1. Japan Stocks

  2. •

    Consumer Defensive

  3. •

    Tobacco
Japan Tobacco Inc.

Japan Tobacco Inc.

2914.T
Japan Tobacco Inc.JP flagTokyo Stock Exchange
6,219.00
JPY
+30.00
- -
11.04TMarket Cap
Japan Tobacco Inc.
2914.T
(Tokyo Stock Exchange)

Recent

price

6,219.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1,075.5
1,068.02
1,117.28
1,320.4
1,111.22
1,254.91
1,196.78
1,194.67
1,237.07
1,224.48
1,179.49
1,310.2
1,497.58
1,600.48
1,721.57
1,953.18
1,700.04
Revenue per Share
127.07
168.5
181.07
235.48
199.67
270.54
235.47
219.1
215.31
195.97
174.88
190.76
249.45
271.69
100.95
287.36
281.89
Basic EPS, GAAP
137.33
229.8
175.88
135.34
236.19
189.02
148.28
155.82
168.92
229.09
231.78
279.52
216.59
253.36
270.14
198.08
274.43
Free Cash Flow per Basic Share
29.02
40
60.2
83.94
99.93
104.52
128.02
135.99
144.96
152.45
153.95
141.98
149.98
206.93
196.92
201
193.94
Dividend per Share
592.26
718.68
827.41
1,024.79
1,101.71
1,279.29
1,377.57
1,471.95
1,541
1,604.31
1,625.43
1,670.32
1,797.39
1,854.68
1,766.74
1,866.37
1,936.22
Book Value per Share
49.62
156.56
119.7
344.73
395.15
423.2
280.36
263.34
105.48
169.17
184.03
291.91
520.78
616.98
252.32
448.71
792.29
Tangible Book Value per Share
1,915
1,904
1,898
1,818
1,818
1,795
1,791
1,791
1,791
1,777
1,774
1,774
1,775
1,775
1,776
1,775
1,775
Basic Weighted Avg Shares
2,059,365
2,033,825
2,120,196
2,399,841
2,019,745
2,252,884
2,143,287
2,139,653
2,215,962
2,175,626
2,092,561
2,324,838
2,657,832
2,841,077
3,056,709
3,467,675
3,018,157
Sales/Revenue/Turnover
26.25
22.48
24.97
26.94
22.02
24.81
27.38
25.93
25.32
22.86
22.22
21.29
24.29
23.37
9.86
24.62
22.62
Operating Margin (%)
117,954
118,845
116,462
132,921
122,171
139,057
140,794
145,407
158,671
183,852
179,654
187,057
199,651
177,409
179,837
195,899
181,445
Depreciation Expense
243,315
320,883
343,596
427,987
362,919
485,691
421,695
392,409
385,676
348,190
310,254
338,490
442,716
482,289
179,240
510,175
500,451
Net Income, GAAP
35.43
25.56
31
31.58
26.43
28.74
26.37
26.33
27.1
22.27
25.72
27.99
25.15
21.93
22.47
32.27
22.14
Effective Tax Rate (%)
11.82
15.78
16.21
17.83
17.97
21.56
19.68
18.34
17.4
16
14.83
14.56
16.66
16.98
5.86
14.71
16.58
Profit Margin (%)
181,373
173,576
100,178
233,879
336,776
532,297
249,416
229,144
379,221
423,916
680,126
820,963
1,160,927
1,332,285
1,428,965
1,783,845
1,727,151
Working Capital
478,154
279,750
270,399
166,165
101,001
215,938
339,036
346,955
727,314
690,367
817,412
775,721
821,003
908,926
1,548,120
1,599,061
1,075,931
LT Debt
1,601,311
1,714,626
1,892,430
2,596,091
2,622,503
2,521,525
2,528,041
2,842,027
2,700,445
2,743,612
2,599,494
2,886,081
3,616,761
3,912,492
3,848,727
4,115,389
4,525,292
Total Equity
12.97
14.76
16.09
16.61
11.05
13.83
14.39
12.09
11.08
10.26
9.35
9.58
11.44
10.69
4.37
10.12
9.83
Return on Invested Capital (%)
11.94
17.19
18.17
20.28
15.85
20.04
15.21
12.47
11.35
9.6
9.05
9.38
12.45
12.67
6.32
12.83
12.66
Return on Capital (%)
19.12
25.64
23.38
24.94
18.78
22.59
17.7
15.38
14.29
12.41
10.82
11.58
14.39
14.88
5.58
15.82
14.91
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'23
Mar'24
Jun'24
ST Debt
233,333
80,321
76,545
LT Borrowings
908,926
939,268
1,075,931
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,775
1,775
1,776
Market Capitalization
6,470,183
7,196,865
7,719,200

