# Tobacco — company-by-company sector analysis

> Tobacco: Philip Morris International Inc. owns the largest revenue base; Turning Point Brands, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Tobacco has underperformed S&P 500 by 12.9% over 52 weeks and 5.5% over 13 weeks. 2 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 6 beat the sector itself. Philip Morris International Inc. leads with revenue of $41,493 million, based on 4 of 6 comparable companies through Mar 2026.

### Is the Tobacco sector outperforming S&P 500?

Tobacco has underperformed S&P 500 by 12.9% over 52 weeks and 5.5% over 13 weeks. 2 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 6 beat the sector itself.

### Which Tobacco company is largest by revenue?

Philip Morris International Inc. leads with revenue of $41,493 million, based on 4 of 6 comparable companies through Mar 2026.

### Which Tobacco company is growing fastest?

Turning Point Brands, Inc. has the fastest current revenue growth at 25.3%, across 4 of 6 comparable companies.

### Which Tobacco company has the strongest 4-Factor Sector Score?

Philip Morris International Inc. ranks first at 70.7/100 with 86.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Tobacco company reports the most CAPEX?

British American Tobacco p.l.c. reports the largest latest CAPEX at $448 million, with 5 of 6 companies comparable.

### Which Tobacco company has the least gross debt?

Turning Point Brands, Inc. has the lowest comparable gross debt at $305 million. Philip Morris International Inc. has the highest at $51,948 million.

### Which Tobacco company has the lowest comparable PEG?

Universal Corporation has the lowest comparable Guarded PEG at 0.33, among 4 of 6 companies that pass the metric’s comparability rules.

### How much history does this Tobacco comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Tobacco has underperformed S&P 500 by 12.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.5%. 2 of 6 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Philip Morris International Inc. is the strongest against the sector itself at +20.3%.

13-week sector return versus NIFTY 500: -5.5%
52-week sector return versus NIFTY 500: -13%
Stocks leading NIFTY: 2/6
Stocks leading sector: 4/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹5.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Philip Morris International Inc. (PM): 71/100 — Favorable setup; evidence 86%
   - Growth & earnings 21.9/35 | Capital efficiency 13.8/25 | Valuation 15.0/20 | Relative strength 20.0/20
   - Exact sum: 21.9 + 13.8 + 15 + 20 = 70.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Altria Group, Inc. (MO): 64/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 18.6/35 | Capital efficiency 14.0/25 | Valuation 15.7/20 | Relative strength 15.5/20
   - Exact sum: 18.6 + 14 + 15.7 + 15.5 = 63.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Turning Point Brands, Inc. (TPB): 47/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 19.2/35 | Capital efficiency 10.6/25 | Valuation 12.7/20 | Relative strength 4.8/20
   - Exact sum: 19.2 + 10.6 + 12.7 + 4.8 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Universal Corporation (UVV): 33/100 — Adverse evidence; evidence 80%
   - Growth & earnings 2.9/35 | Capital efficiency 7.5/25 | Valuation 13.5/20 | Relative strength 9.4/20
   - Exact sum: 2.9 + 7.5 + 13.5 + 9.4 = 33.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. British American Tobacco p.l.c. (BTI): 56/100 — Thin evidence · provisional; evidence 40%
   - Growth & earnings 18.4/35 | Capital efficiency 10.2/25 | Valuation 11.5/20 | Relative strength 15.5/20
   - Exact sum: 18.4 + 10.2 + 11.5 + 15.5 = 55.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. AIR Global PLC (AIIR): 43/100 — Thin evidence · provisional; evidence 14%
   - Growth & earnings 17.5/35 | Capital efficiency 12.5/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 17.5 + 12.5 + 10 + 3 = 43
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Philip Morris International Inc. is the scale leader at $41,493 million, 103.6% ahead of Altria Group, Inc.. Turning Point Brands, Inc.'s growth is 25.3% from a $481 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Philip Morris International Inc. is the scale benchmark; Turning Point Brands, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Philip Morris International Inc.'s growth falls below Turning Point Brands, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Philip Morris International Inc. · $41,493 million | 103.6% versus #2 · Altria Group, Inc. | 8/8 recent comparable periods | 4/6 companies · 90 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Philip Morris International Inc. (PM): ₹41.5K Cr
2. Altria Group, Inc. (MO): ₹20.4K Cr
3. Universal Corporation (UVV): ₹2.9K Cr
4. Turning Point Brands, Inc. (TPB): ₹481 Cr

### Revenue growth — fastest growers
1. Turning Point Brands, Inc. (TPB): 25%
2. Philip Morris International Inc. (PM): 8.1%
3. Altria Group, Inc. (MO): 0.7%
4. Universal Corporation (UVV): -0.8%

### 20-quarter Revenue history
- PM: Jun 2021 ₹7.6K Cr | Sep 2021 ₹8.1K Cr | Dec 2021 ₹8.1K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹8.0K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹9.1K Cr | Dec 2023 ₹9.0K Cr | Mar 2024 ₹8.8K Cr | Jun 2024 ₹9.5K Cr | Sep 2024 ₹9.9K Cr | Dec 2024 ₹9.7K Cr | Mar 2025 ₹9.3K Cr | Jun 2025 ₹10.1K Cr | Sep 2025 ₹10.8K Cr | Dec 2025 ₹10.4K Cr | Mar 2026 ₹10.1K Cr
- BTI: Jun 2021 ₹12.2K Cr | Sep 2021 — | Dec 2021 ₹13.5K Cr | Mar 2022 — | Jun 2022 ₹12.9K Cr | Sep 2022 — | Dec 2022 ₹14.8K Cr | Mar 2023 — | Jun 2023 ₹13.4K Cr | Sep 2023 — | Dec 2023 ₹13.8K Cr | Mar 2024 — | Jun 2024 ₹12.3K Cr | Sep 2024 — | Dec 2024 ₹13.5K Cr | Mar 2025 — | Jun 2025 ₹12.1K Cr | Sep 2025 — | Dec 2025 ₹13.5K Cr | Mar 2026 —
- MO: Jun 2021 ₹5.6K Cr | Sep 2021 ₹5.5K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹4.8K Cr
- TPB: Jun 2021 ₹123 Cr | Sep 2021 ₹110 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹124 Cr
- UVV: Jun 2021 ₹350 Cr | Sep 2021 ₹454 Cr | Dec 2021 ₹653 Cr | Mar 2022 ₹647 Cr | Jun 2022 ₹430 Cr | Sep 2022 ₹651 Cr | Dec 2022 ₹795 Cr | Mar 2023 ₹694 Cr | Jun 2023 ₹518 Cr | Sep 2023 ₹638 Cr | Dec 2023 ₹822 Cr | Mar 2024 ₹771 Cr | Jun 2024 ₹597 Cr | Sep 2024 ₹711 Cr | Dec 2024 ₹937 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹594 Cr | Sep 2025 ₹754 Cr | Dec 2025 ₹861 Cr | Mar 2026 ₹715 Cr

