ANA Holdings Inc. (9202) AI Stock Analysis

• Market Cap: ¥1.39T
• Dividend Yield: 2.04%
• Average Volume (3M): 1.79M
• Price to Earnings (P/E): 9.0
• Beta (1Y): 0.48
• Revenue Growth: 10.02%
• EPS Growth: -2.91%
• Country: JP
• Employees: 41,225
• Sector: Industrials
• Sector Strength: 92
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 40.42
• Shares Outstanding: 484,293,550
• 10 Day Avg. Volume: 1,960,630
• 30 Day Avg. Volume: 1,786,306
• PEG Ratio: -0.09
• Price to Book (P/B): 1.57
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 4.06
• 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: ¥2,559.00
• Price Target Upside: -14.73% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4

• Rating: 70 Outperform
• Price Target: ¥3,081.00 ▲(2.67%Upside)

ANA Holdings Inc.'s overall stock score reflects a strong financial recovery and attractive valuation, which are the most significant factors. The technical analysis presents a mixed picture, impacting the score moderately. The absence of recent earnings call insights or notable corporate events leaves these areas neutral in the assessment.

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 segment offers domestic and international passenger operations, cargo and mail operations, and other transportation services. The Airline Related segment provides air transportation related services, such as airport passenger, ground handling, and maintenance services. The Travel Services segment engages in the development and sale of travel plans; and planning and sale of branded travel packages using air transportation. The Trade and Retail segment is involved in the import and export operations of goods related to air transportation; and in-store and non-store retailing. The company was formerly known as All Nippon Airways Co., Ltd. and changed its name to ANA Holdings Inc. in April 2013. ANA Holdings Inc. was incorporated in 1920 and is headquartered in Tokyo, Japan.

How the Company Makes Money

ANA Holdings Inc. generates its revenue primarily through its air transportation services, which include passenger and cargo flights. The airline segment accounts for the majority of the company's income, with earnings derived from ticket sales for domestic and international travel. Additionally, ANA Holdings profits from ancillary services such as in-flight sales, baggage fees, and premium services. The company also has significant partnerships and code-sharing agreements with other airlines, expanding its network and enhancing customer reach, which contributes to its revenue. Beyond air transportation, ANA Holdings earns money through its travel services by offering packaged tours, and it benefits from its trade and retail operations that include duty-free stores and other retail initiatives at airports.

ANA Holdings Inc. Financial Statement Overview

Summary

ANA Holdings Inc. demonstrates a solid recovery with positive trends in revenue growth and profitability margins, backed by a resilient balance sheet. While leverage remains a concern, the overall trajectory is positive with improving cash flow metrics and strengthened equity. Continued focus on operational efficiencies and debt management will be key to sustaining this growth.

Income Statement

ANA Holdings Inc. has shown a strong recovery trajectory in its income statement. The revenue growth rate has improved significantly from a low base in 2022, indicating a robust rebound from the pandemic impact. The gross profit margin and net profit margin have both turned positive, reflecting improved operational efficiency and cost management. However, the EBIT and EBITDA margins, while positive and improving, still have room for further enhancement to reach pre-pandemic levels.

Balance Sheet

The balance sheet reflects a moderate financial position with strengths in cash reserves and a steady increase in stockholders' equity. The debt-to-equity ratio remains high, suggesting leverage risk, but there is a notable reduction in net debt over the period. The return on equity has improved significantly, driven by higher net income, indicating effective use of equity capital. The equity ratio has been stable, ensuring a balanced asset structure.

Cash Flow

Cash flow metrics indicate a strong recovery with operating cash flow turning positive and free cash flow showing consistent growth. The operating cash flow to net income ratio is healthy, suggesting strong cash generation relative to earnings. Although free cash flow to net income has improved, further growth is needed to strengthen cash flow stability.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	2.22T	2.26T	2.06T	1.71T	1.02T	728.68B
Gross Profit	381.81B	403.12B	413.67B	303.92B	-29.09B	-271.32B
EBITDA	317.62B	370.58B	372.59B	270.42B	9.59B	-350.22B
Net Income	142.18B	153.03B	157.10B	89.48B	-143.63B	-404.62B
Balance Sheet
Total Assets	3.58T	3.62T	3.57T	3.37T	3.22T	3.21T
Cash, Cash Equivalents and Short-Term Investments	1.22T	1.22T	1.26T	1.18T	950.99B	984.83B
Total Debt	1.36T	1.35T	1.48T	1.61T	1.75T	1.66T
Total Liabilities	2.43T	2.48T	2.52T	2.50T	2.42T	2.20T
Stockholders Equity	1.14T	1.13T	1.04T	862.42B	797.25B	1.01T
Cash Flow
Free Cash Flow	152.65B	156.18B	180.15B	332.93B	-209.78B	-427.15B
Operating Cash Flow	360.85B	373.03B	420.62B	449.82B	-76.41B	-270.44B
Investing Cash Flow	-481.27B	-339.95B	-399.52B	-204.03B	230.02B	-595.76B
Financing Cash Flow	-205.46B	-173.86B	-136.04B	-142.91B	93.65B	1.10T

ANA Holdings Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3001.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9202, the sentiment is Positive. The current price of 3001 is above the 20-day moving average (MA) of 2832.15, above the 50-day MA of 2837.92, and above the 200-day MA of 2828.35, indicating a bullish trend. The MACD of 32.81 indicates Negative momentum. The RSI at 68.47 is Neutral, neither overbought nor oversold. The STOCH value of 94.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9202.

