Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. British American Tobacco's average basic shares outstanding for the quarter that ended in Dec. 2025 was 2,180 Mil.
British American Tobacco (FRA:BMT) Shares Outstanding (Basic Average) Explanation
A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.
Be Aware
Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.
British American Tobacco Shares Outstanding (Basic Average) Related Terms
British American Tobacco Shares Outstanding (Basic Average) Historical Data
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The historical data trend for British American Tobacco's Shares Outstanding (Basic Average) can be seen below:
* 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.
British American Tobacco Shares Outstanding (Basic Average) Chart
British American Tobacco Shares Outstanding (Basic Average) Calculation
Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.
Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.
Please note: GuruFocus named Shares Outstanding (EOP) is the shares for that exact time point. It is usually used to calculate balance sheet related items, such as Book Value per Share, etc. While Shares Outstanding (Diluted Average) and Shares Outstanding (Basic Average) are the weighted average shares over a period of time (a year, a quarter, or so). They are usually used to calculate income statement or cashflow statement related items, such as Earnings per Share (Diluted), etc.
What does a Shares Outstanding (Basic Average) of 2,180 Mil mean?
British American Tobacco (FRA:BMT) has a Shares Outstanding (Basic Average) of 2,180 Mil as of Dec. 2025. The average shares outstanding over two periods not accounting for dilutive securities like convertible bonds. View historical data on British American Tobacco and its competitors.
Is British American Tobacco's Shares Outstanding (Basic Average) too high?
British American Tobacco's current Shares Outstanding (Basic Average) is 2,180 Mil. Overall, British American Tobacco has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does British American Tobacco's Shares Outstanding (Basic Average) compare to PM and MO?
British American Tobacco's Shares Outstanding (Basic Average) of 2,180 Mil can be compared against companies in the Tobacco Products industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Shares Outstanding (Basic Average) for a Tobacco Products company?
A good Shares Outstanding (Basic Average) depends on the Tobacco Products industry context. However, Shares Outstanding (Basic Average) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Shares Outstanding (Basic Average) mean?
A high Shares Outstanding (Basic Average) can signal that a stock is expensive relative to its fundamentals. The average shares outstanding over two periods not accounting for dilutive securities like convertible bonds. View historical data on British American Tobacco and its competitors. British American Tobacco's current Shares Outstanding (Basic Average) is 2,180 Mil. 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 (FRA:BMT) is currently considered Significantly Overvalued. The stock's GF Value™ is €31.93, compared to a current price of €53.24 — trading 66.7% above its estimated fair value. The current Shares Outstanding (Basic Average) is 2,180 Mil. British American Tobacco's overall GF Score™ is 71/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Shares Outstanding (Basic Average) calculated?
Shares Outstanding (Basic Average) is calculated from a company's financial statements. For British American Tobacco (FRA:BMT), the current Shares Outstanding (Basic Average) is 2,180 Mil as of Dec. 2025. 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 (FRA:BMT) Overvalued in 2026?
Based on GuruFocus' analysis, British American Tobacco stock appears to be overvalued.
The current stock price of €53.24 is trading 66.7% above its estimated GF Value™ of €31.93.
GuruFocus considers British American Tobacco to be Significantly Overvalued.
Key valuation signals for FRA:BMT:
Shares Outstanding (Basic Average): 2,180 Mil
GF Value™: €31.93 vs. price of €53.24 (66.7% above fair value)
No single metric tells the full story. See the FRA:BMT 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.
71GF Score
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