Japan Airlines Co., Ltd.

TSE

9201

Stock

Yield per half year: +14.18%
Dividend yield: 4.75%
Sector: Industrials

Reporting Japan Airlines Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							1 340
Выручка, млрд ¥	1 487.26	1 411.23	494.62	705.46	1 375.59	1 651.89	1 651.89	1127.76	3.20
Чистая прибыль, млрд ¥	150.81	53.41	-287.88	-177.55	34.42	95.53	95.53	-56.4140	12.33
EV, млрд ¥	1 040.55	457.03	1 015.62	1 446.35	1 391.01	1 441.62	1 441.62	1150.33	25.83
EBIT, млрд ¥	152.71	100.63	-390.41	-237.22	69.99	154.04	154.04	-60.5940	8.89
EBITDA, млрд ¥	276.81	241.26	-205.61	-58.73	227.44	301.6	301.6	101.19	4.57
OIBDA, млрд ¥		303.61	-309.64	-115.94	258.08	347	347	96.62	2.71
Баланс стоимость, млрд ¥	1 165.13	1 094.81	947.46	799.74	816.29	909.95	909.95	913.65	-3.63
FCF, млрд ¥	296.72	60.03	-219.52	-264.85	175.42	138.84	138.84	-22.0160	18.26
Операционный денежный поток, млрд ¥	296.72	60.03	-219.52	-103.55	292.91	363.95	363.95	78.76	43.40
Операционная прибыль, млрд ¥	176.16	100.63	-390.41	-234.77	65.06	140.93	140.93	-63.7120	6.97
Операционные расходы, млрд ¥	235.87	234.45	342.85	370.26	536.67	670.11	670.11	430.87	23.37
CAPEX, млрд ¥	222.13	239.61	89.69	161.31	117.49	218.08	218.08	165.24	-1.87

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	360.43	387.07	58 009.04	381.44	439.5	428.43	402.53	425.8	477.75	486.33	444.17	2.57
Чистая прибыль, млрд ¥	17.45	18.47	2 839.46	23.06	38.61	24.2	9.66	13.98	35.9	41.17	24.98	11.21
EV, млрд ¥	1 529.17	1 508.85	217 947.21	1 540.13	1 494.28	1 408.44	1 441.62	1 254.74	426.9	1 290.56	1164.45	-1.73
EBIT, млрд ¥	26.23	38.06	5 006.96	33.55	59.34	37.57	23.68	19.61	66.3	56.87	40.81	8.64
EBITDA, млрд ¥	68.28	74.2	10 728.22	70.52	97.56	74.43	61.58	57.81	63.63	95.98	70.69	5.22
OIBDA, млрд ¥						87.79	66.9	63.44	94.03	111.68	84.77	4.93
Баланс стоимость, млрд ¥	780.92	788.39	127 978.6	834.51	885.8	876.75	909.95	907.5	916.31	948.35	911.77	1.58
FCF, млрд ¥	41.47	71.16	10 572.85	86.54	89.75	-12.99	27.43	65.31	-44.18	-1.05	6.90	-39.53
Операционный денежный поток, млрд ¥	41.47	71.16	15 910.47	123.65	89.75	59.88	87.5	106.03	75.78	67.64	79.37	2.47
Операционная прибыль, млрд ¥	26.23	38.06	4 878.56	30.86	57.53	37.56	14.98	19.61	66.3	56.87	39.06	8.65
Операционные расходы, млрд ¥	138.93	151.36	21 945.29	156.57	172.98	171.89	259.06	224.84	274.93	245.06	235.16	7.35
CAPEX, млрд ¥	21.29	83.44	5 337.62	37.11	48.03	72.87	60.07	40.73	119.96	68.69	72.46	-1.17

