Japan Tobacco - Public Comps and Valuation Multiples

Japan Tobacco Overview

About Japan Tobacco

Japan Tobacco primarily sells cigarettes and reduced-risk products, organized in three clusters consisting of Asia (which includes its home market and countries in Asia Pacific), Western Europe, and EMA (which includes Eastern Europe, the Middle East North Africa, Turkey, Americas, and duty-free). Its leading cigarette brands include Winston (non-US), Camel (non-US), Mevius, and LD. Its reduced-risk brands include Logic in vaping and Ploom in heated tobacco, though this category generates less than 5% of tobacco sales.

Founded

1985

HQ

Employees

59.3K+

Website

jti.co.jp

Sectors

Tobacco

Financials

LTM Revenue $22.1B

LTM EBITDA $6.3B

EV

$62.7B

Valuation Multiples

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Japan Tobacco Financials

As of September 2025, Japan Tobacco reported last 12-month revenue of $22.1B and EBITDA of $6.3B.

In the same period, Japan Tobacco generated $12.8B in LTM gross profit and $3.3B in net income.

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Japan Tobacco P&L

In the most recent fiscal year, Japan Tobacco reported revenue of $20.7B and EBITDA of $3.8B.

Japan Tobacco expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$22.1B	XXX	$20.7B	XXX	XXX	XXX
Gross Profit	$12.8B	XXX	$11.4B	XXX	XXX	XXX
Gross Margin	58%	XXX	55%	XXX	XXX	XXX
EBITDA	$6.3B	XXX	$3.8B	XXX	XXX	XXX
EBITDA Margin	29%	XXX	18%	XXX	XXX	XXX
EBIT	$5.3B	XXX	$2.0B	XXX	XXX	XXX
EBIT Margin	24%	XXX	10%	XXX	XXX	XXX
Net Profit	$3.3B	XXX	$1.2B	XXX	XXX	XXX
Net Margin	15%	XXX	6%	XXX	XXX	XXX
Net Debt	XXX	XXX	$4.2B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Japan Tobacco including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $22.1B. EBITDA for the last twelve months was $6.3B. In the most recent fiscal year, Japan Tobacco achieved $20.7B in revenue and $3.8B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$22.1B	Analyst estimates available to subscribers	$20.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$12.8B	Analyst estimates available to subscribers	$11.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	57.8% gross margin	Analyst estimates available to subscribers	55.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$6.3B	Analyst estimates available to subscribers	$3.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	28.7% EBITDA margin	Analyst estimates available to subscribers	18.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$5.3B	Analyst estimates available to subscribers	$2.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	23.9% EBIT margin	Analyst estimates available to subscribers	9.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$3.3B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	14.8% net profit margin	Analyst estimates available to subscribers	5.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$4.2B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Japan Tobacco

This financial data table provides comprehensive performance metrics for Japan Tobacco, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Japan Tobacco generated $22.1B in revenue over the last twelve months.
The company achieved $6.3B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $12.8B.
Net income over the last twelve months reached $3.3B.

Fiscal Year Performance

In the most recent fiscal year, Japan Tobacco reported $20.7B in total revenue.
Fiscal year EBITDA was $3.8B.
The company maintained a gross profit margin of 55.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 18.2%.
Net profit margin reached 5.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Japan Tobacco. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Japan Tobacco Stock Performance

Japan Tobacco has current market cap of JPY 8.89T (or $58.3B), and EV of JPY 9.55T (or $62.7B).

Market Cap Evolution

Japan Tobacco Stock Data

As of October 17, 2025, Japan Tobacco's stock price is JPY 5007 (or $33).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$62.7B	$58.3B	XXX	XXX	XXX	XXX	$1.86

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Japan Tobacco Valuation Multiples

Japan Tobacco's trades at 3.0x EV/Revenue multiple, and 16.7x EV/EBITDA.

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Japan Tobacco Financial Valuation Multiples

As of October 17, 2025, Japan Tobacco has market cap of $58.3B and EV of $62.7B.

Equity research analysts estimate Japan Tobacco's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Japan Tobacco has a P/E ratio of 17.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$58.3B	XXX	$58.3B	XXX	XXX	XXX
EV (current)	$62.7B	XXX	$62.7B	XXX	XXX	XXX
EV/Revenue	2.8x	XXX	3.0x	XXX	XXX	XXX
EV/EBITDA	9.9x	XXX	16.7x	XXX	XXX	XXX
EV/EBIT	11.9x	XXX	30.8x	XXX	XXX	XXX
EV/Gross Profit	4.9x	XXX	n/a	XXX	XXX	XXX
P/E	17.8x	XXX	49.6x	XXX	XXX	XXX
EV/FCF	21.8x	XXX	19.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Japan Tobacco Margins & Growth Rates

Japan Tobacco's last 12 month revenue growth is 5%

Japan Tobacco's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Japan Tobacco's rule of 40 is 37% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Japan Tobacco's rule of X is 41% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Japan Tobacco Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	7%	XXX	XXX	XXX
EBITDA Margin	29%	XXX	18%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	5%	XXX	XXX	XXX
Rule of 40	37%	XXX	23%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	41%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	45%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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