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TPB

Turning Point Brands, Inc.

TPB

Turning Point Brands, Inc. • NYSE
$100.16 ▲ 0.60% (+0.60)
Market Cap $1.80 B
52w High $110.55
52w Low $51.48
Dividend Yield 0.29%
P/E 30.91
Volume 82.62K
Outstanding Shares 18.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $118.979M ▲ $44.542M ▲ $21.08M ▲ 17.717% ▲ $1.16 ▲ $39.119M ▲
Q2-2025 $116.634M ▲ $40.296M ▲ $14.48M ▲ 12.415% ▼ $0.81 $30.126M ▲
Q1-2025 $106.436M ▲ $36.421M ▲ $14.395M ▲ 13.525% ▲ $0.81 ▲ $24.981M ▲
Q4-2024 $93.667M ▲ $34.533M ▲ $2.416M ▼ 2.579% ▼ $0.14 ▼ $23.934M ▲
Q3-2024 $90.704M $29.59M $12.376M 13.644% $0.7 $23.606M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $201.189M ▲ $742.848M ▲ $384.695M ▲ $343.95M ▲
Q2-2025 $109.925M ▲ $595.788M ▲ $370.965M ▲ $218.576M ▲
Q1-2025 $99.64M ▲ $564.552M ▲ $361.115M ▲ $199.69M ▲
Q4-2024 $46.158M ▲ $493.353M ▲ $302.973M ▲ $187.981M ▲
Q3-2024 $33.557M $488.009M $301.25M $185.674M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $23.757M ▲ $3.285M ▼ $-19.758M ▼ $107.938M ▲ $91.263M ▲ $-721K ▼
Q2-2025 $16.96M ▲ $11.821M ▼ $-3.396M ▲ $1.792M ▼ $10.285M ▼ $7.83M ▼
Q1-2025 $14.395M ▲ $17.409M ▼ $-5.23M ▼ $38.52M ▲ $50.651M ▲ $15.224M ▼
Q4-2024 $10.572M ▼ $17.741M ▲ $-1.445M ▼ $-757K ▲ $15.386M ▲ $16.634M ▲
Q3-2024 $12.441M $13.244M $-1.092M $-120.78M $-108.581M $12.586M

Revenue by Products

Product Q1-2024Q2-2024Q2-2025Q3-2025
Stokers Products
Stokers Products
 $40.00M ▲$40.00M ▲$70.00M ▲$70.00M ▲
ZigZag Products
ZigZag Products
 $50.00M ▲$50.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has eased down from earlier peaks, but the company is still solidly profitable. Margins remain fairly healthy for a tobacco-adjacent business, suggesting it has some pricing power and cost discipline. The main red flag is that operating profit has weakened recently relative to prior years, even as net income per share has recovered from a soft patch a few years ago. Overall, it looks like a mature, cash-generating business with modest top-line pressure and some volatility in earnings, rather than a strong growth story.

Balance Sheet

Balance Sheet The balance sheet shows a gradual cleanup. Total assets have come down from prior highs, while debt has been worked down from earlier, more leveraged levels. Equity has been rebuilding, which indicates retained profits and a somewhat stronger capital base than a few years ago. Cash on hand is lower than in the recent past but not alarmingly so given the debt trend. In plain terms, the company appears less stretched financially than it used to be, though it still carries meaningful leverage typical for its industry.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently positive, even in the weaker earnings year, and free cash flow is solid after only modest spending on equipment and facilities. The company seems to convert a good share of its accounting profit into real cash, which can support debt service, dividends or buybacks, and selective investment. The pattern points to a dependable cash generator rather than a cash-hungry growth venture.

Competitive Edge

Competitive Edge Turning Point Brands competes with a mix of long-standing tobacco names and newer nicotine players, and it leans heavily on brand strength and distribution. Zig-Zag and Stoker’s give it recognizable labels and loyal customer bases, especially in value and specialty niches. Its reach into a very large network of retail outlets and its e-commerce channels create a meaningful barrier for smaller rivals. At the same time, the company operates in a highly regulated, slowly declining traditional tobacco environment, while newer nicotine pouches attract intense competition from much larger firms. Its niche brands and regulatory know-how help, but the landscape is challenging and constantly shifting.

Innovation and R&D

Innovation and R&D Innovation here is less about lab-heavy R&D and more about product formats, branding, and category shifts. The company is pushing hard into modern oral nicotine pouches, which have grown rapidly and are a key strategic focus. It is also refreshing legacy brands: Stoker’s uses value-focused packaging formats, and Zig-Zag is being repositioned as a lifestyle brand, extending into wraps, cones, and potential cannabis-adjacent collaborations. Investments in U.S. manufacturing for pouches and in online distribution show a willingness to adapt operations as well. The main execution risks are regulatory changes, shifting consumer tastes, and aggressive competition in the same growth categories.

Summary

Turning Point Brands looks like a mature, cash-generating consumer-tobacco business that is actively trying to reinvent parts of its portfolio. Financially, it has steady cash flow, improving leverage, and reasonable profitability, though revenue has softened and operating profit has recently come under pressure. Competitively, its edge rests on strong niche brands, broad distribution, and experience navigating complex regulation. Strategically, the big opportunity lies in modern oral nicotine and the broader ecosystem around Zig-Zag, while the big risks are regulation, category decline in traditional products, and crowded competition in newer alternatives. The company appears to be in a phase of careful transition: using its stable cash base and legacy brands to fund a pivot toward faster-growing, but more uncertain, product areas.

NEWS

November 5, 2025 · 4:15 PM UTC

Turning Point Brands Declares Common Stock Dividend

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November 5, 2025 · 7:30 AM UTC

Turning Point Brands Announces Third Quarter 2025 Results

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October 22, 2025 · 9:30 AM UTC

Turning Point Brands to Host Q3 Conference Call

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October 8, 2025 · 6:55 PM UTC

FRE Shatters Nicotine Pouch Norms with First High-Strength Watermelon, Answering Overlooked Consumer Demand

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