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Flight Centre Travel Group Limited
(Sydney:FLT)
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Rating:62Neutral
Price Target:
AU$11.50
▼(-1.79% Downside)
Action:Reiterated
Date:02/25/26
The score is driven primarily by improving fundamentals (strong revenue rebound and stable leverage) and supportive reaffirmed guidance, but is held back by significant cash flow weakness and clearly bearish technical momentum. Valuation adds mild pressure given the higher P/E, partially cushioned by the dividend yield.
Positive Factors
Revenue & TTV Recovery
A sustained rebound in transaction volume and revenue provides durable top-line momentum across markets. Higher TTV increases supplier negotiating leverage, supports recurring commission and fee income, and creates operating scale that can fund strategic investments and absorb regional demand swings.
Negative Factors
Weak Cash Generation
Severely weakened free cash flow conversion and minimal operating cash relative to reported profits undermine earnings quality and liquidity. Persistent poor cash generation limits reinvestment, increases reliance on financing for buybacks/dividends, and raises vulnerability to economic shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & TTV Recovery
A sustained rebound in transaction volume and revenue provides durable top-line momentum across markets. Higher TTV increases supplier negotiating leverage, supports recurring commission and fee income, and creates operating scale that can fund strategic investments and absorb regional demand swings.
Read all positive factors
Flight Centre Travel Group Limited (FLT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.69B
Dividend Yield3.07%
Average Volume (3M)1.71M
Price to Earnings (P/E)26.4
Beta (1Y)1.68
Revenue Growth4.11%
EPS Growth-2.17%
CountryAU
Employees12,411
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)0.50
Shares Outstanding204,786,330
10 Day Avg. Volume1,940,644
30 Day Avg. Volume1,710,351
Financial Highlights & Ratios
PEG Ratio-1.14
Price to Book (P/B)2.25
Price to Sales (P/S)0.99
P/FCF Ratio75.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$14.39Price Target Upside22.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.12
Revenue Forecast (FY)AU$3.07B
Flight Centre Travel Group Limited Business Overview & Revenue Model
Company Description
Flight Centre Travel Group Limited provides travel retailing services for the leisure and corporate sectors in Australia, New Zealand, the Americas, Europe, the Middle East, Africa, Asia, and internationally. The company offers leisure travel serv...
How the Company Makes Money
FLT primarily makes money by earning revenue from arranging travel and managing travel programs for customers rather than owning airlines or hotels. Key revenue streams include: (1) Commissions and supplier incentives: When FLT books travel produc...
Flight Centre Travel Group Limited Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational momentum across both corporate and leisure: record and growing TTV, strong corporate profit expansion (20%), productivity and AI-driven efficiency gains, meaningful digital growth, targeted M&A and active capital management (buybacks, new notes). Key negative factors—lower interest income reducing PBT uplift versus EBITDA, HQ losses, front‑loaded investments and regional volatility (notably U.S. and Asia) that pressured leisure margins—are material but appear manageable within the reaffirmed FY26 guidance. On balance, the positive operational and strategic progress (revenue and TTV growth, corporate margin uplift, AI/productivity wins and successful integration of acquisitions) outweighs the transitory and capital/market headwinds highlighted.Positive Updates
Group TTV and Revenue Growth
Total transaction value (TTV) grew 7% to $12.5bn and group revenue rose 6% to $1.4bn in H1 FY26.
Negative Updates
PBT Growth Held Back by Lower Interest Income
Underlying PBT only rose 4% despite EBITDA +9% due primarily to materially lower interest income after official rate cuts and lower cash reserves following the share buyback.
Read all updates
Q2-2026 Updates
Positive
Negative
Group TTV and Revenue Growth
Total transaction value (TTV) grew 7% to $12.5bn and group revenue rose 6% to $1.4bn in H1 FY26.
