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Operator of passenger terminal facilities at Tokyo's Haneda Airport, running retail, dining and terminal services.
Operator of passenger terminal facilities at Tokyo's Haneda Airport, running retail, dining and terminal services.
Earns facility-usage fees from airlines and rent plus a share of sales from the shops, restaurants and duty-free stores in its terminals, so passenger numbers drive both sides. Duty-free sales to inbound visitors are an important swing factor. It operates the Haneda terminal buildings under rights granted by the government.
In one line: A single-airport terminal operator, like a smaller version of a US airport concessions ope.
Moat: wide (regulatory licence, installed base). Exclusive, government-granted operating rights at Japan's busiest domestic airport are essentially irreplicable.
Headquarters: Tokyo, Japan · Founded: 1953 · Employees: 3,018
Size Japan Airport Terminal (9706.T) is a Japan Industrials company (Other Transportation) with a market value of $3.46B, the 329th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,854 on 6 Nov 2026.
Performance Over six months the shares gained 16.0%, against -3.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 7.8% over the last twelve months (peer median +3.7%); the operating margin is 16.7% (peer median 13.0%).
Valuation It trades at 19.2× forward earnings against a peer median of 13.9× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +41%, so the hurdle is -43 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥295B | ¥290B | ¥270B | ¥218B | ¥113B |
| Revenue growth | — | +7% | +24% | +92% | — |
| Gross profit | ¥193B | ¥159B | ¥145B | ¥117B | ¥55.0B |
| EBITDA | ¥78.4B | ¥74.8B | ¥66.8B | ¥57.8B | ¥18.4B |
| Net income | ¥31.3B | ¥29.1B | ¥27.5B | ¥19.3B | -¥3.90B |
| Free cash flow | n/a | ¥34.9B | ¥34.9B | ¥19.8B | ¥6.47B |
| Capital expenditure | n/a | ¥38.3B | ¥21.6B | ¥29.4B | ¥10.2B |
| Total debt | ¥223B | ¥195B | ¥207B | ¥228B | ¥244B |
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 Airport Terminal 9706.T | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% |
| Avolta AVOL.SW | $8.03B | +8% | -1% | 7% | 13.8× | -1.6% |
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 | 9706.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.7% | +0.4% | 4th highest of 21 |
| 6-month return | +16.0% | -3.0% | 3rd highest of 21 |
| Distance from 52-week high | -2.8% | -18.3% | 3rd highest of 21 |
| Revenue growth (TTM) | +7.8% | +3.7% | 7th highest of 21 |
| Operating margin | 16.7% | 13.0% | 10th highest of 21 |
| Forward P/E | 19.2× | 13.9× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -2.3% | -2.1% | 9th least demanding of 17 |
| Growth delivered (Del g) | +40.7% | +7.0% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | -43.0 pp | -5.6 pp | 2nd least demanding of 17 |
| ROIC minus cost of capital | +4.1 pp | +0.6 pp | 4th highest of 21 |
| EV / EBITDA | 8.7× | 10.1× | 5th cheapest of 10 |
| Net debt / EBITDA | 1.5× | 2.8× | 6th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Sichuan Expressway 601107.SS | China | $2.89B | +16% | +7% | 27% | 13.2× | n/a | n/a |
| Xiamen Port Development 000905.SZ | China | $2.87B | -25% | +14% | 4% | n/a | 4.2% | +7.1% |
| Anhui Expressway 0995.HK | Hong Kong | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% | +16.6% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| Qinhuangdao Port 3369.HK | Hong Kong | $2.77B | +5% | +7% | 23% | 6.7× | -13.2% | +2.0% |
| Sankyu 9065.T | Japan | $2.76B | -9% | 0% | 7% | 12.2× | -1.1% | +3.4% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| Kamigumi 9364.T | Japan | $2.71B | -12% | +5% | 12% | 15.5× | -3.2% | +1.9% |
| Liaoning Port 2880.HK | Hong Kong | $4.53B | -26% | +1% | 21% | n/a | -9.0% | -2.0% |