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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.
Japan Tobacco's adjusted free cash flow per share for the three months ended in Mar. 2026 was 円7.033. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is 円248.96 for the trailing ten years ended in Mar. 2026.
During the past 12 months, Japan Tobacco's average Cyclically Adjusted FCF Growth Rate was 2.50% per year.
During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 3.50% per year.
During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 4.40% per year.
Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.
During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of Japan Tobacco was 6.60% per year. The lowest was 3.50% per year. And the median was 5.00% per year.
Japan Tobacco (TSE:2914) Cyclically Adjusted FCF per Share Explanation
If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.
For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
During the past 13 years, the highestCyclically Adjusted Price-to-FCF of Japan Tobacco was 27.66. The lowest was 9.54. And the median was 16.15.
Be Aware
Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.
Japan Tobacco Cyclically Adjusted FCF per Share Related Terms
Japan Tobacco Cyclically Adjusted FCF per Share Historical Data
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The historical data trend for Japan Tobacco's Cyclically Adjusted FCF per Share can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Japan Tobacco Cyclically Adjusted FCF per Share Chart
TSE:2914 vs PM, MO, TPB: Cyclically Adjusted FCF per Share Comparison
For the Tobacco subindustry, Japan Tobacco's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Japan Tobacco Cyclically Adjusted Price-to-FCF vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Japan Tobacco's Cyclically Adjusted Price-to-FCF distribution charts can be found below:
* The bar in red indicates where Japan Tobacco's Cyclically Adjusted Price-to-FCF falls into.
Japan Tobacco Cyclically Adjusted FCF per Share Calculation
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.
What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?
Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.
If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.
We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted FCF per Share of 円248.96 mean?
Japan Tobacco (TSE:2914) has a Cyclically Adjusted FCF per Share of 円248.96 as of Mar. 2026. Cyclically Adjusted FCF per Share represents the company's inflation-adjusted FCF per share over a 10-year period. View historical data on Japan Tobacco and its competitors.
Is Japan Tobacco's Cyclically Adjusted FCF per Share too high?
Japan Tobacco's current Cyclically Adjusted FCF per Share is 円248.96. Overall, Japan Tobacco has a GF Score™ of 84/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Japan Tobacco's Cyclically Adjusted FCF per Share compare to PM and MO?
Japan Tobacco's Cyclically Adjusted FCF per Share of 円248.96 can be compared against companies in the Tobacco Products industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted FCF per Share for a Tobacco Products company?
A good Cyclically Adjusted FCF per Share depends on the Tobacco Products industry context. However, Cyclically Adjusted FCF per Share should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted FCF per Share mean?
A high Cyclically Adjusted FCF per Share can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted FCF per Share represents the company's inflation-adjusted FCF per share over a 10-year period. View historical data on Japan Tobacco and its competitors. Japan Tobacco's current Cyclically Adjusted FCF per Share is 円248.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Tobacco stock overvalued right now?
Based on GuruFocus' analysis, Japan Tobacco (TSE:2914) is currently considered Modestly Overvalued. The stock's GF Value™ is 円5,091.96, compared to a current price of 円6,461.00 — trading 26.9% above its estimated fair value. The current Cyclically Adjusted FCF per Share is 円248.96. Japan Tobacco's overall GF Score™ is 84/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted FCF per Share calculated?
Cyclically Adjusted FCF per Share is calculated from a company's financial statements. For Japan Tobacco (TSE:2914), the current Cyclically Adjusted FCF per Share is 円248.96 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Japan Tobacco (TSE:2914) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Tobacco stock appears to be overvalued.
The current stock price of 円6,461.00 is trading 26.9% above its estimated GF Value™ of 円5,091.96.
GuruFocus considers Japan Tobacco to be Modestly Overvalued.
Key valuation signals for TSE:2914:
Cyclically Adjusted FCF per Share: 円248.96
GF Value™: 円5,091.96 vs. price of 円6,461.00 (26.9% above fair value)
No single metric tells the full story. See the TSE:2914 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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, Ploom in heated tobacco, and Nordic Spirit in nicotine pouches, though these generates less than 5% of tobacco sales.
84GF Score
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Cyclically Adjusted FCF per Share is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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