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Cathay Pacific Airways
(0293)
Cathay Pacific Airways (0293) vs. iShares MSCI Hong Kong ETF (EWH)
Cathay Pacific Airways Business Overview & Revenue Model
Cathay Pacific Airways Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 109.08B | 104.37B | 94.48B | 51.04B | 45.59B | 46.93B |
| Gross Profit | 32.80B | 32.58B | 20.70B | 4.42B | 836.00M | -5.55B |
| EBITDA | 21.75B | 21.45B | 20.47B | 16.02B | 9.21B | -3.74B |
| Net Income | 9.93B | 9.89B | 9.79B | -6.62B | -5.53B | -21.65B |
Balance Sheet | ||||||
| Total Assets | 170.30B | 171.24B | 174.12B | 180.91B | 196.63B | 204.57B |
| Cash, Cash Equivalents and Short-Term Investments | 8.91B | 10.53B | 15.53B | 18.28B | 19.28B | 19.34B |
| Total Debt | 65.25B | 68.47B | 68.29B | 77.11B | 89.85B | 93.13B |
| Total Liabilities | 118.64B | 118.74B | 114.08B | 117.56B | 124.90B | 131.31B |
| Stockholders Equity | 51.65B | 52.50B | 60.03B | 63.80B | 71.72B | 73.26B |
Cash Flow | ||||||
| Free Cash Flow | 13.69B | 14.33B | 19.61B | 15.20B | 6.56B | -19.03B |
| Operating Cash Flow | 24.08B | 23.54B | 26.41B | 18.93B | 8.84B | -13.62B |
| Investing Cash Flow | -6.44B | -6.08B | -2.67B | -3.86B | 493.00M | -12.43B |
| Financing Cash Flow | -24.18B | -19.83B | -23.18B | -16.24B | -6.93B | 23.31B |
Cathay Pacific Airways Technical Analysis
Cathay Pacific Airways Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$84.46B | 4.02 | 21.38% | 12.81% | 28.91% | 150.66% | |
67 Neutral | HK$82.42B | 7.98 | 17.73% | 5.38% | 8.54% | 16.57% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | HK$94.89B | 82.21 | 0.47% | 5.26% | 6.44% | -95.37% | |
56 Neutral | HK$152.20B | 162.29 | 0.20% | ― | 4.08% | ― | |
55 Neutral | HK$136.24B | -43.31 | -6.44% | ― | 1.42% | 3.33% | |
54 Neutral | HK$130.99B | -38.49 | -7.13% | ― | 4.61% | 38.36% |
Cathay Pacific Airways Corporate Events
Cathay Pacific Airways reported robust operational growth for December 2025 and the full year, highlighting strong performance in both its passenger and cargo businesses. The Cathay Group’s passenger airlines, Cathay Pacific and HK Express, carried more than 125,000 passengers on 27 December 2025, a single-day record that was surpassed on 3 January 2026 with over 126,000 passengers, reflecting surging demand during the year-end travel peak. For full-year 2025, the two passenger airlines transported more than 36 million passengers, up 27% year on year, supported by a more than 25% increase in available seat kilometres, while Cathay Cargo lifted more than 1.6 million tonnes of freight, over 9% higher than in 2024. The company also reported a 22% year-on-year rise in passengers carried in December 2025 alone, underpinned by strong inbound traffic to Hong Kong from key long-haul and regional markets and a surge in outbound leisure travel across Asia. As Cathay enters its 80th anniversary year in 2026, management signalled a focus on enhancing customer experience and consolidating Hong Kong’s status as an international aviation hub, underscoring the group’s strengthened post-pandemic recovery trajectory and its strategic positioning in regional and global air travel and cargo markets.
The most recent analyst rating on (HK:0293) stock is a Buy with a HK$13.50 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has despatched a circular to shareholders outlining the terms of a proposed off‑market share buy-back, including details of the buy-back deed, recommendations from an independent board committee, and advice from an independent financial adviser, as well as the notice and proxy form for an extraordinary general meeting (EGM). The EGM is scheduled for 12 February 2026 in Hong Kong, where independent shareholders will consider the proposed transaction, which remains conditional and may not proceed, prompting the company to caution shareholders and potential investors about trading its securities ahead of the outcome.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$11.70 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has called an extraordinary general meeting for 12 February 2026 in Hong Kong for shareholders to vote on a proposed off‑market share buy-back from Qatar Airways. The airline seeks approval to repurchase 643,076,181 shares from Qatar Airways for a total consideration of HK$6.97 billion and to authorise directors or the company secretary to execute all necessary actions and documentation to implement the transaction, a move that could significantly reshape its shareholder base and capital structure.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$11.70 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has updated investors on changes to shareholder undertakings linked to its proposed off‑market share buy-back, following Air China’s agreement to dispose of 108,080,000 Cathay Pacific shares via a placing before an extraordinary general meeting. After this disposal, Air China and Cathay executed an amended irrevocable undertaking reflecting Air China’s reduced indirect holding of about 27.11% of issued shares, while Swire Pacific’s undertaking remains unchanged, bringing the total shares covered by irrevocable undertakings from Air China and Swire Pacific to roughly 75.24% of shares held by independent shareholders. Under the amended arrangement, Air China commits to vote all its covered shares in favour of the share buy-back and to refrain from disposing or encumbering them until the EGM or earlier agreed termination. Assuming no other capital changes, completion of both the disposal and the buy-back would see Swire Pacific’s stake rise from about 43.09% to 47.65%, above the 2% “creeper” threshold under Hong Kong’s Takeovers Code, while Air China’s stake would move from 27.11% post-disposal to 29.98%, just below the 30% mandatory offer trigger, prompting Swire Pacific to apply for a waiver from making a mandatory general offer and underscoring the transaction’s significance for Cathay Pacific’s ownership and control structure.
