Japan Airlines Co Ltd (JP:9201)
:9201
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Japan Airlines Co
(9201)
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Rating:71Outperform
Price Target:
¥2,974.00
▲(10.52% Upside)
Action:UpgradedDate:02/05/26
The score is driven primarily by improved financial performance (post-downturn profitability and deleveraging), tempered by weaker cash conversion and cyclicality. Technicals add support with price above key moving averages and positive momentum, while valuation is favorable with a low P/E and ~3.1% dividend yield.
Positive Factors
Profitability Recovery
JAL's shift from deep losses to sustained positive margins reflects structural operational recovery and better network/mix management. Durable margin improvement supports reinvestment capacity, resilience to moderate cost swings, and a stronger foundation for multi-period earnings stability.
Negative Factors
Weak Cash Conversion
A low FCF-to-net-income ratio (~0.43) shows earnings are not fully converting to cash, limiting internal funding for capex and cushioning against shocks. Over time this constrains financial flexibility and raises the need for careful working-capital and capex planning in downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
JAL's shift from deep losses to sustained positive margins reflects structural operational recovery and better network/mix management. Durable margin improvement supports reinvestment capacity, resilience to moderate cost swings, and a stronger foundation for multi-period earnings stability.
Read all positive factors
Japan Airlines Co (9201) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.18T
Dividend Yield3.11%
Average Volume (3M)1.81M
Price to Earnings (P/E)6.9
Beta (1Y)0.77
Revenue Growth11.16%
EPS Growth49.16%
CountryJP
Employees36,500
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)103.97
Shares Outstanding437,143,500
10 Day Avg. Volume2,045,210
30 Day Avg. Volume1,811,506
Financial Highlights & Ratios
PEG Ratio0.86
Price to Book (P/B)1.15
Price to Sales (P/S)0.61
P/FCF Ratio12.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,383.33Price Target Upside25.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)290.63
Revenue Forecast (FY)¥2.00T
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 and related services across several major revenue streams. (1) Passenger transportation: The largest driver is ticket and ancillary sales on domestic and international flights. Revenue is gen...
Japan Airlines Co Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.97T | 1.84T | 1.65T | 1.38T | 682.71B | 481.23B |
| Gross Profit | 1.42T | 1.02T | 904.00B | 708.84B | 240.19B | 94.25B |
| EBITDA | 363.67B | 311.29B | 279.60B | 205.33B | -75.11B | -210.18B |
| Net Income | 129.73B | 107.04B | 95.53B | 34.42B | -177.55B | -286.69B |
Balance Sheet | ||||||
| Total Assets | 3.04T | 2.79T | 2.65T | 2.52T | 2.38T | 2.11T |
| Cash, Cash Equivalents and Short-Term Investments | 900.24B | 749.03B | 713.87B | 639.25B | 494.23B | 408.33B |
| Total Debt | 866.65B | 896.02B | 887.29B | 925.50B | 928.46B | 515.15B |
| Total Liabilities | 1.77T | 1.78T | 1.70T | 1.66T | 1.53T | 1.13T |
| Stockholders Equity | 1.22T | 975.06B | 909.95B | 816.29B | 799.74B | 947.46B |
Cash Flow | ||||||
| Free Cash Flow | 151.25B | 85.94B | 138.84B | 169.10B | -268.61B | -308.31B |
| Operating Cash Flow | 348.06B | 375.92B | 356.91B | 286.59B | -107.30B | -218.63B |
| Investing Cash Flow | -192.10B | -286.90B | -199.06B | -116.43B | -167.20B | -93.32B |
| Financing Cash Flow | 48.53B | -53.52B | -94.03B | -28.48B | 356.47B | 390.04B |
Japan Airlines Co Technical Analysis
Negative
2691.00
Price Trends
2921.61
Negative
2922.43
Negative
2946.54
Negative
Market Momentum
-109.68
Positive
39.11
Neutral
25.50
Neutral
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 2691 is below the 20-day moving average (MA) of 2761.00, below the 50-day MA of 2921.61, and below the 200-day MA of 2946.54, indicating a bearish trend. The MACD of -109.68 indicates Positive momentum. The RSI at 39.11 is Neutral, neither overbought nor oversold. The STOCH value of 25.50 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥1.40T | 5.50 | ― | 1.97% | 9.28% | 2.58% | |
72 Outperform | ¥618.69B | 8.33 | 13.92% | 1.50% | 6.30% | -16.29% | |
71 Outperform | ¥1.18T | 6.85 | 11.50% | 3.11% | 11.16% | 49.16% | |
66 Neutral | ¥1.46T | 10.37 | 11.29% | 3.00% | 5.48% | 33.67% | |
65 Neutral | ¥7.57B | 194.86 | ― | ― | 3.80% | -59.73% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
JP:9201
Japan Airlines Co
2,691.00
65.12
2.48%
JP:9009
Keisei Electric Railway Co
1,218.50
-216.75
-15.10%
JP:9021
West Japan Railway Company
3,213.00
263.36
8.93%
JP:9202
ANA Holdings Inc.
2,980.00
135.05
4.75%
JP:9204
Skymark Airlines Inc.
387.00
-144.99
-27.25%
JP:9206
Star Flyer Inc.
2,001.00
-642.00
-24.29%
Japan Airlines Co Corporate Events
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...
Japan Airlines Reshapes Jetstar Japan Ownership as Qantas Plans Exit and DBJ Joins
Feb 3, 2026
Japan Airlines has signed a memorandum of understanding with Development Bank of Japan to consider DBJ joining as a new shareholder in its equity-method affiliate Jetstar Japan, as Qantas Group plans to exit by transferring all of its shares and T...
Japan Airlines Lifts Nine‑Month Profit and Confirms Higher Dividend Payout
Feb 3, 2026
Japan Airlines reported solid growth for the nine months ended 31 December 2025, with revenue rising 9.2% year on year to ¥1.51 trillion and profit before financing and income tax increasing 24.2%. Interim profit attributable to owners of the...
Japan Airlines Nears Completion of ¥20 Billion Share Buyback Program
Feb 2, 2026
Japan Airlines Co., Ltd. has reported the latest status of its ongoing share repurchase program authorized by its board on October 30, 2025, under which it is buying back common shares via market purchases on the Tokyo Stock Exchange. Between Janu...
Japan Airlines Updates on Progress of ¥20 Billion Share Buyback Program
Jan 5, 2026
Japan Airlines has reported the status of its ongoing share repurchase program authorized by its board on October 30, 2025, under which it plans to buy back up to 8 million common shares for a total of up to 20 billion yen between October 31, 2025...
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.