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Japan's flag carrier airline, operating domestic and international passenger and cargo flights.
Japan's flag carrier airline, operating domestic and international passenger and cargo flights.
Sells seats on domestic and international routes, with dense trunk routes and business travellers producing the highest fares, plus cargo and mileage-programme income. Haneda is a main hub. It emerged from a bankruptcy restructuring in 2010 and was relisted in 2012.
In one line: Japan's American Airlines.
Moat: narrow (scale, brand, installed base). Legacy flag-carrier scale, slots and Oneworld alliance network versus low-cost entrants.
Headquarters: Tokyo, Japan · Founded: 1951 · Employees: 39,076
Size Japan Airlines (9201.T) is a Japan Industrials company (Airlines) with a market value of $9.08B, the 153rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,277 on 6 Nov 2026.
Performance Over six months the shares gained 33.5%, against +7.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 10.4% over the last twelve months (peer median +9.9%); the operating margin is 7.9% (peer median 6.2%).
Valuation It trades at 15.3× forward earnings against a peer median of 12.0× (7th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +33%, so the hurdle is -43 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (6.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.13T | ¥2.01T | ¥1.84T | ¥1.65T | ¥1.38T |
| Revenue growth | — | +9% | +12% | +20% | — |
| Gross profit | ¥1.47T | ¥1.12T | ¥1.02T | ¥904B | ¥709B |
| EBITDA | ¥338B | ¥352B | ¥311B | ¥280B | ¥205B |
| Net income | ¥109B | ¥133B | ¥107B | ¥95.5B | ¥34.4B |
| Free cash flow | ¥156B | ¥186B | ¥85.9B | ¥139B | ¥169B |
| Capital expenditure | ¥238B | ¥202B | ¥290B | ¥218B | ¥117B |
| Total debt | ¥738B | ¥876B | ¥896B | ¥887B | ¥926B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Japan Airlines 9201.T | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% |
| Ana 9202.T | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% |
| KAL 003490.KS | $7.99B | +20% | +21% | 2% | 21.1× | n/a |
| Cathay Pacific Airways 0293.HK | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9201.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.0% | +5.8% | 7th highest of 21 |
| 6-month return | +33.5% | +7.8% | 3rd highest of 21 |
| Distance from 52-week high | -4.5% | -16.4% | 4th highest of 21 |
| Revenue growth (TTM) | +10.4% | +9.9% | 10th highest of 21 |
| Operating margin | 7.9% | 6.2% | 8th highest of 21 |
| Forward P/E | 15.3× | 12.0× | 7th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | -9.7% | -6.7% | 5th least demanding of 11 |
| Growth delivered (Del g) | +33.1% | +22.2% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | -42.8 pp | -31.5 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +3.0 pp | -0.1 pp | 10th highest of 21 |
| EV / EBITDA | 3.5× | 5.2× | 2nd cheapest of 14 |
| Net debt / EBITDA | -0.9× | 2.4× | least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| China Eastern Airlines 600115.SS | China | $10.7B | -18% | +11% | -6% | n/a | 6.9% | +19.0% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | n/a | n/a | n/a |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 26.0× | n/a | n/a |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| Air China 601111.SS | China | $15.3B | -7% | +9% | -7% | n/a | 10.0% | +19.8% |
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% | +40.0% |
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 24.6× | n/a | n/a |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | n/a | n/a | n/a |
| Air France-KLM AF.PA | France | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% | +24.4% |