ANA Holdings (ALNPY) AI Stock Analysis

• Market Cap: $10.24B
• Dividend Yield: 2.07%
• Average Volume (3M): 263.00
• Price to Earnings (P/E): 9.7
• Beta (1Y): 0.25
• Revenue Growth: 10.09%
• EPS Growth: 2.87%
• Country: US
• Employees: 41,225
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 0.17
• Shares Outstanding: 2,421,467,800
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 263
• PEG Ratio: -3.09
• Price to Book (P/B): 1.19
• Price to Sales (P/S): 0.59
• P/FCF Ratio: 11.47
• Enterprise Value/Market Cap: 142.65
• Enterprise Value/Revenue: 0.59
• Enterprise Value/Gross Profit: 3.36
• Enterprise Value/Ebitda: 3.67
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.41
• Revenue Forecast (FY): $16.07B

• Rating: 71 Outperform
• Price Target: $5.00 ▲(32.28% Upside)
• Action: Upgraded Date: 03/01/26
• Date: Action: Upgraded 03/01/26

The score is driven primarily by improved profitability and deleveraging, tempered by weakening free cash flow and still-high absolute debt. Technicals add support due to a clear uptrend above major moving averages, while valuation is favorable with a low P/E and modest dividend; however, RSI near 68 indicates momentum may be getting stretched.

Positive Factors

Revenue Growth Trend

Sustained revenue growth (~11.2% in fundamentals) indicates recovering demand across passenger and cargo segments. Durable top-line expansion supports higher network utilization and incremental scale benefits, helping underwrite capacity investments and margin stability over a 2–6 month horizon.

Profitability Normalization

Margins have meaningfully recovered from prior loss periods (TTM net margin ~6.5%, EBIT ~9.7%), reflecting restored pricing power and cost discipline. That sustained profitability supports return generation (ROE ~13% TTM) and provides a more durable earnings base for reinvestment and deleveraging over months.

Improving Leverage Profile

Leverage has materially declined (debt/equity ~0.82x TTM) from prior years, reflecting equity growth and earnings recovery. A stronger balance-sheet ratio reduces solvency risk, lowers interest burden sensitivity and increases strategic flexibility to navigate capital cycles in the airline industry over the medium term.

Negative Factors

High Absolute Debt

Despite improved ratios, absolute debt (~¥1.19T) remains large for an airline and can constrain liquidity and strategic choices in downturns. High nominal obligations amplify exposure to demand shocks and interest cost variability, limiting room for aggressive capital allocation or rapid deleveraging within months.

Weak Free Cash Flow Conversion

Operating cash is sizable, but free cash flow converts only ~34% of net income and fell ~17.7% YoY. Weaker FCF reduces the firm's ability to pay down debt, fund capex or absorb shocks, making financial flexibility more sensitive to cyclical demand and capital spending over the coming months.

Margin Compression Risk

Margins have softened from 2024 peaks (net margin fell from 7.6% to ~6.5% TTM), signaling cost or pricing pressure in a cyclical airline sector. If sustained, margin erosion would curb earnings resilience and further strain cash generation, complicating investment and deleveraging plans over the medium term.

ANA Holdings Business Overview & Revenue Model

Company Description

ANA Holdings, Inc. is a Japanese airline holding company headquartered in Tokyo. It is best known for its flagship carrier All Nippon Airways (ANA), which operates a vast domestic and international network, making it one of the largest airlines in Japan. The company also includes subsidiaries such as Peach Aviation, a low-cost carrier, and ANA Cargo, which provides air freight services. ANA Holdings is engaged in various sectors including air transportation, logistics, and travel services, offering a range of products from passenger air travel to cargo services and travel packages.

How the Company Makes Money

ANA Holdings generates revenue primarily through its passenger and cargo air transportation services. The main revenue stream comes from ticket sales for both domestic and international flights, which are supplemented by ancillary services such as baggage fees and in-flight sales. Cargo services also contribute significantly, providing logistics solutions for businesses transporting goods. Additionally, the company earns revenue through its loyalty program, ANA Mileage Club, which encourages repeat customers and generates income from partnerships with hotels, car rental services, and other travel-related businesses. Strategic alliances with other airlines enhance its global reach, enabling code-sharing arrangements that increase passenger traffic and revenue opportunities.