### 20-quarter Revenue growth history
- PM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.1% | Sep 2022 -1.1% | Dec 2022 0.6% | Mar 2023 3.5% | Jun 2023 14% | Sep 2023 14% | Dec 2023 11% | Mar 2024 9.7% | Jun 2024 5.6% | Sep 2024 8.4% | Dec 2024 7.3% | Mar 2025 5.8% | Jun 2025 7.1% | Sep 2025 9.4% | Dec 2025 6.8% | Mar 2026 9.1%
- BTI: Jun 2021 -0.8% | Sep 2021 — | Dec 2021 0.0% | Mar 2022 — | Jun 2022 5.7% | Sep 2022 — | Dec 2022 9.5% | Mar 2023 — | Jun 2023 4.4% | Sep 2023 — | Dec 2023 -6.4% | Mar 2024 — | Jun 2024 -8.2% | Sep 2024 — | Dec 2024 -2.3% | Mar 2025 — | Jun 2025 -2.2% | Sep 2025 — | Dec 2025 0.1% | Mar 2026 —
- MO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.3% | Sep 2022 -2.2% | Dec 2022 -0.1% | Mar 2023 -1.2% | Jun 2023 1.2% | Sep 2023 -2.5% | Dec 2023 -1.2% | Mar 2024 -1.0% | Jun 2024 -3.0% | Sep 2024 1.3% | Dec 2024 1.6% | Mar 2025 -4.2% | Jun 2025 0.3% | Sep 2025 -1.7% | Dec 2025 -0.5% | Mar 2026 5.3%
- TPB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -1.8% | Dec 2022 -1.9% | Mar 2023 0.0% | Jun 2023 2.9% | Sep 2023 -5.6% | Dec 2023 -5.8% | Mar 2024 -18% | Jun 2024 -12% | Sep 2024 -11% | Dec 2024 -3.1% | Mar 2025 28% | Jun 2025 26% | Sep 2025 31% | Dec 2025 29% | Mar 2026 17%
- UVV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 43% | Dec 2022 22% | Mar 2023 7.3% | Jun 2023 20% | Sep 2023 -2.0% | Dec 2023 3.4% | Mar 2024 11% | Jun 2024 15% | Sep 2024 11% | Dec 2024 14% | Mar 2025 -9.0% | Jun 2025 -0.5% | Sep 2025 6.1% | Dec 2025 -8.1% | Mar 2026 1.9%

## Operating Economics & Margin Trend

What the numbers say: Altria Group, Inc. leads both opm at 62.1% and margin change at +22.5 percentage points.

Investor read: Altria Group, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Altria Group, Inc. · 62.1% | 61.7% versus #2 · Philip Morris International Inc. | 5/8 recent comparable periods | 4/6 companies · 80 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Altria Group, Inc. (MO): 62%
2. Philip Morris International Inc. (PM): 38%
3. Turning Point Brands, Inc. (TPB): 10%
4. Universal Corporation (UVV): -2.1%

### Margin change — fastest expanders
1. Altria Group, Inc. (MO): +22.5 pp
2. Philip Morris International Inc. (PM): +0.3 pp
3. Universal Corporation (UVV): −8.2 pp
4. Turning Point Brands, Inc. (TPB): −11.8 pp

### 20-quarter OPM history
- PM: Jun 2021 41% | Sep 2021 43% | Dec 2021 36% | Mar 2022 43% | Jun 2022 39% | Sep 2022 37% | Dec 2022 36% | Mar 2023 34% | Jun 2023 21% | Sep 2023 37% | Dec 2023 32% | Mar 2024 35% | Jun 2024 36% | Sep 2024 37% | Dec 2024 34% | Mar 2025 38% | Jun 2025 37% | Sep 2025 39% | Dec 2025 33% | Mar 2026 38%
- MO: Jun 2021 57% | Sep 2021 53% | Dec 2021 54% | Mar 2022 60% | Jun 2022 58% | Sep 2022 58% | Dec 2022 55% | Mar 2023 58% | Jun 2023 53% | Sep 2023 59% | Dec 2023 56% | Mar 2024 57% | Jun 2024 48% | Sep 2024 59% | Dec 2024 56% | Mar 2025 40% | Jun 2025 61% | Sep 2025 62% | Dec 2025 33% | Mar 2026 62%
- TPB: Jun 2021 20% | Sep 2021 20% | Dec 2021 18% | Mar 2022 19% | Jun 2022 18% | Sep 2022 18% | Dec 2022 18% | Mar 2023 18% | Jun 2023 20% | Sep 2023 20% | Dec 2023 25% | Mar 2024 23% | Jun 2024 25% | Sep 2024 23% | Dec 2024 19% | Mar 2025 22% | Jun 2025 23% | Sep 2025 22% | Dec 2025 17% | Mar 2026 10%
- UVV: Jun 2021 3.0% | Sep 2021 6.6% | Dec 2021 9.6% | Mar 2022 8.8% | Jun 2022 3.1% | Sep 2022 5.8% | Dec 2022 9.8% | Mar 2023 7.5% | Jun 2023 2.1% | Sep 2023 8.7% | Dec 2023 11% | Mar 2024 8.8% | Jun 2024 2.9% | Sep 2024 9.7% | Dec 2024 11% | Mar 2025 6.1% | Jun 2025 5.7% | Sep 2025 9.0% | Dec 2025 9.5% | Mar 2026 -2.1%

