Overview
Foods

JAPAN TOBACCO INC.

Japan Tobacco Inc. (JT) is the world's third-largest tobacco company (excluding China National Tobacco), selling tobacco products in more than 130 countries and regions under its global flagship brands Winston, Camel, Mevius and LD. It is expanding reduced-risk products such as the Ploom heated tobacco device, and also manufactures and sells frozen/ambient foods and seasonings through TableMark Co., Ltd. JT exited the pharmaceutical business in 2025 following Shionogi's tender offer for Torii Pharmaceutical (completed June 2025), concentrating resources on its core tobacco business.

Market Cap
¥13,385B
US$85.4B
EV
¥14,325B
US$91.4B
Stock¥7,539▲+0.78%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
11.9
x
LTM EV/EBIT
14.1
x
LTM PER
21.5
x
LTM PBR
3.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+30.4%pt
100123
Oct 24, 25 – Oct 23, 26StockTOPIX
1Oct 31, 25Q3 earnings & FY upward revision: net profit 3.1x to ¥562.0bn, dividend raised to ¥234 (+¥26)
2May 11, 26Q1 earnings: Net profit +25%, revenue +15%, beat consensus forecasts
3Jul 31, 26Q2 FY2026/12 earnings announced
MC → EV Bridge
13,385BUS$85.4BMarket Cap1,753BUS$11.2B+ Debt828BUS$5.28B− Cash14.6BUS$93.2M− Inv. Sec.29.1BUS$186M+ NCI14,325BUS$91.4BEV
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Performance & Balance
Revenue 5Y (¥B)
2,325US$14.8B'21/122,658US$17.0B'22/122,841US$18.1B'23/123,057US$19.5B'24/123,468US$22.1B'25/12
EBITDA 5Y (¥B)
686US$4.38B'21/12853US$5.44B'22/12850US$5.42B'23/12494US$3.15B'24/121,063US$6.78B'25/12
Net Income 5Y (¥B)
338US$2.16B'21/12443US$2.82B'22/12482US$3.08B'23/12179US$1.14B'24/12510US$3.25B'25/12
Capital Structure
71%
29%
EquityD/E 0.40xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
722US$4.60B919US$5.86B'21/12867US$5.53B958US$6.11B'22/121,040US$6.63B1,142US$7.28B'23/121,085US$6.92B1,790US$11.4B'24/12831US$5.30B1,753US$11.2B'25/12
Shareholders
Top 10 hold 58.1%
1
Minister of Finance
37.55%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
10.22%
3
Custody Bank of Japan, Ltd. (Trust Account)
3.55%
4
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.89%
5
SMBC Nikko Securities Inc.
1.15%
6
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
0.90%
7
Barclays Securities Japan Limited
0.76%
8
Japan Securities Finance Co.,Ltd.
0.76%
9
Nomura Trust and Banking Co., Ltd. (Investment Trust Account)
0.72%
10
JPMorgan Securities Japan Co., Ltd.
