British American Tobacco p.l.c.
boothcheck covers British American Tobacco p.l.c. (BTI) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed July 25, 2026.
• Combustible cigarettes still supply 79% of revenue, and the business works by pushing price and mix up faster than volume falls: in the U.S. last year price and mix added 12.3% while volume dropped 7.7%, and revenue rose anyway. • The sharpest threat is the black market rather than the regulator, and Australia is the live demonstration, with the company estimating that illicit product ⟦"now accounts for more than 65% of the combustibles industry volume"⟧ and regional adjusted profit from opera
Is BTI overvalued? See what's priced in →
857 institutional managers reported holding BTI in 13F filings for the quarter ended 2026-03-31. Together they hold about 14% of the company; the top 10 hold 9%. 105 opened new positions that quarter. Held by FMR (Fidelity), GQG Partners, BlackRock, among others. On the short side, 5.8M shares were sold short as of the 2026-06-15 count, about 0.3% of shares outstanding (1.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
BTI has cut its share count 4.4% over the past five years. It pays a dividend, and has for 11 years running, raised 7 years straight. Cash returned over the past three years: $26.23B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
Each week boothcheck ranks the stocks whose prices are betting on the most. Read the most stretched bets archive →
boothcheck is also on Android. Get the app on Google Play →
For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.