### 20-quarter Margin change history
- PM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.2 pp | Sep 2022 −5.5 pp | Dec 2022 −0.5 pp | Mar 2023 −8.5 pp | Jun 2023 −17.8 pp | Sep 2023 −0.1 pp | Dec 2023 −4.0 pp | Mar 2024 +0.5 pp | Jun 2024 +15.2 pp | Sep 2024 0.0 pp | Dec 2024 +1.7 pp | Mar 2025 +3.5 pp | Jun 2025 +0.2 pp | Sep 2025 +2.4 pp | Dec 2025 −1.0 pp | Mar 2026 +0.3 pp
- MO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 +4.1 pp | Dec 2022 +1.7 pp | Mar 2023 −1.9 pp | Jun 2023 −4.4 pp | Sep 2023 +1.0 pp | Dec 2023 +0.3 pp | Mar 2024 −1.2 pp | Jun 2024 −5.4 pp | Sep 2024 +0.5 pp | Dec 2024 +0.7 pp | Mar 2025 −17.1 pp | Jun 2025 +13.1 pp | Sep 2025 +2.5 pp | Dec 2025 −23.9 pp | Mar 2026 +22.5 pp
- TPB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.7 pp | Sep 2022 −2.0 pp | Dec 2022 −0.1 pp | Mar 2023 −1.4 pp | Jun 2023 +1.9 pp | Sep 2023 +1.5 pp | Dec 2023 +7.4 pp | Mar 2024 +5.5 pp | Jun 2024 +5.0 pp | Sep 2024 +3.0 pp | Dec 2024 −6.0 pp | Mar 2025 −1.4 pp | Jun 2025 −1.9 pp | Sep 2025 −1.1 pp | Dec 2025 −2.6 pp | Mar 2026 −11.8 pp
- UVV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −0.8 pp | Dec 2022 +0.2 pp | Mar 2023 −1.3 pp | Jun 2023 −1.0 pp | Sep 2023 +2.9 pp | Dec 2023 +0.8 pp | Mar 2024 +1.3 pp | Jun 2024 +0.8 pp | Sep 2024 +1.0 pp | Dec 2024 +0.5 pp | Mar 2025 −2.7 pp | Jun 2025 +2.8 pp | Sep 2025 −0.7 pp | Dec 2025 −1.6 pp | Mar 2026 −8.2 pp

## Profit Scale & Acceleration

What the numbers say: Philip Morris International Inc. leads with $11,496 million of TTM profit, 42.8% above Altria Group, Inc.. Philip Morris International Inc. shows 54.5% growth from a $11,496 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Philip Morris International Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Philip Morris International Inc. · $11,496 million | 42.8% versus #2 · Altria Group, Inc. | 7/8 recent comparable periods | 4/6 companies · 90 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Philip Morris International Inc. (PM): ₹11.5K Cr
2. Altria Group, Inc. (MO): ₹8.1K Cr
3. Turning Point Brands, Inc. (TPB): ₹67 Cr
4. Universal Corporation (UVV): ₹56 Cr

### Profit growth — fastest growers
1. Philip Morris International Inc. (PM): 55%
2. Turning Point Brands, Inc. (TPB): 52%
3. Altria Group, Inc. (MO): -21%
4. Universal Corporation (UVV): -50%

### 20-quarter Net profit history
- PM: Jun 2021 ₹2.3K Cr | Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹-271 Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.0K Cr
- BTI: Jun 2021 ₹3.3K Cr | Sep 2021 — | Dec 2021 ₹3.6K Cr | Mar 2022 — | Jun 2022 ₹1.9K Cr | Sep 2022 — | Dec 2022 ₹4.9K Cr | Mar 2023 — | Jun 2023 ₹4.0K Cr | Sep 2023 — | Dec 2023 ₹-18.2K Cr | Mar 2024 — | Jun 2024 ₹4.6K Cr | Sep 2024 — | Dec 2024 ₹-1.4K Cr | Mar 2025 — | Jun 2025 ₹4.6K Cr | Sep 2025 — | Dec 2025 ₹3.2K Cr | Mar 2026 —
- MO: Jun 2021 ₹2.2K Cr | Sep 2021 ₹-2.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹891 Cr | Sep 2022 ₹224 Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹2.2K Cr
- TPB: Jun 2021 ₹15 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹14 Cr
- UVV: Jun 2021 ₹4 Cr | Sep 2021 ₹22 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹-35 Cr

### 20-quarter Profit growth history
- PM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 -13% | Dec 2022 7.5% | Mar 2023 -19% | Jun 2023 -55% | Sep 2023 -6.0% | Dec 2023 -2.1% | Mar 2024 0.2% | Jun 2024 128% | Sep 2024 31% | Dec 2024 -112% | Mar 2025 28% | Jun 2025 17% | Sep 2025 20% | Dec 2025 — | Mar 2026 13%
- BTI: Jun 2021 -5.9% | Sep 2021 — | Dec 2021 20% | Mar 2022 — | Jun 2022 -42% | Sep 2022 — | Dec 2022 35% | Mar 2023 — | Jun 2023 108% | Sep 2023 — | Dec 2023 -471% | Mar 2024 — | Jun 2024 13% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.1% | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -59% | Sep 2022 — | Dec 2022 66% | Mar 2023 -8.8% | Jun 2023 138% | Sep 2023 867% | Dec 2023 -23% | Mar 2024 19% | Jun 2024 80% | Sep 2024 5.9% | Dec 2024 48% | Mar 2025 -49% | Jun 2025 -37% | Sep 2025 3.6% | Dec 2025 -63% | Mar 2026 103%
- TPB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -15% | Dec 2022 -245% | Mar 2023 -36% | Jun 2023 100% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 71% | Jun 2024 30% | Sep 2024 9.1% | Dec 2024 -70% | Mar 2025 33% | Jun 2025 31% | Sep 2025 100% | Dec 2025 300% | Mar 2026 -13%
- UVV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -14% | Dec 2022 16% | Mar 2023 68% | Jun 2023 -267% | Sep 2023 63% | Dec 2023 20% | Mar 2024 -19% | Jun 2024 — | Sep 2024 9.7% | Dec 2024 11% | Mar 2025 -70% | Jun 2025 — | Sep 2025 2.9% | Dec 2025 -38% | Mar 2026 -350%