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	462.06	329.15	408.34	494.23	639.25	713.87	713.87	516.97	16.75
Short Term Investments ¥	60	7.63	14.13	43.36	11.2	3.56	3.56	15.98	-14.14
Total Receivables ¥	152.45	88.87	76.76	120.32	174.91	173.02	173.02	126.78	14.25
Total Current Assets ¥	761.54	526	567.82	750.5	922.88	1 022.61	1 022.61	757.96	14.22
Чистые активы, млрд ¥	761.54	526	567.82	982.38	1 027.8		1 027.8	773.11	6.18
Активы, млрд ¥	2 030.33	1 859.36	2 107.28	2 371.66	2 520.6	2 649.23	2 649.23	2301.63	7.34
Short Term Debt ¥	15.81	14.71	69.62	86.79	111.97	106.94	106.94	78.01	48.70
Long Term Debt ¥	123.52	174.77	445.53	841.68	813.54	780.36	780.36	611.18	34.89
Задолженность, млрд ¥	830.19	727.53	1 125.75	1 527.52	1 663.65	1 700.89	1 700.89	1349.07	18.51
Чистый долг, млрд ¥	-320.22	-137.68	106.81	434.24	286.26	173.43	173.43	172.61	-204.73
Долг, млрд ¥	141.84	191.47	515.15	928.46	925.5	887.29	887.29	689.57	35.89
Расходы на обслуживание долга ¥	0.803	0.658	7.57	9.11	14.21	15.21	15.21	9.35	87.40
Чист. проц. доходы, млрд ¥	1.07	1.44	1.8	1.99	2.07	9.28	2.07	3.32	45.16
Амортизация, млрд ¥	124.1	140.63	184.8	178.49	157.45	147.56	147.56	161.79	0.97
Себестоимость, млрд ¥		1 076.15	542.18	569.97	773.86	840.85	840.85	760.60	-4.81
Товарно материальные запасы ¥	21.93	26.49	23.68	31.28	36.75	43.95	43.95	32.43	10.66

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			543	553.05	100 221.9	716.01	743.58	684.06	713.87	819.38	750.6	696.32	732.85	0.36
Short Term Investments ¥		44.82	25.74	15.27	1 756.26	14.05	21.55	14.24	16.47	17.51		9.99	15.95	-14.25
Total Receivables ¥			154.61	151.44	27 421.97	168.67	172.59	162.53	173.02	196.79	194.54	204.2	186.22	4.67
Total Current Assets ¥			832.21	832.99	144 690.22	1 004.87	1 057.54	990.72	1 022.61	1 156.42	1 073.1	1 055.59	1059.69	1.28
Чистые активы, млрд ¥	750.5	822.19	832.21	832.99	161 138.92	1 021.05							32929.47	4.43
Активы, млрд ¥			2 448.55	2 439.65	395 183.13	2 594.37	2 662.86	2 621.54	2 649.23	2 781.55	2 760.79	2 760.73	2714.77	1.04
Short Term Debt ¥			108.12	100.4	17 554.48	115.42	119.51	125.15	106.94	111.28	112.3	97.96	110.73	-4.78
Long Term Debt ¥		821.58	815.71	791.72	127 546.98	814.4	801.65	772.57	780.36				26143.19	-63.92
Задолженность, млрд ¥			1 628.12	1 610.3	260 828.4	1 722.51	1 738.3	1 706.21	1 700.88	1 837.2	1 805.05	1 772.77	1764.42	0.77
Чистый долг, млрд ¥			380.83	339.07	44 879.56	213.81	177.58	213.66	173.43	129.45	-638.3	202.36	16.12	-1.08
Долг, млрд ¥			923.83	892.12	145 101.46	929.82	921.16	897.72	887.29	948.83	112.3	898.69	748.97	0.02
Расходы на обслуживание долга ¥		4.04	3.44	7.06	518.32	4.17	3.68	3.71	3.64	3.92	9.77		4.94	21.57
Чист. проц. доходы, млрд ¥	1.56	2.75	1.51	0.225	191.43	163.68	160.23	132.01	2.72				130.01	-57.29
Амортизация, млрд ¥			41.1	38.62	5 721.26	36.98	38.22	36.87	37.9	38.2	-2.67	39.11	29.88	1.19
Себестоимость, млрд ¥						194.02	208.99	218.97	128.49	181.35	136.53	184.4	169.95	-3.38
Товарно материальные запасы ¥			36.78	39.42	5 761.24	37.86	40.7	43.7	43.95	45.5	47.09	50.22	46.09	2.82

