Japan Tobacco 日本たばこ産業（株）
Official name: JAPAN TOBACCO INC.
Code 2914 · Prime market · Sector: Foods
Themes: no theme matched this company's filings
Next results date: , as the company's IR page states
ROE, equity ratio, FCF margin and growth come from the latest annual report on EDINET. PBR and dividend yield use the weekly reference close. Ranks compare with the companies among the 100 that have a value.
In plain words
- Revenue grew 10.6% a year over the 5 fiscal years to December 2025.
- Operating cash flow was 1.01 times net profit in the fiscal year to December 2025.
- Free cash flow was ¥249.1 billion in the fiscal year to December 2025, 7.2% of revenue.
- The dividend was ¥234 per share in the fiscal year to December 2025, covered 1.23 times by earnings per share.
- Equity was 48.5% of total assets at the end of December 2025.
Growth
Yearly growth of revenue, earnings per share and the dividend over 5 fiscal years (CAGR).
Revenue
Show data table
| Date | Revenue |
|---|---|
| 2016-12-31 | ¥2,143,287,000,000 |
| 2017-12-31 | ¥2,139,653,000,000 |
| 2018-12-31 | ¥2,215,962,000,000 |
| 2019-12-31 | ¥2,175,626,000,000 |
| 2020-12-31 | ¥2,092,561,000,000 |
| 2021-12-31 | ¥2,324,838,000,000 |
| 2022-12-31 | ¥2,657,832,000,000 |
| 2023-12-31 | ¥2,841,077,000,000 |
| 2024-12-31 | ¥3,056,709,000,000 |
| 2025-12-31 | ¥3,467,675,000,000 |
Basic EPS / DPS
- Basic EPS
- DPS
Show data table
| Date | Basic EPS | DPS |
|---|---|---|
| 2016-12-31 | ¥235.47 | ¥130 |
| 2017-12-31 | ¥219.1 | ¥140 |
| 2018-12-31 | ¥215.31 | ¥150 |
| 2019-12-31 | ¥195.97 | ¥154 |
| 2020-12-31 | ¥174.88 | ¥154 |
| 2021-12-31 | ¥190.76 | ¥140 |
| 2022-12-31 | ¥249.45 | ¥188 |
| 2023-12-31 | ¥271.69 | ¥194 |
| 2024-12-31 | ¥100.95 | ¥194 |
| 2025-12-31 | ¥287.36 | ¥234 |
How it's calculated
- CAGR (compound annual growth rate):
CAGR = (Last / First)^(1 / years) - 1 - EPS (Earnings Per Share / 1株当たり利益):
EPS = Net profit attributable to owners / Shares outstanding
Short periods from a fiscal-year change are skipped. A starting value of zero or below gives no rate.
Profitability
Profit per yen of sales and of assets, and the three DuPont factors that multiply to ROE (ROE, ROA, DuPont analysis).