0.61%
Management
15 officers
Kaoru OKAMOTO
Chairman of the Board, Director
Apr 1983 Joined Ministry of Finance Jul 2006 Budget Examiner, Budget Bureau, Ministry of Finance; concurrently Head of General Affairs Division, Budget Bureau Jul 2009 Director, Secretariat Division, Minister's Secretariat, Ministry of Finance Aug 2012 Deputy Director-General, Budget Bureau, Ministry of Finance Jul 2015 Director-General, Minister's Secretariat, Ministry of Finance Jul 2017 Director-General, Budget Bureau, Ministry of Finance Jul 2018 Vice-Minister of Finance (Administrative), Ministry of Finance Jun 2021 Outside Audit & Supervisory Board Member, Yomiuri Land Co., Ltd. (current) Dec 2021 Outside Audit & Supervisory Board Member, The Yomiuri Shimbun Osaka Head Office (current); Outside Audit & Supervisory Board Member, The Yomiuri Shimbun Western Japan Head Office (current) Mar 2022 Director, Vice Chairman of the Board, Japan Tobacco Inc. Jun 2022 Outside Audit & Supervisory Board Member, The Yomiuri Shimbun Tokyo Head Office (current) Jun 2025 Outside Director, Toyota Motor Corporation (current) Mar 2026 Chairman of the Board, Director, Japan Tobacco Inc. (current) Significant concurrent positions: Outside Audit & Supervisory Board Member, Yomiuri Land Co., Ltd.; Outside Audit & Supervisory Board Member, The Yomiuri Shimbun Osaka Head Office; Outside Audit & Supervisory Board Member, The Yomiuri Shimbun Western Japan Head Office; Outside Audit & Supervisory Board Member, The Yomiuri Shimbun Tokyo Head Office; Outside Director, Toyota Motor Corporation
1961-02-20
Masamichi TERAHATA
Director, Vice Chairman of the Board
Apr 1989 Joined Japan Tobacco Inc. Jul 2005 General Manager, Secretariat Office, Japan Tobacco Inc. Jul 2008 General Manager, Corporate Planning Department, Japan Tobacco Inc. Jun 2011 Executive Officer; Chief Planning Officer; in charge of Food Business, Japan Tobacco Inc. Jun 2012 Executive Officer; Chief Planning Officer, Japan Tobacco Inc. Jun 2013 Director; Executive Vice President, JT International S.A. Jan 2018 Executive Officer, President, Japan Tobacco Inc. Mar 2018 Representative Director, President, Japan Tobacco Inc. Jan 2026 Director, Japan Tobacco Inc. Mar 2026 Director, Vice Chairman of the Board, Japan Tobacco Inc. (current)
1965-11-26
Takehiko TSUTSUI
Representative Director, President
Apr 1997 Joined Japan Tobacco Inc. Mar 2012 General Manager, Corporate Planning Department, Japan Tobacco Inc. Jun 2014 Executive Officer; Deputy Chief Planning Officer, Japan Tobacco Inc. Jan 2016 Executive Officer; in charge of Business Development, Japan Tobacco Inc. Jan 2020 Senior Vice President, JT International S.A. Mar 2024 Executive Vice President, JT International S.A. Jan 2026 Executive Officer, President, Japan Tobacco Inc. Mar 2026 Representative Director, President, Japan Tobacco Inc. (current) Significant concurrent positions: Chairman of Supervisory Board, JT International Holding B.V.
1975-01-23
Koji SHIMAYOSHI
Representative Director, Executive Vice President
Apr 1993 Joined Japan Tobacco Inc. Jul 2008 General Manager, Business Planning Office, Tobacco Business Division, Japan Tobacco Inc. Jul 2012 General Manager, Human Resources Department, Japan Tobacco Inc. Jul 2014 General Manager, Human Resources Department; General Manager, Human Resources Planning Department, Japan Tobacco Inc. Oct 2015 Executive Officer; Chief Human Resources Officer, Japan Tobacco Inc. Jan 2017 Executive Officer; Head of Business Planning Office, Tobacco Business Division, Japan Tobacco Inc. Oct 2017 Senior Vice President, JT International S.A. Jan 2018 Executive Vice President, JT International S.A. Jan 2024 Executive Officer, Executive Vice President, Japan Tobacco Inc. Mar 2024 Representative Director, Executive Vice President, Japan Tobacco Inc. (current)
1968-03-07
Megumi NAKANO
Representative Director, Executive Vice President
Apr 1991 Joined Japan Tobacco Inc. Apr 2011 General Manager, M&S Strategy Department, Tobacco Business Division, Japan Tobacco Inc. Jun 2014 President and Representative Director, TS Network Co., Ltd. Jan 2016 Executive Officer; in charge of Communications, Japan Tobacco Inc. Oct 2019 Executive Officer; in charge of Planning, Japan Tobacco Inc. Mar 2020 Director, Japan Growth Investment Alliance Co., Ltd. (current) Jan 2022 Executive Officer; in charge of Management Strategy, Japan Tobacco Inc. Jan 2023 Executive Officer, Executive Vice President, Japan Tobacco Inc. Mar 2023 Representative Director, Executive Vice President, Japan Tobacco Inc. (current) Significant concurrent positions: Director, Japan Growth Investment Alliance Co., Ltd.
