Japan Airport Terminal Co., Ltd. JTTRY

IndustrialsTransport InfrastructureJapan

Last close 17.89 USD on Nov 3, 2026, +25.9% year to date

Quant rating

Quant rating A Rank 25 of 418 in Industrials

Growth A 55 of 418
Valuation B 146 of 418
Quality B 63 of 418
Revisions A 36 of 418
Momentum B 109 of 418

Wall Street consensus Hold (2.71)Average target 39.08 USD +118.4%

Historical valuation

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

Key data

Market cap: 3.4B
Enterprise value: 4.3B
52-week range: 13.96 – 19.74
3-year range: 13.74 – 23.14
Dividend yield: 1.67%
Beta (5 years): 0.20
Shares outstanding: 93.1M
Next earnings: Nov 6, 2026

About the company

Japan Airport Terminal Co Ltd is a Japan-based company principally engaged in the facilities management and operation business, product sales business, and food and beverage business. The Company operates three segments. The Facilities Management and Operation segment is engaged in the leasing, maintenance, operation, and other services for airline passengers at Haneda Airport's passenger terminal facilities. The Product Sales segment is engaged in the sale of goods to airline passengers, wholesale of goods to airport terminal building companies, and other related businesses. The Food and Beverage segment is engaged in the provision of food and beverage services to users of Haneda Airport and Narita Airport, the manufacture and sale of in-flight meals, and other related businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,826	1,800	1,438	851	469	–
Revenue growth	1.4%	25.2%	68.9%	81.5%	−1.2%	30.9%
EPS (basic, normalized)	2.00	2.03	1.33	−0.31	−2.11	–
EPS growth	−1.5%	53.2%	–	–	–	–
Gross margin	65.2%	64.3%	66.5%	74.3%	81.4%	70.3%
Net margin	10.1%	10.2%	8.8%	−3.5%	−44.2%	−3.7%
ROE	14.7%	15.5%	12.1%	−2.6%	−15.2%	4.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	645
Current ratio	2.50x
Long-term debt (mil)	1,280
Net debt (mil)	863
Total equity (mil)	1,318
Net debt / equity	0.65x
Net debt / EBITDA	1.81x

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
2026 actual	1,826	+1.4%	2.4x	478	+3.2%	9.0x	2.00	−1.5%	8.9x
2027	1,933	+5.9%	2.2x	512	+7.2%	8.4x	1.90	−5.4%	9.4x
2028	2,008	+3.9%	2.1x	524	+2.3%	8.2x	1.96	+3.3%	9.1x
2029	2,068	+3.0%	2.1x	533	+1.7%	8.1x	2.01	+2.7%	8.9x

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
2027	1,933	+0.2%	+2.2%	+0.2%	1.90	+3.2%	+8.5%	+13.6%
2028	2,008	+0.1%	+2.2%	−0.2%	1.96	+2.7%	+6.7%	+9.1%
2029	2,068	+0.2%	+2.0%	+0.6%	2.01	+3.6%	+7.9%	+9.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	58,559	65,337	66,415	69,801	68,370	68,997	72,547	75,597	72,683	74,126
Sales mean (mil)	60,281	61,800	68,523	67,962	75,998	67,500	71,756	75,419	74,813	74,350
Surprise	−2.9%	+5.7%	−3.1%	+2.7%	−10.0%	+2.2%	+1.1%	+0.2%	−2.8%	−0.3%
EPS reported	55.08	65.83	63.02	72.92	93.85	67.51	76.90	95.22	74.32	90.70
EPS mean	–	–	–	64.46	93.33	60.31	59.52	79.75	44.22	82.12
Surprise	–	–	–	+13.1%	+0.6%	+11.9%	+29.2%	+19.4%	+68.1%	+10.4%

Peer comparison Transport Infrastructure

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
JTTRY Japan Airport Terminal Co., Ltd.	3.4B	1.81x	10.1%	2.51x	9.4x	9.1x	8.4x	8.2x
SPASY SATS Ltd	4.1B	–	4.5%	1.90x	204.7x	172.5x	7.3x	6.7x
CAAP Corporacion America Airports SA	3.9B	0.54x	12.6%	3.04x	12.1x	9.8x	5.7x	5.2x
CSPKY COSCO SHIPPING Ports Ltd	3.3B	6.99x	18.7%	0.48x	82.7x	82.7x	11.4x	11.0x
PTAUY Port of Tauranga Ltd	3.1B	–	32.1%	2.42x	91.6x	84.6x	19.6x	18.0x
SHZNY Shenzhen Expressway Corp Ltd	3.0B	6.38x	11.4%	0.81x	385.4x	438.1x	9.6x	10.0x
Mean		3.93x	14.9%	1.86x	131.0x	132.8x	10.3x	9.8x
Median		4.09x	12.0%	2.16x	87.2x	83.6x	9.0x	9.1x

