Turning Point Brands [TPB]
sellingGeneralAndAdministrative is unusable at
quarterly frequency on this filer — it returns $0m for Q3'25 and ~$1m for three of the four
2024 quarters against true quarterly opex of $27–44m. At annual frequency it is byte-exact for
FY2025 (0.0% error) and 21.6% understated for FY2024. Correct in one year, wrong in the next,
in the same field on the same company.ebitda field not used.CashAndCashEquivalents − LongTermDebtNoncurrent = −$101.4m, dropping $16m of current debt.
Economic basis $132m after removing the 50%-owned half of the ALP VIE's $28.1m of
consolidated cash.TTM = 2025-06-30, 2025-09-30, 2025-12-31, 2026-03-31 = $480.9m, verified consecutive. Calendar fiscal year, AV returns Q4 discretely, so the "EDGAR does not tag Q4" synthesis was not required.
The screen's cagr_base_revenue is $321,229,000 = FY2022, which is the trough created by the
Creative Distribution Solutions wind-down (FY2021 revenue was $445.0m). The resulting 13.0%
"demonstrated CAGR" is arithmetically correct and economically a recovery rate off a divested base.
I have used it as the demonstrated figure because it is the framework's convention and changing it
mid-comparison would break comparability with the corpus — but the memo states the caveat rather
than inheriting the number silently. Measured FY2023→FY2025 (both post-divestiture), the CAGR is
19.4%, which is a more favourable number and I am not substituting it either.
| check | result |
|---|---|
| gross profit + cost of sales = net sales | ✔ every period, consolidated and by segment |
| segment operating income − corporate unallocated = consolidated operating income | ✔ FY23/24/25 and Q1'25/Q1'26 |
| m_EBIT,T ≤ m_gross,T | 18.0% ≤ 56.0% ✔ |
| terminal margin vs trailing | −2.6pp vs FY2025, +0.3pp vs TTM — causal bridge supplied (mix + S&M intensity) |
| TTM window consecutive | ✔ |
| SPLITS queried | [] — nil, stated |
| factoring / securitisation / SCF searched | zero hits, 10-K and 10-Q |
| AV revenue vs 10-K segment note | ties to the thousand ✔ |