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	432.1	155.63	-768.15	-406.29	78.77	218.61		218.61	-144.2860	7.03
Цена акции ао				2695	2775	2492.5	2820.5	2820.5	2695.75	1.14
Число акций ао, млн	349.01	343.17	374.77	437.01	437.01	437.01		437.01	405.79	4.95
FCF/акцию	850.18	174.93	-585.75	-606.06	401.41	317.7		317.7	-59.5540	12.68

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	39.93	42.27	6497.52	52.77	88.35	55.38	22.11	32	82.17	94.3			57.19	11.23
Цена акции ао											2711.5	2820.5	2766.00	1.99
FCF/акцию	94.9	162.85	154.32	198.03	205.38	-29.72	62.78	149.44	-101.13	-2.41			15.79	-39.49

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	13.55	4.73	-28.19	-20.32	4.26	11.07		11.07	10.38	-5.6900	18.54
ROA, %	7.76	2.75	-14.51	-7.93	1.41	3.7		3.7	5.53	-2.9160	6.11
ROIC, %		3.74	-19.6	-10.27	3.35			3.35	9.64	-5.6950	-2.72
ROS, %		3.41	-57.96	-25.17	2.5	5.78	5.78	5.78	6.68	-13.8140	-163.06
ROCE, %	9.69	6.7	-23.95	-12.48	3.78	8.06	16.24	16.24	14.04	-1.6700	-192.52
Ebit margin, %		6.28	-78.53	-33.63	5.09	9.33	9.33	9.33		-17.6820	-165.31
Рентаб EBITDA, %	18.61	17.1	-41.57	-8.32	16.53	18.26	18.26	18.26	14.02	0.6320	-184.83
Чистая рентаб, %	10.14	3.78	-58.2	-25.17	2.5	5.78		5.78	6.68	-14.2620	8.86
Operation Margin, %		7.13	-78.93	-33.28	4.73	8.53	8.53	8.53	8.76	-18.0840	-164.08

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	2.17	2.33	2.29	2.76	4.72	2.87	1.12	1.58	3.99	4.52		10.38	2.82	9.51
ROA, %	0.7131	0.7557	0.7302	0.8889	1.47	0.916	0.3666	0.515	1.3	1.49		5.53	0.9175	10.22
ROIC, %				1.88	2.17	2.09	0.5443	1.76	3.58	3.16		9.64	2.23	8.62
ROS, %				6.05	8.78	5.65	2.4	3.28	7.51	8.47	5.78	6.68	5.49	19.22
ROCE, %		2.06	1.74	3.85	3.17	1.99	1.24	1.02	3.43	2.91	16.24	14.04	4.97	67.28
Ebit margin, %					13.5	8.77	5.88	4.61	13.88	11.69	9.33		9.08	9.67
Рентаб EBITDA, %		19.17	18.49	18.49	22.2	17.37	15.3	13.58	13.32	19.74	18.26	14.02	16.04	3.60
Чистая рентаб, %	4.84	4.77	4.89	6.05	8.78	5.65	2.4	3.28	7.51	8.47		6.68	5.46	8.43
Operation Margin, %				8.09	13.09	8.77	3.72	4.6	13.88	11.69	8.53	8.76	8.48	18.05

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	9.02	11.14			32.09	13.27		13.27	83.38	16.38	10.13
P/BV	1.13	0.5254	0.9259	1.2	1.29	1.34		1.34	68.07	1.06	20.59
P/S	0.915	0.4214	1.84	1.43	0.8031	0.7677		0.7677	67.58	1.05	12.75
P/FCF					4.58	9.65	9.65	9.65	46.98	7.96	28.20
E/P					0.0257	0.0713	0.0713	0.0713	0.60	0.0561	40.51
EV/EBIT		5.16	-2.61	-6.1	19.87	9.36	9.36	9.36		5.98	-229.10
EV/EBITDA	3.76	1.89	-4.94	-24.63	6.12	4.78		4.78	76.65	-3.3560	20.39
EV/S		0.3239	2.05	2.05	1.01	0.8727	0.8727	0.8727	67.60	1.37	-15.70
EV/FCF		-2.54	-3.28	-5.46	7.93	10.38	10.38	10.38	19.09	3.99	-225.91
Debt/EBITDA	0.5124	0.7936	-2.51	-15.81	4.07	2.94	2.94	2.94	2.59	-1.6740	-203.21
Netdebt/Ebitda		-0.5707	-0.5195	-7.39	1.26	0.575	0.575	0.575	0.10	-1.0999	-202.05
Debt/Ratio		0.1019	0.2445	0.3915	0.3672	0.3349	0.3349	0.3349	0.16	0.3346	6.49
Debt/Equity		0.1731	0.5437	1.16	1.13	0.9751	1.79	1.79	1.02	1.12	26.91
Debt/Net Income		3.94	-1.8	-5.23	26.89	9.29	9.29	9.29	5.09	7.69	-238.85
PEG							0.0864	0.0864		0.0864	0.00
Бета					-0.7657	-0.0146	-1.27	-1.27	-13.35	-0.6834	18.37
Индекс Альтмана					3.74	5.14	5.15	5.15	7.62	4.68	11.25

