ANA Holdings Inc. (9202) AI Stock Analysis

• Market Cap: ¥1.43T
• Dividend Yield: 1.97%
• Average Volume (3M): 1.55M
• Price to Earnings (P/E): 9.6
• Beta (1Y): 0.45
• 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): 113.35
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Neutral
• Price Target: ¥3,172.00 ▲(5.66% Upside)

ANA Holdings Inc. shows a strong financial recovery with solid revenue growth and profitability improvements. The valuation is attractive, with a low P/E ratio and a reasonable dividend yield. Technical indicators suggest a neutral market position, with slight bearish momentum. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Revenue Growth

The significant improvement in revenue growth indicates a robust recovery from the pandemic, suggesting strong demand and market position.

Profitability Margins

Positive profitability margins reflect improved operational efficiency and cost management, enhancing long-term financial health.

Cash Flow Generation

Strong cash flow generation supports financial stability and provides flexibility for strategic investments and debt management.

Negative Factors

Leverage Risk

High leverage can strain financial resources and limit the company's ability to invest in growth opportunities or withstand economic downturns.

EBITDA Margin

Suboptimal EBITDA margins indicate potential inefficiencies, which could affect profitability if not addressed, especially in a competitive industry.

Leverage Concerns

Ongoing leverage concerns may impact long-term financial flexibility and increase vulnerability to interest rate changes.

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

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: Positive
• Last Price: 3002.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 3002 is below the 20-day moving average (MA) of 3026.88, above the 50-day MA of 2969.67, and above the 200-day MA of 2881.42, indicating a bullish trend. The MACD of 30.62 indicates Negative momentum. The RSI at 56.59 is Neutral, neither overbought nor oversold. The STOCH value of 55.76 is Neutral, 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
9706	72 Outperform	¥448.17B	15.46	15.15%	2.25%	12.25%	25.90%
9202	70 Neutral	¥1.43T	9.64	―	1.97%	9.28%	2.58%
9201	68 Neutral	¥1.30T	10.37	11.50%	3.11%	11.16%	49.16%
9206	66 Neutral	¥7.87B	6.42	―	―	3.80%	-59.73%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9147	60 Neutral	¥852.30B	36.26	―	2.99%	4.96%	1.67%

ANA Holdings Inc. Corporate Events

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.

ANA Holdings Announces Dividend Rate and Strategic Use of Proceeds

ANA Holdings Inc. has announced the annual dividend rate for its Series 1 Bond-Type Class Shares, with specific rates set for different fiscal years. The proceeds from this offering will be used to expand their fleet with new aircraft and repurchase treasury stock, aiming to optimize capital structure and improve shareholder value.

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 Issues Hybrid Bond-Type Class Shares for Growth

ANA Holdings Inc. has announced the issuance of Series 1 Bond-Type Class Shares to secure funds for growth investments and repurchase of treasury stocks, aiming to enhance earnings per share and maintain financial soundness. These shares, which are a hybrid between bonds and shares, will be listed on the Tokyo Stock Exchange’s Prime Market, offering investment opportunities without diluting existing shares.

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 Issues Bond-Type Shares for Strategic Growth

ANA Holdings Inc. announced the issuance of Series 1 Bond-Type Class Shares to fund aircraft investments and repurchase treasury stock. This strategic move aims to enhance financial soundness and capital efficiency, allowing the company to renew its fleet and capture growing demand in the air transportation sector.

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 Announces Treasury Stock Repurchase and Cancellation

ANA Holdings Inc. has announced a resolution to repurchase and cancel treasury stock as part of its strategy to optimize capital efficiency and improve shareholder value. This move, combined with the issuance of Bond-Type Class Shares, aims to balance financial soundness with enhanced shareholder returns, reflecting the company’s commitment to maintaining a robust financial position while rewarding its investors.

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 Announces Bond-Type Share Issuance and Capital Optimization

ANA Holdings Inc. has announced the issuance of Series 1 Bond-Type Class Shares and a reduction in stated capital and additional capital reserves. This move is part of a strategy to secure funds for growth, including aircraft investments, and to optimize the capital structure through the repurchase of treasury stock. The company aims to enhance shareholder value and maintain financial soundness by balancing capital efficiency and reducing the weighted average cost of capital.

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 Revises Financial Forecast Upwards for FY2025

ANA Holdings Inc. has revised its financial forecast for the fiscal year ending March 31, 2026, reflecting improved performance expectations. The revision is attributed to lower fuel expenses, favorable currency exchange rates, and increased international cargo revenue following the consolidation of Nippon Cargo Airlines as a subsidiary. These factors have led to an upward adjustment in operating revenues, operating income, and net income, signaling positive growth prospects for the company.

The most recent analyst rating on (JP:9202) stock is a Buy with a Yen3126.00 price target. To see the full list of analyst forecasts on ANA Holdings Inc. stock, see the JP:9202 Stock Forecast page.