ANA Holdings Inc. (9202) AI Stock Analysis

• Market Cap: ¥1.32T
• Dividend Yield: 2.12%
• Average Volume (3M): 1.55M
• Price to Earnings (P/E): 8.7
• Beta (1Y): 0.47
• Revenue Growth: 8.62%
• EPS Growth: -0.18%
• Country: JP
• Employees: 41,225
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 48.84
• Shares Outstanding: 484,293,550
• 10 Day Avg. Volume: 1,581,140
• 30 Day Avg. Volume: 1,546,973
• PEG Ratio: -2.99
• Price to Book (P/B): 1.15
• Price to Sales (P/S): 0.57
• P/FCF Ratio: 8.30
• 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: ¥3,666.67
• Price Target Upside: 29.24% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 70 Outperform
• Price Target: ¥3,139.00 ▲(10.65% Upside)

ANA Holdings Inc. shows a strong financial recovery and attractive valuation, which are the primary drivers of the stock score. The technical analysis presents a mixed picture, with bearish momentum offset by neutral RSI and stochastic indicators. The absence of earnings call data and corporate events does not impact the score.

ANA Holdings Inc. Business Overview & Revenue Model

Company Description

ANA Holdings Inc. (9202) is a leading airline holding company based in Japan, primarily recognized for its flagship airline, All Nippon Airways (ANA). The company operates in the transportation sector, providing passenger and cargo air transportation services across domestic and international routes. In addition to its airline operations, ANA Holdings also engages in related businesses such as travel services, logistics, and aircraft maintenance, making it a comprehensive player in the aviation industry.

How the Company Makes Money

ANA Holdings generates revenue primarily through the sale of passenger tickets for both domestic and international flights. Its revenue model is structured around passenger services, which include economy, premium economy, and business class fares. Additionally, the company earns significant income from cargo services, transporting goods and freight across its global network. Other key revenue streams include ancillary services such as in-flight sales, loyalty programs like ANA Mileage Club, and partnerships with other airlines and travel-related companies, which enhance customer offerings and expand market reach. Strategic alliances, such as membership in the Star Alliance network, also contribute to increased passenger traffic and operational efficiencies, thereby bolstering overall earnings.

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.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.29T	2.26T	2.06T	1.71T	1.02T	728.68B
Gross Profit	414.79B	403.12B	413.67B	303.92B	-29.09B	-271.32B
EBITDA	359.78B	370.58B	372.59B	270.42B	9.59B	-350.22B
Net Income	151.27B	153.03B	157.10B	89.48B	-143.63B	-404.62B
Balance Sheet
Total Assets	3.66T	3.62T	3.57T	3.37T	3.22T	3.21T
Cash, Cash Equivalents and Short-Term Investments	1.29T	1.22T	1.26T	1.18T	950.99B	965.72B
Total Debt	1.40T	1.35T	1.48T	1.61T	1.75T	1.66T
Total Liabilities	2.54T	2.48T	2.52T	2.50T	2.42T	2.20T
Stockholders Equity	1.11T	1.13T	1.04T	862.42B	797.25B	1.01T
Cash Flow
Free Cash Flow	123.36B	156.18B	180.15B	332.93B	-209.78B	-427.15B
Operating Cash Flow	358.11B	373.03B	420.62B	449.82B	-76.41B	-270.44B
Investing Cash Flow	-192.94B	-339.95B	-399.52B	-204.03B	230.02B	-595.76B
Financing Cash Flow	-90.74B	-173.86B	-136.04B	-142.91B	93.65B	1.10T

ANA Holdings Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2837.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 2837 is above the 20-day moving average (MA) of 2826.48, below the 50-day MA of 2910.23, and below the 200-day MA of 2838.02, indicating a bearish trend. The MACD of -20.81 indicates Negative momentum. The RSI at 44.92 is Neutral, neither overbought nor oversold. The STOCH value of 79.21 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9706	71 Outperform	¥465.96B	16.81	15.57%	2.00%	15.48%	26.72%
9206	71 Outperform	¥8.74B	3.18	―	―	4.79%	15.19%
9202	70 Outperform	¥1.32T	8.71	―	2.12%	8.62%	-0.18%
9201	68 Neutral	$1.27T	10.55	11.76%	2.88%	11.60%	39.07%
9147	67 Neutral	¥876.87B	29.90	―	2.99%	10.30%	27.58%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

ANA Holdings Inc. Corporate Events

ANA Holdings Completes Share Acquisition via ESOP Trust

ANA Holdings Inc. announced the successful acquisition of 3,919,700 of its common shares through the ESOP Trust, using the Tokyo Stock Exchange’s closing price transactions. This strategic move, costing approximately 11.12 billion yen, is likely to impact the company’s shareholding structure and could have implications for its stakeholders.

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 Inc. Launches Employee Stock Ownership Plan Trust

ANA Holdings Inc. announced the introduction of an Employee Stock Ownership Plan (ESOP) Trust, which will acquire the company’s shares to benefit employees who are part of various ANA Group Employee Stock Ownership Associations. The ESOP Trust plans to purchase 3,919,700 common shares at a closing price of 2,837 yen per share, with a total planned acquisition amount of 18,957 million yen. This move is expected to enhance employee engagement and align their interests with the company’s performance, potentially impacting ANA’s operational dynamics and market positioning.

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 Launches Employee Stock Ownership Plan Trust

ANA Holdings Inc. has introduced an Employee Stock Ownership Plan Trust to enhance employee welfare, retention, and engagement, aiming to align employee interests with the company’s long-term strategy. This initiative is expected to improve corporate value by promoting asset formation and management participation among employees, with the company bearing any financial risks associated with stock price fluctuations.

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.