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Airport Facilities Co., Ltd.
(8864)
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Rating:73Outperform
Price Target:
¥1,034.00
▲(6.82% Upside)
Action:Reiterated
Date:08/11/26
The score is primarily supported by improved financial strength—especially sharply lower leverage—and better profitability with strong latest-year cash generation. The main offset is weaker technical momentum (price below key moving averages and negative MACD). Valuation is a positive contributor due to the solid dividend yield and moderate P/E.
Positive Factors
Deleveraged Balance Sheet
The company reduced total debt to ~¥4.1B by 2026 and cut leverage to ~0.07 with equity ~¥61.6B. This materially lowers refinancing and interest risk and provides balance-sheet flexibility to fund capex, dividends or strategic initiatives over the medium term.
Negative Factors
Cash flow volatility
Despite strong 2026 cash generation, prior negative FCF in 2023–24 and weak OCF coverage in 2024 reveal execution sensitivity to capex timing and working capital. This uneven cash profile raises forecasting risk and could pressure dividends or reinvestment during adverse cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraged Balance Sheet
The company reduced total debt to ~¥4.1B by 2026 and cut leverage to ~0.07 with equity ~¥61.6B. This materially lowers refinancing and interest risk and provides balance-sheet flexibility to fund capex, dividends or strategic initiatives over the medium term.
Read all positive factors
Airport Facilities Co., Ltd. (8864) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥47.21B
Dividend Yield4.36%
Average Volume (3M)121.04K
Price to Earnings (P/E)16.9
Beta (1Y)0.66
Revenue Growth1.33%
EPS Growth-12.72%
CountryJP
Employees131
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)56.99
Shares Outstanding52,006,350
10 Day Avg. Volume79,190
30 Day Avg. Volume121,040
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)0.78
Price to Sales (P/S)1.30
P/FCF Ratio6.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)83.05
Revenue Forecast (FY)¥37.92B
Airport Facilities Co., Ltd. Business Overview & Revenue Model
Company Description
Airport Facilities Co., Ltd. engages in the real estate, area heating and cooling, water supply and drainage service, and other businesses in Japan. It leases various facilities comprising multi-purpose general buildings, hangars, maintenance shop...
How the Company Makes Money
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Airport Facilities Co., Ltd. Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
86
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.35B | 36.79B | 31.12B | 25.95B | 25.52B | 23.78B |
| Gross Profit | 11.07B | 9.09B | 6.77B | 5.28B | 4.61B | 5.37B |
| EBITDA | 9.35B | 10.13B | 9.21B | 8.00B | 7.22B | 6.14B |
| Net Income | 2.82B | 3.48B | 2.58B | 2.02B | 1.56B | 821.41M |
Balance Sheet | ||||||
| Total Assets | 110.33B | 112.05B | 108.58B | 110.46B | 100.40B | 102.47B |
| Cash, Cash Equivalents and Short-Term Investments | 7.24B | 13.23B | 7.16B | 10.85B | 8.60B | 9.61B |
| Total Debt | 23.21B | 27.60B | 27.05B | 32.14B | 27.30B | 30.76B |
| Total Liabilities | 45.85B | 47.66B | 45.99B | 49.70B | 43.03B | 47.16B |
| Stockholders Equity | 61.66B | 61.60B | 59.91B | 58.13B | 54.85B | 52.78B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 7.19B | 1.64B | -1.24B | -163.71M | 7.51B |
| Operating Cash Flow | 0.00 | 10.17B | 5.24B | 784.58M | 2.02B | 8.47B |
| Investing Cash Flow | 0.00 | -2.11B | -3.42B | -3.83B | 1.20B | -449.19M |
| Financing Cash Flow | 0.00 | -2.02B | -5.66B | 5.10B | -4.46B | -5.12B |
Airport Facilities Co., Ltd. Technical Analysis
Positive
968.00
Price Trends
946.74
Positive
944.78
Positive
972.79
Negative
Market Momentum
-0.31
Negative
54.86
Neutral
85.62
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8864, the sentiment is Positive. The current price of 968 is above the 20-day moving average (MA) of 951.15, above the 50-day MA of 946.74, and below the 200-day MA of 972.79, indicating a neutral trend. The MACD of -0.31 indicates Negative momentum. The RSI at 54.86 is Neutral, neither overbought nor oversold. The STOCH value of 85.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8864.
Airport Facilities Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥47.21B | 16.92 | ― | 4.34% | 1.33% | -12.72% | |
68 Neutral | ¥105.52B | 22.37 | ― | 2.19% | 2.57% | 10.71% | |
67 Neutral | ¥79.73B | 5.83 | ― | ― | 70.29% | 345.92% | |
66 Neutral | ¥99.58B | 34.16 | 2.27% | 1.18% | 15.48% | 60.86% | |
66 Neutral | ¥122.03B | 6.75 | ― | 2.93% | 14.60% | 77.73% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | ¥64.71B | 9.35 | ― | 2.89% | 36.85% | 83.36% |
* Real Estate Sector Average
JP:8864
Airport Facilities Co., Ltd.
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Airport Facilities Co., Ltd. Corporate Events
Airport Facilities Co. Q1 Profit Slumps but Full-Year Guidance and Dividend Hold Steady
Jul 30, 2026
Airport Facilities Co., Ltd. reported a sharp year-on-year decline in first-quarter results for the fiscal year ending March 31, 2027, with net sales down 25.8% to ¥7,006 million and profit attributable to owners of parent falling 42.9% to &#...
Airport Facilities Completes Restricted Stock Treasury Disposal for Executive Compensation
Jun 10, 2026
Airport Facilities Co., Ltd. has completed the payment process for the disposal of treasury stock used as restricted stock compensation, following a board resolution passed on May 15, 2026. The move reflects the company’s use of equity-based...
Airport Facilities Details Dependence on JAL and ANA as Major Shareholders and Key Clients
May 15, 2026
Airport Facilities has disclosed its relationships with controlling shareholders and key affiliates, identifying Japan Airlines as the entity exerting the greatest influence based on shareholdings and transactions. Both Japan Airlines and ANA HOLD...
Airport Facilities to Grant Restricted Treasury Shares to Executives as Incentive Pay
May 15, 2026
Airport Facilities Co., Ltd. has approved the disposal of 55,826 treasury shares, worth about 50.2 million yen at 900 yen per share, to five internal directors and eight executive officers as restricted stock compensation. The move is part of a re...
Airport Facilities Overhauls Leadership to Support New Growth Strategy
May 15, 2026
Airport Facilities Co., Ltd. has announced a broad reshuffle of its leadership, with current President and CEO Shigeo Tamura becoming Representative Director and Chairman and Osamu Sasaoka promoted to Representative Director, President and CEO. Th...
Airport Facilities Doubles Annual Dividend as Shareholder Returns Strategy Gains Traction
May 15, 2026
Airport Facilities Co., Ltd. has resolved to pay a year-end dividend of 24 yen per share for the fiscal year ended March 31, 2026, with a total payout of 1,185 million yen sourced from retained earnings, subject to approval at its June 26 sharehol...
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.