Japan Tobacco Inc

2914: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Japan Tobacco Earnings: Raising Fair Value Estimate on Higher Prices and Stable Exchange Rates

Kristoffer Inton

Aug 1, 2025

Japan Tobacco's momentum continued through the second quarter, as tobacco core revenue grew 14% (constant-currency) on higher prices, the Vector acquisition, and volume growth of 2.6%. Tobacco adjusted operating profit margin expanded 2.2 percentage points to 34.8%.

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Japan Tobacco Inc

Japan Tobacco Earnings: Raising Fair Value Estimate on Higher Prices and Stable Exchange Rates

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