2914
JAPAN TOBACCO INC.
日本たばこ産業株式会社
Consumer Defensive · Tobacco
Japan Tobacco Inc., a tobacco company, engages in the manufacture and sale of tobacco products in Japan and internationally. It operates through two segments: Tobacco Business and Processed Food Business. It offers tobacco products, such as cigarettes, fine cut tobacco products, cigars, pipes, and hookah products. The company provides reduced-risk products, including heated tobacco, infused tobacco, e-vapor, traditional oral, and modern oral. Further, the company provides frozen and room-temperature products comprising frozen udon noodles, packed rice, and frozen okonomiyaki; and seasonings, including yeast extracts, assembled, kelp and seaweed, and oyster sauces. It offers its products under the Winston, Camel, Möbius, and LD brands. Japan Tobacco Inc. was founded in 1898 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
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Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥3,467.7B
¥3,149.8B
¥2,841.1B
¥2,657.8B
¥2,324.8B
Cost of Sales
¥1,519.1B
¥1,407.5B
¥1,226.0B
¥1,091.0B
¥956.9B
Gross Profit
¥1,948.6B
¥1,742.3B
¥1,615.1B
¥1,566.8B
¥1,368.0B
SG&A
¥1,178.2B
¥1,462.9B
¥981.1B
¥941.5B
¥888.6B
Operating Income
¥867.0B
¥323.5B
¥672.4B
¥653.6B
¥499.0B
Non-Operating Income
¥67.9B
¥69.5B
¥44.4B
¥31.1B
¥19.0B
Non-Operating Expenses
¥195.2B
¥159.2B
¥95.2B
¥91.3B
¥45.6B
Pre-tax Income
¥739.8B
¥233.8B
¥621.6B
¥593.5B
¥472.4B
Net Income (owners)
¥510.2B
¥179.2B
¥482.3B
¥442.7B
¥338.5B
Minority Interest
¥3.0B
¥3.4B
¥3.0B
¥1.5B
¥1.7B
Comprehensive Income
¥686.4B
¥288.6B
¥668.2B
¥998.2B
¥540.3B
EBITDA
¥1,062.9B
¥503.3B
¥852.1B
¥853.2B
¥686.1B
EPS
¥287.36
¥100.95
¥271.69
¥249.45
¥190.76
Shares Outstanding
1.78B
1.78B
1.78B
1.77B
1.77B
Shares Issued (total)
2.00B
2.00B
2.00B
2.00B
2.00B
Treasury Shares
224.2M
224.4M
224.7M
225.1M
225.5M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥8,419.2B
¥8,370.7B
¥7,282.1B
¥6,548.1B
¥5,774.2B
Current Assets
¥3,711.1B
¥3,577.6B
¥3,259.6B
¥2,723.6B
¥2,321.3B
Cash & Deposits
¥831.1B
¥1,084.6B
¥1,040.2B
¥866.9B
¥721.7B
Non-Current Assets
¥4,708.1B
¥4,793.2B
¥4,022.5B
¥3,824.5B
¥3,452.9B
PP&E
¥979.8B
¥907.7B
¥821.5B
¥776.0B
¥755.8B
Goodwill
¥2,923.1B
¥2,914.3B
¥2,616.4B
¥2,446.1B
¥2,061.0B
Intangible Assets
¥395.7B
¥486.5B
¥207.0B
¥246.4B
¥307.2B
Deferred Tax Assets
¥158.5B
¥183.6B
¥89.4B
¥91.4B
¥120.4B
Total Liabilities
¥4,303.9B
¥4,522.0B
¥3,369.6B
¥2,931.3B
¥2,888.1B
Current Liabilities
¥1,927.3B
¥2,148.6B
¥1,927.3B
¥1,562.7B
¥1,500.3B
ST Debt
¥79.6B
¥178.7B
¥233.3B
¥137.3B
¥142.9B
Non-Current Liabilities
¥2,376.6B
¥2,373.4B
¥1,442.3B
¥1,368.7B
¥1,387.8B
Total LT Borrowings
¥1,599.1B
¥1,548.1B
¥908.9B
¥821.0B
¥775.7B
Deferred Tax Liab.
