ANA Holdings Inc. (JP:9202)
:9202
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ANA Holdings Inc.
(9202)
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Rating:68Neutral
Price Target:
¥3,257.00
▲(15.46% Upside)
Action:Downgraded
Date:05/02/26
The score is driven primarily by improving financial fundamentals (recovered profitability and positive cash flow) and attractive valuation (low P/E with a dividend). These positives are meaningfully offset by weak technicals, with the stock trading below key moving averages and bearish momentum indicators.
Positive Factors
Recovered profitability & cash flow
ANA’s multi-year recovery to consistent positive operating and free cash flow and mid-single-digit net margins indicates the business is generating internal funds to cover operations, invest in the network and service liabilities. Sustained cash generation across FY2023–FY2026 supports durable operational resilience and self-funding capacity versus one-off rebounds.
Negative Factors
Large absolute debt & asset intensity
Airlines are capital intensive; ANA’s sizable absolute debt and heavy aircraft asset base constrain liquidity flexibility and raise fixed-cost burdens. Even with improved ratios, heavy balance-sheet obligations limit strategic optionality and increase vulnerability to demand or fuel shocks over a multi-year cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Recovered profitability & cash flow
ANA’s multi-year recovery to consistent positive operating and free cash flow and mid-single-digit net margins indicates the business is generating internal funds to cover operations, invest in the network and service liabilities. Sustained cash generation across FY2023–FY2026 supports durable operational resilience and self-funding capacity versus one-off rebounds.
Read all positive factors
ANA Holdings Inc. (9202) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.33T
Dividend Yield1.97%
Average Volume (3M)1.55M
Price to Earnings (P/E)7.0
Beta (1Y)0.61
Revenue Growth12.26%
EPS Growth11.58%
CountryJP
Employees41,225
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)363.29
Shares Outstanding484,293,550
10 Day Avg. Volume1,581,140
30 Day Avg. Volume1,546,973
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)0.88
Price to Sales (P/S)0.51
P/FCF Ratio5.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,250.00Price Target Upside15.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)232.95
Revenue Forecast (FY)¥2.74T
ANA Holdings Inc. Business Overview & Revenue Model
Company Description
ANA Holdings Inc., together with its subsidiaries, provides air transportation services in Japan and internationally. It operates through Air Transportation, Airline Related, Travel Services, and Trade And Retail segments. The Air Transportation s...
How the Company Makes Money
ANA Holdings makes money primarily through its airline operations. The largest revenue stream is passenger transportation, where the group sells tickets (and associated fees) on domestic and international routes; revenue is influenced by passenger...
ANA Holdings Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
71
Positive
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.54T | 2.26T | 2.06T | 1.71T | 1.02T |
| Gross Profit | 442.59B | 403.12B | 395.89B | 281.80B | -54.47B |
| EBITDA | 388.45B | 347.30B | 352.34B | 270.42B | -13.51B |
| Net Income | 169.07B | 153.03B | 157.10B | 89.48B | -143.63B |
Balance Sheet | |||||
| Total Assets | 3.96T | 3.62T | 3.57T | 3.37T | 3.22T |
| Cash, Cash Equivalents and Short-Term Investments | 1.26T | 1.22T | 1.26T | 1.18T | 950.99B |
| Total Debt | 1.17T | 1.35T | 1.48T | 1.61T | 1.75T |
| Total Liabilities | 2.45T | 2.48T | 2.52T | 2.50T | 2.42T |
| Stockholders Equity | 1.49T | 1.13T | 1.04T | 862.42B | 797.25B |
Cash Flow | |||||
| Free Cash Flow | 228.43B | 156.18B | 218.56B | 356.37B | -197.00B |
| Operating Cash Flow | 443.46B | 373.03B | 420.62B | 449.82B | -76.41B |
| Investing Cash Flow | -415.21B | -339.95B | -399.52B | -202.03B | 230.02B |
| Financing Cash Flow | -159.37B | -173.86B | -136.04B | -144.91B | 93.65B |
ANA Holdings Inc. Technical Analysis
Negative
2821.00
Price Trends
2831.69
Negative
2948.24
Negative
2902.43
Negative
Market Momentum
14.11
Negative
48.35
Neutral
21.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9202, the sentiment is Negative. The current price of 2821 is above the 20-day moving average (MA) of 2820.65, below the 50-day MA of 2831.69, and below the 200-day MA of 2902.43, indicating a bearish trend. The MACD of 14.11 indicates Negative momentum. The RSI at 48.35 is Neutral, neither overbought nor oversold. The STOCH value of 21.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9202.