Working Capital

FRC

•

in mil. unless spec.
Dec'23
Mar'24
Jun'24
Total Current Assets
3,259,561
2,984,811
3,461,403
Cash, Cash Equivalents & STI
1,098,839
817,407
1,112,324
Accounts Receivable, Net
535,302
571,262
657,917
Inventories
832,611
875,469
941,571
Total Current Liabilities
1,927,276
1,629,808
1,734,252
Payables & Accruals
- -
- -
- -
ST Debt
233,333
80,321
76,545
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.39%
9.96%
6.93%
Free Cash Flow
2.24%
-0.98%
-26.68%
Net Income, GAAP
12.82%
34.12%
184.63%
Sales/Revenue/Turnover
4.62%
10.67%
13.44%
Total Cash Common Dividend
7.33%
6.63%
2.06%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
740,333
829,559
- -
- -
3,056,709
2025
- -
- -
- -
- -
3,467,675
2026
- -
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
88.58
- -
- -
- -
100.95
2025
- -
- -
- -
- -
287.36
2026
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
97.28
- -
- -
- -
196.92
2025
- -
- -
- -
- -
201
2026
- -
- -
- -
- -
- -
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Business
Japan Tobacco Inc. Japan Tobacco Inc. (2914.T) is a multinational tobacco company headquartered in Tokyo, Japan, and founded in 1985 through the privatization of the Japan Tobacco and Salt Public Corporation. The company operates primarily in the tobacco segment, manufacturing and marketing cigarettes and other combustibles such as Winston, Camel, MEVIUS, LD, Seven Stars, and Natural American Spirit; reduced-risk products including heated tobacco under Ploom, e-vapor under Logic, nicotine pouches under Nordic Spirit, and infused tobacco under WITH; as well as fine-cut tobacco, snus, pipe tobacco, cigars, and roll-your-own products, with sales in over 130 markets worldwide including significant presence in Japan, Europe, Asia, and the United States. Its processed food business provides frozen and ambient foods like noodles, okonomiyaki, packaged cooked rice; seasonings including yeast extracts; and bakery products, primarily targeting the Japanese market. Geographically, Japan Tobacco maintains approximately 54,000-62,000 employees across 61 factories globally, with Japan Tobacco International headquartered in Geneva, Switzerland, overseeing international operations. In recent developments, the company completed its acquisition of Vector Group Ltd. in October 2024 for approximately USD 2.4 billion, significantly expanding its U.S. market share from 2.3% to about 8.0% and adding top cigarette brands to bolster combustibles profitability and fund reduced-risk product investments. Japan Tobacco announced in May 2025 an agreement to transfer its pharmaceutical business—focused on cardiovascular, renal, metabolism, immunology, and neuroscience drugs, including operations via subsidiary Torii Pharmaceutical—to Shionogi & Co., Ltd. through an absorption-type split effective December 2025 for JPY 5,397 million plus adjustments, enabling full exit from the sector previously established in 1987; this follows ongoing portfolio streamlining, with the business recording JPY 44,942 million in net sales for fiscal 2024.