¥129.6B
¥124.5B
¥40.6B
¥40.1B
¥70.0B
Total Equity
¥4,115.4B
¥3,848.7B
¥3,912.5B
¥3,616.8B
¥2,886.1B
Capital Surplus
¥737.1B
¥736.7B
¥736.5B
¥736.4B
¥736.4B
Retained Earnings
¥3,213.6B
¥3,036.9B
¥3,192.3B
¥3,089.9B
¥2,863.8B
Treasury Stock
¥-489.7B
¥-488.6B
¥-489.2B
¥-490.2B
¥-490.9B
AOCI
¥526.1B
¥381.6B
¥290.6B
¥104.3B
¥-400.1B
Equity (owners)
¥4,086.9B
¥3,766.6B
¥3,830.2B
¥3,540.4B
¥2,809.3B
Minority Interests
¥28.5B
¥82.1B
¥82.3B
¥76.3B
¥76.8B
Total Interest-Bearing Debt ⓘ
¥1,678.7B
¥1,726.8B
¥1,142.3B
¥958.3B
¥918.6B
Net Cash ⓘ
¥-847.6B
¥-642.2B
¥-102.1B
¥-91.4B
¥-196.9B
NCAV ⓘ
¥-592.8B
¥-944.4B
¥-110.0B
¥-207.7B
¥-566.8B
NCAV/Share
¥-334
¥-532
¥-62
¥-117
¥-319
BV/Share
¥2,301
¥2,121
¥2,157
¥1,995
¥1,583
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥514.1B
¥630.0B
¥567.0B
¥483.8B
¥598.9B
D&A
¥195.9B
¥179.8B
¥179.7B
¥199.7B
¥187.1B
Investing CF
¥-265.0B
¥-439.8B
¥-126.1B
¥-101.8B
¥-97.5B
CapEx
¥143.2B
¥127.8B
¥94.9B
¥81.4B
¥86.3B
Financing CF
¥-475.5B
¥-94.9B
¥-270.5B
¥-306.2B
¥-353.1B
Free Cash Flow
¥370.9B
¥502.2B
¥472.2B
¥402.4B
¥512.6B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
12.8%
4.6%
12.8%
13.6%
11.7%
ROA
6.1%
2.3%
7.0%
7.2%
5.9%
EPS
¥287.36
¥100.95
¥271.69
¥249.45
¥190.76
DPS
¥234.00
¥194.00
¥194.00
¥188.00
¥140.00
FCF/Share
¥209
¥283
¥266
¥227
¥289
NCAV/Share
¥-334
¥-532
¥-62
¥-117
¥-319
Payout Ratio
81.4%
192.2%
71.4%
75.4%
73.4%
No filings or capital allocation signals recorded for this company.
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 7
#
Shareholder
Shares (thou.)
% of Total
1
財務大臣
666,885,200
37.55%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行株式会社(信託口)
185,067,100
10.42%
3
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
61,682,800
3.47%
4
SMBC日興証券株式会社
25,349,545
1.43%
5
THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND (常任代理人 シティバンク、エヌ・エイ東京支店)
23,081,600
1.30%
6
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部)
22,464,277
1.27%
7
JPMorgan Chase Bank, N.A.
JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部)
16,019,033
0.90%
8
BNY Mellon (Nominee)
バークレイズ証券株式会社 BNYM (常任代理人 株式会社三菱UFJ銀行)
15,000,000
0.84%
9
JPモルガン証券株式会社
14,991,295
0.84%
10
日本証券金融株式会社
13,105,400
0.74%
Domestic Nominees
13.9%
+0.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.0%
+0.1% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
41.9%
+0.5% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
財務大臣
37.57%
37.56%
37.55%
-0.01%
日本マスタートラスト信託銀行
9.83%
10.24%
10.42%
+0.18%
日本カストディ銀行
3.49%
3.56%
3.47%
-0.09%
SMBC日興証券
1.83%
1.85%
1.43%
-0.42%
THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND
NEW ENTRY
—
—
—
1.30%
NEW
State Street
1.41%
1.45%
1.27%
-0.18%
JP Morgan
NEW ENTRY
0.77%
—
0.90%
NEW
BNY Mellon
0.91%
1.44%
0.84%
-0.60%
JPモルガン証券
NEW ENTRY
—
—
—
0.84%
NEW
日本証券金融
0.97%
0.68%
0.74%
+0.06%
JTグループ社員持株会
last seen 2024
Exited Top 10
0.67%
0.64%
—
JPモルガン証券
last seen 2024
Exited Top 10
—
0.59%
—
みずほ証券
last seen 2023
Exited Top 10
0.53%
—
—
Concentration (HHI)
ⓘ
1529
1537
1539
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥13,517M
+5% since 2023
Holdings
7
+1 new
2 exited
Trend
2 building
vs 2023
Held Company
FY2025
¥13,517M total
FY2023
¥12,912M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Seven & i Holdings Co., Ltd.
㈱セブン&アイ・ホールディングス
5,752
+200.0%
↑
2,556,000
4,767
852,000
DOUTOR NICHIRES Holdings.,Co Ltd.
㈱ドトール・日レスホールディングス
3,429
1,320,000
2,876
1,320,000
Japan Airport Terminal Co.,Ltd.
日本空港ビルデング㈱
1,754
400,000
2,484
400,000
NIPPON EXPRESSホールディングス㈱
1,740
+200.0%
↑
519,120
1,387
173,040
M
㈱
842
NEW
New
602,000
—
Central Japan Railway Company
東海旅客鉄道㈱
—
—
M
TOKYO AUTOMATIC MACHINERY WORKS, LTD
㈱東京自働機械製作所
—
—
M
DAICEL CORPORATION
㈱ダイセル
—
−100%
Exit
—
822
602,000
M
Yoshimura Food Holdings K.K.
㈱ヨシムラ・フード・ホールディングス
—
−100%
Exit
—
576
552,500
Portfolio total
13,517
12,912
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding