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Japan Tobacco (2914) JPY

At a glance: strengths & risks
✓Revenue growing (+12% y/y, Q3 2026)✓Low leverage (0.8x EBITDA)

Sector: Tobacco

JP_2914

Price chart

5 944 JPYDay -0.87%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
5 944 JPY · -0.87%
Market cap
10553.2 bn JPY

Growth

Δ revenue y/y
11.8%
Δ EBITDA y/y
5.2%

Multiples

P/E (LTM)
17.1x
3y avg: 24.4x
P/B (FY)
2.6x
P/E (ann.)
14.1x
EV/EBITDA (LTM)
9.2x
3y avg: 11.5x
EV/EBITDA (ann.)
8.2x

Cash return

Dividend yield
4.5%
FCF yield (LTM)
7.5%

Value creation

fundamental value/yr, % of market cap
Value created / year

Liquidity

Daily turnover (listing)
78.4 bln JPY

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B JPY, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB JPYOperating profitB JPYD&AB JPYEBITDAB JPYNet profitB JPYOperating CFB JPYCapex + M&AB JPYAssetsB JPYEquityB JPYROE (annualized)Net debtB JPYSource
2026-09-30Q3 2026 (3M)OK1005.3
y/y 11.8%
300.0
y/y 7.3%
45.5
y/y -6.8%
345.5
y/y 5.2%
187.1
y/y -2.5%
399.9-40.08437.5
y/y 3.0%
4120.9
y/y -0.5%
17.6%786.1Yahoo Finance
2026-06-30Q2 2026 (3M)OK1062.1
y/y 17.0%
337.1
y/y 48.7%
45.9
y/y -5.4%
383.0
y/y 39.1%
234.8
y/y 44.6%
291.7-33.38670.0
y/y 4.9%
4394.0
y/y 8.2%
22.2%848.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK924.0
y/y —
302.4
y/y —
44.4
y/y —
346.8
y/y —
197.0
y/y —
39.6-27.18351.2
y/y —
4085.4
y/y —
19.3%1083.0Yahoo Finance
2025-12-31Q4 2025 (3M)OK833.6
y/y —
101.0
y/y —
49.6
y/y —
150.6
y/y —
-1.6
y/y —
227.1-55.78419.2
y/y 0.6%
4086.9
y/y 8.5%
12.4%847.6Yahoo Finance
2025-09-30Q3 2025 (3M)OK899.5
y/y —
279.5
y/y —
48.8
y/y —
328.4
y/y —
191.8
y/y —
119.5-45.38195.0
y/y —
4142.5
y/y —
18.7%884.6Yahoo Finance
2025-06-30Q2 2025 (3M)OK907.6
y/y —
226.7
y/y —
48.6
y/y —
275.3
y/y —
162.4
y/y —
174.0-30.68262.8
y/y —
4059.6
y/y —
16.6%761.2Yahoo Finance
2024-12-31FY 2024 (12M)OK3056.7
y/y 7.6%
301.3
y/y -54.6%
179.8
y/y 1.4%
481.2
y/y -42.8%
179.2
y/y -62.8%
630.0-150.48370.7
y/y 14.9%
3766.6
y/y -1.7%
4.7%642.2Yahoo Finance
2023-12-31FY 2023 (12M)OK2841.1
y/y —
664.1
y/y —
177.4
y/y —
841.5
y/y —
482.3
y/y —
566.3-116.67282.1
y/y —
3830.2
y/y —
—102.1Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (JPY mln)

01 000 0002 000 0003 000 0004 000 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-50%-25%0%25%50%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) (JPY mln)

0100 000200 000300 000400 000500 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash (JPY mln)

0250 000500 000750 0001 000 0001 250 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.13x of reported net profit; after capex, 0.90x.
year2022202320242025
cash flow / profit1.09x1.17x3.52x1.01x
accruals, % of assets-0.6%-1.1%-5.4%-0.1%
Last twelve months (to 2026-09-30): 1.55x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +6.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (345 498 − 328 371) × 3.55
60 773
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (10 553 154 + 786 135) ÷ 1 225 960
9.2x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (9.2 + 10) ÷ 2
9.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 98 470 + 0 + 0 − 0
98 470
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (60 773 × 9.6 + 98 470) ÷ 10 553 154
+6.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +13% vs +8% the year before — a +5.9 pp move. 3-year CAGR +9%.
revenue growth by year: 2023 +7% · 2024 +8% · 2025 +13%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-29136 JPYEx-dividend: 136 JPY per sharePaidYahoo Finance (ex-div)
2025-12-29130 JPYEx-dividend: 130 JPY per sharePaidYahoo Finance (ex-div)
2025-06-27104 JPYEx-dividend: 104 JPY per sharePaidYahoo Finance (ex-div)
2024-12-2797 JPYEx-dividend: 97 JPY per sharePaidYahoo Finance (ex-div)
2024-06-2797 JPYEx-dividend: 97 JPY per sharePaidYahoo Finance (ex-div)
2023-12-28100 JPYEx-dividend: 100 JPY per sharePaidYahoo Finance (ex-div)
2023-06-2994 JPYEx-dividend: 94 JPY per sharePaidYahoo Finance (ex-div)
2022-12-29113 JPYEx-dividend: 113 JPY per sharePaidYahoo Finance (ex-div)
2022-06-2975 JPYEx-dividend: 75 JPY per sharePaidYahoo Finance (ex-div)
2021-12-2975 JPYEx-dividend: 75 JPY per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Japan Tobacco (2914) — from primary filings.

Frequently asked questions

What is Japan Tobacco (2914)'s P/E ratio?
Japan Tobacco (2914) trades at a P/E of 17.1x (price to trailing 12-month earnings).
What is Japan Tobacco (2914)'s EV/EBITDA?
Japan Tobacco (2914) trades at 9.2x EV/EBITDA.
What is Japan Tobacco (2914)'s P/B ratio?
Japan Tobacco (2914) trades at a P/B of 2.6x.
What is Japan Tobacco (2914)'s dividend yield?
Japan Tobacco (2914)'s trailing 12-month dividend yield is 4.5%.
What is Japan Tobacco (2914)'s return on equity (ROE)?
Japan Tobacco (2914)'s ROE is 17.6%.
What is Japan Tobacco (2914)'s market capitalization?
Japan Tobacco (2914)'s market cap is 10553.2 bn JPY.

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