ANA HOLDINGS INC. ALNPY

IndustrialsPassenger Transportation ServicesJapan

Last close 3.89 USD on Nov 3, 2026, +2.2% year to date

Quant rating

Quant rating D Rank 298 of 418 in Industrials

Growth D 318 of 418
Valuation A 62 of 418
Quality C 179 of 418
Revisions D 343 of 418
Momentum C 221 of 418

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 10.7B
Enterprise value: 11.1B
52-week range: 3.30 – 4.48
3-year range: 3.30 – 4.58
Dividend yield: 2.05%
Beta (5 years): 0.56
Shares outstanding: 524M
Next earnings: –

About the company

ANA Holdings Inc is a Japan-based holding company principally engaged in the aviation business. The Company operates through four business segments. The Aviation segment conducts regular and irregular air transportation of passengers and cargo domestic and international flights. The Aviation-related segment provides services associated with air transportation such as airport handling and maintenance, and various services at the airport to customers and provide reservation information services by telephone. The Travel segment is engaged in the development and sale of packaged travel products, mainly made from airline tickets and accommodation. The Trading Companies segment mainly engaged in the import and export of aviation-related materials and mail orders. The Company is also engaged in the building management and temporary staffing business.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2016	2015	2014	2013	2012	5Y avg
Revenue (mil)	15,999	15,084	13,588	12,859	8,387	–
Revenue growth	6.1%	11.0%	5.7%	53.3%	27.4%	19.4%
EPS (basic, normalized)	3.72	–	1.00	3.10	2.80	–
EPS growth	–	–	−67.7%	10.7%	–	–
Gross margin	18.3%	18.5%	20.1%	17.8%	−2.9%	14.4%
Net margin	6.7%	6.8%	7.6%	5.2%	−14.1%	2.4%
ROE	12.9%	14.1%	16.5%	10.8%	−15.9%	7.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	7,254
Current ratio	1.54x
Long-term debt (mil)	6,661
Net debt (mil)	426
Total equity (mil)	9,077
Net debt / equity	0.05x
Net debt / EBITDA	0.18x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2016 actual	15,999	+6.1%	0.7x	2,378	+23.0%	4.7x	3.72	–	1.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2017	–	–	–	–	–	–	–	–
2018	–	–	–	–	–	–	–	–
2019	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ALNPY ANA HOLDINGS INC.	10.7B	0.18x	6.7%	0.92x	–	–	–	–
DAL Delta Air Lines, Inc.	54.8B	1.10x	7.9%	2.43x	15.6x	11.8x	8.1x	6.6x
UAL United Airlines Holdings, Inc.	34.8B	1.44x	5.7%	1.96x	15.4x	9.2x	7.1x	5.4x
RYAAY Ryanair Holdings PLC	27.7B	−0.50x	14.0%	2.17x	14.2x	12.3x	6.4x	6.0x
ICAGY International Consolidated Airlines Group, S.A.	24.3B	–	–	–	8.1x	6.3x	–	–
LUV Southwest Airlines Co	21.3B	1.08x	1.6%	2.90x	15.7x	10.4x	6.9x	5.7x
Mean		0.66x	7.2%	2.08x	13.8x	10.0x	7.1x	5.9x
Median		1.08x	6.7%	2.17x	15.4x	10.4x	7.0x	5.8x

Technical analysis

1M−2.5%
3M−1.3%
1Y+6.3%
3Y+2.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ANA HOLDINGS INC., fiscal years, most recent first
	2016	2015	2014	2013	2012	2011
Total revenue	15,999	15,084	13,588	12,859	8,387	6,583
Cost of revenue	13,073	12,294	10,854	10,570	8,626	9,033
Gross profit	2,927	2,790	2,734	2,289	−239	−2,451
Selling, general & administrative expenses	1,419	1,377	1,242	1,218	975	1,504
Research & development	–	–	–	–	–	–
Depreciation/amortization	138	101	118	167	209	244
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	50.0	71.3	50.8	17.2	220	929
Other operating expenses	0	0	0	0	0	0
Operating income	1,320	1,240	1,323	887	−1,643	−5,127
Net interest income (expense)	−8.5	−85.7	−100	−149	−126	−197
Gain (loss) on sale of assets	17.3	2.2	14.6	70.5	194	31.0
Other non-operating income (expense)	79.4	154	116	53.1	133	366
Net income before taxes	1,408	1,311	1,354	861	−1,442	−4,927
Provision for taxes	331	285	307	183	−272	−1,244
Minority interest	−12.0	−5.7	−8.1	−4.7	−11.4	27.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,065	1,021	1,038	674	−1,181	−3,655
Extraordinary items	–	–	–	–	–	–
Net income	1,065	1,021	1,038	674	−1,181	−3,655
EBIT, normalized	1,370	1,311	1,374	904	−1,423	−4,199
EBITDA, normalized	2,448	2,316	2,329	2,036	−111	−2,586
Basic EPS, normalized	3.72	–	1.00	3.10	2.80	–

