Japan Airport Terminal Co., Ltd. (JAIRF)
NEUTRALFundamental
64
Price
$5848.00
Market Cap
$531.61B
Part 1 · What the company is worth
Overview
Japan Airport Terminal owns and runs the passenger terminal buildings at Tokyo's Haneda Airport under a long-standing arrangement with the Japanese government, and also operates duty-free and retail stores at other Japanese airports. It does not fly planes; it is the landlord and shopkeeper of the terminal, charging airlines and tenants for space and use of the facility while running its own retail and restaurant operations for the travellers who pass through it.
How it makes money
Revenue has two distinct sources. Facility charges are rent-like fees paid by airlines and tenants for using the terminal, landing-adjacent space and check-in counters — steady and tied to long agreements. Merchandise and food and beverage sales come from the company's own duty-free, retail and restaurant operations inside the terminal, which move up and down with the number of passengers, especially international travellers who spend more per visit than domestic ones.
Competitive moat
Scale · NarrowThe company's position rests on operating the terminal buildings at one of the world's busiest airports under a government arrangement that a competitor cannot simply bid to replace. That gives it a captive audience of every passenger who passes through Haneda, but the advantage is tied to a single, though very large, location rather than to a brand or technology that travels elsewhere.
What drives demand
CyclicalPassenger traffic, and especially the higher-margin international and duty-free segment, tracks tourism and business travel, both of which contract sharply in a downturn or a shock like a pandemic and recover only gradually. The company's own results have shown duty-free sales swinging noticeably between strong and weak half-years as inbound tourism patterns shift.
The case for
Buyers argue that owning the terminal at Japan's busiest airport is a position no competitor can replicate, and that recovering inbound tourism to Japan keeps pushing both passenger numbers and duty-free spending higher.
The case against
Sellers worry that results are tied to swings in international travel and tourism spending that the company cannot control, and that rising rent, staffing and logistics costs at its stores can outpace revenue growth even in a good year for traffic.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$289.82B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$29.14B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
-
Total Equity
$214.30B
Total Liabilities
$222.94B
Current Ratio
2.50
Interest Coverage
-
Debt/EBITDA
2.81
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$6438.86
Current Price
$5848.00
Margin of Safety
+9.2%
Fair Value Range
$5293.98 - $7583.73
Estimation Methods
Valuation Metrics
P/E Ratio
18.24
ROE
18.5%
P/B Ratio
2.53
P/FCF
-
Gross Margin
65.2%
ROIC
10.3%
Profitability Radar
Value Creation (Economic Moat)
ROIC
10.3%
WACC
5.7%
ROIC − WACC
+4.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (11)
- ROIC 10.3%
- Gross Margin 65.2%
- P/B Ratio 2.53
- Debt/Equity ratio
- Operating Margin 15.2%
- Current Ratio
- Debt/EBITDA
- ROE 14.6%
- Revenue Growth 5Y 40.7%
- Analyst Consensus 67% Buy
- Earnings Surprise avg 30.5%
Failed (5)
- Price CAGR 3.53%
- Price below Graham Number
- DCF valuation (Unknown)
- Net Margin Trend 10.1% vs 10.2%
- Piotroski F-Score 0/9
Unavailable (11)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Kazuhito Tanaka | Chairman, President & Representative Director | 60 |
| Mr. Isamu Jinguji | Senior MEO, Head of Finance Division, CFO and Director | 69 |
| Mr. Yasuhide Yonemoto | Chief Sr. Managing Exec. Officer, Exec. Assistant to President, GM of Passenger Terminal Ops Dept. | 69 |
| Kenji Kubo | Chief Managing Executive Officer | - |
| Satoru Sumimoto | Senior Managing Executive Officer & GM of Passenger Terminal Operations | - |
| Mr. Takeshi Fujino | Senior MEO, Head of Passenger Terminal Operations of Retail Sales, Head of China Business & Director | 57 |
| Ms. Yoko Koyama | SMEO, Division Manager of General Affair, Fin., Corp. & Bus. Planning and Rep. Director | 57 |
| Mr. Kazuyo Hachisuka | Senior Managing Executive Officer & Deputy GM of Business Development Promotion Div of Airport Bus | 64 |
| Mitsunaga Ogawa | Senior Managing Executive Officer & Head of Retail Operations | - |
| Hidetsugu Ueda | Senior Managing Executive Officer | - |
Audit Risk
1
Board Risk
9
Compensation Risk
5
Shareholder Rights Risk
9
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for JAIRF, sourced from Markets Gazette.