9201
Japan Airlines Co., Ltd.
日本航空株式会社
Air Transportation
Japan Airlines Co., Ltd., together with its subsidiaries, provides scheduled and non-scheduled air transport services in Japan, Asia, Oceania, the Americas, and internationally. The company engages in full-service and low-cost carrier, and cargo and mail; air transport-related businesses, such as airport passenger service, ground handling, maintenance, cargo, and passenger sales; and airport peripheral businesses, including mileage, lifestyle, and infrastructure. It also engages in the air mobility; contract; travel and regional revitalization; and other businesses. As of March 31, 2025, it operated a fleet of 232 aircraft. The company was formerly known as Japan Airlines International Co., Ltd. and changed its name to Japan Airlines Co., Ltd. in April 2011. Japan Airlines Co., Ltd. was founded in 1951 and is headquartered in Tokyo, Japan.
Price
¥2,740
Market Cap
¥1.2T
Ent. Value
¥185.7B
Net Cash
est
¥1.0T
Shares Out.
436.5M
P / E
8.9×
EV / EBIT
0.9×
P / Book
1.06×
P / NCAV
N/M
Div. Yield
1.68%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥2,012.5B | ¥1,844.1B | ¥1,651.9B | ¥1,375.6B | ¥682.7B |
| Operating Income | ¥218.0B | ¥172.5B | ¥140.9B | ¥65.1B | ¥-234.8B |
| Interest Income | — | ¥804M | — | — | — |
| Ordinary Income | ¥207.3B | ¥158.9B | — | — | — |
| Pre-tax Income | — | ¥158.9B | ¥139.3B | ¥52.4B | ¥-246.6B |
| Net Income (owners) | ¥144.5B | ¥112.6B | ¥95.5B | ¥34.4B | ¥-177.6B |
| Minority Interest | — | ¥5.6B | ¥377M | ¥-547M | ¥-3.8B |
| Comprehensive Income | — | ¥109.9B | ¥121.4B | ¥18.3B | ¥-149.1B |
| EPS | ¥306.96 | ¥306.96 | ¥218.61 | ¥78.77 | ¥-406.29 |
| Shares Outstanding | — | 436.5M | 437.0M | 437.0M | 437.0M |
| Shares Issued (total) | — | 437.1M | 437.1M | 437.1M | 437.1M |
| Treasury Shares | — | 0.6M | 0.2M | 0.2M | 0.2M |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥3,198.8B | ¥3,198.8B | ¥2,649.2B | ¥2,520.6B | ¥2,371.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥1,445.5B | ¥1,445.5B | ¥1,022.6B | ¥922.9B | ¥750.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥1,010.2B | ¥1,010.2B | ¥713.9B | ¥639.2B | ¥494.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥1,753.2B | ¥1,753.2B | ¥1,626.6B | ¥1,597.7B | ¥1,621.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥1,259.5B | ¥1,259.5B | ¥1,095.6B | ¥1,027.8B | ¥1,052.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥4.0B | ¥4.0B | ¥3.7B | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥190.3B | ¥229.2B | ¥278.7B | ¥284.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥1,864.0B | ¥1,864.0B | ¥1,700.9B | ¥1,663.6B | ¥1,527.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥1,002.7B | ¥1,002.7B | ¥737.2B | ¥669.6B | ¥470.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥861.3B | ¥861.3B | ¥963.7B | ¥994.1B | ¥1,057.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥3.7B | ¥3.3B | ¥3.5B | ¥2.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥1,334.8B | ¥1,334.8B | ¥948.3B | ¥857.0B | ¥844.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥274.2B | ¥274.0B | ¥273.6B | ¥273.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥508.3B | ¥508.3B | ¥306.9B | ¥225.6B | ¥176.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-1.5B | ¥-408M | ¥-408M | ¥-408M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥1,289.6B | ¥1,289.6B | ¥909.9B | ¥816.3B | ¥799.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥41.6B | ¥38.4B | ¥40.7B | ¥44.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥1,010.2B | ¥1,010.2B | ¥713.9B | ¥639.2B | ¥494.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-418.4B | ¥-418.4B | ¥-678.3B | ¥-740.8B | ¥-777.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥-959 | ¥-1,552 | ¥-1,695 | ¥-1,778 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥2,954 | ¥2,082 | ¥1,868 | ¥1,830 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥394.9B | ¥394.9B | ¥363.9B | ¥292.9B | ¥-103.5B |
| Investing CF | ¥-183.1B | ¥-183.1B | ¥-195.1B | ¥-112.8B | ¥-173.8B |
| Financing CF | ¥44.6B | ¥44.6B | ¥-105.0B | ¥-38.5B | ¥359.3B |
| Free Cash Flow | ¥394.9B | ¥394.9B | ¥363.9B | ¥292.9B | ¥-103.5B |
| Net Change in Cash | — | ¥35.2B | ¥74.6B | ¥145.0B | ¥85.9B |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 10.8% | 9.9% | 10.6% | 4.0% | -21.0% |
| ROA | 4.5% | 3.9% | 3.7% | 1.4% | -7.5% |
| EPS | ¥306.96 | ¥306.96 | ¥218.61 | ¥78.77 | ¥-406.29 |
| DPS | ¥46.00 | ¥46.00 | ¥75.00 | ¥25.00 | — |
| BPS | ¥2,586.99 | ¥2,586.99 | — | — | — |
| FCF/Share | — | ¥905 | ¥833 | ¥670 | ¥-237 |
| NCAV/Share | — | ¥-959 | ¥-1,552 | ¥-1,695 | ¥-1,778 |
| Payout Ratio | 15.0% | 15.0% | 34.3% | 31.7% | — |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 9
Capital Allocation Signals 1
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-04-30
12:00
|
Div Increase | ¥21.5B ¥50.0/sh +9% | JAL announced a final dividend of ¥50 per share (totaling ¥21.49 billion) for FY2026 ending March 31, 2026, effective Ju… | |
|
Summary
JAL announced a final dividend of ¥50 per share (totaling ¥21.49 billion) for FY2026 ending March 31, 2026, effective June 24, 2026. Combined with the interim dividend of ¥46 per share, total annual dividend reaches ¥96 per share, an 8.7% increase from FY2025's ¥86 per share. Despite outperforming earnings guidance, the company maintained cautious stance citing Middle East geopolitical uncertainty.
