AirTrip (6191) AI Stock Analysis

• Market Cap: ¥17.10B
• Dividend Yield: 1.34%
• Average Volume (3M): 117.81K
• Price to Earnings (P/E): 6.9
• Beta (1Y): 0.89
• Revenue Growth: 5.77%
• EPS Growth: -11.65%
• Country: JP
• Employees: 396
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Services
• EPS (TTM): 47.14
• Shares Outstanding: 22,772,064
• 10 Day Avg. Volume: 178,390
• 30 Day Avg. Volume: 117,813
• PEG Ratio: -1.37
• Price to Book (P/B): 1.43
• Price to Sales (P/S): 0.78
• P/FCF Ratio: 5.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ¥827.00 ▲(4.16% Upside)
• Action: Upgraded Date: 02/18/26
• Date: Action: Upgraded 02/18/26

The score is driven primarily by solid financial performance (good margins, improving balance sheet) and notably attractive valuation (low P/E). These positives are tempered by weaker cash-flow conversion and mixed technicals, with the stock still below longer-term moving averages.

Positive Factors

High gross & operating margins

Sustained gross margin near 57% and double-digit EBIT imply durable unit economics and pricing power in core travel services. Strong margins support reinvestment, cushion against cyclical demand swings, and provide structural capacity to finance product development and service improvements over months.

Manageable leverage

A debt-to-equity near 0.30 and improving balance-sheet metrics indicate low financial risk and increased flexibility. This reduced leverage profile preserves access to capital for strategic investments or downturns, lowering refinancing risk and supporting durable operations over a multi-month horizon.

Consistent revenue growth

Steady top-line growth (TTM +5.9%) demonstrates continuing demand and market traction in the travel segment. Persistent revenue increases help absorb fixed costs, enable scale benefits, and support medium-term margin stability and reinvestment without relying on one-time gains.

Negative Factors

Weak free cash flow conversion

A meaningful FCF decline (‑22.8% TTM) and FCF covering only ~62% of net income point to weaker cash conversion. This reduces internally available funds for capex, dividends or buybacks and increases reliance on external financing, constraining strategic optionality over the medium term.

Modest net margins

Net margin around 6.6% is modest relative to the company's own historical peaks, limiting retained earnings and capacity to self-fund growth. Persistently compressed net margins can hamper long-run profitability improvement and make returns more sensitive to cost or demand shocks.

Returns below prior peaks

Return on equity near 12.6% is respectable but below prior highs, suggesting capital efficiency has not improved. If ROE fails to trend upward, shareholder returns may be constrained and the business could face pressure to demonstrate higher incremental returns on new investments.

AirTrip Business Overview & Revenue Model

Company Description

AirTrip Corp. engages in the online travel agency business in Japan. It offers business travel management and other services. The company also offers IT offshore development project services, such as lab-type offshore development and BPO services. In addition, it engages in investment business. The company was formerly known as Evolable Asia Corp. and changed its name to AirTrip Corp. in January 2020. AirTrip Corp. was founded in 2007 and is based in Tokyo, Japan.

How the Company Makes Money

AirTrip Corp generates revenue primarily through commissions and service fees from travel bookings made through its online platform. The company earns a commission on each booking made for flights, hotels, and vacation packages. Additionally, it offers various ancillary services like travel insurance and car rentals, which contribute to its revenue. The company may also engage in strategic partnerships with airlines, hotels, and other travel service providers to enhance its offerings and expand its market reach. Furthermore, advertising and promotional partnerships on its platform can serve as additional revenue streams.

AirTrip Financial Statement Overview

Summary

Financials are solid overall: revenue is growing (TTM +5.9%) with strong gross margin (~57%) and decent operating profitability (EBIT ~11.5%). Balance sheet leverage is manageable (debt-to-equity ~0.30) with healthy ROE (~12.6%). The key weakness is cash conversion—free cash flow fell meaningfully (TTM -22.8%) and covers only ~62% of net income.

Income Statement

AirTrip shows steady top-line momentum with revenue up 5.9% in TTM (Trailing-Twelve-Months) and a strong gross margin around 57%. Operating profitability is solid (EBIT margin ~11.5% and EBITDA margin ~13.9%), and net income improved versus the latest annual period. Offsetting this, net margin remains modest (~6.6%) and is below the stronger levels seen in prior years, indicating profitability is improving but not consistently compounding.

Balance Sheet

Leverage appears manageable with debt-to-equity around 0.30 in the most recent periods, a notable improvement from earlier years when leverage was materially higher. Equity has grown alongside assets, supporting balance-sheet resilience. Return on equity is healthy (~12.6% in TTM (Trailing-Twelve-Months)), though below peak historical levels, suggesting returns are solid but not exceptional versus the company’s own prior performance.