## Capacity Spending & Returns On It

What the numbers say: British American Tobacco p.l.c. reports $448 million of CAPEX; Turning Point Brands, Inc. has the highest covered intensity at 4%. Coverage is only 5 of 6 companies and 90 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: British American Tobacco p.l.c. · $448 million | 26.9% versus #2 · Philip Morris International Inc. | 8/8 recent comparable periods | 5/6 companies · 90 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. British American Tobacco p.l.c. (BTI): ₹448 Cr
2. Philip Morris International Inc. (PM): ₹353 Cr
3. Altria Group, Inc. (MO): ₹93 Cr
4. Universal Corporation (UVV): ₹9 Cr
5. Turning Point Brands, Inc. (TPB): ₹5 Cr

### CAPEX intensity — highest reinvestment intensity
1. Turning Point Brands, Inc. (TPB): 4.0%
2. Philip Morris International Inc. (PM): 3.5%
3. British American Tobacco p.l.c. (BTI): 3.3%
4. Altria Group, Inc. (MO): 2.0%
5. Universal Corporation (UVV): 1.3%

### 20-quarter CAPEX history
- PM: Jun 2021 ₹128 Cr | Sep 2021 ₹152 Cr | Dec 2021 ₹289 Cr | Mar 2022 ₹229 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹347 Cr | Mar 2023 ₹279 Cr | Jun 2023 ₹360 Cr | Sep 2023 ₹371 Cr | Dec 2023 ₹311 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹370 Cr | Sep 2024 ₹379 Cr | Dec 2024 ₹278 Cr | Mar 2025 ₹404 Cr | Jun 2025 ₹356 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹444 Cr | Mar 2026 ₹353 Cr
- BTI: Jun 2021 ₹129 Cr | Sep 2021 — | Dec 2021 ₹398 Cr | Mar 2022 — | Jun 2022 ₹99 Cr | Sep 2022 — | Dec 2022 ₹424 Cr | Mar 2023 — | Jun 2023 ₹110 Cr | Sep 2023 — | Dec 2023 ₹350 Cr | Mar 2024 — | Jun 2024 ₹116 Cr | Sep 2024 — | Dec 2024 ₹370 Cr | Mar 2025 — | Jun 2025 ₹103 Cr | Sep 2025 — | Dec 2025 ₹448 Cr | Mar 2026 —
- MO: Jun 2021 ₹27 Cr | Sep 2021 ₹49 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹93 Cr
- TPB: Jun 2021 ₹1 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr
- UVV: Jun 2021 ₹14 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹9 Cr

### 20-quarter CAPEX intensity history
- PM: Jun 2021 1.7% | Sep 2021 1.9% | Dec 2021 3.6% | Mar 2022 3.0% | Jun 2022 3.2% | Sep 2022 3.1% | Dec 2022 4.3% | Mar 2023 3.5% | Jun 2023 4.0% | Sep 2023 4.1% | Dec 2023 3.4% | Mar 2024 4.7% | Jun 2024 3.9% | Sep 2024 3.8% | Dec 2024 2.9% | Mar 2025 4.3% | Jun 2025 3.5% | Sep 2025 3.4% | Dec 2025 4.3% | Mar 2026 3.5%
- BTI: Jun 2021 1.1% | Sep 2021 — | Dec 2021 2.9% | Mar 2022 — | Jun 2022 0.8% | Sep 2022 — | Dec 2022 2.9% | Mar 2023 — | Jun 2023 0.8% | Sep 2023 — | Dec 2023 2.5% | Mar 2024 — | Jun 2024 0.9% | Sep 2024 — | Dec 2024 2.7% | Mar 2025 — | Jun 2025 0.9% | Sep 2025 — | Dec 2025 3.3% | Mar 2026 —
- MO: Jun 2021 0.5% | Sep 2021 0.9% | Dec 2021 1.3% | Mar 2022 0.9% | Jun 2022 0.7% | Sep 2022 1.2% | Dec 2022 1.1% | Mar 2023 1.2% | Jun 2023 0.9% | Sep 2023 0.8% | Dec 2023 1.1% | Mar 2024 0.7% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 0.9% | Mar 2025 0.8% | Jun 2025 0.6% | Sep 2025 1.0% | Dec 2025 1.8% | Mar 2026 2.0%
- TPB: Jun 2021 0.8% | Sep 2021 1.8% | Dec 2021 1.9% | Mar 2022 3.0% | Jun 2022 2.9% | Sep 2022 0.9% | Dec 2022 1.0% | Mar 2023 2.0% | Jun 2023 0.9% | Sep 2023 1.0% | Dec 2023 2.1% | Mar 2024 0.0% | Jun 2024 2.2% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.9% | Jun 2025 3.4% | Sep 2025 3.4% | Dec 2025 2.5% | Mar 2026 4.0%
- UVV: Jun 2021 4.0% | Sep 2021 0.9% | Dec 2021 3.2% | Mar 2022 2.0% | Jun 2022 3.5% | Sep 2022 1.8% | Dec 2022 1.6% | Mar 2023 2.2% | Jun 2023 3.5% | Sep 2023 2.4% | Dec 2023 1.8% | Mar 2024 2.3% | Jun 2024 3.9% | Sep 2024 2.3% | Dec 2024 1.7% | Mar 2025 1.1% | Jun 2025 2.0% | Sep 2025 1.2% | Dec 2025 2.2% | Mar 2026 1.3%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Turning Point Brands, Inc. has the clearest covered balance-sheet capacity with $113 million and gross debt of $305 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Turning Point Brands, Inc. · $305 million | 67.6% versus #2 · Universal Corporation | 0/8 recent comparable periods | 4/6 companies · 80 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Turning Point Brands, Inc. (TPB): ₹305 Cr
2. Universal Corporation (UVV): ₹940 Cr
3. Altria Group, Inc. (MO): ₹24.6K Cr
4. Philip Morris International Inc. (PM): ₹51.9K Cr

### Net debt — lowest net debt
1. Turning Point Brands, Inc. (TPB): ₹113 Cr
2. Universal Corporation (UVV): ₹878 Cr
3. Altria Group, Inc. (MO): ₹21.1K Cr
4. Philip Morris International Inc. (PM): ₹46.5K Cr