Deadline: 2026-06-24
YoY: +9%
Source (JP)
2026年３月期は、通期連結業績が2026年３月２日に公表した業績予想を上回りましたが、足元の中東情勢による先行き不透明感を考慮し、期末配当案を１株当たり50円、年間配当案を１株当たり96円に据え置くことといたしました。
剰余金の配当に関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行株式会社（信託口）
|
79,071,400 | 18.11% |
| 2 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行（信託口）
|
25,567,000 | 5.85% |
| 3 | 京セラ株式会社 | 7,638,400 | 1.74% |
| 4 |
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行）
|
6,292,260 | 1.44% |
| 5 | 株式会社大和証券グループ本社 | 5,000,000 | 1.14% |
| 6 | ＪＰモルガン証券株式会社 | 4,001,550 | 0.91% |
| 7 | ゴールドマン・サックス証券株式会社 ＢＮＹＭ (常任代理人 株式会社三菱ＵＦＪ銀行) | 3,854,740 | 0.88% |
| 8 |
State Street Bank and Trust Company
STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人 株式会社みずほ銀行）
|
3,510,562 | 0.80% |
| 9 |
Northern Trust Company
NORTHERN TRUST GLOBAL SERVICES SE, LUXEMBOURG RE ARCUS JAPAN FUND（常任代理人 香港上海銀行東京支店）
|
3,240,000 | 0.74% |
| 10 | HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店） | 2,633,531 | 0.60% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
24.0%
-0.7% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.0%
+1.6% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
5.3%
-1.0% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 32.2% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 日本マスタートラスト信託銀行 | 15.97% | 18.40% | 18.11% -0.29% | |
| 日本カストディ銀行 | 4.36% | 6.23% | 5.85% -0.38% | |
| State Street ↑ | 1.04% | 0.76% | 2.24% +1.48% | |
| 京セラ | 1.74% | 1.74% | 1.74% | |
| 式会社大和証券グループ本社 | 1.14% | 1.14% | 1.14% | |
| ＪＰモルガン証券 | — | 1.16% | 0.91% -0.25% | |
| Goldman Sachs NEW ENTRY | — | — | — | 0.88% NEW |
| Northern Trust NEW ENTRY | — | — | — | 0.74% NEW |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES | — | 0.57% | 0.60% +0.03% | |
| GOVERNMENT OF NORWAY last seen 2024 | Exited Top 10 | 0.76% | 0.96% | — |
| BlackRock last seen 2024 | Exited Top 10 | — | 0.67% | — |
| BNY Mellon last seen 2024 | Exited Top 10 | — | 0.61% | — |
| 野村證券 last seen 2023 | Exited Top 10 | 0.53% | — | — |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW last seen 2023 | Exited Top 10 | 0.55% | — | — |
| UBS last seen 2023 | Exited Top 10 | 1.00% | — | — |
| Concentration (HHI) ⓘ | 282 | 386 | 374 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥44,526M
-16% since 2023
Holdings
12
+1 new
Trend
3 building
vs 2023
| Held Company | FY2025 ¥44,526M total | FY2023 ¥53,101M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Japan Airport Terminal Co.,Ltd.
日本空港ビルデング(株)
|
18,085 |
4,398,240
|
29,028 | 4,398,240 | M |
|
AEON Co.,Ltd.
イオン(株)
|
12,934 |
3,449,200
|
8,850 | 3,449,200 | M |
|
ORIENTAL LAND CO.,LTD.
(株)オリエンタルランド
|
5,536 |
+400.0%
↑
1,880,000
|
8,512 | 376,000 | M |
|
East Japan Railway Company
東日本旅客鉄道(株)
|
4,876 |
+200.0%
↑
1,652,100
|
4,039 | 550,700 | M |
|
TOKYU CORPORATION
東急(株)
|
1,688 |
1,002,000
|
1,765 | 1,002,000 | M |
|
譬ｪ蠑丈ｼ夂､ｾ�ｽ会ｽ難ｽ撰ｽ��ｽ��ｽ�
(株)ispace
|
395 |
NEW
New
524,380
|
— | ||
|
Mitsubishi Logistics Corporation
三菱倉庫(株)
|
343 |
+400.0%
↑
355,000
|
220 | 71,000 | M |
|
Keio Corporation
京王電鉄(株)
|
330 |
86,800
|
403 | 86,800 | M |
|
Fuji Oil Company, Ltd.
富士石油(株)
|
315 |
1,034,600
|
274 | 1,034,600 | |
|
譬ｪ蠑丈ｼ夂､ｾ�ｼ｢�ｼ｣�ｼｪ�ｼ搾ｼ呻ｼ�
(株)日新
|
24 |
5,200
|
10 | 5,200 | M |
| NIPPON EXPRESSホールディングス(株) | — | — | M | ||
|
TOBU RAILWAY CO.,LTD.
東武鉄道㈱
|
— | — | M | ||
| Portfolio total | 44,526 | 53,101 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding