Imperial Brands PLC IMBBY

Consumer StaplesFood & TobaccoUnited Kingdom

Last close 39.55 USD on Nov 3, 2026, −1.8% year to date

Quant rating

Quant rating B Rank 38 of 174 in Consumer Staples

Growth D 125 of 174
Valuation B 40 of 174
Quality C 84 of 174
Revisions B 30 of 174
Momentum A 20 of 174

Wall Street consensus Strong Buy (1.00)Average target 43.00 USD +8.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 29.7B
Enterprise value: 44.9B
52-week range: 32.07 – 45.60
3-year range: 21.34 – 45.60
Dividend yield: 5.34%
Beta (5 years): 0.23
Shares outstanding: 755M
Next earnings: Nov 17, 2026

About the company

Imperial Brands PLC is a United Kingdom-based consumer business company. The Company offers a range of cigarettes, other tobacco products/accessories, Vapor, heated tobacco, and oral nicotine. It operates through two businesses: Tobacco & NGP and Distribution. The Tobacco & NGP business manufactures, markets, and sells tobacco and next-generation products (NGP) and tobacco and NGP-related products, including sales to (but not by) the Distribution business. The Distribution business comprises the distribution of Tobacco and NGP products for manufacturers, including Imperial Brands, and a range of products and services. Its segments include Europe, Americas, Africa, Asia, Australasia and Central and Eastern Europe (AAACE) and Distribution. Its brands include John Player Special, Davidoff, Gauloises, West, Winston, Kool, Lambert & Butler, Fortuna, Nobel, News, Backwoods, Champion, Golden Virginia, Maverick, Dutch Masters, Fine, Rizla, blu, Pulze, Skruf, Zone, Black Buffalo, and Helwit.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	43,241	43,334	39,610	36,327	44,176	–
Revenue growth	−0.2%	9.4%	9.0%	−17.8%	5.0%	0.6%
EPS (basic, normalized)	4.11	3.74	3.48	3.12	3.31	–
EPS growth	9.8%	7.5%	11.6%	−5.6%	–	–
Gross margin	21.8%	20.9%	20.6%	18.5%	18.4%	20.0%
Net margin	6.4%	8.1%	7.2%	4.8%	8.6%	7.0%
ROE	40.3%	45.6%	36.1%	25.7%	55.4%	40.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	43,241	−0.2%	1.0x	5,650	+5.1%	7.9x	4.11	+9.8%	9.6x
2026	28,442	−34.2%	1.6x	5,846	+3.5%	7.7x	4.45	+8.3%	8.9x
2027	28,773	+1.2%	1.6x	5,927	+1.4%	7.6x	4.90	+10.2%	8.1x
2028	45,371	+57.7%	1.0x	6,002	+1.3%	7.5x	5.29	+7.9%	7.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	28,442	0.0%	+0.1%	0.0%	4.45	+0.3%	+0.8%	−0.6%
2027	28,773	+0.1%	0.0%	−0.3%	4.90	+0.9%	+1.3%	+0.7%
2028	45,371	0.0%	0.0%	−1.1%	5.29	0.0%	+0.5%	−1.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IMBBY Imperial Brands PLC	29.7B	–	6.4%	5.71x	8.9x	8.1x	7.7x	7.6x
2914 JAPAN TOBACCO INC.	93.5B	0.57x	14.4%	3.17x	19.9x	17.7x	12.4x	11.4x
PM Philip Morris International Inc.	324.2B	2.33x	27.8%	−40.85x	24.9x	23.0x	18.8x	17.3x
MO Altria Group Inc	128.0B	1.70x	29.8%	−57.54x	13.5x	13.0x	11.6x	11.1x
BATS British American Tobacco p.l.c.	130.8B	–	30.3%	2.03x	12.6x	11.7x	10.6x	9.9x
MDLZ Mondelez International, Inc.	82.4B	3.14x	6.4%	3.11x	21.3x	19.4x	15.2x	14.2x
Mean		1.93x	19.2%	−14.06x	16.8x	15.5x	12.7x	11.9x
Median		2.01x	21.1%	2.57x	16.7x	15.3x	12.0x	11.3x

Technical analysis

1M+21.6%
3M+8.2%
1Y+4.4%
3Y+113.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Imperial Brands PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	43,241	43,334	39,610	36,327	44,176	42,057
Cost of revenue	33,830	34,270	31,462	29,588	36,056	34,075
Gross profit	9,411	9,064	8,148	6,738	8,120	7,982
Selling, general & administrative expenses	4,051	3,835	3,819	2,260	2,853	3,008
Research & development	–	–	–	–	–	–
Depreciation/amortization	496	472	423	389	606	676
Interest expense (income), operating	–	0	43.9	41.3	−20.2	80.1
Unusual expense (income)	173	5.3	6.1	703	−9.4	298
Other operating expenses	0	0	−294	350	451	393
Operating income	4,691	4,752	4,149	2,994	4,238	3,527
Net interest income (expense)	−522	−673	−371	−156	121	−723
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	34.9	−29.4	15.9	8.9	2.7	−6.5
Net income before taxes	4,204	4,050	3,795	2,847	4,362	2,798
Provision for taxes	1,220	377	799	989	446	785
Minority interest	−200	−179	−156	−106	−98.3	−81.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,784	3,494	2,839	1,752	3,818	1,931
Extraordinary items	–	–	–	–	–	–
Net income	2,784	3,494	2,839	1,752	3,818	1,931
EBIT, normalized	5,027	4,773	4,303	3,835	4,391	4,005
EBITDA, normalized	5,934	5,639	5,064	4,523	5,304	5,071
Basic EPS, normalized	4.11	3.74	3.48	3.12	3.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Imperial Brands PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,934	1,441	1,641	2,065	1,734	2,100
Receivables	3,671	3,658	2,938	3,036	3,804	3,464
Total inventory	6,003	5,455	5,516	4,620	5,165	5,250
Prepaid expenses	176	211	235	175	214	209
Other current assets	60.5	193	154	60.3	139	1,440
Total current assets	11,844	10,958	10,483	9,956	11,056	12,464
Property, plant & equipment	2,550	2,571	2,370	2,106	2,636	2,831
Goodwill	16,272	15,622	14,916	14,107	15,998	16,197
Intangibles	5,514	5,688	5,751	5,732	6,465	7,259
Long-term investments	88.7	74.9	67.1	62.5	119	151
Note receivable	47.0	49.5	31.7	41.3	214	62.0
Other long-term assets	2,281	2,241	2,352	2,544	2,701	2,768
Total assets	38,596	37,204	35,970	34,549	39,190	41,732
Liabilities
Accounts payable	2,297	2,004	1,838	1,501	1,371	1,538
Payable/accrued	–	–	–	–	–	–
Accrued expenses	10,382	9,860	9,204	8,550	10,291	10,998
Short-term debt	5.4	28.1	0	0	0	0
Current portion of long-term debt	1,552	1,679	1,927	1,193	1,568	1,945
Other current liabilities	1,696	1,753	1,544	1,187	1,330	1,438
Total current liabilities	15,933	15,325	14,513	12,431	14,561	15,919
Long-term debt	11,878	10,437	9,941	10,252	12,002	13,491
Minority interest	817	785	757	684	792	836
Other liabilities	3,484	3,381	3,415	3,527	4,625	5,195
Total liabilities	32,112	29,928	28,626	26,893	31,980	35,440
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	117	122	118	115	139	133
Additional paid-in capital	7,867	7,820	7,127	6,514	7,864	7,539
Retained earnings (accumulated deficit)	−1,620	−640	−822	−494	−1,062	−3,053
Treasury stock	–	–	–	–	–	–
Other equity	120	−25.4	921	1,521	269	1,673
Total equity	6,484	7,276	7,344	7,656	7,210	6,291
Total liabilities & shareholders' equity	38,596	37,204	35,970	34,549	39,190	41,732

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Imperial Brands PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,691	4,752	4,149	2,994	4,238	3,527
Depreciation, depletion & amortization	1,050	865	771	737	1,098	1,175
Deferred taxes	–	–	–	–	–	–
Non-cash items	−90.1	−154	30.5	532	−423	−245
Changes in working capital	−776	−1,042	−1,134	−708	−1,994	668
Cash from operations	4,875	4,421	3,816	3,556	2,919	5,125
Investing activities
Capital expenditures	−516	−552	−620	−271	−269	−579
Other investing cash flows	56.5	86.9	98.8	98.2	1,226	151
Cash from investing	−460	−465	−521	−173	957	−428
Financing activities
Financing cash flow items	−1,011	−869	−714	−403	−629	−694
Cash dividends paid	−2,094	−1,737	−1,600	−1,473	−1,758	−2,264
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−894	−1,622	−1,408	−932	−1,933	−2,609
Cash from financing	−3,999	−4,228	−3,721	−2,808	−4,320	−5,567
Foreign exchange effects	68.5	−85.6	−190	53.6	−12.1	16.8
Net change in cash	485	−357	−616	628	−457	−852
Free cash flow	4,359	3,869	3,197	3,284	2,650	4,546

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.