Turning Point Brands Inc
turningpointbrands.comTurning Point Brands (NYSE: TPB) is a consumer products company that manufactures, markets, and distributes branded alternative smoking accessories and Other Tobacco Products (OTP) for adult consumers. Revenue comes from transactional product sales across two segments: Zig-Zag products, anchored by the Zig-Zag rolling paper and cigar wrap brand, and Stoker's products, which includes the Stoker's moist snuff and chewing tobacco brand alongside FRE, Beech-Nut, and Trophy. TPB ships to approximately 900 distributors and an additional 600 secondary indirect wholesalers in the U.S. (as of FY2025), competing against Altria Group, British American Tobacco, Swedish Match, Swisher International, Imperial Brands, Republic Tobacco, HBI International, Good Times USA, and New Image Global. Net income attributable to TPB was $58.2 million in FY2025, up from $39.8 million in FY2024. EBITDA reached $100.1 million in FY2025. The company has manufacturing operations in Tennessee and Kentucky and holds a 49% stake in GWO following the contribution of its former CDS segment on January 2, 2025.
Products & Services
Zig-Zag segment: rolling papers, MYO cigar wraps, and related smoking accessories under the Zig-Zag brand. Stoker's segment: moist snuff and chewing tobacco under the Stoker's brand, plus FRE nicotine pouches, Beech-Nut chewing tobacco, and Trophy products.
Revenue Model
Transactional product sales of branded OTP and alternative smoking accessories through a distributor and wholesale network of approximately 900 direct distributors and 600 indirect wholesalers (as of FY2025). Revenue is organized across two segments: Zig-Zag products and Stoker's products.
Customers & Markets
Adult consumers of OTP and alternative smoking accessories. Distribution is sold through approximately 900 direct distributors and 600 secondary indirect wholesalers in the U.S. (as of FY2025). End markets include the OTP industry, alternative smoking accessories, and the legal cannabis accessories market. The OTP industry exhibited flat consumer unit annualized growth in full year 2025 per MSAi data.
Geographic Exposure
Primary operations in the United States, with manufacturing in Tennessee and Kentucky. The company has a Canadian intercompany note indicating some Canadian exposure. A third-party warehouse in Tennessee incurred tornado damage in December 2023, resulting in a $15.2 million inventory reserve against leaf tobacco inventory.
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