Operating margin
Notes
- Operating margin (2016-12-31, 2017-12-31, 2018-12-31, 2021-12-31, 2022-12-31, 2023-12-31): using profit before tax (IFRS) (operating income not separately tagged)
Show data table
| Date | Operating margin |
|---|---|
| 2016-12-31 | 26.979% |
| 2017-12-31 | 25.169% |
| 2018-12-31 | 23.984% |
| 2019-12-31 | 23.09% |
| 2020-12-31 | 22.415% |
| 2021-12-31 | 20.319% |
| 2022-12-31 | 22.328% |
| 2023-12-31 | 21.879% |
| 2024-12-31 | 10.28% |
| 2025-12-31 | 25.003% |
Return on equity
Show data table
| Date | Return on equity |
|---|---|
| 2016-12-31 | 17.19% |
| 2017-12-31 | 15.04% |
| 2018-12-31 | 14.3% |
| 2019-12-31 | 13.16% |
| 2020-12-31 | 11.97% |
| 2021-12-31 | 12.7% |
| 2022-12-31 | 13.94% |
| 2023-12-31 | 13.09% |
| 2024-12-31 | 4.72% |
| 2025-12-31 | 12.99% |
Net margin / ROA
- Net margin
- ROA
Show data table
| Date | Net margin | ROA |
|---|---|---|
| 2016-12-31 | 19.675% | 8.888% |
| 2017-12-31 | 18.34% | 7.515% |
| 2018-12-31 | 17.404% | 7.062% |
| 2019-12-31 | 16.004% | 6.27% |
| 2020-12-31 | 14.826% | 5.765% |
| 2021-12-31 | 14.56% | 5.862% |
| 2022-12-31 | 16.657% | 6.761% |
| 2023-12-31 | 16.976% | 6.623% |
| 2024-12-31 | 5.864% | 2.141% |
| 2025-12-31 | 14.712% | 6.06% |
Asset turnover / Leverage (assets / equity)
- Asset turnover
- Leverage (assets / equity)
Notes
- Leverage (assets / equity) (2016-12-31, 2017-12-31, 2018-12-31, 2021-12-31, 2022-12-31, 2023-12-31): no consolidated figure tagged in this filing (parent-only figure not used)
- Leverage (assets / equity) (2019-12-31, 2020-12-31, 2024-12-31, 2025-12-31): from the consolidated statements (the summary table does not tag this line)
Show data table
| Date | Asset turnover | Leverage (assets / equity) |
|---|---|---|
| 2016-12-31 | 0.45x | — |
| 2017-12-31 | 0.41x | — |
| 2018-12-31 | 0.41x | — |
| 2019-12-31 | 0.39x | 2.09x |
| 2020-12-31 | 0.39x | 2.13x |
| 2021-12-31 | 0.4x | — |
| 2022-12-31 | 0.41x | — |
| 2023-12-31 | 0.39x | — |
| 2024-12-31 | 0.37x | 2.22x |
| 2025-12-31 | 0.41x | 2.06x |
How it's calculated
- ROE (Return on Equity):
ROE = Net profit attributable to owners / Equity - ROA (Return on Assets):
ROA = Net profit attributable to owners / Total assets - DuPont analysis:
ROE = (Net profit / Revenue) x (Revenue / Total assets) x (Total assets / Equity)
The ROE line is the company's filed figure, computed on average equity. The DuPont factors use year-end figures, so their product can differ slightly.
Cash
Cash from operations, cash spent on investment, and what was left (free cash flow, cash conversion).
Free cash flow and its inputs
Show data table
| Date | Free cash flow | Operating cash flow | Investing cash flow | Financing cash flow | FCF margin | Cash conversion |
|---|---|---|---|---|---|---|
| 2016-12-31 | −¥310,960,000,000 | +¥376,549,000,000 | −¥687,509,000,000 | +¥91,318,000,000 | −14.509% | 0.89x |
| 2017-12-31 | +¥66,580,000,000 | +¥419,212,000,000 | −¥352,632,000,000 | −¥77,032,000,000 | 3.112% | 1.07x |
