ANA Holdings (ALNPY) AI Stock Analysis

• Market Cap: $8.84B
• Dividend Yield: 2.07%
• Average Volume (3M): 263.00
• Price to Earnings (P/E): 5.5
• Beta (1Y): 0.30
• 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: 153.79
• Enterprise Value/Revenue: 0.55
• Enterprise Value/Gross Profit: 3.13
• Enterprise Value/Ebitda: 3.42
• 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: $4.50 ▲(19.05% 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

Profitability recovery

Sustained positive margins and a restored EBIT profile indicate the business has moved past the pandemic loss period into stable earnings generation. Durable profitability supports reinvestment, debt service and shareholder returns and reduces downside risk across airline cycles.

Improving leverage

Material deleveraging versus prior years improves financial flexibility and lowers default and refinancing risk for a capital‑intensive airline. A reduced debt/equity ratio and solid ROE support the company’s ability to invest in fleet and network while managing interest burden.

Diversified operations and network

A multi‑segment model (flagship carrier, low‑cost subsidiary, cargo, loyalty and travel services) plus alliance partnerships spreads demand risk and captures adjacent revenue pools. Structural diversification improves resilience through uneven travel and freight cycles.

Negative Factors

High absolute debt load

Despite ratio improvement, a large nominal debt stock keeps fixed servicing obligations and collateral constraints high. For an industry with cyclical cash flows, substantial absolute debt can curtail capital expenditures, reduce strategic optionality and elevate refinancing risk in stress periods.

Weak free cash flow conversion

Low FCF conversion and a year‑over‑year decline indicate earnings are not fully translating into spendable cash. This reduces capacity to pay down debt, fund discretionary investments or return capital, and makes the capital structure more sensitive to working capital and capex swings.

Margin erosion vs 2024 peak

A retreat from peak margins signals emerging cost or pricing pressures in a cyclical industry. Persistent margin compression would lower cash generation capacity and could force tradeoffs between network investment, maintenance spending and balance‑sheet repair 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: Negative
• Last Price: 3.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALNPY, the sentiment is Negative. The current price of 3.78 is below the 20-day moving average (MA) of 4.23, below the 50-day MA of 4.03, and below the 200-day MA of 3.92, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 32.64 is Neutral, neither overbought nor oversold. The STOCH value of -0.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	$12.90B	10.91	136.60%	3.50%	6.81%	58.22%
ALNPY	71 Outperform	$8.84B	5.53	12.97%	2.07%	10.09%	2.87%
UAL	71 Outperform	$30.57B	10.91	24.13%	―	4.24%	20.29%
DAL	69 Neutral	$39.57B	8.99	27.63%	0.96%	4.33%	-1.58%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
LUV	61 Neutral	$21.14B	50.61	5.33%	1.73%	0.65%	―
AAL	45 Neutral	$7.55B	91.22	-2.76%	―	1.27%	118.64%