British American Tobacco PLC (BATS) — Working Capital to Net Assets Ratio
British American Tobacco PLC (BATS) has a Working Capital to Net Assets ratio of -3.8% as of December 2025. Working capital of GBX-1.84 Billion (current assets of GBX12.68 Billion minus current liabilities of GBX14.52 Billion) is measured against net assets of GBX48.15 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See BATS net asset quality index to measure how much of total assets are equity-financed.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
British American Tobacco PLC Working Capital to Net Assets (1995–2025)
This chart shows how British American Tobacco PLC's Working Capital to Net Assets ratio has evolved across 31 annual periods from 1995 to 2025. As of December 2025, the ratio stands at -3.8%, reflecting working capital of GBX-1.84 Billion against net assets of GBX48.15 Billion GBX. Check BATS intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Annual Working Capital to Net Assets for British American Tobacco PLC (1995–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for British American Tobacco PLC from 1995 to 2025, covering 31 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see British American Tobacco PLC stock valuation.
| Year | WC/NA Ratio | Working Capital (GBX) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -3.8% | GBX-1.84 Billion | GBX48.15 Billion | GBX12.68 Billion | GBX14.52 Billion | ▲ +5.1 pp |
| 2024 | -8.9% | GBX-4.45 Billion | GBX49.99 Billion | GBX14.29 Billion | GBX18.74 Billion | ▼ -6.1 pp |
| 2023 | -2.8% | GBX-1.49 Billion | GBX52.93 Billion | GBX14.19 Billion | GBX15.67 Billion | ▲ +0.4 pp |
| 2022 | -3.2% | GBX-2.44 Billion | GBX75.71 Billion | GBX15.41 Billion | GBX17.85 Billion | ▲ +0.2 pp |
| 2021 | -3.5% | GBX-2.34 Billion | GBX67.40 Billion | GBX12.81 Billion | GBX15.14 Billion | ▼ -0.5 pp |
| 2020 | -3.0% | GBX-1.87 Billion | GBX62.95 Billion | GBX13.61 Billion | GBX15.48 Billion | ▲ +5.7 pp |
| 2019 | -8.6% | GBX-5.55 Billion | GBX64.16 Billion | GBX13.27 Billion | GBX18.82 Billion | ▼ -3.1 pp |
| 2018 | -5.6% | GBX-3.67 Billion | GBX65.69 Billion | GBX12.65 Billion | GBX16.33 Billion | ▼ -3.0 pp |
| 2017 | -2.6% | GBX-1.58 Billion | GBX61.03 Billion | GBX13.97 Billion | GBX15.54 Billion | ▼ -8.6 pp |
| 2016 | 6.0% | GBX503.00 Million | GBX8.41 Billion | GBX12.36 Billion | GBX11.86 Billion | ▼ -10.1 pp |
| 2015 | 16.1% | GBX808.00 Million | GBX5.03 Billion | GBX9.81 Billion | GBX9.01 Billion | ▲ +9.8 pp |
| 2014 | 6.2% | GBX363.00 Million | GBX5.81 Billion | GBX9.13 Billion | GBX8.77 Billion | ▼ -9.4 pp |
| 2013 | 15.6% | GBX1.08 Billion | GBX6.93 Billion | GBX9.52 Billion | GBX8.44 Billion | ▲ +2.2 pp |
| 2012 | 13.4% | GBX1.04 Billion | GBX7.78 Billion | GBX9.19 Billion | GBX8.14 Billion | ▲ +5.8 pp |
| 2011 | 7.6% | GBX648.00 Million | GBX8.47 Billion | GBX8.49 Billion | GBX7.85 Billion | ▼ -3.0 pp |
| 2010 | 10.6% | GBX1.01 Billion | GBX9.55 Billion | GBX8.66 Billion | GBX7.64 Billion | ▼ -4.4 pp |
| 2009 | 15.0% | GBX1.19 Billion | GBX7.91 Billion | GBX8.11 Billion | GBX6.92 Billion | ▲ +17.0 pp |
| 2008 | -1.9% | GBX-139.00 Million | GBX7.21 Billion | GBX8.74 Billion | GBX8.88 Billion | ▼ -13.4 pp |
| 2007 | 11.5% | GBX812.00 Million | GBX7.09 Billion | GBX5.37 Billion | GBX4.55 Billion | ▼ -2.6 pp |
| 2006 | 14.0% | GBX938.00 Million | GBX6.69 Billion | GBX5.39 Billion | GBX4.45 Billion | ▲ +13.0 pp |
| 2005 | 1.0% | GBX68.00 Million | GBX6.88 Billion | GBX5.90 Billion | GBX5.84 Billion | ▼ -19.3 pp |
| 2004 | 20.3% | GBX1.24 Billion | GBX6.12 Billion | GBX5.68 Billion | GBX4.44 Billion | ▼ -3.5 pp |
| 2003 | 23.8% | GBX1.09 Billion | GBX4.59 Billion | GBX7.54 Billion | GBX6.45 Billion | ▼ -19.8 pp |
| 2002 | 43.5% | GBX-4.71 Billion | GBX-10.82 Billion | GBX6.62 Million | GBX4.72 Billion | ▲ +16.2 pp |
| 2001 | 27.3% | GBX1.39 Billion | GBX5.08 Billion | GBX7.22 Billion | GBX5.83 Billion | ▼ -4.4 pp |
| 2000 | 31.7% | GBX1.75 Billion | GBX5.52 Billion | GBX7.25 Billion | GBX5.50 Billion | ▼ -19.4 pp |
| 1999 | 51.1% | GBX2.69 Billion | GBX5.28 Billion | GBX7.59 Billion | GBX4.90 Billion | ▼ -151.3 pp |
| 1998 | 202.3% | GBX783.00 Million | GBX387.00 Million | GBX4.81 Billion | GBX4.03 Billion | ▲ +377.4 pp |
| 1997 | -175.1% | GBX-429.00 Million | GBX245.00 Million | GBX5.91 Billion | GBX6.33 Billion | ▼ -353.8 pp |
| 1996 | 178.7% | GBX1.84 Billion | GBX1.03 Billion | GBX5.73 Billion | GBX3.89 Billion | ▼ -26.7 pp |
| 1995 | 205.4% | GBX1.78 Billion | GBX867.00 Million | GBX5.46 Billion | GBX3.68 Billion | — |