ANA Holdings Inc. (9202) AI Stock Analysis

• Market Cap: ¥1.51T
• Dividend Yield: 1.97%
• Average Volume (3M): 1.55M
• Price to Earnings (P/E): 10.1
• Beta (1Y): 0.51
• Revenue Growth: 9.28%
• EPS Growth: 2.58%
• Country: JP
• Employees: 41,225
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 134.22
• 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: ¥4,008.33
• Price Target Upside: 24.44% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 318.39
• Revenue Forecast (FY): ¥2.49T

• Rating: 73 Outperform
• Price Target: ¥3,794.00 ▲(17.79% Upside)
• Action: Upgraded Date: 03/01/26
• Date: Action: Upgraded 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 and healthy margins

ANA has moved from loss-making to sustained profitability with sector-competitive margins (TTM gross ~17%, EBIT ~9.7%, net ~6.5%). Durable margins and positive earnings indicate underlying demand recovery and improved cost/yield management likely to support cash generation over the medium term.

Improved leverage and stronger ROE

Debt-to-equity trimming to ~0.82 and ROE near 13% reflect meaningful balance-sheet repair versus the downturn years. Improved capital structure increases financial flexibility and resilience to cyclical shocks, supporting investment and strategic execution over the next several quarters.

Diversified revenue streams with growth momentum

ANA benefits from multiple revenue engines—passenger, cargo, travel services and ground handling—reducing single-market exposure. Recent revenue and EPS growth (~10% and ~11.7% TTM) show demand recovery across segments, supporting durable top-line expansion and better earnings visibility over the medium term.

Negative Factors

Weaker free cash flow quality

Although operating cash flow is positive (TTM ~¥398B), free cash flow fell ~17.7% YoY and covers only ~34% of net income, signaling weaker cash conversion. For a capital-intensive airline this reduces buffer for capex, debt repayment and shareholder returns, limiting long-term financial optionality.

Absolute debt levels remain sizable

Even with lower debt-to-equity, the company still carries substantial absolute debt typical of airlines. That scale of liabilities keeps interest and refinancing risk elevated, leaving earnings and cash flow vulnerable to fuel, FX swings or demand shocks and constraining strategic flexibility.

Recent margin easing vs 2024

Reported TTM margins are healthy but have softened from 2024 peaks, indicating structural pressure on yields or rising input costs. Sustained margin compression would materially reduce free cash flow and weaken the company's ability to fund growth and service debt over the medium term.

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 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

Strong recovery from 2021–2022 losses to sustained profitability with healthy TTM sector margins and solid ROE (~13%). Balance sheet leverage has improved (debt-to-equity ~0.82), but absolute debt remains meaningful. Cash flow is positive, yet free cash flow has weakened YoY (-17.7%) and cash conversion is modest (FCF/net income ~0.34), tempering the score.

Income Statement

Results show a strong post-downturn recovery: revenue expanded from 2021–2024 and remains higher in TTM (Trailing-Twelve-Months), with profitability turning solidly positive after large losses in 2021–2022. Current margins are healthy for the sector (TTM gross margin ~17%, net margin ~6.5%, EBIT margin ~9.7%), but they have eased versus 2024 levels, suggesting some cost or yield pressure. Overall, earnings power looks durable versus the loss years, though momentum is more moderate and margin compression is the key watch item.

Balance Sheet

Leverage has improved meaningfully over time, with debt-to-equity down from elevated levels in 2022–2023 to ~0.82 in TTM (Trailing-Twelve-Months), supported by a larger equity base. Returns on equity are solid (TTM ~13%), indicating improved profitability and capital efficiency versus the negative ROE period. That said, absolute debt remains sizeable for an airline, so the balance sheet is improved but still sensitive to demand shocks, fuel/currency swings, and higher funding costs.

Cash Flow

Cash generation is positive, with TTM (Trailing-Twelve-Months) operating cash flow (~¥398B) and free cash flow (~¥100B) both in the black. However, free cash flow declined year over year (TTM growth about -17.7%) and free cash flow covers only a modest portion of net income (TTM free cash flow to net income ~0.34), implying weaker cash conversion and/or heavier investment needs. Operating cash flow relative to debt is also moderate (TTM ~0.32), which is acceptable but not strong for a capital-intensive airline.

