Japan TobaccoJAPAF 78 PB Ratio is 2.60 as of Jun. 25, 2026, which is 48% above its 10-year median of 1.76. 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 42 Tobacco Products companies, Japan Tobacco ranks better than 50% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-25), Japan Tobacco's share price is $37.74. Japan Tobacco's Book Value per Share for the quarter that ended in Mar. 2026 was $14.50. Hence, Japan Tobacco's PB Ratio of today is 2.60.
Warning Sign:
Japan Tobacco Inc stock PB Ratio (=2.64) is close to 5-year high of 2.74.
The historical rank and industry rank for Japan Tobacco's PB Ratio or its related term are showing as below:
JAPAF'
s PB Ratio Range Over the Past 10 Years
Min: 1.11 Med: 1.76 Max: 3.4
Current: 2.64
During the past 13 years, Japan Tobacco's highest PB Ratio was 3.40. The lowest was 1.11. And the median was 1.76.
JAPAF's PB Ratio is ranked better than 50% of 42
companies
in the Tobacco Products industry
Industry Median: 2.76
vs JAPAF: 2.64
During the past 12 months, Japan Tobacco's average Book Value Per Share Growth Rate was 8.00% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 4.90% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 10.10% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 5.60% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Japan Tobacco was 19.80% per year. The lowest was -9.60% per year. And the median was 4.40% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Japan Tobacco PB Ratio Related Terms
Japan Tobacco PB Ratio Historical Data
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The historical data trend for Japan Tobacco's PB Ratio 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.
For the Tobacco subindustry, Japan Tobacco's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Japan Tobacco's PB Ratio distribution charts can be found below:
* The bar in red indicates where Japan Tobacco's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Japan Tobacco's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Japan Tobacco (JAPAF) has a PB Ratio of 2.60 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Japan Tobacco and its competitors. This is 48% above median its historical median of 1.76. Over the past decade, Japan Tobacco's PB Ratio has ranged from 1.11 to 3.40. According to the industry distribution chart, Japan Tobacco ranks #21 out of 42 companies in the Tobacco Products industry, placing it in the top 50%.
Is Japan Tobacco's PB Ratio too high?
Japan Tobacco's current PB Ratio of 2.60 is 48% above median its 10-year median of 1.76. Over the past 10 years, this metric has ranged from a low of 1.11 to a high of 3.40. The Tobacco Products industry median PB Ratio is 2.76. Japan Tobacco's value of 2.60 is 5.8% below this industry median. Based on the distribution chart, Japan Tobacco ranks #21 out of 42 companies in the Tobacco Products industry, which is above the industry midpoint. 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 PB Ratio compare to PM and MO?
According to the Tobacco Products industry distribution chart, Japan Tobacco ranks #21 out of 42 companies for PB Ratio. This puts Japan Tobacco in the upper half of its industry. The industry median PB Ratio is 2.76. Japan Tobacco's value of 2.60 is 5.8% below this benchmark. Historically, Japan Tobacco's own PB Ratio has ranged from 1.11 to 3.40 over the past decade. While the company's 10-year median is 1.76 vs. the industry median of 2.76, Japan Tobacco has consistently been below 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 PB Ratio for a Tobacco Products company?
The median PB Ratio among Tobacco Products companies is 2.76, based on 42 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Japan Tobacco's current PB Ratio of 2.60 is 5.8% below 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Japan Tobacco and its competitors. For the Tobacco Products industry, the median PB Ratio is 2.76 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Tobacco's current PB Ratio is 2.60, which is 48% above median its own 10-year median of 1.76. 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 PB Ratio is 2.60, which is 48% above median its 10-year median of 1.76 and 5.8% below the Tobacco Products industry median of 2.76. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Japan Tobacco (JAPAF), the current PB Ratio is 2.60 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:
PB Ratio: 2.60 (48% above median its 10-year median of 1.76)
GF Value™: $33.10 vs. price of $37.74 (14% above fair value)
Industry Position: 5.8% below the Tobacco Products median (#21 of 42)
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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