ANA Holdings (ALNPY) AI Stock Analysis

• Market Cap: $8.54B
• Dividend Yield: 2.07%
• Average Volume (3M): 263.00
• Price to Earnings (P/E): 5.5
• Beta (1Y): 0.32
• 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: 153.00
• Enterprise Value/Revenue: 0.53
• Enterprise Value/Gross Profit: 3.01
• Enterprise Value/Ebitda: 3.28
• 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): $16.03B

• Rating: 71 Outperform
• Price Target: $4.00 ▲(5.82% 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

ANA has returned to sustained profitability with TTM net and EBIT margins that reflect recovery versus prior loss years. Durable margins around these levels support reinvestment, stable earnings generation, and underpin returns (ROE ~13% TTM) over coming quarters.

Deleveraging trend

Material reduction in debt/equity shows balance-sheet repair and rising equity. Lower leverage increases financial flexibility, reduces insolvency risk in downturns, and makes it easier to finance capex or absorb shocks without eroding core operations over the medium term.

Strong operating cash scale

Large operating cash flow provides a durable funding base for working capital, fleet investment and service continuity. Even with weaker FCF conversion, robust OCF scale supports the airline's ability to meet recurring costs and invest strategically across cycles.

Negative Factors

High absolute debt

Despite improving ratios, the large nominal debt stock exposes ANA to interest and refinancing risks. For a cyclical airline, substantial absolute liabilities can constrain capital allocation, force conservative investment choices, and increase vulnerability if revenues weaken.

Weak free cash flow conversion

Low FCF conversion and year-over-year FCF decline signal that earnings are not fully translating into discretionary cash. This limits deleveraging, dividend resilience and capex flexibility, and can force reliance on external financing during adverse periods.

Industry cost and cyclicality exposure

ANA's earnings are structurally exposed to volatile input costs, currency swings and regulatory/slot limits. These persistent industry dynamics make revenue and margin outcomes sensitive to macro forces, requiring sustained hedging and route/price discipline to protect long-term profitability.

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 makes money primarily by selling air transportation services and related travel products through multiple revenue streams. (1) Passenger revenue: The largest driver is selling tickets for domestic and international flights across fare classes and route networks. Passenger revenue is influenced by passenger demand, route capacity, pricing/yield management, load factors, and seasonality, as well as the mix of leisure and business travelers. (2) Cargo revenue: The group earns revenue from air freight services by transporting cargo on dedicated cargo operations and/or using available belly space on passenger aircraft; cargo performance is tied to global trade flows, logistics demand, and available capacity. (3) Ancillary and travel-related revenue: ANA generates additional revenue from fees and add-on services associated with travel and from travel-related services provided through group companies (e.g., packaged travel and other customer services that complement flight sales). (4) Other aviation-adjacent revenue: The company earns income from other group businesses that support airline operations and leverage the ANA brand and customer base; specific line-item details not available: null. Key external factors affecting earnings include fuel costs and hedging practices, currency movements, airport and navigation charges, aircraft leasing/ownership costs, competitive dynamics on key routes, and regulatory/slot access constraints. Significant partnerships information not available: null.

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: Neutral

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 3.92, below the 50-day MA of 4.01, and below the 200-day MA of 3.91, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 31.78 is Neutral, neither overbought nor oversold. The STOCH value of 21.78 is Neutral, 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	$13.03B	10.91	136.60%	3.50%	6.81%	58.22%
ALNPY	71 Outperform	$8.54B	5.53	13.03%	2.07%	10.09%	2.87%
UAL	71 Outperform	$29.09B	10.91	24.13%	―	4.24%	20.29%
DAL	69 Neutral	$41.43B	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	54 Neutral	$19.36B	50.61	5.33%	1.73%	0.65%	―
AAL	45 Neutral	$6.89B	25.57	-2.76%	―	1.27%	118.64%