### 20-quarter Gross debt history
- PM: Jun 2021 ₹29.2K Cr | Sep 2021 ₹29.1K Cr | Dec 2021 ₹27.8K Cr | Mar 2022 ₹29.4K Cr | Jun 2022 ₹28.1K Cr | Sep 2022 ₹27.2K Cr | Dec 2022 ₹43.1K Cr | Mar 2023 ₹8.7K Cr | Jun 2023 ₹47.9K Cr | Sep 2023 ₹47.7K Cr | Dec 2023 ₹47.9K Cr | Mar 2024 ₹50.4K Cr | Jun 2024 ₹49.1K Cr | Sep 2024 ₹49.2K Cr | Dec 2024 ₹45.7K Cr | Mar 2025 ₹51.5K Cr | Jun 2025 ₹51.5K Cr | Sep 2025 ₹50.1K Cr | Dec 2025 ₹48.8K Cr | Mar 2026 ₹51.9K Cr
- MO: Jun 2021 ₹28.2K Cr | Sep 2021 ₹28.1K Cr | Dec 2021 ₹28.0K Cr | Mar 2022 ₹27.9K Cr | Jun 2022 ₹27.7K Cr | Sep 2022 ₹26.3K Cr | Dec 2022 ₹26.7K Cr | Mar 2023 ₹25.4K Cr | Jun 2023 ₹27.2K Cr | Sep 2023 ₹25.1K Cr | Dec 2023 ₹26.2K Cr | Mar 2024 ₹25.0K Cr | Jun 2024 ₹25.0K Cr | Sep 2024 ₹25.2K Cr | Dec 2024 ₹24.9K Cr | Mar 2025 ₹26.1K Cr | Jun 2025 ₹24.7K Cr | Sep 2025 ₹25.7K Cr | Dec 2025 ₹25.7K Cr | Mar 2026 ₹24.6K Cr
- TPB: Jun 2021 ₹445 Cr | Sep 2021 ₹435 Cr | Dec 2021 ₹428 Cr | Mar 2022 ₹427 Cr | Jun 2022 ₹427 Cr | Sep 2022 ₹427 Cr | Dec 2022 ₹417 Cr | Mar 2023 ₹404 Cr | Jun 2023 ₹389 Cr | Sep 2023 ₹375 Cr | Dec 2023 ₹375 Cr | Mar 2024 ₹375 Cr | Jun 2024 ₹375 Cr | Sep 2024 ₹257 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹302 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹304 Cr | Mar 2026 ₹305 Cr
- UVV: Jun 2021 ₹700 Cr | Sep 2021 ₹735 Cr | Dec 2021 ₹803 Cr | Mar 2022 ₹741 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹849 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹952 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹940 Cr

### 20-quarter Net debt history
- PM: Jun 2021 ₹24.2K Cr | Sep 2021 ₹24.6K Cr | Dec 2021 ₹23.3K Cr | Mar 2022 ₹24.7K Cr | Jun 2022 ₹23.0K Cr | Sep 2022 ₹21.9K Cr | Dec 2022 ₹39.9K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹44.4K Cr | Sep 2023 ₹44.7K Cr | Dec 2023 ₹44.8K Cr | Mar 2024 ₹46.4K Cr | Jun 2024 ₹44.3K Cr | Sep 2024 ₹45.0K Cr | Dec 2024 ₹41.5K Cr | Mar 2025 ₹47.3K Cr | Jun 2025 ₹47.3K Cr | Sep 2025 ₹46.0K Cr | Dec 2025 ₹44.0K Cr | Mar 2026 ₹46.5K Cr
- MO: Jun 2021 ₹26.4K Cr | Sep 2021 ₹25.2K Cr | Dec 2021 ₹23.5K Cr | Mar 2022 ₹22.6K Cr | Jun 2022 ₹25.1K Cr | Sep 2022 ₹23.8K Cr | Dec 2022 ₹22.7K Cr | Mar 2023 ₹21.5K Cr | Jun 2023 ₹26.3K Cr | Sep 2023 ₹23.6K Cr | Dec 2023 ₹22.5K Cr | Mar 2024 ₹21.4K Cr | Jun 2024 ₹23.2K Cr | Sep 2024 ₹23.3K Cr | Dec 2024 ₹21.8K Cr | Mar 2025 ₹21.3K Cr | Jun 2025 ₹23.4K Cr | Sep 2025 ₹22.2K Cr | Dec 2025 ₹21.2K Cr | Mar 2026 ₹21.1K Cr
- TPB: Jun 2021 ₹288 Cr | Sep 2021 ₹304 Cr | Dec 2021 ₹300 Cr | Mar 2022 ₹301 Cr | Jun 2022 ₹320 Cr | Sep 2022 ₹321 Cr | Dec 2022 ₹311 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹258 Cr | Mar 2024 ₹244 Cr | Jun 2024 ₹233 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹113 Cr
- UVV: Jun 2021 ₹615 Cr | Sep 2021 ₹634 Cr | Dec 2021 ₹704 Cr | Mar 2022 ₹659 Cr | Jun 2022 ₹926 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹932 Cr | Mar 2023 ₹784 Cr | Jun 2023 ₹930 Cr | Sep 2023 ₹852 Cr | Dec 2023 ₹941 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹972 Cr | Mar 2025 ₹844 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹878 Cr

## Return On Capital Employed

What the numbers say: Altria Group, Inc. leads ROCE at 11.5%, 2.1 percentage points above Philip Morris International Inc.. Altria Group, Inc. has the strongest latest improvement at +4.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Altria Group, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Altria Group, Inc. · 11.5% | 22.3% versus #2 · Philip Morris International Inc. | 5/8 recent comparable periods | 5/6 companies · 95 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Altria Group, Inc. (MO): 12%
2. Philip Morris International Inc. (PM): 9.4%
3. British American Tobacco p.l.c. (BTI): 2.5%
4. Turning Point Brands, Inc. (TPB): 2.1%
5. Universal Corporation (UVV): -0.7%

### ROCE change — fastest improvers
1. Altria Group, Inc. (MO): +4.4 pp
2. British American Tobacco p.l.c. (BTI): +3.2 pp
3. Philip Morris International Inc. (PM): +0.9 pp
4. Turning Point Brands, Inc. (TPB): −2.6 pp
5. Universal Corporation (UVV): −2.6 pp

