Financials Japan Tobacco Inc.

Equities

2914

JP3726800000

Tobacco

Market Closed - Japan Exchange Other stock markets 12:00:00 13/02/2026 pm IST			5-day change	1st Jan Change
6,087.00 ^JPY	-0.86%		+0.79%	+7.93%

13/02	Japan's tax changes on heated tobacco threaten JTI product growth this year, CFO says	RE
12/02	Japan Tobacco Inc. Provides Dividend Guidance for the Second Quarter of Fiscal Year Ending December 31, 2026 and Announces Year End Dividend for the Year Ended December 31, 2025, Payable on March 26, 2026	CI

Projected Income Statement: Japan Tobacco Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	20,92,561	23,24,838	26,57,832	28,41,077	31,49,759	34,67,675	36,71,394	38,18,354
Change	-	11.1%	14.32%	6.89%	10.86%	10.09%	5.87%	4%
EBITDA ¹	6,48,708	6,86,078	8,53,226	8,52,062	8,77,040	10,62,937	11,36,252	11,71,475
Change	-	5.76%	24.36%	-0.14%	2.93%	21.2%	6.9%	3.1%
EBIT ¹	4,69,054	4,99,021	6,53,575	6,72,410	6,97,203	8,67,038	9,70,025	10,22,371
Change	-	6.39%	30.97%	2.88%	3.69%	24.36%	11.88%	5.4%
Interest Paid ¹	-61,344	-45,645	-91,272	-95,222	-89,695	-1,95,194	-86,575	-81,075
Earnings before Tax (EBT) ¹	4,20,063	4,72,390	5,93,450	6,21,601	6,07,509	7,39,786	8,69,771	9,28,901
Change	-	12.46%	25.63%	4.74%	-2.27%	21.77%	17.57%	6.8%
Net income ¹	3,10,253	3,38,490	4,42,716	4,82,288	4,63,369	5,10,175	6,37,085	6,90,753
Change	-	9.1%	30.79%	8.94%	-3.92%	10.1%	24.88%	8.42%
Announcement Date	09/02/21	14/02/22	14/02/23	13/02/24	13/02/25	12/02/26	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	5,61,882	5,00,464	5,47,366	5,97,130	6,31,600	5,58,763	5,81,505	6,85,323	7,41,670	6,49,284	6,65,278	7,27,534	7,64,206	6,84,059	7,40,333	8,29,559	8,23,386	7,56,481	8,26,981	9,07,562	8,99,485	8,12,848	8,97,144	9,76,897	10,26,278	8,80,804
Change	-	-10.93%	9.37%	9.09%	5.77%	-11.53%	4.07%	17.85%	8.22%	-12.46%	2.46%	9.36%	5.04%	-10.49%	8.23%	12.05%	-0.74%	-8.13%	9.32%	9.74%	-0.89%	-9.63%	10.37%	8.89%	5.05%	-14.17%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,38,211	78,873	1,60,129	1,61,971	1,58,600	18,325	1,78,368	2,04,604	1,96,330	91,372	2,06,404	2,07,151	2,18,292	40,563	2,15,818	2,16,844	2,03,967	60,574	2,48,758	2,31,113	2,83,064	92,657	2,75,081	2,84,255	2,82,755	1,17,682
Change	-	-42.93%	103.02%	1.15%	-2.08%	-88.45%	873.36%	14.71%	-4.04%	-53.46%	125.89%	0.36%	5.38%	-81.42%	432.06%	0.48%	-5.94%	-70.3%	310.67%	-7.09%	22.48%	-67.27%	196.88%	3.34%	-0.53%	-58.38%
Charge d'intérêts ¹	-20,688	-10,890	-7,325	-7,579	-17,783	-12,958	-8,819	-23,054	-29,630	-29,769	-30,741	-26,378	-18,173	-	-29,429	-	-42,257	-	-40,108	-39,088	-13,723	-34,200	-	-	-	-
Earnings before Tax (EBT) ¹	1,19,597	74,505	1,56,342	1,57,753	1,49,726	8,569	1,74,699	1,86,286	1,74,611	57,854	1,83,146	1,90,284	2,12,779	35,392	2,01,266	1,97,807	1,81,199	27,237	2,26,069	2,11,752	2,69,341	58,201	2,79,523	2,74,546	2,72,744	91,725
Change	-	-37.7%	109.84%	0.9%	-5.09%	-94.28%	1,938.73%	6.63%	-6.27%	-66.87%	216.57%	3.9%	11.82%	-83.37%	468.68%	-1.72%	-8.4%	-84.97%	730.01%	-6.33%	27.2%	-78.39%	380.27%	-1.78%	-0.66%	-66.37%
Net income ¹	85,405	52,305	1,13,786	1,11,414	1,13,600	-323	1,24,110	1,39,953	1,39,740	38,916	1,44,684	1,42,325	1,55,001	40,278	1,57,266	1,47,906	1,37,242	20,955	1,57,480	1,62,425	1,91,844	60,421	1,91,456	1,94,365	1,97,066	68,259
Change	-	-38.76%	117.54%	-2.08%	1.96%	-100.28%	38,524.15%	12.77%	-0.15%	-72.15%	271.79%	-1.63%	8.91%	-74.01%	290.45%	-5.95%	-7.21%	-84.73%	651.52%	3.14%	18.11%	-68.5%	216.87%	1.52%	1.39%	-65.36%
Announcement Date	30/10/20	09/02/21	30/04/21	30/07/21	29/10/21	14/02/22	28/04/22	29/07/22	31/10/22	14/02/23	02/05/23	31/07/23	31/10/23	13/02/24	09/05/24	02/08/24	31/10/24	13/02/25	07/05/25	31/07/25	30/10/25	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2025 S1	2025 S2
Net sales ¹	11,44,500	11,80,338	12,66,828	13,91,004	13,92,812	14,48,265	15,69,892	17,34,543	17,33,132
Change	-	3.13%	7.33%	9.8%	0.13%	3.98%	8.4%	10.49%	-0.08%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT ¹	3,22,100	-	3,82,972	2,70,603	4,13,555	2,58,855	4,32,662	4,79,871	3,87,167
Change	-	-	-	-29.34%	52.83%	-37.41%	67.14%	10.91%	-19.32%
Charge d'intérêts	-14,904	-30,741	-31,873	-	-57,119	-	-65,074	-79,196	-
Earnings before Tax (EBT) ¹	3,14,095	-	3,60,985	-	3,73,430	2,48,171	3,99,073	4,37,821	3,01,965
Change	-	-	-	-	-	-33.54%	60.81%	9.71%	-31.03%
Net income ¹	2,25,200	-	2,64,063	-	2,87,009	1,95,279	3,05,172	3,19,905	1,90,270
Change	-	-	-	-	-	-31.96%	56.27%	4.83%	-40.52%
Announcement Date	30/07/21	14/02/22	29/07/22	14/02/23	31/07/23	13/02/24	02/08/24	31/07/25	12/02/26