ANA Holdings Financial Statement Overview

Summary

Financials show a meaningful recovery with sustained profitability (TTM net margin ~6.5%, EBIT margin ~9.7%) and improving leverage (debt/equity down to ~0.82x TTM). Offsetting this, absolute debt remains high (~¥1.19T) and cash flow quality is weaker: free cash flow is only ~34% of net income and declined YoY (TTM FCF growth ~-17.7%), while margins have softened from the 2024 peak.

Income Statement

Profitability has meaningfully recovered versus the 2021–2022 loss period, with TTM (Trailing-Twelve-Months) net margin at ~6.5% and EBIT margin near ~9.7%. Revenue has grown steadily from 2023 through TTM (Trailing-Twelve-Months), supporting earnings stability, though the recent growth pace is more moderate versus the sharp post-reopening rebound. A key watch item is that margins have come down from the 2024 peak (net margin ~7.6% in 2024 vs. ~6.5% TTM), suggesting costs and/or pricing pressure in a cyclical industry.

Balance Sheet

Leverage is material but improving: debt relative to equity declined from ~2.20x (2022) and ~1.86x (2023) to ~0.82x in TTM (Trailing-Twelve-Months), alongside rising equity. Returns on equity are solid in the recent period (~13% TTM), reflecting the earnings recovery. The main weakness is that absolute debt remains high (TTM total debt ~¥1.19T), which can limit flexibility in downturns for an airline business.

Cash Flow

Operating cash generation is positive and healthy in scale (TTM operating cash flow ~¥404B), but cash conversion is weaker than ideal: free cash flow is only ~34% of net income in TTM (Trailing-Twelve-Months). Free cash flow also declined year over year (TTM free cash flow growth ~-17.7%), indicating higher investment needs and/or working-capital pressure. While profitability has normalized, the recent dip in free cash flow reduces near-term financial flexibility.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	2.46T	2.26T	2.06T	1.71T	1.02T	728.68B
Gross Profit	434.45B	418.31B	413.67B	281.80B	-54.47B	-298.29B
EBITDA	397.99B	370.58B	372.59B	289.57B	9.59B	-350.22B
Net Income	160.30B	153.03B	157.10B	89.48B	-143.63B	-404.62B
Balance Sheet
Total Assets	3.83T	3.62T	3.57T	3.37T	3.22T	3.21T
Cash, Cash Equivalents and Short-Term Investments	1.23T	1.22T	1.26T	1.18T	950.99B	965.72B
Total Debt	1.19T	1.35T	1.48T	1.61T	1.75T	1.66T
Total Liabilities	2.37T	2.48T	2.52T	2.50T	2.42T	2.20T
Stockholders Equity	1.44T	1.13T	1.04T	862.42B	797.25B	1.01T
Cash Flow
Free Cash Flow	100.41B	117.10B	180.15B	332.93B	-209.78B	-427.15B
Operating Cash Flow	404.14B	373.03B	420.62B	449.82B	-76.41B	-270.44B
Investing Cash Flow	-251.11B	-343.66B	-399.52B	-202.03B	230.02B	-595.44B
Financing Cash Flow	-119.36B	-170.15B	-136.04B	-144.91B	93.65B	1.10T

ANA Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALNPY, the sentiment is Positive. The current price of 3.78 is below the 20-day moving average (MA) of 4.26, below the 50-day MA of 4.02, and below the 200-day MA of 3.92, indicating a bullish trend. The MACD of 0.10 indicates Positive momentum. The RSI at 68.19 is Neutral, neither overbought nor oversold. The STOCH value of 43.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ALNPY.

ANA Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LTM	77 Outperform	$15.28B	11.34	140.98%	3.50%	6.81%	58.22%
ALNPY	71 Outperform	$10.24B	9.68	12.97%	2.07%	10.09%	2.87%
UAL	71 Outperform	$34.38B	10.39	23.99%	―	4.24%	20.29%
DAL	70 Outperform	$42.91B	8.58	27.70%	0.96%	4.33%	-1.58%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
LUV	61 Neutral	$24.20B	62.19	4.82%	1.73%	0.65%	―
AAL	47 Neutral	$8.63B	78.69	―	―	1.27%	118.64%