ANA Holdings Inc. (JP:9202)
:9202
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ANA Holdings Inc.
(9202)
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Rating:73Outperform
Price Target:
¥3,332.00
▲(11.70% Upside)
Action:UpgradedDate:03/01/26
The score is driven primarily by improved financial fundamentals (profitable recovery and better leverage) but moderated by weaker recent free-cash-flow quality. Technicals add support due to a clear uptrend, while valuation is favorable with a low P/E and modest dividend yield.
Positive Factors
Sustained Profitability
ANA’s return from multiyear losses to sustained profitability and a TTM ROE near 13% indicates durable earnings capacity. Consistent positive net income and sector-competitive margins support reinvestment in fleet and routes, and strengthen long-term strategic flexibility.
Negative Factors
Weaker Free Cash Flow Quality
A ~-17.7% YoY drop in FCF and FCF covering only ~34% of net income signal weakening cash conversion. Structural pressures such as higher capex, working capital needs, or softer yields can constrain liquidity, lowering buffer for cyclical downturns or unexpected costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
ANA’s return from multiyear losses to sustained profitability and a TTM ROE near 13% indicates durable earnings capacity. Consistent positive net income and sector-competitive margins support reinvestment in fleet and routes, and strengthen long-term strategic flexibility.
Read all positive factors
ANA Holdings Inc. (9202) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.40T
Dividend Yield1.97%
Average Volume (3M)1.55M
Price to Earnings (P/E)5.5
Beta (1Y)0.61
Revenue Growth9.28%
EPS Growth2.58%
CountryJP
Employees41,225
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)134.22
Shares Outstanding484,293,550
10 Day Avg. Volume1,581,140
30 Day Avg. Volume1,546,973
Financial Highlights & Ratios
PEG Ratio-2.99
Price to Book (P/B)1.15
Price to Sales (P/S)0.57
P/FCF Ratio8.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,871.43Price Target Upside29.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)317.78
Revenue Forecast (FY)¥2.50T
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 by selling air transportation and related services across several key revenue streams. (1) Passenger airline revenue: The company earns fares and ancillary income by transporting passengers on domestic and intern...
ANA Holdings Inc. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.44T | 2.26T | 2.06T | 1.71T | 1.02T | 728.68B |
| Gross Profit | 421.35B | 403.12B | 395.89B | 281.80B | -54.47B | -298.29B |
| EBITDA | 370.38B | 347.30B | 352.34B | 270.42B | -13.51B | -286.31B |
| Net Income | 158.23B | 153.03B | 157.10B | 89.48B | -143.63B | -404.62B |
Balance Sheet | ||||||
| Total Assets | 3.82T | 3.62T | 3.57T | 3.37T | 3.22T | 3.21T |
| Cash, Cash Equivalents and Short-Term Investments | 1.23T | 1.22T | 1.26T | 1.18T | 950.99B | 965.72B |
| Total Debt | 1.19T | 1.35T | 1.48T | 1.61T | 1.75T | 1.66T |
| Total Liabilities | 2.37T | 2.48T | 2.52T | 2.50T | 2.42T | 2.20T |
| Stockholders Equity | 1.44T | 1.13T | 1.04T | 862.42B | 797.25B | 1.01T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 156.18B | 218.56B | 356.37B | -197.00B | -404.62B |
| Operating Cash Flow | 398.13B | 373.03B | 420.62B | 449.82B | -76.41B | -270.44B |
| Investing Cash Flow | -241.49B | -339.95B | -399.52B | -202.03B | 230.02B | -595.44B |
| Financing Cash Flow | -119.23B | -173.86B | -136.04B | -144.91B | 93.65B | 1.10T |
ANA Holdings Inc. Technical Analysis
Neutral
2983.00
Price Trends
3131.35
Negative
3048.69
Negative
2968.44
Positive
Market Momentum
-66.87
Negative
44.79
Neutral
62.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9202, the sentiment is Neutral. The current price of 2983 is below the 20-day moving average (MA) of 3016.10, below the 50-day MA of 3131.35, and above the 200-day MA of 2968.44, indicating a neutral trend. The MACD of -66.87 indicates Negative momentum. The RSI at 44.79 is Neutral, neither overbought nor oversold. The STOCH value of 62.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥1.40T | 5.50 | ― | 1.97% | 9.28% | 2.58% | |
72 Outperform | ¥504.61B | 11.51 | 15.15% | 2.25% | 12.25% | 25.90% | |
71 Outperform | ¥1.17T | 6.85 | 11.50% | 3.11% | 11.16% | 49.16% | |
66 Neutral | ¥1.47T | 10.37 | 11.29% | 3.00% | 5.48% | 33.67% | |
65 Neutral | ¥7.64B | 194.86 | ― | ― | 3.80% | -59.73% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
JP:9202
ANA Holdings Inc.
2,983.00
152.50
5.39%
JP:9706
Japan Airport Terminal Co
5,418.00
1,221.73
29.11%
JP:9201
Japan Airlines Co
2,685.50
74.36
2.85%
JP:9021
West Japan Railway Company
3,221.00
250.53
8.43%
JP:9204
Skymark Airlines Inc.
392.00
-130.00
-24.90%
JP:9206
Star Flyer Inc.
2,019.00
-540.00
-21.10%
ANA Holdings Inc. Corporate Events
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...
ANA Holdings Reshapes Top Management, Elevates CFO Nakahori to Representative Director
Feb 25, 2026
ANA Holdings Inc. has announced a reshuffle of its top management, with long-time executive and current Group CFO Kimihiro Nakahori to become Representative Director and Senior Executive Vice President effective April 1, 2026, succeeding Juichi Hi...
ANA Holdings Advances Share Buyback with ¥13 Billion January Purchases
Feb 4, 2026
The company reported repurchasing 4.27 million common shares for ¥13.0 billion during January 2026 as part of its ongoing buyback authorization, bringing cumulative purchases under the program to 5.82 million shares worth ¥17.7 billion a...
ANA Holdings to Add Interim Dividend to Boost Shareholder Returns
Jan 30, 2026
ANA HOLDINGS INC. will introduce an interim dividend system in addition to its existing year-end dividend, following a resolution by its Board of Directors and subject to shareholder approval at the 81st Ordinary General Meeting in June 2026. By s...
ANA Holdings Sets Aggressive 2026–2028 Strategy Anchored on Narita Expansion and Cargo Integration
Jan 30, 2026
ANA HOLDINGS has outlined a new medium-term corporate strategy for fiscal years 2026–2028, positioning the planned 2029 expansion of Narita Airport as a key growth catalyst. The group plans to expand international passenger and cargo service...
ANA Holdings Posts Higher Nine-Month Profits and Strengthens Balance Sheet
Jan 30, 2026
ANA Holdings reported consolidated operating revenues of ¥1.88 trillion for the nine months ended December 31, 2025, up around 10% year-on-year, with operating income rising to ¥180.7 billion and net income attributable to owners of the ...
ANA Holdings Discloses Progress on ¥150 Billion Share Buyback Program
Jan 7, 2026
ANA HOLDINGS INC. reported that it repurchased 1,553,900 shares of its common stock for approximately ¥4.67 billion between December 16 and December 31, 2025, as part of its previously authorized share buyback program. This transaction repres...
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.