British American TobaccoJSE:BTI +0.85%59 Piotroski F-Score is 6 as of Jun. 29, 2026, which is at its 10-year median of 6.00. GuruFocus rates JSE:BTI with a GF Score™ of 59/100 and a GF Value™ of R603.63 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 47 Tobacco Products companies, British American Tobacco ranks better than 72.34% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
British American Tobacco has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for British American Tobacco's Piotroski F-Score or its related term are showing as below:
JSE:BTI'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 7
Current: 6
During the past 13 years, the highest Piotroski F-Score of British American Tobacco was 7. The lowest was 3. And the median was 6.
British American Tobacco (JSE:BTI) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
British American Tobacco Piotroski F-Score Related Terms
British American Tobacco Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
JSE:BTI vs PM, MO, TPB: Piotroski F-Score Comparison
For the Tobacco subindustry, British American Tobacco's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
British American Tobacco Piotroski F-Score vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, British American Tobacco's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where British American Tobacco's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
British American Tobacco's current Net Income (TTM) was 174,952.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
British American Tobacco's current Cash Flow from Operations (TTM) was 142,909.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
British American Tobacco's return on assets of this year was 0.06388686. British American Tobacco's return on assets of last year was 0.02523621.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
British American Tobacco's gearing of this year was 0.27474539. British American Tobacco's gearing of last year was 0.27145132.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
British American Tobacco's current ratio of this year was 0.87331314. British American Tobacco's current ratio of last year was 0.76263138.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
British American Tobacco's number of shares in issue this year was 2199. British American Tobacco's number of shares in issue last year was 2225.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
British American Tobacco's gross margin of this year was 0.83498633. British American Tobacco's gross margin of last year was 0.82850737.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
British American Tobacco's asset turnover of this year was 0.21073447. British American Tobacco's asset turnover of last year was 0.21277214.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
British American Tobacco has an F-score of 6 indicating the company's financial situation is typical for a stable company.
British American Tobacco (JSE:BTI) has a Piotroski F-Score of 6 as of Jun. 29, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on British American Tobacco and its competitors. This is near median its historical median of 6.00. Over the past decade, British American Tobacco's Piotroski F-Score has ranged from 3.00 to 7.00. According to the industry distribution chart, British American Tobacco ranks #13 out of 47 companies in the Tobacco Products industry, placing it in the top 27.7%.
Is British American Tobacco's Piotroski F-Score too high?
British American Tobacco's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 7.00. The Tobacco Products industry median Piotroski F-Score is 5.00. British American Tobacco's value of 6 is 20% above this industry median. Based on the distribution chart, British American Tobacco ranks #13 out of 47 companies in the Tobacco Products industry, which is above the industry midpoint. Overall, British American Tobacco has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does British American Tobacco's Piotroski F-Score compare to PM and MO?
According to the Tobacco Products industry distribution chart, British American Tobacco ranks #13 out of 47 companies for Piotroski F-Score. This puts British American Tobacco in the upper half of its industry. The industry median Piotroski F-Score is 5.00. British American Tobacco's value of 6 is 20% above this benchmark. Historically, British American Tobacco's own Piotroski F-Score has ranged from 3.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, British American Tobacco has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Tobacco Products company?
The median Piotroski F-Score among Tobacco Products companies is 5.00, based on 47 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. British American Tobacco's current Piotroski F-Score of 6 is 20% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on British American Tobacco and its competitors. For the Tobacco Products industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. British American Tobacco's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is British American Tobacco stock overvalued right now?
Based on GuruFocus' analysis, British American Tobacco (JSE:BTI) is currently considered Significantly Overvalued. The stock's GF Value™ is R603.63, compared to a current price of R1,029.00 — trading 70.5% above its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Tobacco Products industry median of 5.00. British American Tobacco's overall GF Score™ is 59/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For British American Tobacco (JSE:BTI), the current Piotroski F-Score is 6 as of Jun. 29, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is British American Tobacco (JSE:BTI) Overvalued in 2026?
Based on GuruFocus' analysis, British American Tobacco stock appears to be overvalued.
The current stock price of R1,029.00 is trading 70.5% above its estimated GF Value™ of R603.63.
GuruFocus considers British American Tobacco to be Significantly Overvalued.
Key valuation signals for JSE:BTI:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: R603.63 vs. price of R1,029.00 (70.5% above fair value)
Industry Position: 20% above the Tobacco Products median (#13 of 47)
No single metric tells the full story. See the JSE:BTI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The third-largest tobacco company by volume, British American Tobacco sold 465 billion cigarettes in 2025. Its leading brands are Dunhill, Kent, Pall Mall, Lucky Strike, and Rothmans in cigarettes. Its ownership of the Camel, Natural American Spirit, and Newport brands are limited to the US. In next-generation products, the company has the Vuse brand in vaping, Glo in heated tobacco, and Velo in modern oral tobacco. The company also owns a 22.9% stake in ITC limited, the largest Indian cigarette company.
59GF Score
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