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	-14.86	-32.99	32.02	17.2	13.4	11.49	13.27	13.02	12.72	10.81			83.38	12.26	-1.21
P/BV	1.4	1.41	1.29	1.52	1.42	1.31	1.34	1.19	1.11	1.1			68.07	1.21	-3.43
P/S	1.11	0.9657	0.7939	0.8848	0.8344	0.7378	0.7677	0.6634	0.6143	0.6075			67.58	0.6781	-3.81
P/FCF												9.65	46.98	9.65	0.00
E/P												0.0713	0.60	0.0713	0.00
EV/EBIT					25.18	37.49	60.88	63.98	6.44	22.69		9.36		32.67	-31.24
EV/EBITDA	18.9	10.61	6.16	21.84	4.84	4.58	4.78	4.31	1.66	4.63			76.65	3.99	0.22
EV/S				4.04	3.4	3.29	3.58	2.95	0.8936	2.65		0.8727	67.60	2.19	-24.60
EV/FCF				17.8	16.65	-108.42	52.55	19.21	-9.66	-1227.94		10.38	19.09	-231.0920	-27.70
Debt/EBITDA		12.02	13.53	13.18	9.44	12.06	14.41	16.41	1.77	9.36		2.94	2.59	8.98	-27.23
Netdebt/Ebitda				3.03	1.82	2.87	2.82	2.24	-10.03	2.11		0.575	0.10	-0.4570	-27.24
Debt/Ratio				0.3584	0.3459	0.3424	0.3349	0.3411	0.0407	0.3255		0.3349	0.16	0.2754	0.00
Debt/Equity				1.11	1.04	1.02	0.9751	1.05	0.1226	0.9476		1.79	1.02	0.9771	12.92
Debt/Net Income				40.32	23.86	37.09	91.84	67.85	3.13	21.83		9.29	5.09	38.79	-36.76
PEG												0.0864		0.0864	0.00
Бета											-2.25	-1.27	-13.35	-1.7600	-24.87
Индекс Альтмана											5.15	5.15	7.62	5.15	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд				39.35	38.15	0.031	0.007	0.002	23.92			23.92		12.42	-8.91
Дивиденд	104	120	146.5	112.5	110	55			55	85	40	80		69.00	-18.32
Див доход, ао, %		3.51	3.32	2.89	3.24	2.76	2.37		1.89	4.59	4.92	4.75	4.28	3.31	12.26
Дивиденды / прибыль, %					26.09	71.43	-0.0024	-0.0011	0.0058	25.04		25.04	37.33	19.29	-18.91
Dividend Coverage Ratio											3.99	3.99		3.99	0.00

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.0005	0.001	0.3136	10.19	0.666	12.95	0.121	18.7	0.909	17.27			9.99	5.93
Дивиденды / прибыль, %	0.0029	0.0054	0.011	44.18	1.73	53.5	1.25	133.72	2.53	41.96		37.33	46.59	-4.74
Dividend Coverage Ratio											3.99		3.99	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	16.98	18.13	22.87	8.54	13.2	13.2	-4.91
Персонал, чел				36 039	36 039		0.00

	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	CAGR 5
CAPEX/Выручка, %	17.01	14.92	9.56	25.11	14.12	-3.66

	CAGR 5