<div id="readability-page-1"><div><p>ANA Holdings (TSE:9202) has wrapped up FY 2026 with fourth quarter revenue of ¥661.8 billion and basic EPS of ¥65.12, alongside trailing 12 month revenue of ¥2.5 trillion and EPS of ¥362.90. The company’s quarterly revenue increased from ¥559.1 billion in Q4 FY 2025 to ¥661.8 billion in Q4 FY 2026, while quarterly EPS moved from ¥40.42 to ¥65.12, presenting a picture where profit margins appear steady rather than sharply expanding and inviting a closer look at what is driving returns.</p> <p>See our full analysis for ANA Holdings.</p><p>With the headline numbers on the table, the next step is to see how these results line up with the widely held stories about ANA Holdings, and where the earnings print challenges those narratives.</p> <p>Curious how numbers become stories that shape markets? Explore Community Narratives</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/a616ef60-d137-4e2d-929a-bba31b23b51f/chart/revenue-and-expenses-breakdown/query-ZGF0ZT0yMDI2LTA1LTAx?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/a616ef60-d137-4e2d-929a-bba31b23b51f/chart/revenue-and-expenses-breakdown/query-ZGF0ZT0yMDI2LTA1LTAx"/><figcaption>TSE:9202 Revenue &amp; Expenses Breakdown as at May 2026</figcaption></figure> <h2>TTM revenue tops ¥2.5t with modest 2.1% growth</h2> <ul> <li>On a trailing 12 month basis ANA booked ¥2,539,233 million in revenue, which works out to 2.1% annual revenue growth and compares with ¥2,261,856 million a year earlier, so the top line has been edging forward rather than surging.</li> <li>What stands out for a bullish view is that earnings rose 10.5% over the same period even though revenue growth was only 2.1%, which means:     <ul> <li>TTM net income reached ¥169,075 million versus ¥153,027 million a year earlier, so profit growth outpaced the revenue line that bullish investors often want to see supporting a recovery story.</li> <li>At the same time, the TTM net margin is 6.7% compared with 6.8% last year, which slightly challenges a bullish claim that profitability is clearly improving even as EPS on a TTM basis sits at ¥362.90.</li> </ul> </li> </ul> <p>Bulls who focus on earnings resilience over pure top line growth may want to see how this revenue and profit profile fits into a longer term narrative for ANA Holdings, and how other investors are interpreting the same numbers through different lenses Curious how numbers become stories that shape markets? Explore Community Narratives.</p> <h2>Margins steady at 6.7% while EPS growth slows from five year pace</h2> <ul> <li>TTM net profit margin is 6.7%, just below 6.8% a year ago, and TTM EPS of ¥362.90 compares with a five year average earnings growth rate of 64.9% per year, so the latest 10.5% earnings increase is far more moderate than that longer term pace.</li> <li>Skeptics who lean bearish often argue that airlines struggle to keep profits growing fast, and the numbers here give them some support and some pushback:     <ul> <li>The step down from a five year 64.9% average annual earnings growth rate to a 10.5% rise over the last year backs the bearish point that the rapid catch up phase has cooled.</li> <li>On the other hand, a margin that is almost unchanged at 6.7% rather than dropping sharply challenges a harsher bearish stance that profitability is quickly eroding, because the shift from 6.8% is very small.</li> </ul> </li> </ul> <h2>P/E of 7.3x and ¥2,707 price sit between cheap multiples and low DCF fair value</h2> <ul> <li>At a share price of ¥2,707 ANA trades on a trailing P/E of 7.3x, which is below the Asian Airlines industry average of 9.5x, the peer average of 19.3x and the wider Japan market at 14.4x, while the DCF fair value cited is ¥990.19 and the single analyst target given is ¥3,375.83, so the stock sits above that cash flow estimate but below the target level.</li> <li>For a general bearish narrative that worries about overpaying, valuation data sends a mixed message that needs unpacking:     <ul> <li>The comparison of the ¥2,707 share price with the ¥990.19 DCF fair value clearly aligns with a bearish concern that the market price is higher than this specific cash flow model suggests.</li> <li>At the same time, the 7.3x P/E relative to 19.3x for peers, 9.5x for the industry and 14.4x for the Japan market, plus an analyst price target of ¥3,375.83, challenge a simple bearish claim that the stock is plainly expensive when looked at through earnings based multiples and that external targets see no room above today’s price.</li> </ul> </li> </ul> <p>For readers weighing how far to lean into these cautious valuation signals versus the low P/E multiples, it can help to see how different bearish arguments stack up against the detailed financials and segment outlooks in one place Does the team leading ANA Holdings have what it takes? See our full breakdown of the management team's track record and compensation..</p> <h2>Next Steps</h2> <p>Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on ANA Holdings's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.</p> <p>With both cautious and optimistic threads running through this story, it makes sense to look at the full picture yourself and decide how it fits your goals, starting with the 4 key rewards and 1 important warning sign.</p> <h2>See What Else Is Out There</h2> <p>ANA Holdings shows only 2.1% revenue growth, a flat 6.7% margin and a share price that sits well above a quoted DCF fair value.</p> <p>If that mix of modest growth and valuation tension leaves you cautious, it could be worth checking companies screened as potentially cheaper on earnings and cash flows through the 15 high quality undervalued stocks.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

9202

<p>ANA Holdings (TSE:9202) reported Q4 FY 2026 revenue of ¥661.8 billion and EPS of ¥65.12, with trailing 12-month revenue at ¥2.5 trillion and EPS at ¥362.90. Revenue growth was modest at 2.1%, while net income rose 10.5%. The net profit margin slightly decreased to 6.7%. The stock trades at a P/E of 7.3x, below industry averages, with a DCF fair value of ¥990.19 and an analyst target of ¥3,375.83. The results challenge narratives of slowing earnings growth, suggesting a complex outlook for investors.</p>

ANA Holdings (TSE:9202) EPS Beat Challenges Slowing Earnings Growth Narrative