Japan TobaccoJAPAF 78 Piotroski F-Score is 9 as of Jun. 25, 2026, which is 80% above its 10-year median of 5.00. GuruFocus rates JAPAF with a GF Score™ of 78/100 and a GF Value™ of $33.10 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 47 Tobacco Products companies, Japan Tobacco ranks better than 97.87% on this metric.
Good Sign:
Piotroski F-Score is 9, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Japan Tobacco has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Japan Tobacco's Piotroski F-Score or its related term are showing as below:
JAPAF'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 9
Current: 9
During the past 13 years, the highest Piotroski F-Score of Japan Tobacco was 9. The lowest was 3. And the median was 5.
Japan Tobacco (OTCPK:JAPAF) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Japan Tobacco Piotroski F-Score Related Terms
Japan Tobacco Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Japan Tobacco's Piotroski F-Score 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.
JAPAF vs PM, MO, TPB: Piotroski F-Score Comparison
For the Tobacco subindustry, Japan Tobacco's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Japan Tobacco's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Japan Tobacco's Piotroski F-Score falls into.
* 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.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 1124.177 + 1297.445 + -10.095 + 1241.73 = $3,653 Mil. Cash Flow from Operations was 1204.449 + 808.492 + 1456.3 + 249.536 = $3,719 Mil. Revenue was 6281.423 + 6083.237 + 5346.804 + 5822.708 = $23,534 Mil. Gross Profit was 3619.77 + 3410.132 + 2825.828 + 3434.269 = $13,290 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(53289.534 + 57188.44 + 55423.267 + 53998.91 + 52628.358) / 5 = $54505.7018 Mil. Total Assets at the begining of this year (Mar25) was $53,290 Mil. Long-Term Debt & Capital Lease Obligation was $9,790 Mil. Total Current Assets was $22,607 Mil. Total Current Liabilities was $12,016 Mil.
Net Income was 936.95 + 960.043 + -1710.985 + 1056.504 = $1,243 Mil.
Revenue was 5255.03 + 5759.797 + 4313.195 + 5548.063 = $20,876 Mil. Gross Profit was 2960.737 + 3255.418 + 2109.271 + 3225.377 = $11,551 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(47784.474 + 49845.863 + 48589.28 + 54421.026 + 53289.534) / 5 = $50786.0354 Mil. Total Assets at the begining of last year (Mar24) was $47,784 Mil. Long-Term Debt & Capital Lease Obligation was $10,035 Mil. Total Current Assets was $21,465 Mil. Total Current Liabilities was $12,056 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Japan Tobacco's current Net Income (TTM) was 3,653.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Japan Tobacco's return on assets of this year was 0.06855487. Japan Tobacco's return on assets of last year was 0.02600242.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Japan Tobacco's gearing of this year was 0.17960849. Japan Tobacco's gearing of last year was 0.19759369.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Japan Tobacco's current ratio of this year was 1.881493. Japan Tobacco's current ratio of last year was 1.78042065.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Japan Tobacco's number of shares in issue this year was 1775.624. Japan Tobacco's number of shares in issue last year was 1775.823.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Japan Tobacco's gross margin of this year was 0.56471071. Japan Tobacco's gross margin of last year was 0.55330312.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Japan Tobacco's asset turnover of this year was 0.44162841. Japan Tobacco's asset turnover of last year was 0.43688008.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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9
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Japan Tobacco has an F-score of 9. It is a good or high score, which usually indicates a very healthy situation.
Japan Tobacco (JAPAF) has a Piotroski F-Score of 9 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Japan Tobacco and its competitors. This is 80% above median its historical median of 5.00. Over the past decade, Japan Tobacco's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Japan Tobacco ranks #1 out of 47 companies in the Tobacco Products industry, placing it in the top 2.1%.
Is Japan Tobacco's Piotroski F-Score too high?
Japan Tobacco's current Piotroski F-Score of 9 is 80% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Tobacco Products industry median Piotroski F-Score is 5.00. Japan Tobacco's value of 9 is 80% above this industry median. Based on the distribution chart, Japan Tobacco ranks #1 out of 47 companies in the Tobacco Products industry, which is in the top quartile — a strong position relative to peers. Overall, Japan Tobacco has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Japan Tobacco's Piotroski F-Score compare to PM and MO?
According to the Tobacco Products industry distribution chart, Japan Tobacco ranks #1 out of 47 companies for Piotroski F-Score. This places Japan Tobacco in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Japan Tobacco's value of 9 is 80% above this benchmark. Historically, Japan Tobacco's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Japan Tobacco has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Tobacco Products company?
The median Piotroski F-Score among Tobacco Products companies is 5.00, based on 47 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Japan Tobacco's current Piotroski F-Score of 9 is 80% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Japan Tobacco and its competitors. For the Tobacco Products industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Tobacco's current Piotroski F-Score is 9, which is 80% above median its own 10-year median of 5.00. 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 (JAPAF) is currently considered Modestly Overvalued. The stock's GF Value™ is $33.10, compared to a current price of $37.74 — trading 14% above its estimated fair value. The current Piotroski F-Score is 9, which is 80% above median its 10-year median of 5.00 and 80% above the Tobacco Products industry median of 5.00. Japan Tobacco's overall GF Score™ is 78/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Japan Tobacco (JAPAF), the current Piotroski F-Score is 9 as of Jun. 25, 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 (JAPAF) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Tobacco stock appears to be overvalued.
The current stock price of $37.74 is trading 14% above its estimated GF Value™ of $33.10.
GuruFocus considers Japan Tobacco to be Modestly Overvalued.
Key valuation signals for JAPAF:
Piotroski F-Score: 9 (80% above median its 10-year median of 5.00)
GF Value™: $33.10 vs. price of $37.74 (14% above fair value)
Industry Position: 80% above the Tobacco Products median (#1 of 47)
No single metric tells the full story. See the JAPAF 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.
78GF Score
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