Read all positive updates
Company Guidance
Flight Centre reaffirmed FY‑26 underlying PBT guidance of $315–$350m (midpoint $332.5m, ~15% YoY growth) and a typical H1:H2 skew of ~38%:62%; this follows a H1 where group TTV rose 7% to $12.5bn, revenue was up 6% to $1.4bn, underlying EBITDA grew 9% to $213m and underlying PBT was $125m, while leisure TTV rose 10% to just under $6bn (revenue $690m, PBT $61m) and corporate delivered top‑line +6% and profit +20% (Corporate Traveller on track to exceed $5bn TTV, M&E/professional services >10% of corporate revenue); digital and AI traction includes group online sales +14% to ~ $900m (≈15% of group sales), Flight Centre brand now >50% online, co‑consult/AI saving ~30 minutes per itinerary and TTV per FTE >$1m; management expects FY‑26 capex ~ $85m, cruise TTV to exceed $2bn, has increased the interim dividend to $0.12/sh (full franked; final likely partially franked and FY‑27 likely unfranked), and continues capital actions (issued $450m of longer‑dated notes, $126m of a $200m buyback executed to date), while flagging HQ segment headwinds (c. $90–$95m FY loss run‑rate).Flight Centre Travel Group Limited Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.86B | 2.78B | 2.71B | 2.28B | 1.01B | 395.91M |
| Gross Profit | 1.09B | 2.62B | 2.56B | 2.18B | -25.53M | 393.58M |
| EBITDA | 398.34M | 415.88M | 461.37M | 301.43M | -202.71M | -444.10M |
| Net Income | 109.48M | 109.49M | 139.64M | 47.46M | -286.65M | -433.13M |
Balance Sheet | ||||||
| Total Assets | 4.66B | 4.11B | 4.21B | 4.53B | 3.86B | 3.36B |
| Cash, Cash Equivalents and Short-Term Investments | 733.95M | 835.14M | 1.17B | 1.35B | 1.23B | 1.36B |
| Total Debt | 1.55B | 884.11M | 988.15M | 1.36B | 1.32B | 1.28B |
| Total Liabilities | 3.47B | 2.89B | 3.01B | 3.40B | 3.09B | 2.41B |
| Stockholders Equity | 1.18B | 1.22B | 1.20B | 1.14B | 775.83M | 956.04M |
Cash Flow | ||||||
| Free Cash Flow | 210.53M | 36.50M | 325.88M | 64.14M | -141.75M | -948.03M |
| Operating Cash Flow | 245.92M | 139.16M | 421.48M | 156.17M | -101.37M | -910.68M |
| Investing Cash Flow | -236.46M | -97.11M | -75.70M | -240.46M | -83.90M | -33.73M |
| Financing Cash Flow | 41.51M | -422.50M | -489.00M | 134.11M | 92.93M | 355.88M |
Flight Centre Travel Group Limited Technical Analysis
Positive
11.71
Price Trends
12.08
Positive
11.44
Positive
12.49
Positive
Market Momentum
0.45
Negative
71.16
Negative
94.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FLT, the sentiment is Positive. The current price of 11.71 is below the 20-day moving average (MA) of 12.60, below the 50-day MA of 12.08, and below the 200-day MA of 12.49, indicating a bullish trend. The MACD of 0.45 indicates Negative momentum. The RSI at 71.16 is Negative, neither overbought nor oversold. The STOCH value of 94.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:FLT.
Flight Centre Travel Group Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$2.35B | 27.71 | 7.19% | 1.37% | ― | ― | |
66 Neutral | AU$255.34M | 5.20 | 13.86% | 7.57% | -8.28% | 83.36% | |
62 Neutral | AU$2.69B | 26.40 | 9.09% | 3.46% | 4.11% | -2.17% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$1.13B | 115.54 | -11.73% | ― | 20.01% | -80.80% | |
54 Neutral | AU$944.46M | -58.77 | -26.22% | ― | 23.39% | 36.95% | |
52 Neutral | AU$73.15M | -161.67 | -0.38% | 2.55% | 0.63% | -116.67% |
* Consumer Cyclical Sector Average
AU:FLT
Flight Centre Travel Group Limited
13.65
1.33
10.81%
AU:CTD
Corporate Travel Management Limited
16.07
0.01
0.06%
AU:WEB
WEB Travel Group
3.43
-0.83
-19.48%
AU:HLO
Helloworld Travel Ltd
1.56
-0.07
-4.18%
AU:EXP
Experience Co Ltd
0.10
-0.02
-20.00%
AU:SDR
SiteMinder Limited
3.75
-1.52
-28.84%
Flight Centre Travel Group Limited Corporate Events
Flight Centre Cancels 1.37 Million Shares After On‑Market Buy‑Back
Jul 27, 2026
Flight Centre Travel Group Limited has cancelled 1,369,928 ordinary fully paid shares following an on‑market buy‑back completed on 27 July 2026. The reduction in issued capital reflects the company’s capital management strategy, ...
Flight Centre updates market on progress of on-market share buy-back
Jul 23, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The update, dated 24 July 2026, confirms that a total of 1,169,928 shares...
Flight Centre Updates Investors on Ongoing Share Buy-Back Program
Jul 21, 2026
Flight Centre Travel Group Limited has issued an update on its on-market share buy-back program for its ordinary fully paid shares traded under the FLT ticker. The latest notification, dated 21 July 2026, reports cumulative purchases of 832,520 sh...
Flight Centre Updates Investors on Ongoing On-Market Share Buy-Back
Jul 14, 2026
Flight Centre Travel Group Limited has issued an update on its ongoing on-market share buy-back program for its ordinary fully paid securities. The latest daily notification, dated 15 July 2026, reports that a total of 521,738 shares had been repu...
Flight Centre Issues Daily Update on Ongoing Share Buy-Back
Jul 13, 2026
Flight Centre Travel Group Limited, a major player in the travel and tourism sector, provides flight, accommodation, and broader travel booking services to both leisure and corporate clients. Its shares trade on the Australian Securities Exchange ...
Flight Centre Updates Market on Progress of On‑Market Share Buy‑Back
Jul 12, 2026
Flight Centre Travel Group has provided an update on its ongoing on-market share buy-back program, disclosing that a total of 395,419 ordinary fully paid shares had been repurchased prior to the latest trading day. The company reported that it bou...