Cash Flow

Cash generation is positive, with TTM (Trailing-Twelve-Months) operating cash flow and free cash flow both solidly in the black. However, free cash flow declined meaningfully (down 22.8%), and free cash flow covers only about 62% of net income in TTM (Trailing-Twelve-Months), pointing to weaker cash conversion than ideal. The cash-flow profile is acceptable, but the recent deterioration and volatility are the key watch items.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	29.68B	28.02B	26.57B	23.39B	13.59B	17.52B
Gross Profit	16.82B	16.12B	15.53B	13.53B	7.58B	7.61B
EBITDA	4.15B	3.88B	3.11B	2.70B	2.72B	4.05B
Net Income	2.51B	1.84B	2.01B	1.27B	1.71B	2.37B
Balance Sheet
Total Assets	35.98B	32.37B	28.80B	30.59B	24.14B	21.37B
Cash, Cash Equivalents and Short-Term Investments	12.48B	12.11B	15.72B	12.45B	8.95B	8.77B
Total Debt	8.31B	4.60B	4.32B	5.65B	7.53B	9.67B
Total Liabilities	17.68B	15.80B	14.07B	17.30B	14.23B	13.24B
Stockholders Equity	16.00B	15.30B	13.73B	12.34B	9.19B	7.47B
Cash Flow
Free Cash Flow	1.83B	3.66B	1.25B	3.21B	2.12B	3.07B
Operating Cash Flow	3.45B	3.79B	2.27B	4.12B	2.81B	3.63B
Investing Cash Flow	-877.00M	-1.33B	-3.63B	-583.00M	-952.00M	-1.72B
Financing Cash Flow	-219.00M	-812.00M	-1.40B	-121.00M	-1.78B	-253.00M

AirTrip Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 794.00
• 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 JP:6191, the sentiment is Positive. The current price of 794 is above the 20-day moving average (MA) of 738.35, above the 50-day MA of 749.88, and below the 200-day MA of 860.43, indicating a neutral trend. The MACD of -6.41 indicates Positive momentum. The RSI at 51.60 is Neutral, neither overbought nor oversold. The STOCH value of 24.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6191.

AirTrip Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9726	78 Outperform	¥47.40B	5.71	―	―	8.03%	13.35%
6191	71 Outperform	¥17.10B	6.87	12.02%	1.34%	5.77%	-11.65%
6561	70 Outperform	¥11.10B	8.01	―	3.16%	8.41%	20.97%
7048	62 Neutral	¥7.98B	56.77	―	―	10.87%	98.92%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
6030	46 Neutral	¥15.22B	-6.59	―	1.18%	9.72%	-335.09%

AirTrip Corporate Events

AirTrip Delivers Strong Q1 Profit Rebound but Keeps Cautious Full-Year Outlook

AirTrip Corp. reported strong first-quarter results for the fiscal year ending September 2026, with revenue rising 26.1% year on year to ¥8.02 billion and operating profit before depreciation and amortization jumping 79.1% to ¥1.21 billion. Quarterly profit attributable to owners of the parent surged 186.3% to ¥1.11 billion, while earnings per share increased to ¥47.14, underscoring a solid profit rebound and improved operational efficiency.

The company’s balance sheet expanded, with total assets climbing to ¥35.98 billion and equity attributable to owners of the parent reaching ¥16.00 billion, though its equity ratio eased to 44.5%. Despite the strong start, AirTrip kept its full-year forecast unchanged, projecting ¥34.0 billion in revenue but significantly lower full-year profit versus the prior year, suggesting expectations of rising costs or one-off factors later in the fiscal year that investors will need to monitor.

The most recent analyst rating on (JP:6191) stock is a Hold with a Yen791.00 price target. To see the full list of analyst forecasts on AirTrip stock, see the JP:6191 Stock Forecast page.

AirTrip lifts profit on inbound and CVC gains despite slower online travel

AirTrip Corp. reported that growth in its core online travel business slowed further in the first quarter of FY2026.9, but group operating income before impairment rose 79.1% year on year to ¥12.1 billion due to tighter advertising spend and solid contributions from its inbound and investment businesses. The company also highlighted that its paid AirTrip CXO Salon has reached 700 member companies, providing a recurring revenue base that is expected to underpin future profitability and strengthen ties with corporate clients.

Management said the group has entered the “To the Next Stage” phase of its medium-term evolution, following an earlier “Re-Start” period, and is now managing performance by business segment, including online travel, inbound, IT development, and CVC investments. During the quarter, AirTrip executed two M&A deals and capital or business alliances, broadening its portfolio in line with its “AirTrip Group Promise,” a strategy that seeks to enhance earnings resilience and reposition the company beyond a pure online travel model.

The most recent analyst rating on (JP:6191) stock is a Hold with a Yen791.00 price target. To see the full list of analyst forecasts on AirTrip stock, see the JP:6191 Stock Forecast page.

AirTrip Revises FY2025 IFRS Results Over Revenue and Investment Accounting Errors

AirTrip Corp. announced that it has partially corrected its previously disclosed consolidated financial results for the fiscal year ending September 2025, originally released on November 14, 2025, citing errors in the accounting treatment of a portion of its revenue and in certain accounting estimates such as investment profit or loss. As a result, the company is revising multiple elements of its IFRS-based consolidated financial statements, including the statement of financial position, income statement, comprehensive income, changes in equity, cash flows and segment information, a move that may affect investors’ assessment of its recent profitability and financial position and underscores tighter scrutiny of its revenue recognition and investment accounting practices.

The most recent analyst rating on (JP:6191) stock is a Hold with a Yen783.00 price target. To see the full list of analyst forecasts on AirTrip stock, see the JP:6191 Stock Forecast page.