Technical analysis

1M+2.6%
3M+11.3%
1Y+14.0%
3Y−21.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Japan Airport Terminal Co., Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,826	1,800	1,438	851	469	475
Cost of revenue	636	643	482	219	87.2	136
Gross profit	1,190	1,157	956	632	382	339
Selling, general & administrative expenses	719	713	575	494	460	562
Research & development	–	–	–	–	–	–
Depreciation/amortization	187	188	186	218	261	310
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	7.0	12.3	4.2	4.6	2.7	16.7
Other operating expenses	0	0	0	0	0	0
Operating income	277	245	191	−84.3	−342	−550
Net interest income (expense)	−9.2	−12.1	−16.7	−20.7	−32.5	20.1
Gain (loss) on sale of assets	−0.5	–	–	–	–	0.1
Other non-operating income (expense)	6.3	1.9	4.3	11.8	16.2	34.5
Net income before taxes	273	235	179	−93.3	−358	−495
Provision for taxes	35.8	−36.4	6.9	24.9	−15.9	10.3
Minority interest	−53.9	−87.9	−44.4	88.8	135	175
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	184	183	127	−29.4	−207	−330
Extraordinary items	–	–	–	–	–	–
Net income	184	183	127	−29.4	−207	−330
EBIT, normalized	284	257	195	−79.7	−339	−533
EBITDA, normalized	472	445	382	139	−77.8	−222
Basic EPS, normalized	2.00	2.03	1.33	−0.31	−2.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Japan Airport Terminal Co., Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	610	573	564	680	798	1,087
Receivables	182	182	151	115	44.0	47.0
Total inventory	68.5	76.5	54.2	34.7	46.3	89.5
Prepaid expenses	–	–	–	–	–	–
Other current assets	42.7	42.1	28.7	36.7	47.3	71.8
Total current assets	904	873	798	866	936	1,295
Property, plant & equipment	1,712	1,788	1,784	2,004	2,301	2,758
Goodwill	–	–	–	–	–	–
Intangibles	182	204	206	240	283	335
Long-term investments	176	152	147	130	150	148
Note receivable	–	–	–	–	–	–
Other long-term assets	126	116	107	126	143	153
Total assets	3,100	3,134	3,043	3,366	3,813	4,690
Liabilities
Accounts payable	93.8	90.0	78.7	54.0	16.1	11.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	125	126	101	104	81.0	142
Short-term debt	17.3	20.0	17.8	20.3	23.0	26.2
Current portion of long-term debt	79.7	78.7	161	101	109	264
Other current liabilities	144	146	108	90.4	73.3	90.2
Total current liabilities	460	461	467	370	303	534
Long-term debt	1,134	1,281	1,330	1,718	1,981	2,104
Minority interest	123	73.1	−14.1	−70.3	15.1	159
Other liabilities	57.3	70.1	149	217	246	286
Total liabilities	1,775	1,884	1,931	2,234	2,546	3,082
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	240	254	252	287	313	344
Additional paid-in capital	341	361	358	408	445	489
Retained earnings (accumulated deficit)	709	618	478	429	500	777
Treasury stock	−9.8	−11.0	−0.1	−0.1	−0.1	−0.1
Other equity	45.1	27.7	23.3	8.0	8.6	−3.3
Total equity	1,325	1,250	1,111	1,132	1,267	1,608
Total liabilities & shareholders' equity	3,100	3,134	3,043	3,366	3,813	4,690

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Japan Airport Terminal Co., Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	273	235	179	−93.3	−358	−495
Depreciation, depletion & amortization	188	188	187	219	261	311
Deferred taxes	–	–	–	–	–	–
Non-cash items	21.6	32.1	27.1	25.3	24.5	−32.0
Changes in working capital	−31.7	−95.9	−76.6	−27.7	−4.3	177
Cash from operations	451	359	316	123	−76.5	−39.6
Investing activities
Capital expenditures	−237	−141	−193	−77.1	−44.8	−305
Other investing cash flows	−11.1	54.9	−91.6	−3.0	4.3	76.4
Cash from investing	−249	−85.6	−284	−80.0	−40.5	−228
Financing activities
Financing cash flow items	−1.8	−2.4	−0.5	−0.8	−6.6	−0.5
Cash dividends paid	−58.7	−47.8	−25.2	–	–	−7.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−72.8	−153	−104	−94.4	−67.6	715
Cash from financing	−133	−204	−130	−95.2	−74.3	707
Foreign exchange effects	0	0.3	0.2	0.4	0.3	−0.1
Net change in cash	69.0	69.9	−98.1	−51.9	−191	439
Free cash flow	213	218	123	45.9	−121	−344

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.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

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