| 2018-12-31 | +¥78,082,000,000 | +¥461,389,000,000 | −¥383,307,000,000 | −¥62,360,000,000 | 3.524% | 1.2x |
| 2019-12-31 | +¥416,839,000,000 | +¥540,410,000,000 | −¥123,571,000,000 | −¥333,832,000,000 | 19.159% | 1.55x |
| 2020-12-31 | +¥525,187,000,000 | +¥519,833,000,000 | +¥5,354,000,000 | −¥297,404,000,000 | 25.098% | 1.68x |
| 2021-12-31 | +¥501,410,000,000 | +¥598,909,000,000 | −¥97,499,000,000 | −¥353,138,000,000 | 21.568% | 1.77x |
| 2022-12-31 | +¥381,977,000,000 | +¥483,799,000,000 | −¥101,822,000,000 | −¥306,176,000,000 | 14.372% | 1.09x |
| 2023-12-31 | +¥440,885,000,000 | +¥566,317,000,000 | −¥125,432,000,000 | −¥270,500,000,000 | 15.518% | 1.17x |
| 2024-12-31 | +¥190,245,000,000 | +¥630,011,000,000 | −¥439,766,000,000 | −¥94,906,000,000 | 6.224% | 3.51x |
| 2025-12-31 | +¥249,070,000,000 | +¥514,056,000,000 | −¥264,986,000,000 | −¥475,471,000,000 | 7.183% | 1.01x |
Cash and cash equivalents at year end
Show data table
| Date | Cash and cash equivalents |
|---|---|
| 2016-12-31 | ¥294,157,000,000 |
| 2017-12-31 | ¥285,486,000,000 |
| 2018-12-31 | ¥282,063,000,000 |
| 2019-12-31 | ¥357,158,000,000 |
| 2020-12-31 | ¥538,844,000,000 |
| 2021-12-31 | ¥721,731,000,000 |
| 2022-12-31 | ¥866,885,000,000 |
| 2023-12-31 | ¥1,040,206,000,000 |
| 2024-12-31 | ¥1,084,567,000,000 |
| 2025-12-31 | ¥831,135,000,000 |
How it's calculated
- Free cash flow (FCF):
FCF = Operating cash flow + Investing cash flow - FCF margin:
FCF margin = Free cash flow / Revenue - Cash conversion:
Cash conversion = Operating cash flow / Net profit attributable to owners - Cash / total assets:
Cash and cash equivalents at year end / Total assets
Investing cash flow is negative when the company invests, so FCF is operating cash flow minus what was invested. Filings give no consistent debt line, so cash is shown against total assets instead of as net cash.
Dividends
The dividend per share over time, the share of profit it took, its size against book value, and how many times earnings covered it (DOE, dividend cover, payout ratio).
4 consecutive fiscal years without a dividend cut, including 1 year of increases in a row. The count runs back from the latest year with a dividend figure and stops at a gap or a fiscal-year change.
Source: Financial Services Agency (EDINET), KabuFacts · as of 2026-03-23 Download CSV
Payout ratio
Show data table
| Date | Payout ratio |
|---|---|
| 2016-12-31 | 55.209% |
| 2017-12-31 | 63.898% |
| 2018-12-31 | 69.667% |
| 2019-12-31 | 78.583% |
| 2020-12-31 | 88.06% |
| 2021-12-31 | 73.391% |
| 2022-12-31 | 75.366% |
| 2023-12-31 | 71.405% |
| 2024-12-31 | 192.174% |
| 2025-12-31 | 81.431% |
How it's calculated
- DOE (Dividend on Equity):
DOE = Dividend per share / Book value per share - Dividend cover:
Dividend cover = EPS / DPS - Sustainable growth rate:
Sustainable growth = ROE x (1 - Payout ratio) - Payout ratio:
Payout ratio = DPS / EPS
Balance sheet
Equity as a share of assets, Altman's Z'' balance-sheet score and the nine Piotroski accounting checks (equity ratio, Altman Z'', Piotroski F-score).
