Turning Point Brands, Inc. (TPB) intrinsic value & 10-year financials
Turning Point Brands, Inc. (TPB) has a Graham intrinsic value of $65.74 per share. At $62.65 on Oct 17, 2026, the stock trades 5% below that value. Over the last 10 fiscal years revenue grew 9.4% a year to $463.1M, with an average return on invested capital of 14.6%.
- Graham intrinsic value
- $65.74
- Share price (Oct 17, 2026)
- $62.65
- Price vs Graham value
- 5% below
- Market cap
- $1.2B
- Revenue (FY2025)
- $463.1M
- Revenue growth (10-yr CAGR)
- 9.4%
- ROIC (10-yr avg)
- 14.6%
- Free cash flow (FY2025)
- $43.8M
TPB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $463.1M | $58.2M | $3.11 | $43.8M | 20.6% | 17.8% |
| FY2024 | $360.7M | $39.8M | $2.14 | $62.4M | 22.4% | 14.0% |
| FY2023 | $405.4M | $38.5M | $2.01 | $61.2M | 20.4% | 12.3% |
| FY2022 | $415.0M | $11.6M | $0.64 | $22.6M | 18.2% | 12.4% |
| FY2021 | $445.5M | $52.1M | $2.52 | $62.1M | 20.3% | 17.4% |
| FY2020 | $405.1M | $33.0M | $1.67 | $37.5M | 15.8% | 14.6% |
| FY2019 | $362.0M | $13.8M | $0.69 | $33.0M | 7.4% | 8.3% |
| FY2018 | $332.7M | $25.3M | $1.28 | $10.8M | 14.6% | 15.0% |
| FY2017 | $285.8M | $20.2M | $1.04 | $27.7M | 17.3% | 15.2% |
| FY2016 | $206.2M | $26.9M | $1.49 | $5.9M | 21.1% | 18.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Turning Point Brands, Inc. is a consistent compounder, expanding top-line revenue at 9.4% annually over the past decade.
Turning Point Brands, Inc. returns on capital have been average, hovering around 14.6% ROIC over the decade.
Turning Point Brands, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Turning Point Brands, Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $65.74 per share.