Loading…
Parent of All Nippon Airways, Japan's largest airline by fleet, flying domestic and international routes.
Parent of All Nippon Airways, Japan's largest airline by fleet, flying domestic and international routes.
Earns most from passenger fares, with business travel on domestic trunk routes carrying much of the profit and international routes rebuilding, and runs a low-cost carrier, Peach, as well as cargo flights. Its main domestic rival is Japan Airlines. It raised new equity and debt in 2020 and 2021 to survive the pandemic.
In one line: Japan's United Airlines.
Moat: narrow (scale, brand, installed base). Largest Japanese airline with Haneda/Narita slot access and Star Alliance network.
Headquarters: Tokyo, Japan · Founded: 2013 · Employees: 47,826
Size Ana (9202.T) is a Japan Industrials company (Airlines) with a market value of $9.77B, the 141st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,237 on 6 Nov 2026.
Performance Over six months the shares gained 24.4%, against +7.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +10.2%); the operating margin is 7.6% (peer median 5.8%).
Valuation It trades at 13.1× forward earnings against a peer median of 14.5× (7th cheapest 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 +28%, so the hurdle is -38 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points above its cost of capital (5.7% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.75T | ¥2.54T | ¥2.26T | ¥2.06T | ¥1.71T |
| Revenue growth | — | +12% | +10% | +20% | — |
| Gross profit | ¥445B | ¥443B | ¥403B | ¥396B | ¥282B |
| EBITDA | ¥388B | ¥388B | ¥347B | ¥352B | ¥270B |
| Net income | ¥160B | ¥169B | ¥153B | ¥157B | ¥89.5B |
| Free cash flow | n/a | ¥228B | ¥156B | ¥219B | ¥356B |
| Capital expenditure | n/a | ¥262B | ¥256B | ¥240B | ¥117B |
| Total debt | ¥1.20T | ¥1.17T | ¥1.35T | ¥1.48T | ¥1.61T |
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 |
|---|---|---|---|---|---|---|
| Ana 9202.T | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% |
| Japan Airlines 9201.T | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% |
| KAL 003490.KS | $7.99B | +20% | +21% | 2% | 21.1× | n/a |
| Singapore Airlines C6L.SI | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% |
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 | 9202.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.9% | +5.8% | 3rd highest of 21 |
| 6-month return | +24.4% | +7.4% | 4th highest of 21 |
| Distance from 52-week high | -3.2% | -18.3% | 3rd highest of 21 |
| Revenue growth (TTM) | +16.8% | +10.2% | 5th highest of 21 |
| Operating margin | 7.6% | 5.8% | 9th highest of 21 |
| Forward P/E | 13.1× | 14.5× | 7th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -10.0% | -7.2% | 4th least demanding of 10 |
| Growth delivered (Del g) | +28.4% | +20.0% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | -38.3 pp | -32.4 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | +3.9 pp | -0.1 pp | 8th highest of 21 |
| EV / EBITDA | 4.1× | 5.2× | 4th cheapest of 14 |
| Net debt / EBITDA | 0.1× | 2.2× | 5th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| China Eastern Airlines 600115.SS | China | $10.7B | -18% | +11% | -6% | n/a | 6.9% | +19.0% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| 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 Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | n/a | 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% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 26.0× | n/a | n/a |
| Air China 601111.SS | China | $15.3B | -7% | +9% | -7% | n/a | 10.0% | +19.8% |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| 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 |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 13.7× | n/a | n/a |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | n/a | n/a | n/a |