Equity ratio
Show data table
| Date | Equity ratio |
|---|---|
| 2016-12-31 | 51.77% |
| 2017-12-31 | 52.89% |
| 2018-12-31 | 48.17% |
| 2019-12-31 | 47.95% |
| 2020-12-31 | 46.88% |
| 2021-12-31 | 48.65% |
| 2022-12-31 | 54.07% |
| 2023-12-31 | 52.6% |
| 2024-12-31 | 45% |
| 2025-12-31 | 48.54% |
Net income, total assets and equity
- Net income (owners of parent)
- Total assets
- Equity attributable to owners of parent
Notes
- Equity attributable to owners of parent (2016-12-31, 2017-12-31, 2018-12-31, 2021-12-31, 2022-12-31, 2023-12-31): no consolidated figure tagged in this filing (parent-only figure not used)
- Equity attributable to owners of parent (2019-12-31, 2020-12-31, 2024-12-31, 2025-12-31): from the consolidated statements (the summary table does not tag this line)
Show data table
| Date | Net income (owners of parent) | Total assets | Equity attributable to owners of parent |
|---|---|---|---|
| 2016-12-31 | +¥421,695,000,000 | ¥4,744,374,000,000 | — |
| 2017-12-31 | +¥392,409,000,000 | ¥5,221,484,000,000 | — |
| 2018-12-31 | +¥385,677,000,000 | ¥5,461,400,000,000 | — |
| 2019-12-31 | +¥348,190,000,000 | ¥5,553,071,000,000 | ¥2,662,696,000,000 |
| 2020-12-31 | +¥310,253,000,000 | ¥5,381,382,000,000 | ¥2,522,834,000,000 |
| 2021-12-31 | +¥338,490,000,000 | ¥5,774,209,000,000 | — |
| 2022-12-31 | +¥442,716,000,000 | ¥6,548,078,000,000 | — |
| 2023-12-31 | +¥482,288,000,000 | ¥7,282,097,000,000 | — |
| 2024-12-31 | +¥179,240,000,000 | ¥8,370,732,000,000 | ¥3,766,623,000,000 |
| 2025-12-31 | +¥510,175,000,000 | ¥8,419,240,000,000 | ¥4,086,933,000,000 |
Altman Z'' score
Z'' was 4.33 in the fiscal year to December 2025, in what Altman calls the safe zone. His bands: above 2.6 safe, 1.1 to 2.6 grey, below 1.1 distress.
- X1 working capital / total assets0.212 × 6.56 = 1.39
- X2 retained earnings / total assets0.382 × 3.26 = 1.24
- X3 operating income / total assets0.103 × 6.72 = 0.69
- X4 equity / total liabilities0.956 × 1.05 = 1
- Z''4.33
Source: Financial Services Agency (EDINET), KabuFacts · as of 2026-03-23 Download CSV
Piotroski checklist
Comparing the fiscal year to December 2025 with the year before: 9 of the 9 checks that could be evaluated (9 in total) answered yes.
- Net profit is positive (ROA above zero)Yes
- Operating cash flow is positiveYes
- ROA higher than the year beforeYes
- Operating cash flow larger than net profitYes
- Liabilities / total assets lower than the year beforeYes
- Current ratio higher than the year beforeYes
- No increase in shares issuedYes
- Gross margin higher than the year beforeYes
- Asset turnover higher than the year beforeYes
How it's calculated
- Equity ratio:
Equity ratio = Equity / Total assets - Altman Z'' score:
Z'' = 6.56 x (Working capital / Total assets) + 3.26 x (Retained earnings / Total assets) + 6.72 x (Operating income / Total assets) + 1.05 x (Equity / Total liabilities) - Piotroski F-score:
F-score = number of the nine checks passed (shown as 'passed of evaluated')
Z'' is Altman's 1995 form for non-manufacturers and non-US companies, using book equity rather than the share price. Piotroski's debt check uses liabilities divided by total assets, because filings carry no consistent debt line. A check whose input is missing counts neither way.
Owners & people
Who holds the shares by category, the company-reported total shareholder return, and the workforce (shareholder composition, TSR, average salary).
Shareholding by owner category
- Government and local authorities33.4%2 shareholders
- Individuals and others32.85%904,841 shareholders
- Financial institutions14.53%174 shareholders
- Foreign corporations etc.13.43%663 shareholders
- Securities firms4.23%61 shareholders
- Other corporations1.53%4,361 shareholders
- Foreign individuals0.02%2,022 shareholders
Note: treasury shares are not a separate category here: filings count them inside individuals and others (個人その他).
TSR rows share one starting point: the fiscal year end five years before the latest report. The first row covers one year and the last covers five. 100% means the holding, dividends included, was worth what it cost; the company reports the figure.