1968-03-01
Masato KIDERA
Director
Apr 1976 Joined Ministry of Foreign Affairs Jan 2008 Ambassador for African Affairs, Africa Bureau; concurrently Secretary-General, Fourth Tokyo International Conference on African Development, Ministry of Foreign Affairs Jul 2008 Director-General, International Cooperation Bureau, Ministry of Foreign Affairs Jan 2010 Director-General, Minister's Secretariat, Ministry of Foreign Affairs Sep 2012 Deputy Chief Cabinet Secretary, Cabinet Secretariat Nov 2012 Ambassador Extraordinary and Plenipotentiary to the People's Republic of China Apr 2016 Ambassador Extraordinary and Plenipotentiary to the French Republic Jun 2016 Ambassador Extraordinary and Plenipotentiary to the French Republic; concurrently to the Principality of Andorra and the Principality of Monaco Apr 2020 Advisor, Japan Tobacco Inc. Jun 2020 Outside Director, Marubeni Corporation; Outside Director, Nippon Steel Corporation Mar 2021 Outside Director, Japan Tobacco Inc. (current) Jul 2025 Senior Advisor, Marubeni Corporation (current) Significant concurrent positions: Senior Advisor, Marubeni Corporation
1952-10-10
Tetsuya SHOJI
Director
Apr 1977 Joined Nippon Telegraph and Telephone Public Corporation Jun 2006 Director, General Manager of Human Resources, West Nippon Telegraph and Telephone Corporation (now NTT West Corporation) Jun 2009 Director, Head of General Affairs, Nippon Telegraph and Telephone Corporation (now NTT, Inc.) Jun 2012 President and Representative Director, NTT Communications Corporation (now NTT Docomo Business, Inc.) Jun 2015 President and Representative Director, NTT Communications Corporation Oct 2018 Director, NTT, Inc. (NTT, Inc.) Jun 2020 Senior Advisor, NTT Communications Corporation (now NTT Docomo Business, Inc.) (current) Dec 2020 Outside Director, Circlace Inc. Mar 2021 Outside Director, Sapporo Holdings Ltd. (current) Jun 2021 Outside Director, Hitachi Zosen Corporation (now Kanadevia Corporation) (current); Outside Director, Mitsubishi Logistics Corporation (current) Mar 2022 Outside Director, Japan Tobacco Inc. (current) Significant concurrent positions: Senior Advisor, NTT Docomo Business, Inc.; Outside Director, Sapporo Holdings Ltd.; Outside Director, Kanadevia Corporation; Outside Director, Mitsubishi Logistics Corporation
1954-02-28
Yuko YAMASHINA
Director
Apr 1986 Joined Orient Leasing Co., Ltd. (now ORIX Corporation) Mar 2007 General Manager, Internal Control Division, ORIX Corporation May 2010 Executive Officer, ORIX Life Insurance Corporation Jan 2013 Managing Executive Officer, ORIX Life Insurance Corporation Jan 2014 Executive Officer, ORIX Corporation Jan 2016 Group Executive Officer, ORIX Corporation; President and Representative Director, ORIX Credit Corporation (now Docomo Finance Corporation) Jan 2021 Executive Officer, Chairman, ORIX Credit Corporation (now Docomo Finance Corporation) Mar 2023 Outside Audit & Supervisory Board Member, Japan Tobacco Inc. Mar 2024 Outside Director, Japan Tobacco Inc. (current); Executive Officer, Chairman, ORIX Asset Management Corporation Jan 2025 Advisor, ORIX Corporation (current) Significant concurrent positions: Advisor, ORIX Corporation
1963-05-20
Kenji ASAKURA
Director
Apr 1978 Joined Nagase & Co., Ltd. Apr 2009 Executive Officer; concurrently General Manager, Automotive Materials Division, Nagase & Co., Ltd. Jun 2013 Director, Executive Officer, Nagase & Co., Ltd. Apr 2015 President and Representative Director, Executive Officer, Nagase & Co., Ltd. Apr 2023 Chairman and Representative Director, Nagase & Co., Ltd. (current) Mar 2024 Outside Director, Japan Tobacco Inc. (current) Significant concurrent positions: Chairman and Representative Director, Nagase & Co., Ltd.