ANA Holdings Inc. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ¥1.33T | 7.03 | ― | 1.97% | 12.26% | 11.58% | |
68 Neutral | ¥1.14T | 8.24 | 11.50% | 3.11% | 9.13% | 29.20% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | ¥440.63B | 14.78 | 15.15% | 2.25% | 7.37% | 6.19% | |
62 Neutral | ¥1.14T | 8.60 | 11.29% | 3.00% | 8.07% | 15.81% | |
50 Neutral | ¥7.33B | 16.68 | ― | ― | 4.42% | -93.47% |
* Industrials Sector Average
JP:9202
ANA Holdings Inc.
2,815.50
-4.12
-0.15%
JP:9706
Japan Airport Terminal Co
4,601.00
244.09
5.60%
JP:9201
Japan Airlines Co
2,648.00
-206.02
-7.22%
JP:9021
West Japan Railway Company
2,469.50
-598.28
-19.50%
JP:9204
Skymark Airlines Inc.
403.00
-108.06
-21.14%
JP:9206
Star Flyer Inc.
1,921.00
-265.00
-12.12%
ANA Holdings Inc. Corporate Events
ANA Holdings Shifts to Performance-Linked Restricted Stock for Executives
May 22, 2026
ANA Holdings is overhauling its existing Board Benefit Trust share-based compensation scheme for internal directors, shifting from a points-based structure that only converted to shares upon retirement to a performance-linked restricted stock plan...
ANA Holdings Moves to Add Interim Dividend to Boost Shareholder Returns
May 22, 2026
ANA Holdings plans to introduce an interim dividend system by partially amending its Articles of Incorporation, adding an interim dividend on common shares in addition to the existing year-end payout. The board has approved submitting the change f...
ANA Advances Large-Scale Share Buyback, Spending ¥17.5 Billion in April
May 11, 2026
ANA Holdings has disclosed that it repurchased 6,139,500 shares of its common stock during April 2026, at a total cost of about ¥17.5 billion, as part of its ongoing share buyback program. This activity falls under a broader board-approved ma...
ANA Holdings Lifts Dividend on Stronger-Than-Expected Earnings
Apr 30, 2026
ANA Holdings has proposed raising its annual dividend for the fiscal year ended March 31, 2026 to 65 yen per ordinary share, up from 60 yen a year earlier and above its previous forecast. The total dividend payout will rise to 29.9 billion yen, re...
ANA Holdings Lifts Revenue and Dividends but Warns of Profit Slowdown
Apr 30, 2026
ANA Holdings reported a 12.3% rise in operating revenue to ¥2.54 trillion for the year ended March 31, 2026, with operating income up 10.6% and net income attributable to owners of the parent climbing 10.5% to ¥169.1 billion. Profitabili...
ANA Holdings Reports Progress on ¥150 Billion Share Buyback Program
Apr 3, 2026
ANA Holdings Inc. has disclosed progress on its ongoing share repurchase program authorized under Japan’s Companies Act, targeting a substantial portion of its common stock. The move is part of a capital allocation strategy intended to optim...
ANA Holdings reshapes 787 fleet plan to support international growth
Mar 25, 2026
ANA Holdings Inc. has revised its aircraft acquisition plan to switch part of its existing order to different models as it seeks to expand international passenger services under the ANA brand. The updated plan adjusts earlier commitments for Boein...
ANA Holdings Updates Progress on Large-Scale Share Buyback Program
Mar 4, 2026
ANA HOLDINGS INC., a leading Japanese aviation group listed on the TSE Prime Market, operates through its flagship All Nippon Airways brand and related air transport services in both domestic and international markets. The company’s activiti...
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.