### 20-quarter ROCE history
- PM: Jun 2021 — | Sep 2021 15% | Dec 2021 13% | Mar 2022 14% | Jun 2022 14% | Sep 2022 14% | Dec 2022 10% | Mar 2023 7.7% | Jun 2023 6.4% | Sep 2023 11% | Dec 2023 7.9% | Mar 2024 6.6% | Jun 2024 8.4% | Sep 2024 8.6% | Dec 2024 8.4% | Mar 2025 8.5% | Jun 2025 8.9% | Sep 2025 10% | Dec 2025 8.2% | Mar 2026 9.4%
- BTI: Jun 2021 1.9% | Sep 2021 2.2% | Dec 2021 2.2% | Mar 2022 1.4% | Jun 2022 1.4% | Sep 2022 2.7% | Dec 2022 2.7% | Mar 2023 2.2% | Jun 2023 2.2% | Sep 2023 -9.1% | Dec 2023 -9.1% | Mar 2024 1.8% | Jun 2024 1.8% | Sep 2024 -0.7% | Dec 2024 -0.7% | Mar 2025 2.6% | Jun 2025 2.6% | Sep 2025 2.5% | Dec 2025 2.5% | Mar 2026 —
- MO: Jun 2021 — | Sep 2021 8.5% | Dec 2021 7.9% | Mar 2022 8.5% | Jun 2022 9.3% | Sep 2022 11% | Dec 2022 9.5% | Mar 2023 9.7% | Jun 2023 11% | Sep 2023 12% | Dec 2023 10% | Mar 2024 10% | Jun 2024 9.7% | Sep 2024 12% | Dec 2024 11% | Mar 2025 7.1% | Jun 2025 12% | Sep 2025 12% | Dec 2025 6.3% | Mar 2026 12%
- TPB: Jun 2021 — | Sep 2021 4.5% | Dec 2021 3.7% | Mar 2022 3.4% | Jun 2022 3.2% | Sep 2022 3.5% | Dec 2022 3.4% | Mar 2023 3.3% | Jun 2023 3.8% | Sep 2023 3.9% | Dec 2023 4.9% | Mar 2024 3.9% | Jun 2024 4.8% | Sep 2024 4.6% | Dec 2024 3.9% | Mar 2025 4.7% | Jun 2025 5.5% | Sep 2025 4.6% | Dec 2025 3.5% | Mar 2026 2.1%
- UVV: Jun 2021 — | Sep 2021 1.5% | Dec 2021 3.1% | Mar 2022 2.8% | Jun 2022 0.7% | Sep 2022 1.9% | Dec 2022 3.7% | Mar 2023 2.5% | Jun 2023 0.5% | Sep 2023 2.6% | Dec 2023 4.0% | Mar 2024 3.1% | Jun 2024 0.8% | Sep 2024 3.2% | Dec 2024 4.7% | Mar 2025 1.9% | Jun 2025 1.5% | Sep 2025 3.0% | Dec 2025 3.7% | Mar 2026 -0.7%

### 20-quarter ROCE change history
- PM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −2.1 pp | Mar 2023 −6.7 pp | Jun 2023 −7.1 pp | Sep 2023 −2.6 pp | Dec 2023 −2.5 pp | Mar 2024 −1.1 pp | Jun 2024 +2.0 pp | Sep 2024 −2.4 pp | Dec 2024 +0.5 pp | Mar 2025 +1.9 pp | Jun 2025 +0.5 pp | Sep 2025 +1.6 pp | Dec 2025 −0.2 pp | Mar 2026 +0.9 pp
- BTI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +0.5 pp | Dec 2022 +0.5 pp | Mar 2023 +0.8 pp | Jun 2023 +0.8 pp | Sep 2023 −11.8 pp | Dec 2023 −11.8 pp | Mar 2024 −0.4 pp | Jun 2024 −0.4 pp | Sep 2024 +8.4 pp | Dec 2024 +8.4 pp | Mar 2025 +0.8 pp | Jun 2025 +0.8 pp | Sep 2025 +3.2 pp | Dec 2025 +3.2 pp | Mar 2026 —
- MO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +1.6 pp | Mar 2023 +1.2 pp | Jun 2023 +1.5 pp | Sep 2023 +1.0 pp | Dec 2023 +0.6 pp | Mar 2024 +0.3 pp | Jun 2024 −1.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.6 pp | Mar 2025 −2.9 pp | Jun 2025 +2.7 pp | Sep 2025 +0.1 pp | Dec 2025 −4.4 pp | Mar 2026 +4.4 pp
- TPB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −0.3 pp | Mar 2023 −0.1 pp | Jun 2023 +0.6 pp | Sep 2023 +0.4 pp | Dec 2023 +1.5 pp | Mar 2024 +0.6 pp | Jun 2024 +1.0 pp | Sep 2024 +0.7 pp | Dec 2024 −1.0 pp | Mar 2025 +0.8 pp | Jun 2025 +0.7 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 −2.6 pp
- UVV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.6 pp | Mar 2023 −0.3 pp | Jun 2023 −0.2 pp | Sep 2023 +0.7 pp | Dec 2023 +0.3 pp | Mar 2024 +0.6 pp | Jun 2024 +0.3 pp | Sep 2024 +0.6 pp | Dec 2024 +0.7 pp | Mar 2025 −1.2 pp | Jun 2025 +0.7 pp | Sep 2025 −0.2 pp | Dec 2025 −1.0 pp | Mar 2026 −2.6 pp

## Valuation Against Growth & Quality

What the numbers say: Universal Corporation has the lowest comparable Guarded PEG at 0.33×, 17.5% below Altria Group, Inc.. Only 4 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Universal Corporation · 0.33× | 17.5% versus #2 · Altria Group, Inc. | 0/8 recent comparable periods | 4/6 companies · 15 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Universal Corporation (UVV): 0.3
2. Altria Group, Inc. (MO): 0.4
3. Philip Morris International Inc. (PM): 0.5
4. Turning Point Brands, Inc. (TPB): 1.0

### P/E — lowest P/E
1. British American Tobacco p.l.c. (BTI): 12.1
2. Altria Group, Inc. (MO): 13.8
3. Philip Morris International Inc. (PM): 23.3
4. Turning Point Brands, Inc. (TPB): 29.5
5. Universal Corporation (UVV): 40.5