1955-12-11
Yukiko UCHIDA
Director
Sep 2003 Visiting Researcher, University of Michigan Sep 2004 Visiting Researcher, Stanford University Jan 2008 Assistant Professor, Kyoto University Research Center for Mind and Life Sciences Apr 2011 Associate Professor, Kyoto University Research Center for Mind and Life Sciences Apr 2019 Professor, Kyoto University Research Center for Mind and Life Sciences Sep 2019 Fellow, Stanford University Center for Advanced Study in the Behavioral Sciences Apr 2020 Deputy Director, Kyoto University Research Center for Mind and Life Sciences Apr 2022 Professor, Kyoto University Institute for the Future of Human Society (current) Apr 2023 Dean, Kyoto University Institute for the Future of Human Society (current) Mar 2026 Outside Director, Japan Tobacco Inc. (current) Significant concurrent positions: Dean and Professor, Kyoto University Institute for the Future of Human Society
1975-07-22
Hideaki KASHIWAKURA
Full-time Audit & Supervisory Board Member
Apr 1991 Joined Japan Tobacco Inc. Jul 2012 General Manager, Accounting Department, Japan Tobacco Inc. Oct 2014 General Manager, M&S Management Department, Tobacco Business Division, Japan Tobacco Inc. Jan 2017 General Manager, Hokkaido Branch, Tobacco Business Division, Japan Tobacco Inc. Jan 2019 Deputy Chief Financial Officer, Japan Tobacco Inc. Jan 2021 President and Representative Director, JT Business Com Co., Ltd. Mar 2023 Full-time Audit & Supervisory Board Member, Japan Tobacco Inc. (current)
1969-02-28
Tsutomu HASHIMOTO
Full-time Audit & Supervisory Board Member
Apr 1991 Joined Japan Tobacco Inc. Mar 2019 General Manager, Internal Audit Department, Japan Tobacco Inc. Mar 2023 Full-time Audit & Supervisory Board Member, Japan Tobacco Inc. (current)
1967-05-31
Shigeru TANIUCHI
Full-time Audit & Supervisory Board Member
Apr 1986 Joined Ministry of Finance Jul 2008 Director, Salaries and Mutual Aid Division, Budget Bureau, Ministry of Finance Jul 2009 Budget Examiner (Agriculture, Forestry and Fisheries), Budget Bureau, Ministry of Finance Jul 2010 Director, National Treasury Division, Financial Bureau, Ministry of Finance Jul 2011 Director, National Property Planning Division, Financial Bureau, Ministry of Finance Jul 2012 Director, Fiscal Investment and Loan Program Division, Financial Bureau, Ministry of Finance Jun 2013 Director, General Affairs Division, Financial Bureau, Ministry of Finance Jul 2014 Deputy Director-General (Social Welfare and War Victims Relief), Minister's Secretariat, Ministry of Health, Labour and Welfare Oct 2015 Deputy Director-General (Health Insurance), Minister's Secretariat, Ministry of Health, Labour and Welfare Jul 2017 Deputy Director-General (Elderly Health Services), Minister's Secretariat, Ministry of Health, Labour and Welfare Jul 2018 Director-General, Social Welfare and War Victims Relief Bureau, Ministry of Health, Labour and Welfare Aug 2020 Deputy Director, Secretariat of the Headquarters for Local Revitalization, Cabinet Secretariat Feb 2021 Concurrently Director, Office for Loneliness and Isolation Countermeasures, Cabinet Secretariat Nov 2021 Deputy Director, Secretariat of the Council for Realization of Digital Garden City Nation, Cabinet Secretariat Dec 2021 Concurrently Director, Preparation Office for Children and Families Agency Establishment Bill, Cabinet Secretariat Jun 2022 Concurrently Director, Preparation Office for Establishment of Children and Families Agency, Cabinet Secretariat Mar 2023 Full-time Outside Audit & Supervisory Board Member, Japan Tobacco Inc. (current)
1962-09-07
Nobuo INADA
Audit & Supervisory Board Member