Flight Centre updates market on ongoing on‑market share buy‑back
Jul 9, 2026
Flight Centre Travel Group Limited has updated the market on its ongoing on-market share buy-back, confirming that it repurchased a total of 80,189 ordinary fully paid shares on the previous trading day, bringing cumulative buy-backs to 315,230 sh...
Flight Centre Continues On-Market Share Buy-Back Program
Jul 8, 2026
Flight Centre Travel Group Limited has issued an updated notification to the ASX confirming ongoing on-market buy-backs of its ordinary fully paid shares under its current capital management program. The latest daily update, dated 9 July 2026, rep...
Flight Centre Updates ASX on Progress of Daily Share Buy-Back
Jul 7, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for ordinary fully paid shares under ticker FLT. The latest daily update dated 8 July 2026 reports that a tot...
Flight Centre Updates Daily On-Market Share Buy-Back Activity
Jul 6, 2026
Flight Centre Travel Group Limited has issued an updated notification regarding its ongoing on-market share buy-back program for ordinary fully paid FLT shares. The company reported that a cumulative total of 162,465 shares had been repurchased be...
Flight Centre Travel Group Lapses 58,502 Performance Rights
Jul 6, 2026
Flight Centre Travel Group has reported the lapse of 58,502 performance rights, designated under ASX code FLTAP, after the conditions attached to these rights were not met or became incapable of being satisfied as of June 30, 2026. The cessation o...
Flight Centre Issues New Shares Following Conversion of Unquoted Securities
Jul 6, 2026
Flight Centre Travel Group Limited has notified the market of the issue of 81,761 ordinary fully paid shares following the conversion or exercise of previously unquoted securities. The new shares, dated June 30, 2026, reflect the company’s o...
Flight Centre Updates Market on Progress of On-Market Share Buy-Back
Jul 5, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under the code FLT. The company reported that it had repurchased a cumulative total of ...
Citi Group Drops Below Substantial Holder Threshold in Flight Centre
Jul 3, 2026
Citigroup Global Markets Australia Pty Limited and its related Citi group entities have disclosed that they ceased to be substantial shareholders in Flight Centre Travel Group Ltd as of June 30, 2026. The change follows a reduction in their releva...
Flight Centre Issues Daily Update on On‑Market Share Buy‑Back
Jul 2, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its on‑market share buy‑back program for its ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 96...
Flight Centre Reports First Daily Share Buy-Back Activity
Jul 1, 2026
Flight Centre Travel Group Limited has notified the market of an on-market buy-back of its ordinary fully paid shares, providing an update to its previously announced program. The latest daily disclosure shows that 96,104 shares were repurchased o...
Citi Group Ceases to Be Substantial Shareholder in Flight Centre
Jul 1, 2026
Citigroup Global Markets Australia Pty Limited and related Citi group entities have disclosed that they have ceased to be substantial shareholders in Flight Centre Travel Group Limited, an Australian-listed travel agency operator. The change follo...
MUFG exits substantial holder position in Flight Centre
Jun 25, 2026
Mitsubishi UFJ Financial Group has filed a notice indicating it has ceased to be a substantial shareholder in Flight Centre Travel Group. The filing, dated 25 June 2026, details multiple transactions in mid-June involving purchases of fully paid o...
First Sentier Investors exits substantial holding in Flight Centre
Jun 24, 2026
Mitsubishi UFJ Financial Group’s First Sentier Investors group has lodged a notice that it has ceased to be a substantial shareholder in Flight Centre Travel Group, ending its status as a major holder of voting securities. The change, formal...
Flight Centre Announces On‑Market Share Buy‑Back of Ordinary Shares
Jun 16, 2026
Flight Centre Travel Group Limited has notified the market of a new on‑market share buy‑back program for its ordinary fully paid shares, trading under the ASX code FLT. The company’s decision to repurchase shares on market may si...
Flight Centre Cuts FY26 Profit Guidance but Backs Recovery With New $200m Buyback
Jun 16, 2026
Flight Centre Travel Group has cut its FY26 underlying profit before tax guidance to a range of $275 million to $295 million, from a previous target of $310 million to $345 million, after the Middle East conflict sharply disrupted international le...
Flight Centre Director Graham Turner Increases Indirect Shareholding
May 28, 2026
Flight Centre Travel Group has disclosed a change in director Graham Turner’s indirect shareholding following an on-market trade. Through entities associated with him, Turner acquired 98,200 ordinary shares at an average price of $10.1349 pe...
Flight Centre Issues New Prospectus for Internal Ownership Scheme
May 28, 2026
Flight Centre Travel Group has issued a new prospectus for its internal Business Ownership Scheme, an annual program that allows team leaders to invest directly in the shops or sales businesses they manage. The latest prospectus covers unsecured n...
Flight Centre Investor Day to Showcase Brand Portfolio and Strategy
May 26, 2026
Flight Centre Travel Group has outlined the agenda for its upcoming Investor Day, which will showcase its key leisure, corporate, and specialist travel brands to the investment community. Senior executives from across the business will present ove...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.