Just caught wind of TPB getting hammered this week - down 33% after earnings. I've been tracking this one because their nicotine pouch business is genuinely impressive, but apparently Wall Street didn't like what they heard about 2026 guidance.

So here's what's going on: Turning Point owns the traditional stuff like Stoker's chewing tobacco and Zig-Zag papers, but the real growth engine is their Modern Oral nicotine pouches. Last quarter they grew that segment 266% year-over-year to $41.3M. That's wild. The thing is, when you compare chewing tobacco vs dip products, pouches are basically eating into the traditional market - they're convenient, discreet, and honestly seem to be winning with younger users.

The problem? To scale this nicotine pouch business, they're dumping money into marketing and distribution right now, which is crushing near-term profits. They're guiding for Modern Oral revenue of $180M-$190M in 2026, which is huge, but Q1 earnings are expected to drop significantly. That spooked investors.

Here's the thing though - the stock is trading at a P/S ratio of 3.7, which is actually reasonable for a company growing this fast in a market with solid unit economics. If you believe the nicotine pouch growth story continues, this dip might be worth looking at. Still up 50% over the past year despite this week's drop.