British American Tobacco p.l.c annual debt-to-equity ratio
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
British American Tobacco p.l.c Debt-to-Equity Ratio Growth & History (BATS)
British American Tobacco p.l.c's debt-to-equity ratio was 0.77 for fiscal 2025.
View full British American Tobacco p.l.c company overviewBritish American Tobacco p.l.c annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.77 | −0.01 | −1.19% |
| 2024 | 2024-12-31 | 0.78 | −0.01 | −1.01% |
| 2023 | 2023-12-31 | 0.79 | 0.20 | +33.44% |
| 2022 | 2022-12-31 | 0.59 | −0.02 | −3.36% |
| 2021 | 2021-12-31 | 0.61 | −0.10 | −13.55% |
| 2020 | 2020-12-31 | 0.71 | −0.01 | −1.37% |
| 2019 | 2019-12-31 | 0.72 | −0.01 | −0.99% |
| 2018 | 2018-12-31 | 0.73 | −0.09 | −10.78% |
| 2017 · Dec 31 | 2017-12-31 | 0.81 | −1.57 | −65.84% |
| 2016 | 2016-12-31 | 2.38 | — | — |
British American Tobacco p.l.c quarterly debt-to-equity ratio
Q2.17
Q4.17
Q4.18
Q2.19
Q4.19
Q2.20
Q4.20
Q2.21
Q4.21
Q2.22
Q4.22
Q2.23
Q4.23
Q4.24
Q2.25
Q4.25
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.72 | −0.05 | −6.98% |
| Q4 2025 | 2025-12-31 | 0.77 | −0.01 | −1.19% |
| Q2 2025 | 2025-06-30 | 0.78 | — | — |
| Q4 2024 | 2024-12-31 | 0.78 | −0.01 | −1.01% |
| Q4 2023 | 2023-12-31 | 0.79 | 0.20 | +33.44% |
| Q2 2023 | 2023-06-30 | 0.60 | −0.03 | −4.09% |
| Q4 2022 | 2022-12-31 | 0.59 | −0.02 | −3.36% |
| Q2 2022 | 2022-06-30 | 0.62 | −0.09 | −12.99% |
| Q4 2021 | 2021-12-31 | 0.61 | −0.10 | −13.55% |
| Q2 2021 | 2021-06-30 | 0.72 | −0.01 | −1.94% |
| Q4 2020 | 2020-12-31 | 0.71 | −0.01 | −1.37% |
| Q2 2020 | 2020-06-30 | 0.73 | −0.04 | −5.27% |
| Q4 2019 | 2019-12-31 | 0.72 | −0.01 | −0.99% |
| Q2 2019 | 2019-06-30 | 0.77 | — | — |
| Q4 2018 | 2018-12-31 | 0.73 | −0.09 | −10.78% |
| Q4 2017 | 2017-12-31 | 0.81 | — | — |
| Q2 2017 | 2017-06-30 | 2.71 | — | — |
British American Tobacco p.l.c debt-to-equity ratio trends
Over the last five fiscal years, British American Tobacco p.l.c's debt-to-equity ratio increased from 0.71 to 0.77, a change of 0.06. The latest reported quarter, Q2 2026, shows 0.72.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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