The most recent analyst rating on (HK:0293) stock is a Buy with a HK$15.30 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has provided an update on its proposed off-market share buy-back, confirming that the shareholder circular is still being prepared and is expected to be dispatched by 14 January 2026, subject to finalisation of required information. The airline also noted that none of the conditions precedent for completion of the buy-back have yet been satisfied or waived, and cautioned shareholders and potential investors that the transaction may or may not proceed, advising care when dealing in its securities. Separately, following a board change effective 24 December 2025, the composition of the Independent Board Committee overseeing the buy-back has been updated, with a panel of non-executive and independent non-executive directors who have no direct or indirect interest in the transaction tasked with advising independent shareholders and issuing a recommendation in the forthcoming circular.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$13.00 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has announced the current composition of its Board of Directors, detailing a mix of executive, non-executive and independent non-executive directors, including Chair Patrick Healy and Chief Executive Officer Ronald Lam, alongside senior leaders overseeing customer, commercial, operations, service delivery and finance functions. The airline has also specified the membership and chairmanship of its key governance committees—Audit, Board Risk, Board Safety Review, Nomination and Remuneration—signalling a formalised corporate governance structure and delineation of responsibilities that is important for risk oversight, safety management and board-level accountability to shareholders and regulators.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$13.00 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has announced a series of board changes that will reshape its governance structure over the next 18 months, further underlining the airline’s close alignment with both the Swire group and major mainland aviation stakeholders. Effective 24 December 2025, Ma Chongxian will step down as non-executive director and deputy chair due to changes in his job assignments, and will be succeeded in both roles by Air China chairman Liu Tiexiang, whose extensive leadership experience across Air China, China Eastern and China National Aviation Holding signals continued deep integration between Cathay and mainland aviation interests. Following the company’s annual general meeting on 13 May 2026, long-serving chair and executive director Patrick Healy will retire from the board in conjunction with his retirement from the Swire group, with current non-executive director and Swire group heavyweight Guy Bradley re-designated as executive director and elected chair, while former Cathay CFO and current Swire Pacific finance chief Martin Murray will rejoin the Cathay board as a non-executive director, reinforcing Swire’s financial and strategic oversight of the airline as it navigates its post-pandemic recovery and competitive positioning in the regional aviation market.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$13.00 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has released its November 2025 traffic figures and simultaneously disclosed that management expects the Group’s second-half 2025 results to exceed those of the first half, and full-year 2025 results to surpass full-year 2024, indicating continued operational and financial recovery. Because these expectations constitute a profit forecast under Hong Kong’s Takeovers Code and have not yet been reviewed by the company’s financial adviser or external auditors, the airline cautioned shareholders and potential investors against placing undue reliance on the projections, particularly when assessing the ongoing share buy-back, and said the forecast and the requisite adviser and auditor reports will be included in the forthcoming EGM circular.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$13.00 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways Limited has announced a board meeting scheduled for March 11, 2026, to discuss the annual financial results for 2025 and consider a second interim dividend payment. During the period leading up to this meeting, directors are restricted from trading company securities, reflecting compliance with stock exchange regulations.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$13.00 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has announced a delay in the dispatch of a circular related to a proposed off-market share buy-back. The delay, now extended to January 14, 2026, is due to the need for additional time to finalize financial information and advisory letters, as well as the upcoming holiday period. Shareholders and potential investors are advised to exercise caution, as the buy-back is subject to conditions that may affect its execution.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$13.00 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways Limited reported significant growth in its October 2025 traffic figures, with a 21% increase in passengers and a 12% rise in cargo compared to the previous month. The company is enhancing its global network by adding new destinations and increasing flight frequencies, which is expected to strengthen its market position and cater to the rising travel demand, especially during the upcoming holiday season.
The most recent analyst rating on (HK:0293) stock is a Hold with a HK$13.00 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.
Cathay Pacific Airways has announced a possible off-market share buy-back involving 643,076,181 shares owned by Qatar Airways, representing approximately 9.57% of its issued shares. The buy-back is contingent upon approval from independent shareholders and regulatory bodies. If completed, the buy-back will increase the proportional interest of other shareholders and reduce the company’s public float to approximately 20.53%, below the minimum required by the Listing Rules. The company has received a Public Float Waiver from the Stock Exchange, conditional on disclosing the details and rationale for the waiver.
The most recent analyst rating on (HK:0293) stock is a Buy with a HK$12.00 price target. To see the full list of analyst forecasts on Cathay Pacific Airways stock, see the HK:0293 Stock Forecast page.