TPBTurning Point Brands, Inc.
Tobacco Products
- Revenue
- $463M
- 28% YoY
- Operating margin
- 20.6%
- 8.1% YoY
- EBITDA
- $95M
- 18% YoY
- Market cap
- $1.3B
- Employees
- —
- Net debt / EBITDA
- 0.3×
- $26M net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo99% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo10% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo16% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 35th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$11M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $445M | $321M | $325M | $361M | $463M | 28% |
| Operating income | $90M | $74M | $83M | $81M | $95M | 18% |
| Net income | $52M | $12M | $38M | $40M | $58M | 46% |
| Operating cash flow | $68M | $30M | $67M | $67M | $57M | 14% |
| Capex | $6M | $8M | $6M | $5M | $14M | 193% |
| Stock-based comp | $8M | $5M | $7M | $7M | $7M | 3.7% |
| Buybacks | $39M | $29M | $0 | $5M | $0 | 100% |
| Dividends | $4M | $4M | $4M | $5M | $6M | 13% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 10, 2022 | Standard General L.P. | SC 13D/A | 3.9% | Passive |
| Mar 17, 2022 | Standard General L.P. | SC 13D/A | 9.0% | Passive |
| Jan 4, 2022 | Standard General L.P. | SC 13D/A | 12.4% | Passive |
| Aug 5, 2021 | Standard General L.P. | SC 13D/A | 12.4% | Passive |
| May 6, 2021 | Standard General L.P. | SC 13D/A | 16.6% | Passive |
| Feb 18, 2021 | Standard General L.P. | SC 13D/A | 20.7% | Passive |
| Nov 2, 2020 | Standard General L.P. | SC 13D/A | 31.5% | Passive |
| Jul 21, 2020 | Standard General L.P. | SC 13D/A | 33.5% | Passive |
| Jul 16, 2020 | STANDARD DIVERSIFIED INC. | SC 13D/A | 41.8% | Passive |
| Jul 15, 2020 | Standard General L.P. | SC 13D/A | 42.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $11M · 15
- Net
- −$11M
Pay vs performance
No pay-versus-performance disclosure yet.