Cathay Pacific Airways (CPCAY)
OTHER OTC:CPCAY
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Cathay Pacific Airways
(OTC:CPCAY)
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Rating:71Outperform
Price Target:
$9.00
▲(19.21% Upside)
Action:Reiterated
Date:04/02/26
The score is driven primarily by strong recent financial recovery and cash generation, supported by attractive valuation (low P/E and high dividend yield). These positives are tempered by balance-sheet leverage and only neutral-to-weak technical momentum.
Positive Factors
Post‑pandemic revenue & earnings recovery
Cathay’s revenues and profitability recovered strongly from the pandemic, with rising revenue 2023–2025 and healthy net and EBIT margins in 2024–2025. This trend supports durable cash generation, restores pricing power on core routes and underpins investment capacity over the next several quarters.
Negative Factors
Elevated leverage limits financial flexibility
Debt roughly matching equity and a historically debt-heavy capital structure constrain flexibility. In cyclical downturns higher leverage raises interest and refinancing risk, limits capacity for opportunistic investment and slows recovery if demand weakens, persisting as a structural vulnerability.
Read all positive and negative factors
Positive Factors
Negative Factors
Post‑pandemic revenue & earnings recovery
Cathay’s revenues and profitability recovered strongly from the pandemic, with rising revenue 2023–2025 and healthy net and EBIT margins in 2024–2025. This trend supports durable cash generation, restores pricing power on core routes and underpins investment capacity over the next several quarters.
Read all positive factors
Cathay Pacific Airways (CPCAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.31B
Dividend Yield5.05%
Average Volume (3M)10.00
Price to Earnings (P/E)2.9
Beta (1Y)0.35
Revenue Growth11.96%
EPS Growth10.92%
CountryUS
Employees30,100
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)8.30
Shares Outstanding1,216,225,600
10 Day Avg. Volume0
30 Day Avg. Volume10
Financial Highlights & Ratios
PEG Ratio0.70
Price to Book (P/B)1.34
Price to Sales (P/S)0.69
P/FCF Ratio5.08
Enterprise Value/Market Cap13.54
Enterprise Value/Revenue1.08
Enterprise Value/Gross Profit4.76
Enterprise Value/Ebitda5.19
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.84
Revenue Forecast (FY)$15.97B
Cathay Pacific Airways Business Overview & Revenue Model
Company Description
Cathay Pacific Airways (CPCAY) is a Hong Kong-based international airline that operates scheduled passenger and cargo services to over 190 destinations worldwide. Founded in 1946, the airline is a member of the Oneworld alliance and is known for i...
How the Company Makes Money
Cathay Pacific primarily makes money by selling air transportation and related services across several revenue streams:
1) Passenger revenue (core stream)
- Ticket sales: The company earns revenue from selling seats on its flights across differen...
Cathay Pacific Airways Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 116.57B | 104.37B | 94.48B | 51.04B | 45.59B |
| Gross Profit | 20.46B | 32.58B | 20.70B | 20.41B | 3.17B |
| EBITDA | 26.13B | 21.45B | 27.14B | 10.24B | 6.38B |
| Net Income | 10.81B | 9.89B | 9.79B | -6.62B | -5.53B |
Balance Sheet | |||||
| Total Assets | 177.03B | 171.24B | 174.12B | 180.91B | 196.63B |
| Cash, Cash Equivalents and Short-Term Investments | 12.29B | 10.53B | 15.53B | 18.28B | 19.28B |
| Total Debt | 59.10B | 68.47B | 68.29B | 77.11B | 89.85B |
| Total Liabilities | 116.92B | 118.74B | 114.08B | 117.03B | 124.38B |
| Stockholders Equity | 60.10B | 52.50B | 60.03B | 63.88B | 72.24B |
Cash Flow | |||||
| Free Cash Flow | 15.90B | 14.33B | 19.61B | 14.11B | 6.56B |
| Operating Cash Flow | 25.71B | 23.54B | 26.41B | 17.84B | 8.84B |
| Investing Cash Flow | -7.81B | -6.08B | -2.67B | -2.76B | 493.00M |
| Financing Cash Flow | -15.43B | -19.83B | -23.18B | -16.24B | -6.93B |
Cathay Pacific Airways Technical Analysis
Positive
7.55
Price Trends
7.56
Positive
7.63
Positive
7.20
Positive
Market Momentum
0.07
Positive
57.04
Neutral
21.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPCAY, the sentiment is Positive. The current price of 7.55 is below the 20-day moving average (MA) of 7.71, below the 50-day MA of 7.56, and above the 200-day MA of 7.20, indicating a bullish trend. The MACD of 0.07 indicates Positive momentum. The RSI at 57.04 is Neutral, neither overbought nor oversold. The STOCH value of 21.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CPCAY.
Cathay Pacific Airways Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $48.70B | -37.50 | 23.14% | 0.96% | 5.24% | 20.93% | |
71 Outperform | $9.31B | 2.85 | 19.38% | 5.05% | 11.96% | 10.92% | |
71 Outperform | $31.81B | 10.76 | 24.91% | ― | 4.73% | 1.55% | |
68 Neutral | $28.46B | 12.06 | 24.66% | 1.37% | 19.66% | 49.49% | |
64 Neutral | $14.42B | 6.16 | 126.90% | 3.50% | 16.19% | 62.18% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | $8.56B | -4.65 | -5.17% | ― | 3.33% | -70.60% |
* Industrials Sector Average
CPCAY
Cathay Pacific Airways
7.91
1.68
26.94%
DAL
Delta Air Lines
75.65
27.72
57.85%
RYAAY
Ryanair Holdings
57.42
2.84
5.20%
UAL
United Airlines Holdings
99.64
23.64
31.11%
AAL
American Airlines
13.59
2.19
19.21%
LTM
LATAM Airlines Group SA Sponsored ADR
50.94
14.72
40.65%
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.