Japan Airlines Co Ltd (JP:9201)
:9201
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Japan Airlines Co
(9201)
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Rating:68Neutral
Price Target:
¥2,754.00
▲(8.51% Upside)
Action:DowngradedDate:05/02/26
The score is driven primarily by solid financial recovery and improved cash generation, supported by attractive valuation (low P/E and ~3.8% yield). These positives are tempered by weak technicals, with the stock trading below key moving averages and showing negative momentum indicators.
Positive Factors
Profitability recovery
JAL’s restored profitability with a ~10% operating margin and ~6.8% net margin reflects durable operational recovery post-downturn. Sustained margins across periods support reinvestment in network and service, creating a stronger footing versus prior loss-making years.
Negative Factors
High absolute debt load
Even with improved ratios, large absolute debt remains a structural vulnerability for a capital-intensive airline. High debt levels can constrain strategic options, increase interest costs, and elevate refinancing risk during revenue downturns or rising rates, reducing headroom.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability recovery
JAL’s restored profitability with a ~10% operating margin and ~6.8% net margin reflects durable operational recovery post-downturn. Sustained margins across periods support reinvestment in network and service, creating a stronger footing versus prior loss-making years.
Read all positive factors
Japan Airlines Co (9201) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.15T
Dividend Yield3.11%
Average Volume (3M)1.81M
Price to Earnings (P/E)11.5
Beta (1Y)0.79
Revenue Growth9.13%
EPS Growth29.20%
CountryJP
Employees36,500
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)316.67
Shares Outstanding437,143,500
10 Day Avg. Volume2,045,210
30 Day Avg. Volume1,811,506
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)0.86
Price to Sales (P/S)0.55
P/FCF Ratio5.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,030.00Price Target Upside19.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)207.43
Revenue Forecast (FY)¥2.15T
Japan Airlines Co Business Overview & Revenue Model
Company Description
Japan Airlines Co., Ltd., together with its subsidiaries, provides scheduled and non-scheduled air transport services in Japan and internationally. The company operates through Air Transportation and Other segments. It offers domestic and internat...
How the Company Makes Money
JAL primarily makes money by selling air transportation: (1) Passenger revenue from domestic and international scheduled flights, where customers pay base fares and any applicable surcharges/taxes collected on behalf of authorities; pricing and lo...
Japan Airlines Co Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
68
Positive
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.01T | 1.84T | 1.65T | 1.38T | 682.71B |
| Gross Profit | 1.45T | 1.02T | 904.00B | 708.84B | 240.19B |
| EBITDA | 373.53B | 311.29B | 279.60B | 205.33B | -75.11B |
| Net Income | 137.60B | 107.04B | 95.53B | 34.42B | -177.55B |
Balance Sheet | |||||
| Total Assets | 3.20T | 2.79T | 2.65T | 2.52T | 2.38T |
| Cash, Cash Equivalents and Short-Term Investments | 1.01T | 749.03B | 713.87B | 639.25B | 494.23B |
| Total Debt | 875.92B | 896.02B | 887.29B | 925.50B | 928.46B |
| Total Liabilities | 1.86T | 1.78T | 1.70T | 1.66T | 1.53T |
| Stockholders Equity | 1.29T | 975.06B | 909.95B | 816.29B | 799.74B |
Cash Flow | |||||
| Free Cash Flow | 186.12B | 85.94B | 138.84B | 169.10B | -268.61B |
| Operating Cash Flow | 388.55B | 375.92B | 356.91B | 286.59B | -107.30B |
| Investing Cash Flow | -193.28B | -286.90B | -199.06B | -116.43B | -167.20B |
| Financing Cash Flow | 61.13B | -53.52B | -94.03B | -28.48B | 356.47B |
Japan Airlines Co Technical Analysis
Negative
2538.00
Price Trends
2761.88
Negative
2817.56
Negative
2873.23
Negative
Market Momentum
-46.54
Negative
41.99
Neutral
18.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9201, the sentiment is Negative. The current price of 2538 is below the 20-day moving average (MA) of 2590.84, below the 50-day MA of 2761.88, and below the 200-day MA of 2873.23, indicating a bearish trend. The MACD of -46.54 indicates Negative momentum. The RSI at 41.99 is Neutral, neither overbought nor oversold. The STOCH value of 18.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9201.
Japan Airlines Co Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ¥1.15T | 11.48 | 11.50% | 3.11% | 9.13% | 29.20% | |
68 Neutral | ¥1.33T | 9.92 | ― | 1.97% | 12.26% | 11.58% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ¥568.17B | 11.80 | 13.92% | 1.50% | 4.11% | -30.52% | |
62 Neutral | ¥1.27T | 52.49 | 11.29% | 3.00% | 8.07% | 15.81% | |
50 Neutral | ¥7.23B | 3.59 | ― | ― | 4.42% | -93.47% |
* Industrials Sector Average
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Japan Airlines Co Corporate Events
Japan Airlines to Issue Bond-Type Shares to Fund Fleet Upgrade and Growth
Apr 30, 2026
Japan Airlines plans to issue Series 1 Bond-Type Class Shares in Japan as part of its financial strategy to support growth investments while maintaining both a strong capital base and high capital efficiency. The structure is designed to expand it...
