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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Dec. 2025, British American Tobacco Kenya has a Sloan Ratio of -4.66%, indicating the company is in the safe zone and there is no funny business with accruals.
British American Tobacco Kenya (NAI:BAT) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2025, British American Tobacco Kenya has a Sloan Ratio of -4.66%, indicating the company is in the safe zone and there is no funny business with accruals.
British American Tobacco Kenya Sloan Ratio % Related Terms
British American Tobacco Kenya Sloan Ratio % 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.
British American Tobacco Kenya Sloan Ratio % Chart
For the Tobacco subindustry, British American Tobacco Kenya's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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 Kenya Sloan Ratio % vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, British American Tobacco Kenya's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where British American Tobacco Kenya's Sloan Ratio % falls into.
British American Tobacco Kenya Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
British American Tobacco Kenya's Net Income for the trailing twelve months (TTM) ended in Dec. 2025 was 2983 (Jun. 2025 ) + 2262.617 (Dec. 2025 ) = KES5,246 Mil.
British American Tobacco Kenya's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was 2651 (Jun. 2025 ) + 3982.154 (Dec. 2025 ) = KES6,633 Mil.
British American Tobacco Kenya's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2025 was -17 (Jun. 2025 ) + -271.897 (Dec. 2025 ) = KES-289 Mil.
* 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 Kenya (NAI:BAT) has a Sloan Ratio % of -4.66% as of Dec. 2025. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on British American Tobacco Kenya and its competitors.
Is British American Tobacco Kenya's Sloan Ratio % too high?
British American Tobacco Kenya's current Sloan Ratio % is -4.66%. Overall, British American Tobacco Kenya has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does British American Tobacco Kenya's Sloan Ratio % compare to PM and MO?
British American Tobacco Kenya's Sloan Ratio % of -4.66% 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 Sloan Ratio % for a Tobacco Products company?
A good Sloan Ratio % depends on the Tobacco Products industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on British American Tobacco Kenya and its competitors. British American Tobacco Kenya's current Sloan Ratio % is -4.66%. 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 Kenya stock overvalued right now?
Based on GuruFocus' analysis, British American Tobacco Kenya (NAI:BAT) is currently considered Significantly Overvalued. The stock's GF Value™ is KES353.79, compared to a current price of KES565.00 — trading 59.7% above its estimated fair value. The current Sloan Ratio % is -4.66%. British American Tobacco Kenya's overall GF Score™ is 69/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For British American Tobacco Kenya (NAI:BAT), the current Sloan Ratio % is -4.66% 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 Kenya (NAI:BAT) Overvalued in 2026?
Based on GuruFocus' analysis, British American Tobacco Kenya stock appears to be overvalued.
The current stock price of KES565.00 is trading 59.7% above its estimated GF Value™ of KES353.79.
GuruFocus considers British American Tobacco Kenya to be Significantly Overvalued.
Key valuation signals for NAI:BAT:
Sloan Ratio %: -4.66%
GF Value™: KES353.79 vs. price of KES565.00 (59.7% above fair value)
No single metric tells the full story. See the NAI:BAT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
British American Tobacco Kenya PLC multi-category consumer goods business that operates internationally. The business activities of the company involves activities ranging from the growing of tobacco leaf to the distribution and sale of finished tobacco products and nicotine products without tobacco. The product portfolio of the company comprises a range of high-quality and creative products, including cigarettes (combustible products), cut-rug tobacco (unprocessed tobacco), and potentially reduced-risk category of tobacco-free oral nicotine products.
69GF Score
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Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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