Earnings quality
Compare earnings and operating cash flow for earnings quality.
Japan Tobacco Inc.
Ticker 2914 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-23 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 48.5%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio48.5%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
日本たばこ産業株式会社 is a Japanese listed company. Its reportable segments include Processed Food, Tobacco, Operating Segments Not Included In, Disclosure Of Changes In.
- Processed Food
- Tobacco
- Operating Segments Not Included In
- Disclosure Of Changes In
Segments Processed Food · Tobacco · Operating Segments Not Included In · Disclosure Of Changes In
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.7T | ¥1.9T |
| Operating profit (loss) | ¥314.2B | ¥867.0B |
| Finance income | ¥69.0B | ¥67.9B |
| Finance costs | ¥158.9B | ¥195.2B |
| Income tax expense | ¥50.4B | ¥238.7B |
| Profit (loss) | ¥182.6B | ¥513.2B |
| Profit (loss) attributable to owners | ¥179.2B | ¥510.2B |
| Basic EPS (¥) | 100.95 | 287.36 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥1.1T | ¥831.1B |
| Current assets | ¥3.6T | ¥3.7T |
| Non-current assets | ¥4.8T | ¥4.7T |
| Total assets | ¥8.4T | ¥8.4T |
| Short-term borrowings | — | — |
| Current liabilities | ¥2.1T | ¥1.9T |
| Non-current liabilities* | ¥2.4T | ¥2.4T |
| Total liabilities | ¥4.5T | ¥4.3T |
| Equity attributable to owners | ¥3.8T | ¥4.1T |
| Total equity | ¥3.8T | ¥4.1T |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥630.0B | ¥514.1B |
| Cash flows from investing activities | -¥439.8B | -¥265.0B |
| Cash flows from financing activities | -¥94.9B | -¥475.5B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥1.1T | ¥831.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.3T | ¥2.7T | ¥2.8T | ¥3.1T | ¥3.5T | |
| Operating profit | — | — | — | ¥314.2B | ¥867.0B | |
| Profit to owners | ¥338.5B | ¥442.7B | ¥482.3B | ¥179.2B | ¥510.2B | |
| Total assets | ¥5.8T | ¥6.5T | ¥7.3T | ¥8.4T | ¥8.4T | |
| Cash & equivalents | ¥721.7B | ¥866.9B | ¥1.0T | ¥1.1T | ¥831.1B | |
| Owners’ equity | — | — | — | ¥3.8T | ¥4.1T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from ¥1.7T to ¥1.9T, while operating profit swung from ¥314.2B to ¥867.0B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥514.1B (prior ¥630.0B), and cash on the balance sheet rose to ¥831.1B from ¥1.1T. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥4.3T while owners’ equity fell to ¥4.1T. ROE moved from 4.7% to 13.0%, and the equity ratio from 45.0% to 48.5%. Employee count is 52,867 vs 53,593 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
Was this page helpful?
Source: EDINET S100XSSA
(日本たばこ産業株式会社), period end 2025-12-31.