Japan Airlines to Issue Non-Voting Bond-Type Shares to Bolster Equity
Apr 30, 2026
Japan Airlines will issue Series 1 Bond-Type Class Shares in June 2026, securities that are treated as equity under Japan’s Companies Act and for accounting purposes but carry no voting rights and cannot be converted into common stock. The i...
Japan Airlines to Issue Bond-Type Class Stock to Fund 2035 Growth Strategy
Apr 30, 2026
Japan Airlines has approved the issuance of a new Series 1 Bond-Type Class Stock as part of its financial strategy under the JAL Group Management Vision 2035, aimed at shifting its portfolio toward growth in international routes and the Mile Life ...
Japan Airlines Lifts Annual Dividend and Pledges Stable Payouts Despite Profit Dip Outlook
Apr 30, 2026
Japan Airlines will pay a year-end dividend of 50 yen per share for the fiscal year ended March 31, 2026, bringing the total annual dividend to 96 yen per share, up from 86 yen a year earlier. The payout, funded from retained earnings and subject ...
Japan Airlines lifts profit and dividends as balance sheet strengthens, but flags weaker earnings outlook
Apr 30, 2026
Japan Airlines reported solid growth for the year ended March 31, 2026, with revenue rising 9.1% to ¥2.01 trillion and profit attributable to owners of the parent climbing 28.6% to ¥137.6 billion, reflecting stronger margins and higher p...
Japan Airlines to Build New Haneda Maintenance Facility via Dedicated Subsidiary
Apr 30, 2026
Japan Airlines has approved plans to construct a new maintenance factory within Tokyo’s Haneda Airport dedicated to aircraft landing gear and other component overhauls. The company will create a new consolidated subsidiary to own the related...
Japan Airlines to Acquire Major Stake in Lifenet Insurance in Push Beyond Aviation
Apr 30, 2026
Japan Airlines has agreed a capital and business alliance with online life insurer Lifenet Insurance, under which it will acquire all 14,726,100 Lifenet shares held by au Financial Holdings, subject to regulatory approval by around late June 2026....
Japan Airlines Lifts FY2026 Profit Outlook and Dividend Forecasts
Mar 2, 2026
Japan Airlines has raised its full-year consolidated forecast for the fiscal year ending March 31, 2026, reflecting better-than-expected revenue and profitability. The company now expects revenue of ¥2 trillion, EBIT of ¥205 billion, and...
Japan Airlines Forecasts Higher Revenue but Lower Profit, Keeps Dividend Steady for FY2027
Mar 2, 2026
Japan Airlines has issued its full-year consolidated forecast for the fiscal year ending March 2027, projecting revenue of ¥2.095 trillion, EBIT of ¥180 billion and profit attributable to owners of the parent of ¥110 billion. Despit...
Japan Airlines to Issue Bond-Type Class Shares to Fund Growth and Protect Shareholder Value
Mar 2, 2026
Japan Airlines plans to issue bond-type class shares as part of its JAL Group Management Vision 2035, aiming to fund new aircraft acquisitions and proactive growth investments, especially in non-aviation and mileage businesses. By structuring thes...
Japan Airlines to Issue Non-Voting Bond-Type Shares to Bolster Equity
Mar 2, 2026
Japan Airlines plans to issue bond-type class shares that are treated as equity for accounting purposes but carry no voting rights and cannot be converted into common stock. The shares are non-participating and cumulative, with priority over commo...
Japan Airlines Sets 2035 Vision With Long-Term Strategy and Higher Profit Targets
Mar 2, 2026
Japan Airlines has unveiled its “JAL Group Management Vision 2035,” a long-term growth strategy that shifts from traditional rolling five-year plans to a 10-year vision supported by agile annual plans. The company aims to better naviga...
Japan Airlines Revamps Board and Executive Lineup for April 2026
Feb 18, 2026
Japan Airlines has unveiled a refreshed lineup of board members and executive officers for the JAL Group, effective April 1, 2026, with most key leadership roles, including President and CEO Mitsuko Tottori and Chairperson Yuji Akasaka, slated for...
Japan Airlines Completes Nearly ¥20 Billion Share Buyback Program
Feb 6, 2026
Japan Airlines has completed a share repurchase program authorized by its board on October 30, 2025, under which it bought back a total of 6,839,400 common shares for approximately 19.999 billion yen via market purchases on the Tokyo Stock Exchang...
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.