ANA Holdings Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9202	70 Outperform	¥1.39T	9.05		2.04%	10.02%	-2.91%
Sector *	67 Neutral	£2.83B	10.37	4.69%	3.46%	2.40%	-24.53%
JAIRF		$2.89B	16.17	15.24%	0.01%	―	―
JPNRF		$8.80B	12.55	11.26%	0.02%	―	―
9147	67 Neutral	¥831.60B	25.87		3.13%	14.34%	33.50%
9204		¥28.59B	13.42		0.62%	―	―
9206	62 Neutral	¥8.22B	4.11		―	7.20%	104.37%

ANA Holdings Inc. Corporate Events

ANA Holdings Adjusts Convertible Bond Conversion Price Following Dividend Approval

ANA Holdings Inc. announced an adjustment in the conversion price for its Zero Coupon Convertible Bonds due 2031, lowering it from ¥2,838.4 to ¥2,779.2. This adjustment follows the approval of an extraordinary dividend payment of ¥60 per share at the company’s 80th Ordinary General Meeting of Shareholders, impacting the terms of the bonds and reflecting the company’s strategic financial decisions.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3550.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Amends Share Exchange Date with Nippon Cargo Airlines

ANA Holdings Inc. announced an amendment to its share exchange agreement with Nippon Cargo Airlines Co., Ltd. (NCA), changing the effective date to August 1, 2025. This move will make NCA a wholly owned subsidiary, consolidating its balance sheet and income statement from the second quarter of the fiscal year ending March 2026. The impact on ANA’s financial results for the fiscal year ending March 2026 is still under review.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3550.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Endorses JAL’s Proposal on AGP Shares

ANA Holdings Inc. announced its continued endorsement of Japan Airlines’ shareholder proposal regarding the tender offer for AGP Corporation shares by Macquarie Asia-Pacific Infrastructure Investments. This decision reflects ANA’s strategic alignment with JAL’s position and could influence the competitive dynamics within the aviation and infrastructure investment sectors.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3550.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Supports JAL’s Shareholder Proposal at AGP

ANA Holdings Inc. has announced its agreement with the shareholder proposal from Japan Airlines Co., Ltd. regarding share consolidation at AGP Corporation. ANA will exercise its voting rights at AGP’s general meeting to support this initiative, indicating a strategic alignment with JAL’s proposal, which may influence AGP’s corporate governance and shareholder structure.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3550.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Board Opposes Shareholder Proposal on Articles Amendment

ANA Holdings Inc. announced its Board of Directors’ decision to oppose a shareholder proposal submitted by LIM Japan Event Master Fund. The proposal, which was to be discussed at the upcoming Annual General Meeting, suggested amendments to the Articles of Incorporation regarding director appointments and disclosure of joint holdings. The Board opposed these changes, arguing that current practices already ensure appropriate director selection and compliance with legal requirements, thus maintaining operational flexibility and transparency.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3550.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings to Finalize Nippon Cargo Airlines Acquisition by July 2025

ANA Holdings Inc. has announced an amendment to its share exchange agreement with Nippon Cargo Airlines Co., Ltd., changing the effective date to July 1, 2025. This strategic move will make Nippon Cargo Airlines a wholly-owned subsidiary, allowing ANA Holdings to consolidate its financial statements starting from the second quarter of the fiscal year ending March 2026, potentially impacting future business results.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3550.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Increases Dividends Following Strong Fiscal Performance

ANA Holdings Inc. has announced an increase in dividends for the fiscal year ended March 31, 2025, due to net profits exceeding forecasts. The dividend per share is set to rise from 50 JPY to 60 JPY, reflecting the company’s commitment to returning value to shareholders while ensuring long-term financial health.

ANA Holdings Introduces Bond-Type Class Shares for Enhanced Financial Flexibility

ANA Holdings Inc. plans to amend its Articles of Incorporation to introduce Bond-Type Class Shares as a new financing option. This move aims to enhance financial flexibility and support growth investments without diluting existing shareholders’ voting rights. The Bond-Type Class Shares, which have characteristics of both shares and bonds, will be listed on the Tokyo Stock Exchange, offering investment opportunities to a broader range of investors.

ANA Holdings Proposes Amendments to Strengthen Financial Flexibility

ANA Holdings Inc. announced a proposal to amend its Articles of Incorporation to introduce Bond-Type Class Shares, aimed at strengthening its financial foundation and supporting growth investments. This move is part of their strategy to balance growth investment, financial soundness, and capital efficiency, while maintaining shareholder interests by minimizing equity cost and avoiding dilution of voting rights.

ANA Holdings to Finalize Nippon Cargo Airlines Acquisition

ANA Holdings Inc. has announced an amendment to its agreement to make Nippon Cargo Airlines Co., Ltd. a wholly owned subsidiary through a simplified share exchange. The effective date of this exchange has been postponed to May 23, 2025, due to the time required for regulatory review by authorities, particularly in China. This strategic move is expected to consolidate ANA’s financial statements starting from the fiscal year ending March 2026, potentially impacting its business results, which are currently under review.

ANA Holdings Receives Shareholder Proposal for Articles Amendment

ANA Holdings Inc. has received a shareholder proposal from LIM Japan Event Master Fund, suggesting amendments to the company’s Articles of Incorporation. The proposal will be reviewed by the company, and the board’s opinion will be shared after deliberation, potentially impacting the company’s governance and shareholder relations.