Want to see JP:9202 full AI Analyst Report?
Top Page
ANA Holdings Inc.
(9202)
Select Model
Select Model
Rating:74Outperform
Price Target:
¥3,490.00
▲(18.26% Upside)
Action:Upgraded
Date:08/02/26
Overall score reflects solid financial performance (profitable recovery, improving leverage, and strong free cash flow) as the primary driver, supported by a technically positive uptrend (price above major moving averages) and an attractive valuation (low P/E with a moderate dividend yield). Key constraints are mild recent margin compression and the still-large absolute debt load for a cyclical airline.
Positive Factors
Strong cash generation
Consistent operating cash flow (TTM ~438B) and growing free cash flow (~241B) show the business converts profits into liquidity. This durable cash generation supports capex, maintenance of flight operations, dividend capacity and gradual debt reduction, improving resilience across cycles.
Negative Factors
Large absolute debt burden
Despite improved ratios, an absolute debt load near 1.19T constrains financial flexibility for an airline exposed to demand and fuel cycles. High nominal debt increases interest and refinancing sensitivity, making capital allocation and rapid strategic moves harder during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent operating cash flow (TTM ~438B) and growing free cash flow (~241B) show the business converts profits into liquidity. This durable cash generation supports capex, maintenance of flight operations, dividend capacity and gradual debt reduction, improving resilience across cycles.
Read all positive factors
ANA Holdings Inc. (9202) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.52T
Dividend Yield2.1%
Average Volume (3M)1.55M
Price to Earnings (P/E)8.5
Beta (1Y)0.59
Revenue Growth16.11%
EPS Growth11.39%
CountryJP
Employees47,826
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)358.41
Shares Outstanding524,293,600
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
¥3,509.09Price Target Upside18.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)256.86
Revenue Forecast (FY)¥2.80T
ANA Holdings Inc. Business Overview & Revenue Model
Company Description
ANA Holdings Inc. (9202) is a Japan-based airline group holding company whose main operating subsidiaries include All Nippon Airways (ANA). The group primarily operates passenger and cargo air transportation services, serving domestic and internat...
How the Company Makes Money
ANA Holdings primarily earns revenue by selling air transportation and related services across several major streams. (1) Passenger revenue: The largest driver is typically ticket sales for scheduled flights on domestic and international routes op...
ANA Holdings Inc. Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
68
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.66T | 2.54T | 2.26T | 2.06T | 1.71T | 1.02T |
| Gross Profit | 432.01B | 442.59B | 403.12B | 395.89B | 281.80B | -54.47B |
| EBITDA | 401.56B | 417.10B | 370.58B | 372.59B | 289.57B | 9.59B |
| Net Income | 165.53B | 169.07B | 153.03B | 157.10B | 89.48B | -143.63B |
Balance Sheet | ||||||
| Total Assets | 3.92T | 3.96T | 3.62T | 3.57T | 3.37T | 3.22T |
| Cash, Cash Equivalents and Short-Term Investments | 1.21T | 1.26T | 1.22T | 1.26T | 1.18T | 950.99B |
| Total Debt | 1.19T | 1.17T | 1.35T | 1.48T | 1.61T | 1.75T |
| Total Liabilities | 2.51T | 2.45T | 2.48T | 2.52T | 2.50T | 2.42T |
| Stockholders Equity | 1.40T | 1.49T | 1.13T | 1.04T | 862.42B | 797.25B |
Cash Flow | ||||||
| Free Cash Flow | 240.83B | 228.43B | 156.18B | 218.56B | 356.37B | -197.00B |
| Operating Cash Flow | 438.29B | 443.46B | 373.03B | 420.62B | 449.82B | -76.41B |
| Investing Cash Flow | -192.39B | -415.21B | -339.95B | -399.52B | -202.03B | 230.02B |
| Financing Cash Flow | -244.55B | -159.37B | -173.86B | -136.04B | -144.91B | 93.65B |
ANA Holdings Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥1.52T | 8.53 | ― | 2.20% | 16.11% | 11.39% | |
72 Outperform | ¥527.25B | 16.16 | 14.61% | 1.79% | 7.81% | 13.39% | |
72 Outperform | ¥1.33T | 11.24 | 11.29% | 3.27% | 9.20% | -3.00% | |
66 Neutral | ¥1.33T | 11.08 | 10.79% | 3.28% | 6.41% | -2.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ¥7.25B | -9.36 | ― | ― | 5.12% | -117.24% |
* General Sector Average
JP:9202
ANA Holdings Inc.
3,088.00
138.54
4.70%
JP:9706
Japan Airport Terminal Co
5,504.00
539.97
10.88%
JP:9201
Japan Airlines Co
3,029.00
-76.39
-2.46%
JP:9021
West Japan Railway Company
2,888.00
-492.32
-14.56%
JP:9204
Skymark Airlines Inc.
409.00
-75.26
-15.54%
JP:9206
Star Flyer Inc.
1,925.00
-379.00
-16.45%
ANA Holdings Inc. Corporate Events
ANA Holdings Orders Eight Embraer E190-E2 Jets to Strengthen Domestic Fleet
Jul 29, 2026
ANA Holdings Inc. has approved the acquisition of eight Embraer E190-E2 aircraft, valued at about 105 billion yen, to bolster its domestic fleet and support a new partnership strategy. The order, scheduled for delivery between fiscal 2029 and 2032...
ANA Holdings Delivers Strong Revenue Growth but Lower Profits and Dividends
Jul 29, 2026
ANA Holdings Inc. reported a sharp year-on-year jump in operating revenues to ¥672.7 billion for the quarter ended June 30, 2026, up 22.6%, reflecting continued recovery in demand. However, profitability weakened, with operating income down 4...
ANA Holdings Advances Large-Scale Share Buyback Program
Jul 3, 2026
ANA Holdings Inc., the parent of major Japanese carrier All Nippon Airways, continues to strengthen its capital management through a substantial share repurchase program on the Tokyo Stock Exchange. The company operates across passenger and cargo ...
ANA Lowers Conversion Price on 2031 Zero-Coupon Convertible Bonds After Extraordinary Dividend
Jun 26, 2026
ANA Holdings has adjusted the conversion price on its zero-coupon convertible bonds due 2031, lowering it from ¥2,779.2 to ¥2,722.9 per share, effective April 1, 2026. The move alters the equity conversion terms for bondholders and sligh...
ANA Holdings advances large-scale share buyback, repurchasing over 27 million shares
Jun 3, 2026
ANA Holdings Inc. has repurchased 6,808,100 shares of its common stock for approximately ¥18.8 billion between May 1 and May 31, 2026, as part of its ongoing share buyback program authorized under Japan’s Companies Act. This move contri...
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...
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.