ANA Holdings Inc. (9202) AI Stock Analysis

• Market Cap: ¥1.33T
• Dividend Yield: 2.12%
• Average Volume (3M): 1.90M
• Price to Earnings (P/E): 8.8
• Beta (1Y): 0.46
• Revenue Growth: 8.62%
• EPS Growth: -0.18%
• Country: JP
• Employees: 41,225
• Sector: Industrials
• Sector Strength: 88
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 48.84
• Shares Outstanding: 484,293,550
• 10 Day Avg. Volume: 2,095,810
• 30 Day Avg. Volume: 1,901,856
• PEG Ratio: 1.14
• Price to Book (P/B): 1.23
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 9.08
• 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: ¥2,600.00
• Price Target Upside: -7.41% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 63 Neutral
• Price Target: ¥2,977.00 ▲(6.02%Upside)

ANA Holdings Inc. shows strong financial recovery and attractive valuation, but technical indicators suggest bearish sentiment. The stock's future performance will depend on continued financial improvements and market sentiment shifts.

ANA Holdings Inc. Business Overview & Revenue Model

Company Description

ANA Holdings Inc. (9202) is a leading Japanese aviation and transportation company headquartered in Tokyo, Japan. It operates through several sectors including air transportation, airline-related businesses, travel services, and trade and retail. The company's core products and services revolve around its flagship All Nippon Airways (ANA), which is one of the largest airlines in Japan, offering both domestic and international flight services. ANA Holdings also engages in cargo operations, aircraft maintenance, and airport handling services.

How the Company Makes Money

ANA Holdings Inc. generates its revenue primarily through its air transportation services, which include passenger and cargo flights. The airline segment accounts for the majority of the company's income, with earnings derived from ticket sales for domestic and international travel. Additionally, ANA Holdings profits from ancillary services such as in-flight sales, baggage fees, and premium services. The company also has significant partnerships and code-sharing agreements with other airlines, expanding its network and enhancing customer reach, which contributes to its revenue. Beyond air transportation, ANA Holdings earns money through its travel services by offering packaged tours, and it benefits from its trade and retail operations that include duty-free stores and other retail initiatives at airports.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	2.26T	2.06T	1.71T	1.02T	728.68B
Gross Profit	403.12B	413.67B	303.92B	-29.09B	-271.32B
EBITDA	370.58B	372.59B	270.42B	9.59B	-350.22B
Net Income	153.03B	157.10B	89.48B	-143.63B	-404.62B
Balance Sheet
Total Assets	3.62T	3.57T	3.37T	3.22T	3.21T
Cash, Cash Equivalents and Short-Term Investments	1.22T	1.26T	1.18T	950.99B	984.83B
Total Debt	1.35T	1.48T	1.61T	1.75T	1.66T
Total Liabilities	2.48T	2.52T	2.50T	2.42T	2.20T
Stockholders Equity	1.13T	1.04T	862.42B	797.25B	1.01T
Cash Flow
Free Cash Flow	156.18B	180.15B	332.93B	-209.78B	-427.15B
Operating Cash Flow	373.03B	420.62B	449.82B	-76.41B	-270.44B
Investing Cash Flow	-339.95B	-399.52B	-204.03B	230.02B	-595.76B
Financing Cash Flow	-173.86B	-136.04B	-142.91B	93.65B	1.10T

ANA Holdings Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2808.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 2808 is below the 20-day moving average (MA) of 2922.75, below the 50-day MA of 2864.11, and below the 200-day MA of 2819.68, indicating a neutral trend. The MACD of -2.89 indicates Positive momentum. The RSI at 42.32 is Neutral, neither overbought nor oversold. The STOCH value of 14.14 is Positive, 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
9201	78 Outperform	$1.32T	10.96	11.76%	2.85%	11.60%	39.07%
9206	76 Outperform	¥8.54B	3.11		―	4.79%	15.19%
9706	73 Outperform	$433.92B	15.76	15.24%	1.42%	24.06%	43.01%
Sector *	71 Outperform	¥270.65B	14.28	8.44%	2.84%	6.34%	11.66%
9147	64 Neutral	¥872.19B	27.13		2.98%	14.34%	33.50%
9202	63 Neutral	¥1.33T	8.81		2.12%	8.62%	-0.18%

ANA Holdings Inc. Corporate Events

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.

ANA Holdings Adjusts Convertible Bond Conversion Price Following Dividend Approval

ANA Holdings Inc. announced an adjustment in the conversion price for its Zero Coupon Convertible Bonds due 2031, lowering it from ¥2,838.4 to ¥2,779.2. This adjustment follows the approval of an extraordinary dividend payment of ¥60 per share at the company’s 80th Ordinary General Meeting of Shareholders, impacting the terms of the bonds and reflecting the company’s strategic financial decisions.

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 Amends Share Exchange Date with Nippon Cargo Airlines

ANA Holdings Inc. announced an amendment to its share exchange agreement with Nippon Cargo Airlines Co., Ltd. (NCA), changing the effective date to August 1, 2025. This move will make NCA a wholly owned subsidiary, consolidating its balance sheet and income statement from the second quarter of the fiscal year ending March 2026. The impact on ANA’s financial results for the fiscal year ending March 2026 is still under review.

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 Endorses JAL’s Proposal on AGP Shares

ANA Holdings Inc. announced its continued endorsement of Japan Airlines’ shareholder proposal regarding the tender offer for AGP Corporation shares by Macquarie Asia-Pacific Infrastructure Investments. This decision reflects ANA’s strategic alignment with JAL’s position and could influence the competitive dynamics within the aviation and infrastructure investment sectors.

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 Supports JAL’s Shareholder Proposal at AGP

ANA Holdings Inc. has announced its agreement with the shareholder proposal from Japan Airlines Co., Ltd. regarding share consolidation at AGP Corporation. ANA will exercise its voting rights at AGP’s general meeting to support this initiative, indicating a strategic alignment with JAL’s proposal, which may influence AGP’s corporate governance and shareholder structure.

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 Board Opposes Shareholder Proposal on Articles Amendment

ANA Holdings Inc. announced its Board of Directors’ decision to oppose a shareholder proposal submitted by LIM Japan Event Master Fund. The proposal, which was to be discussed at the upcoming Annual General Meeting, suggested amendments to the Articles of Incorporation regarding director appointments and disclosure of joint holdings. The Board opposed these changes, arguing that current practices already ensure appropriate director selection and compliance with legal requirements, thus maintaining operational flexibility and transparency.

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 to Finalize Nippon Cargo Airlines Acquisition by July 2025

ANA Holdings Inc. has announced an amendment to its share exchange agreement with Nippon Cargo Airlines Co., Ltd., changing the effective date to July 1, 2025. This strategic move will make Nippon Cargo Airlines a wholly-owned subsidiary, allowing ANA Holdings to consolidate its financial statements starting from the second quarter of the fiscal year ending March 2026, potentially impacting future business results.

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.