### 20-quarter Guarded PEG history
- PM: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.9 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5
- MO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.4 | Dec 2024 0.2 | Mar 2025 0.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- TPB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.7 | Dec 2025 0.7 | Mar 2026 1.0
- UVV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- PM: Jun 2021 — | Sep 2021 16.5 | Dec 2021 16.3 | Mar 2022 16.3 | Jun 2022 17.0 | Sep 2022 14.8 | Dec 2022 17.4 | Mar 2023 17.4 | Jun 2023 18.9 | Sep 2023 18.0 | Dec 2023 18.7 | Mar 2024 17.9 | Jun 2024 17.9 | Sep 2024 19.3 | Dec 2024 26.6 | Mar 2025 32.7 | Jun 2025 34.6 | Sep 2025 29.4 | Dec 2025 22.1 | Mar 2026 23.3
- BTI: Jun 2021 10.5 | Sep 2021 9.3 | Dec 2021 9.4 | Mar 2022 12.1 | Jun 2022 15.0 | Sep 2022 12.1 | Dec 2022 11.3 | Mar 2023 8.4 | Jun 2023 6.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 21.3 | Mar 2025 23.3 | Jun 2025 24.8 | Sep 2025 16.2 | Dec 2025 12.1 | Mar 2026 —
- MO: Jun 2021 — | Sep 2021 30.8 | Dec 2021 35.4 | Mar 2022 31.9 | Jun 2022 43.1 | Sep 2022 15.7 | Dec 2022 14.3 | Mar 2023 14.4 | Jun 2023 11.9 | Sep 2023 8.6 | Dec 2023 8.8 | Mar 2024 9.1 | Jun 2024 7.9 | Sep 2024 8.6 | Dec 2024 8.0 | Mar 2025 10.1 | Jun 2025 11.3 | Sep 2025 12.6 | Dec 2025 14.0 | Mar 2026 13.8
- TPB: Jun 2021 — | Sep 2021 18.2 | Dec 2021 15.0 | Mar 2022 13.6 | Jun 2022 13.1 | Sep 2022 10.5 | Dec 2022 12.4 | Mar 2023 55.3 | Jun 2023 39.4 | Sep 2023 39.1 | Dec 2023 13.1 | Mar 2024 12.9 | Jun 2024 13.3 | Sep 2024 17.1 | Dec 2024 28.1 | Mar 2025 26.1 | Jun 2025 31.7 | Sep 2025 34.8 | Dec 2025 34.9 | Mar 2026 29.5
- UVV: Jun 2021 — | Sep 2021 12.2 | Dec 2021 13.7 | Mar 2022 16.7 | Jun 2022 17.4 | Sep 2022 12.9 | Dec 2022 13.7 | Mar 2023 10.6 | Jun 2023 10.8 | Sep 2023 9.7 | Dec 2023 12.7 | Mar 2024 10.8 | Jun 2024 9.9 | Sep 2024 11.1 | Dec 2024 10.9 | Mar 2025 14.8 | Jun 2025 14.2 | Sep 2025 12.6 | Dec 2025 15.6 | Mar 2026 40.5

## Enterprise Value & Book Value

What the numbers say: British American Tobacco p.l.c. leads ev/ebitda at 9.51×; Universal Corporation leads p/bv at 0.93×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: British American Tobacco p.l.c. · 9.51× | 5.8% versus #2 · Universal Corporation | 0/8 recent comparable periods | 5/6 companies · 91 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. British American Tobacco p.l.c. (BTI): 9.5
2. Universal Corporation (UVV): 10.1
3. Altria Group, Inc. (MO): 11.6
4. Philip Morris International Inc. (PM): 17.7
5. Turning Point Brands, Inc. (TPB): 19.6

### P/BV — lowest P/BV
1. Universal Corporation (UVV): 0.9
2. British American Tobacco p.l.c. (BTI): 2.1
3. Turning Point Brands, Inc. (TPB): 4.6

### 20-quarter EV/EBITDA history
- PM: Jun 2021 — | Sep 2021 12.5 | Dec 2021 12.3 | Mar 2022 12.5 | Jun 2022 13.9 | Sep 2022 12.4 | Dec 2022 15.0 | Mar 2023 13.5 | Jun 2023 17.1 | Sep 2023 16.4 | Dec 2023 14.9 | Mar 2024 14.3 | Jun 2024 14.2 | Sep 2024 16.0 | Dec 2024 15.2 | Mar 2025 18.8 | Jun 2025 20.7 | Sep 2025 18.0 | Dec 2025 17.5 | Mar 2026 17.7
- BTI: Jun 2021 9.6 | Sep 2021 9.4 | Dec 2021 8.7 | Mar 2022 11.4 | Jun 2022 12.8 | Sep 2022 11.0 | Dec 2022 9.2 | Mar 2023 8.5 | Jun 2023 7.4 | Sep 2023 — | Dec 2023 7.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 13.0 | Mar 2025 22.7 | Jun 2025 22.9 | Sep 2025 15.1 | Dec 2025 9.5 | Mar 2026 —
- MO: Jun 2021 — | Sep 2021 9.3 | Dec 2021 9.3 | Mar 2022 9.9 | Jun 2022 8.4 | Sep 2022 8.0 | Dec 2022 8.6 | Mar 2023 8.4 | Jun 2023 9.1 | Sep 2023 8.3 | Dec 2023 7.9 | Mar 2024 8.2 | Jun 2024 8.9 | Sep 2024 9.6 | Dec 2024 9.6 | Mar 2025 11.5 | Jun 2025 10.8 | Sep 2025 11.7 | Dec 2025 11.6 | Mar 2026 11.6
- TPB: Jun 2021 — | Sep 2021 12.3 | Dec 2021 10.5 | Mar 2022 10.2 | Jun 2022 9.7 | Sep 2022 8.6 | Dec 2022 8.9 | Mar 2023 8.4 | Jun 2023 8.7 | Sep 2023 8.3 | Dec 2023 8.3 | Mar 2024 8.4 | Jun 2024 8.7 | Sep 2024 10.6 | Dec 2024 14.8 | Mar 2025 14.0 | Jun 2025 16.5 | Sep 2025 20.0 | Dec 2025 21.2 | Mar 2026 19.6
- UVV: Jun 2021 — | Sep 2021 8.7 | Dec 2021 9.7 | Mar 2022 10.0 | Jun 2022 11.3 | Sep 2022 9.9 | Dec 2022 9.4 | Mar 2023 8.9 | Jun 2023 9.3 | Sep 2023 8.0 | Dec 2023 10.0 | Mar 2024 8.3 | Jun 2024 8.2 | Sep 2024 8.3 | Dec 2024 7.5 | Mar 2025 7.8 | Jun 2025 8.4 | Sep 2025 8.3 | Dec 2025 8.5 | Mar 2026 10.1