People
52,867
¥10.0 million
41 years
14.7 years
¥65.6 million
Average salary, age and tenure cover the parent company's own employees (提出会社), as filed. Revenue per employee divides group revenue by group employees.
Where each figure comes from
Each trail lists every year with its EDINET filing and the exact XBRL line.
Weekly snapshot
| Reference close† | Market cap (issued shares)‡ | PER (actual)‡ | PBR‡ | Yield (trailing)‡ | ROE‡ | Equity ratio‡ |
|---|---|---|---|---|---|---|
| ¥7,230 | ¥14.46 trillion | 25.16x | 3.14x | 3.24% | 12.99% | 48.54% |
† Reference close for the week ending 9 October 2026. ‡ Computed from the EDINET filings and the reference close.
IR events
Next: · Results briefing
| JST | Event | Company's own title | Status |
|---|---|---|---|
| Results briefing | 2026Q3 Investors Meeting | Scheduled | |
| Results | 2026Q3 Results | Scheduled | |
Subscribe in your calendar (Japan Tobacco)Google CalendarOutlook.ics file
The past year
| JST | Event | Company's own title | Status |
|---|---|---|---|
| Results briefing | 2025Q3 Investors MeetingMaterials:2025 Third Quarter Results (CFO Presentation) | Held | |
| Results | 2025Q3 Results | Held | |
| Results briefing | 2025 Investors MeetingMaterials:2025 Full Year Results & 2026 Forecasts (All Presentation) | Held | |
| Results | 2025 Results | Held | |
| AGM | The 41th Ordinary General Meeting of Shareholders | Held | |
| Results briefing | 2026Q1 Investors MeetingMaterials:2026 First Quarter Results (CFO Presentation) | Held | |
| Results | 2026Q1 Results | Held | |
| Results briefing | 2026Q2 Investors MeetingMaterials:2026 Second Quarter Results (CFO Presentation) | Held | |
| Results | 2026Q2 Results | Held | |
Corrections filed
Amended reports filed on EDINET since 12 October 2021, newest first (2).
- : Amended semi-annual report, for the half of the fiscal year 1 January 2025 to 31 December 2025 (amends S100WFZ4)
- : Amended quarterly report, for the quarter 1 April 2022 to 30 June 2022 (amends S100OTFM)
Capital actions
EDINET filings in the 12 months to 9 October 2026.
Buybacks
No buyback filings (自己株券買付状況報告書) found for this company in the trailing 12 months.
Large-holding filings
No large-holding report (大量保有報告書) or amendment named this company in the 12 months.
Takeover-bid filings
No takeover-bid filing (公開買付届出書) or target-company opinion named this company in the 12 months.
Leverage
Liabilities were 1.06x equity, worked out from the equity ratio as (1 ÷ equity ratio) − 1. It is an estimate from the balance sheet, not a reported debt figure.
Rank among the 100 companies on six measures
Each rank is a percentile among the companies with a value: 0 is the lowest, 100 the highest. "Shareholder returns" counts dividend growth only, not buybacks.
| Measure | Rank among the 100 (percentile) | Inputs |
|---|---|---|
| Growth (5y revenue CAGR) | 57 | 5y revenue CAGR: 10.63% · Stocks ranked (n): 87 |
| Profitability (ROE, 3y average) | 51 | ROE (3y average): 10.27% · Stocks ranked (n): 100 |
| Balance sheet (equity ratio) | 53 | Equity ratio: 48.54% · Stocks ranked (n): 100 |
| Valuation vs own history (PBR) | insufficient data | Current PBR: 3.14x · 10y median PBR: — · Stocks ranked (n): 0 |
| Shareholder returns (DPS CAGR) | 26 | 5y DPS CAGR: 8.73% · Buyback yield: — · Stocks ranked (n): 95 |
| Momentum (52-week range position) | insufficient data | 52-week range position: — · Stocks ranked (n): 0 |
Themes
No theme matched this company's filings.
What changed since last week
- 2914: PBR moved from 2.97x to 3.14x.