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Japan Airlines Valuation Multiples

Discover revenue and EBITDA valuation multiples for Japan Airlines and similar public comparables like Asia Aviation, Aegean Airlines, and Qantas Airways.

Japan Airlines Overview

About Japan Airlines

Japan Airlines Co Ltd is an international air transport services company. It offers scheduled and nonscheduled air transport services and aerial work services. The company operates large aircraft, medium-size aircraft, small aircraft, and regional jets. JAL's route network comprises over 100 domestic routes and over 50 international routes. The airline flies to over 50 countries and regions and connects over 300 airports.


Founded

1951

HQ

Japan
Employees

35.0K+

Website

jal.com

Sectors

Airlines

Financials

LTM Revenue $12.8B

LTM EBITDA $2.3B

EV

$9.7B

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Japan Airlines Financials

Japan Airlines has a last 12-month revenue (LTM) of $12.8B and a last 12-month EBITDA of $2.3B.

In the most recent fiscal year, Japan Airlines achieved revenue of $11.3B and an EBITDA of $2.1B.

Japan Airlines expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Japan Airlines P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $12.8B XXX $11.3B XXX XXX XXX
Gross Profit $12.8B XXX $5.6B XXX XXX XXX
Gross Margin 100% XXX 49% XXX XXX XXX
EBITDA $2.3B XXX $2.1B XXX XXX XXX
EBITDA Margin 18% XXX 18% XXX XXX XXX
EBIT $1.2B XXX $967M XXX XXX XXX
EBIT Margin 9% XXX 9% XXX XXX XXX
Net Profit $746M XXX $656M XXX XXX XXX
Net Margin 6% XXX 6% XXX XXX XXX
Net Debt XXX XXX $1.2B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Japan Airlines Stock Performance

As of May 30, 2025, Japan Airlines's stock price is JPY 2923 (or $20).

Japan Airlines has current market cap of JPY 1.28T (or $8.8B), and EV of JPY 1.42T (or $9.7B).

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Japan Airlines Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$9.7B $8.8B XXX XXX XXX XXX $1.71

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Japan Airlines Valuation Multiples

As of May 30, 2025, Japan Airlines has market cap of $8.8B and EV of $9.7B.

Japan Airlines's trades at 0.9x EV/Revenue multiple, and 5.0x EV/EBITDA.

Equity research analysts estimate Japan Airlines's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Japan Airlines has a P/E ratio of 11.7x.

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Japan Airlines Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $8.8B XXX $8.8B XXX XXX XXX
EV (current) $9.7B XXX $9.7B XXX XXX XXX
EV/Revenue 0.8x XXX 0.9x XXX XXX XXX
EV/EBITDA 4.3x XXX 5.0x XXX XXX XXX
EV/EBIT 8.1x XXX 11.6x XXX XXX XXX
EV/Gross Profit 0.8x XXX n/a XXX XXX XXX
P/E 11.7x XXX 15.9x XXX XXX XXX
EV/FCF 14.7x XXX 4.1x XXX XXX XXX

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Japan Airlines Margins & Growth Rates

Japan Airlines's last 12 month revenue growth is 6%

Japan Airlines's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Japan Airlines's rule of 40 is 24% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Japan Airlines's rule of X is 33% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Japan Airlines Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 6% XXX 13% XXX XXX XXX
EBITDA Margin 18% XXX 18% XXX XXX XXX
EBITDA Growth 10% XXX 16% XXX XXX XXX
Rule of 40 24% XXX 24% XXX XXX XXX
Bessemer Rule of X XXX XXX 33% XXX XXX XXX
Revenue per Employee XXX XXX $0.3M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 41% XXX XXX XXX

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Japan Airlines Public Comps

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EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
flyExclusive XXX XXX XXX XXX XXX XXX
Qantas Airways XXX XXX XXX XXX XXX XXX
Aegean Airlines XXX XXX XXX XXX XXX XXX
Asia Aviation XXX XXX XXX XXX XXX XXX
Bangkok Airways XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Japan Airlines M&A and Investment Activity

Japan Airlines acquired  XXX companies to date.

Last acquisition by Japan Airlines was  XXXXXXXX, XXXXX XXXXX XXXXXX . Japan Airlines acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Japan Airlines

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Japan Airlines

When was Japan Airlines founded? Japan Airlines was founded in 1951.
Where is Japan Airlines headquartered? Japan Airlines is headquartered in Japan.
How many employees does Japan Airlines have? As of today, Japan Airlines has 35.0K+ employees.
Who is the CEO of Japan Airlines? Japan Airlines's CEO is Ms. Mitsuko Tottori.
Is Japan Airlines publicy listed? Yes, Japan Airlines is a public company listed on TKS.
What is the stock symbol of Japan Airlines? Japan Airlines trades under 9201 ticker.
When did Japan Airlines go public? Japan Airlines went public in 2002.
Who are competitors of Japan Airlines? Similar companies to Japan Airlines include e.g. flyExclusive, Qantas Airways, Aegean Airlines, Asia Aviation.
What is the current market cap of Japan Airlines? Japan Airlines's current market cap is $8.8B
What is the current revenue of Japan Airlines? Japan Airlines's last 12 months revenue is $12.8B.
What is the current revenue growth of Japan Airlines? Japan Airlines revenue growth (NTM/LTM) is 6%.
What is the current EV/Revenue multiple of Japan Airlines? Current revenue multiple of Japan Airlines is 0.8x.
Is Japan Airlines profitable? Yes, Japan Airlines is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Japan Airlines? Japan Airlines's last 12 months EBITDA is $2.3B.
What is Japan Airlines's EBITDA margin? Japan Airlines's last 12 months EBITDA margin is 18%.
What is the current EV/EBITDA multiple of Japan Airlines? Current EBITDA multiple of Japan Airlines is 4.3x.
What is the current FCF of Japan Airlines? Japan Airlines's last 12 months FCF is $662M.
What is Japan Airlines's FCF margin? Japan Airlines's last 12 months FCF margin is 5%.
What is the current EV/FCF multiple of Japan Airlines? Current FCF multiple of Japan Airlines is 14.7x.

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