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	413.67B	303.92B	-29.09B	-271.32B
EBITDA	399.93B	370.58B	372.59B	270.42B	9.59B	-350.22B
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	100.41B	156.18B	180.15B	332.93B	-209.78B	-427.15B
Operating Cash Flow	398.13B	373.03B	420.62B	449.82B	-76.41B	-270.44B
Investing Cash Flow	-245.20B	-339.95B	-399.52B	-204.03B	230.02B	-595.76B
Financing Cash Flow	-115.52B	-173.86B	-136.04B	-142.91B	93.65B	1.10T

ANA Holdings Inc. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3221.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 Neutral. The current price of 3221 is below the 20-day moving average (MA) of 3322.65, above the 50-day MA of 3146.24, and above the 200-day MA of 2956.63, indicating a neutral trend. The MACD of 56.35 indicates Positive momentum. The RSI at 46.36 is Neutral, neither overbought nor oversold. The STOCH value of 59.77 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9202	73 Outperform	¥1.51T	10.07	―	1.97%	9.28%	2.58%
9706	72 Outperform	¥491.85B	15.99	15.15%	2.25%	12.25%	25.90%
9201	71 Outperform	$1.33T	10.85	11.50%	3.11%	11.16%	49.16%
9206	66 Neutral	¥7.87B	-40.85	―	―	3.80%	-59.73%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9147	53 Neutral	¥916.97B	356.89	―	2.99%	4.96%	1.67%

ANA Holdings Inc. Corporate Events

ANA Holdings Reshapes Top Management, Elevates CFO Nakahori to Representative Director

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 Hirasawa, who will remain on the board as a non-representative director. The move, part of a broader restructuring of the management team that includes changes to director and executive officer roles and upcoming board nominations, signals an effort to refresh leadership while preserving continuity in financial and operational oversight as the airline group navigates a changing aviation landscape.

President and CEO Koji Shibata will remain in his role, and the new leadership lineup will continue to feature Representative Director and Senior Executive Vice President Yoshiharu Naoki alongside Nakahori. By elevating a finance-focused executive with deep experience in business management, investor relations and group finance, ANA appears to be prioritizing disciplined financial governance and stakeholder communication during its next phase of corporate development.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3601.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Advances Share Buyback with ¥13 Billion January Purchases

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 and signaling continued balance-sheet deployment toward shareholder returns within the planned ¥150 billion framework.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3388.00 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 Add Interim Dividend to Boost Shareholder Returns

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 setting September 30 as the annual record date for the interim dividend, the company signals a stronger focus on enhancing shareholder returns and providing more frequent cash distributions, which may improve its appeal to investors and align its capital policy more closely with shareholder-friendly practices common in the market.

The most recent analyst rating on (JP:9202) stock is a Buy with a Yen3207.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Sets Aggressive 2026–2028 Strategy Anchored on Narita Expansion and Cargo Integration

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 services by 1.3 times by FY2030, integrating Nippon Cargo Airlines to build Asia’s leading combination carrier and generate an expected 300 billion yen in synergies, while also improving profitability in domestic passenger services via better supply-demand management and new aircraft. ANA intends to undertake a record 2.7 trillion yen in investment over the next five years, focused on aircraft and digital transformation to combine technology with its workforce, and is targeting record operating income of 250 billion yen in FY2028 and 310 billion yen with a 10% operating margin by FY2030, underscoring an aggressive growth and value-creation roadmap toward 2030.

The most recent analyst rating on (JP:9202) stock is a Buy with a Yen3207.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Posts Higher Nine-Month Profits and Strengthens Balance Sheet

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 parent improving to ¥139.2 billion. Profitability gains were modest but positive, with higher comprehensive income, stronger equity and an improved shareholders’ equity ratio of 37.7% as total assets expanded, indicating a healthier balance sheet. The company maintained its full-year earnings and dividend forecasts, including a planned ¥60 per share year-end dividend on common stock, and expanded its consolidation scope by adding Nippon Cargo Airlines as an equity-method affiliate, underscoring a continued push in air cargo and a stable shareholder return policy despite only incremental profit growth.

The most recent analyst rating on (JP:9202) stock is a Buy with a Yen3207.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Discloses Progress on ¥150 Billion Share Buyback Program

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 represents an early portion of a larger board-approved plan allowing the company to buy back up to 67.5 million shares, or about 14.2% of shares outstanding (excluding treasury stock), for up to ¥150 billion through December 15, 2026, signaling an effort to enhance shareholder returns and optimize capital structure through market purchases on the Tokyo Stock Exchange.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3172.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.

ANA Holdings Withdraws Shelf Registration for Bond-Type Shares

ANA Holdings Inc. announced the withdrawal of its shelf registration for the issuance of Series 1 Bond-Type Class Shares. This decision follows the completion of the planned offering, which raised an aggregate subscription price of 195 billion yen, slightly below the maximum planned issue amount of 200 billion yen.

The most recent analyst rating on (JP:9202) stock is a Hold with a Yen3172.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.