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Japan Tobacco Inc. 2914.T

JP · Tokyo Stock Exchange · XTKS · stock · Consumer Defensive · website

Japan Tobacco Inc. statistics & valuation

Market cap¥12.66T
P / E24.8×
P / S3.7×
P / B3.1×
P / FCF36.0×
Dividend yield2.82%
Net margin14.7%
Return on equity12.5%
FCF margin10.1%
Net debt¥847.6B
Enterprise value USD$85.1B
Earnings yield EBIT/EV6.3%
Return on capital13.2%
Graham number -45.9%¥3,857.78

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (¥3,857.78); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
16.70% 17.00% 5.90% 14.70% 2022202320242025
Gross margin (%)
59.00% 56.80% 54.90% 56.20% 2022202320242025
Operating margin (%)
24.30% 23.40% 9.90% 24.60% 2022202320242025
Return on equity (%)
12.50% 12.60% 4.80% 12.50% 2022202320242025
Shares outstanding
1.78B 1.78B 1.78B 1.78B 2022202320242025
Net debt (¥)
¥91.43B ¥102.05B ¥642.22B ¥847.55B 2022202320242025
Share buybacks (¥)
¥1.0M ¥1.0M ¥2.0M ¥1.62B 2022202320242025
Return on assets (%)
6.80% 6.60% 2.10% 6.10% 2022202320242025
Free cash flow margin (%)
14.50% 15.80% 15.70% 10.10% 2022202320242025
Debt / equity (×)
0.27× 0.30× 0.46× 0.41× 2022202320242025
EPS (¥)
¥249.36 ¥271.63 ¥100.94 ¥287.33 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Japan Tobacco Inc. trades at about 24.8× earnings — above its 10-year norm (10-year range 10.6×–39.4×, median 19.4×).

10.6× 39.4×

Shaded band = 10-year range (10.6×–39.4×); dot = today's 24.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Gross margin56.2%54.9%56.8%59.0%
Operating margin24.6%9.9%23.4%24.3%
Net margin14.7%5.9%17.0%16.7%
FCF margin10.1%15.7%15.8%14.5%
Return on assets6.1%2.1%6.6%6.8%
Return on equity12.5%4.8%12.6%12.5%
Debt / equity0.39×0.41×0.24×0.23×
Current ratio1.931.671.691.74

Computed from company filings · JP · as of 2025-12-31. Figures in JPY. Facts plus Stocktoria's own computed scores — not investment advice.