 | 3,307,800 | 14,012,172 | Form |
| 2 | Diao, H.c. Charles | Direct | Sell | 12172025 | 108.20 | 2,000 | 216,400 | 1,060,793 | Form | |
| 3 | Usher, Stephen | Direct | Sell | 11212025 | 101.00 | 1,000 | 101,000 | 522,675 | Form | |
| 4 | Usher, Stephen | Direct | Sell | 11212025 | 102.54 | 1,000 | 102,540 | 428,104 | Form | |
| 5 | Cushman, Brittani | Sr VP, General Counsel | Direct | Sell | 11212025 | 101.66 | 15,250 | 1,550,315 | 3,526,280 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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