Apr 1981 Appointed Public Prosecutor Oct 2008 Director-General, Minister's Secretariat, Ministry of Justice Aug 2011 Director-General, Criminal Affairs Bureau, Ministry of Justice Jan 2014 Vice-Minister of Justice, Ministry of Justice Sep 2016 Superintending Prosecutor, Sendai High Public Prosecutors Office Sep 2017 Superintending Prosecutor, Tokyo High Public Prosecutors Office Jul 2018 Prosecutor General Oct 2020 Registered as Attorney-at-law (current) Jun 2021 Outside Director (Audit and Supervisory Committee Member), Nomura Securities Co., Ltd. (current) Mar 2023 Outside Audit & Supervisory Board Member, Japan Tobacco Inc. (current) Jun 2024 Outside Audit & Supervisory Board Member, Sumitomo Corporation Jun 2025 Outside Director (Audit and Supervisory Committee Member), Sumitomo Corporation (current) Significant concurrent positions: Attorney-at-law, Inada Law Office; Outside Director (Audit and Supervisory Committee Member), Nomura Securities Co., Ltd.; Outside Director (Audit and Supervisory Committee Member), Sumitomo Corporation
1956-08-14
Emiko TAKEISHI
Audit & Supervisory Board Member
Apr 1982 Joined Ministry of Labour Jul 1992 Joined Nissay Basic Research Institute Apr 2003 Associate Professor, Institute of Social Science, University of Tokyo Apr 2004 Senior Principal Researcher, Nissay Basic Research Institute Apr 2006 Associate Professor, Faculty of Career Design, Hosei University Apr 2007 Professor, Hosei University (current) Feb 2015 Outside Audit & Supervisory Board Member, Kewpie Corporation Jun 2015 Outside Audit & Supervisory Board Member, Tokio Marine & Nichido Fire Insurance Co., Ltd. (current) Jun 2023 Outside Audit & Supervisory Board Member, Kajima Corporation (current) Mar 2024 Outside Audit & Supervisory Board Member, Japan Tobacco Inc. (current) Significant concurrent positions: Professor, Faculty of Career Design, Hosei University; Outside Audit & Supervisory Board Member, Tokio Marine & Nichido Fire Insurance Co., Ltd.; Outside Audit & Supervisory Board Member, Kajima Corporation
1960-02-16
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-07-30
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-07-30
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-06-05
Securities Registration Statement
TDnet
2026-05-08
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-23
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-02-12
中期経営計画
EDINETAmended
2025-11-06
Amended Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-10-30
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-07-31
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-06-04
Securities Registration Statement
TDnet
2025-05-07
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-26
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2025-03-10
中期経営計画
EDINET
2024-08-02
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-09
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-22
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-10-31
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-07-31
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-02
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-24
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-10-31
Quarterly Securities Report
EDINETAmended
2022-08-08
Amended Quarterly Securities Report
EDINET
2022-07-29
Quarterly Securities Report
EDINET
2022-04-28
Quarterly Securities Report
EDINET
2022-03-23
Annual Securities Report
EDINET
2021-10-29
Quarterly Securities Report
EDINET
2021-07-30
Quarterly Securities Report
EDINET
2021-04-30
Quarterly Securities Report
EDINET
2021-03-24
Annual Securities Report
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