### 20-quarter P/BV history
- PM: Jun 2021 — | Sep 2021 -14.0 | Dec 2021 -14.6 | Mar 2022 -14.4 | Jun 2022 -16.9 | Sep 2022 -14.1 | Dec 2022 -17.5 | Mar 2023 — | Jun 2023 -15.6 | Sep 2023 -15.2 | Dec 2023 -13.0 | Mar 2024 -13.8 | Jun 2024 -16.2 | Sep 2024 -19.5 | Dec 2024 -15.9 | Mar 2025 -20.7 | Jun 2025 -23.7 | Sep 2025 -23.1 | Dec 2025 -25.0 | Mar 2026 -27.8
- BTI: Jun 2021 1.0 | Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.6 | Jun 2025 1.7 | Sep 2025 1.9 | Dec 2025 2.1 | Mar 2026 —
- MO: Jun 2021 — | Sep 2021 -66.0 | Dec 2021 -53.8 | Mar 2022 -54.5 | Jun 2022 -31.3 | Sep 2022 -17.1 | Dec 2022 -20.5 | Mar 2023 -20.6 | Jun 2023 -21.1 | Sep 2023 -21.8 | Dec 2023 -20.1 | Mar 2024 -14.7 | Jun 2024 -25.8 | Sep 2024 -25.0 | Dec 2024 -39.5 | Mar 2025 -28.8 | Jun 2025 -30.3 | Sep 2025 -41.9 | Dec 2025 -27.6 | Mar 2026 -34.3
- TPB: Jun 2021 — | Sep 2021 6.5 | Dec 2021 3.9 | Mar 2022 4.8 | Jun 2022 3.9 | Sep 2022 2.9 | Dec 2022 3.4 | Mar 2023 3.1 | Jun 2023 3.3 | Sep 2023 2.9 | Dec 2023 3.1 | Mar 2024 3.2 | Jun 2024 3.3 | Sep 2024 4.1 | Dec 2024 5.7 | Mar 2025 5.3 | Jun 2025 6.3 | Sep 2025 5.5 | Dec 2025 5.9 | Mar 2026 4.6
- UVV: Jun 2021 — | Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 1.2 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.9

## Market action

Philip Morris International Inc. has the strongest one-year price move in Tobacco at +22.8%. It also leads on Mansfield relative strength against the S&P 500 at +10.1%. 2 of 6 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Philip Morris International Inc. (PM): 23%
2. Altria Group, Inc. (MO): 21%
3. British American Tobacco p.l.c. (BTI): 15%
4. Universal Corporation (UVV): 1.4%
5. Turning Point Brands, Inc. (TPB): -0.3%

### Strongest relative strength versus NIFTY 500
1. Philip Morris International Inc. (PM): 10%
2. Altria Group, Inc. (MO): 5.9%
3. British American Tobacco p.l.c. (BTI): -0.1%
4. Universal Corporation (UVV): -5.2%
5. Turning Point Brands, Inc. (TPB): -23%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Philip Morris International Inc. (PM) — market value ₹3.1 L Cr; latest fundamentals Mar 2026
- British American Tobacco p.l.c. (BTI) — market value ₹1.3 L Cr; latest fundamentals Dec 2025
- Altria Group, Inc. (MO) — market value ₹1.2 L Cr; latest fundamentals Mar 2026
- Turning Point Brands, Inc. (TPB) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Universal Corporation (UVV) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- AIR Global PLC (AIIR) — market value ₹1.1K Cr; latest fundamentals unavailable

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Tobacco company is the biggest?

Philip Morris International Inc. is the largest, with trailing-twelve-month revenue of $41,493 million, ahead of Altria Group, Inc. at $20,378 million. That covers 4 of 6 companies with comparable reporting through Mar 2026.

### Which Tobacco company is growing fastest?

Turning Point Brands, Inc. has the fastest revenue growth at 25.3% year on year, across 4 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Tobacco company has the best profit margins?

Altria Group, Inc. has the highest operating margin at 62.1%, from 4 of 6 comparable companies. Altria Group, Inc. shows the biggest recent improvement, at +22.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Tobacco company makes the most profit?

Philip Morris International Inc. earns the most, at $11,496 million of trailing-twelve-month net profit, from 4 of 6 comparable companies. Philip Morris International Inc. has the fastest profit growth at 54.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Tobacco company earns the highest return on capital?

Altria Group, Inc. leads on return on capital employed at 11.5%, across 5 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Tobacco stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Universal Corporation screens cheapest at 0.33×. Only 4 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Tobacco company has the strongest balance sheet?

Turning Point Brands, Inc. carries the lowest comparable gross debt at $305 million, from 4 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Tobacco company is investing most in new capacity?

British American Tobacco p.l.c. reports the largest capital spending at $448 million, across 5 of 6 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Tobacco sector beating the market?

Tobacco has underperformed S&P 500 by 12.9% over the last 52 weeks and 5.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Tobacco stock has the strongest price momentum?

Philip Morris International Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Tobacco company scores highest for research priority?

Philip Morris International Inc. scores 70.7 out of 100 with 86.2% evidence confidence, from 21.9 points on growth and earnings, 13.8 on capital efficiency, 15 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Tobacco companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Tobacco sector?

The 6 Tobacco companies on this page carry $574,972 million of combined market value. Philip Morris International Inc. is the largest at $311,988 million, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Tobacco sector's P/E ratio?

The median price-to-earnings ratio across the 6 Tobacco companies on this page is 23.3×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Tobacco sector performing?

2 of the 6 covered Tobacco companies are beating S&P 500 on Mansfield relative strength. The sector itself is 12.9% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Tobacco stocks are listed in the US?

This comparison covers 6 listed Tobacco companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/tobacco