Forensic Analysis · Consumer Staples / Food & Beverage · as of Aug 10, 2026
Turning Point Brands, Inc. (TPB)
A forensic read on Turning Point Brands, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
9.4
Distress distance
Watch
Earnings quality
3
Forensic signals
31.0
P / E (ttm)
15.6%
ROE
$1.8B
Market cap
0.38%
Dividend yield
28.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Turning Point Brands, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 9.4, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+1.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~4%.
+12.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +167% against revenue +28% and inventory up +12% against +25% in cost of sales. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 0% of net operating assets, diverging from the balance-sheet accrual read.
$26M
FY2022–FY2022
Goodwill impairments.Took $26M of goodwill writedowns across 1 year (FY2022 ($26M)) — about 220% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$463.1M
Revenue Growth YoY+28.4%
Revenue CAGR (3yr)+13.0%
Net Margin12.6%
Free Cash Flow$43.8M
Return on Equity15.6%
Debt / Equity0.79x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Turning Point Brands, Inc.'s actual 10-K/10-Q/8-K filings?