Balance sheet in millions of USD, fiscal years

Balance sheet, ANA HOLDINGS INC., fiscal years, most recent first
	2016	2015	2014	2013	2012	2011
Assets
Cash & short-term investments	7,920	8,112	8,313	8,914	7,817	8,724
Receivables	1,882	1,643	1,433	1,399	1,222	937
Total inventory	567	506	357	336	362	351
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,544	1,034	1,141	1,029	1,234	1,066
Total current assets	11,912	11,295	11,243	11,679	10,636	11,078
Property, plant & equipment	9,620	9,369	8,795	9,574	11,099	13,065
Goodwill	75.6	93.4	106	136	166	202
Intangibles	849	775	581	525	600	793
Long-term investments	1,021	1,005	1,034	1,129	1,157	1,439
Note receivable	22.8	3.0	19.4	23.7	31.7	34.7
Other long-term assets	1,420	1,603	1,813	2,287	2,764	2,366
Total assets	24,920	24,143	23,591	25,354	26,454	28,978
Liabilities
Accounts payable	1,638	1,571	1,515	1,227	1,027	1,459
Payable/accrued	–	–	–	–	–	–
Accrued expenses	446	403	368	254	85.0	43.4
Short-term debt	434	513	556	694	823	904
Current portion of long-term debt	753	1,997	964	886	1,125	659
Other current liabilities	4,487	4,030	3,440	3,591	2,594	1,482
Total current liabilities	7,759	8,513	6,843	6,653	5,654	4,547
Long-term debt	6,195	6,487	8,288	10,528	12,438	13,391
Minority interest	67.0	65.2	53.7	60.0	50.7	46.0
Other liabilities	1,498	1,540	1,503	1,618	1,758	1,895
Total liabilities	15,520	16,605	16,688	18,859	19,901	19,879
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,946	3,118	3,090	3,521	3,844	4,224
Additional paid-in capital	3,687	2,633	2,670	3,067	3,348	3,680
Retained earnings (accumulated deficit)	2,568	1,770	899	−159	−931	1,311
Treasury stock	−640	−377	−373	−447	−488	−536
Other equity	839	393	617	512	780	420
Total equity	9,401	7,538	6,903	6,495	6,553	9,099
Total liabilities & shareholders' equity	24,920	24,143	23,591	25,354	26,454	28,978

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ANA HOLDINGS INC., fiscal years, most recent first
	2016	2015	2014	2013	2012	2011
Operating activities
Net income	1,408	1,311	1,354	861	–	−4,927
Depreciation, depletion & amortization	1,078	1,005	955	1,133	–	1,612
Deferred taxes	–	–	–	–	–	–
Non-cash items	57.7	148	145	66.0	–	567
Changes in working capital	260	24.3	327	1,328	–	302
Cash from operations	2,803	2,488	2,780	3,387	–	−2,445
Investing activities
Capital expenditures	−1,653	−1,707	−1,589	−880	–	−1,416
Other investing cash flows	−964	−585	−1,051	−656	–	−3,966
Cash from investing	−2,616	−2,292	−2,640	−1,536	–	−5,382
Financing activities
Financing cash flow items	−33.8	−57.5	−7.4	11.6	–	−1.3
Cash dividends paid	−178	−157	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−793	−920	−892	−1,088	–	9,922
Cash from financing	−1,004	−1,135	−899	−1,076	–	9,920
Foreign exchange effects	21.2	6.5	26.3	19.0	–	23.9
Net change in cash	−796	−932	−733	794	–	2,117
Free cash flow	1,150	781	1,191	2,507	–	−3,861

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

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Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.