¹JPY in Million

Estimates

Forecast Balance Sheet: Japan Tobacco Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	4,78,961	1,96,891	91,426	1,02,053	4,63,553	6,33,993	7,19,388	5,11,854
Change	-	-58.89%	-53.57%	11.62%	354.23%	36.77%	13.47%	-28.85%
Announcement Date	09/02/21	14/02/22	14/02/23	13/02/24	13/02/25	12/02/26	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Japan Tobacco Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,08,620	86,350	1,01,044	1,25,361	1,50,691	1,55,138	1,62,628	1,67,727
Change	-	-20.5%	17.02%	24.07%	20.21%	2.95%	-3.61%	3.14%
Free Cash Flow (FCF) ¹	4,11,213	5,01,410	3,81,977	4,41,653	4,79,320	3,58,918	6,23,613	7,08,192
Change	-	21.93%	-23.82%	15.62%	8.53%	-25.12%	30.2%	13.56%
Announcement Date	09/02/21	14/02/22	14/02/23	13/02/24	13/02/25	12/02/26	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Japan Tobacco Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	31%	29.51%	32.1%	29.99%	27.84%	30.65%	30.95%	30.68%
EBIT Margin (%)	22.42%	21.46%	24.59%	23.67%	22.14%	25%	26.42%	26.78%
EBT Margin (%)	20.07%	20.32%	22.33%	21.88%	19.29%	21.33%	23.69%	24.33%
Net margin (%)	14.83%	14.56%	16.66%	16.98%	14.71%	14.71%	17.35%	18.09%
FCF margin (%)	19.65%	21.57%	14.37%	15.55%	15.22%	10.35%	16.99%	18.55%
FCF / Net Income (%)	132.54%	148.13%	86.28%	91.57%	103.44%	70.35%	97.89%	102.52%
Profitability
ROA	7.68%	8.47%	9.63%	8.99%	7.81%	8.81%	8.1%	8.12%
ROE	12%	12.7%	13.9%	13.1%	4.7%	13%	15.76%	16.11%
Financial Health
Leverage (Debt/EBITDA)	0.74x	0.29x	0.11x	0.12x	0.53x	0.61x	0.63x	0.44x
Debt / Free cash flow	1.16x	0.39x	0.24x	0.23x	0.97x	1.32x	1.15x	0.72x
Capital Intensity
CAPEX / Current Assets (%)	5.19%	3.71%	3.8%	4.41%	4.78%	4.47%	4.43%	4.39%
CAPEX / EBITDA (%)	16.74%	12.59%	11.84%	14.71%	17.18%	14.6%	14.31%	14.32%
CAPEX / FCF (%)	26.41%	17.22%	26.45%	28.38%	31.44%	43.22%	26.08%	23.68%
Items per share
Cash flow per share ¹	276.1	296.2	362	372.9	354.8	397.7	398.4	427.1
Change	-	7.26%	22.21%	3.02%	-4.84%	12.08%	4.58%	7.21%
Dividend per Share ¹	154	140	188	194	194	232	258.3	278.2
Change	-	-9.09%	34.29%	3.19%	0%	19.59%	11.35%	7.7%
Book Value Per Share ¹	1,422	1,583	1,995	2,157	2,121	2,302	2,422	2,457
Change	-	11.34%	26%	8.16%	-1.67%	8.52%	6.99%	1.44%
EPS ¹	174.9	190.8	249.4	271.7	261	287.4	358.5	388.9
Change	-	9.08%	30.77%	8.92%	-3.94%	10.11%	12.93%	8.47%
Nbr of stocks (in thousands)	17,74,243	17,74,521	17,74,851	17,75,305	17,75,590	17,75,388	17,75,388	17,75,388
Announcement Date	09/02/21	14/02/22	14/02/23	13/02/24	13/02/25	12/02/26	-	-