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Air Astana JSC (AIRA) USD

Air Astana is Kazakhstan’s flag carrier and largest airline, operating passenger and cargo flights across Central Asia, Europe and beyond.

At a glance: strengths & risks
✓Revenue growing (+11%)✗Profit falling (-74%)✗Margins compressing (24%→22%)

Sector: Airlines

AIRA

Price chart

670.02 KZTDay -1.16%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
670.02 KZT · -1.16%
Market cap
536 mln USD

Growth

Δ revenue y/y
11.1%
Δ EBITDA y/y
-0.4%

Multiples

P/E (LTM)
39.5x
P/B (FY)
—
P/E (ann.)
25.0x
EV/EBITDA (LTM)
1.7x
EV/EBITDA (ann.)
1.7x

Cash return

Dividend yield
1.5%
FCF yield (LTM)
74.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+12.5%
↓ details

Liquidity

Daily turnover (KASE)
325 630

Shares: kase_book/AIRA

Amounts: KZT (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL—
y/y —
—
y/y —
0.0
y/y —
—
y/y —
—
y/y —
———
y/y —
—
y/y —
—0.0Report (PDF)
2025-12-31Q4 2025 (3M)OK357.1
y/y -12.6%
-2.4
y/y -110.9%
56.0
y/y 20.3%
53.6
y/y -21.9%
-17.7
y/y -133.4%
-163.1-43.32056.6
y/y 13.4%
369.3
y/y -6.4%
3.6%61099.4Report (PDF)
2025-09-30Q3 2025 (3M)OK438.6
y/y 21.8%
44.9
y/y -16.1%
64.0
y/y 21.8%
108.9
y/y 5.5%
20.5
y/y —
103.9—2001.1
y/y 13.5%
391.6
y/y 0.4%
10.9%441.9Report (PDF)
2025-06-30Q2 2025 (3M)OK365.8
y/y 12.1%
39.1
y/y 578.3%
57.1
y/y 16.0%
96.2
y/y 53.3%
18.0
y/y 132.7%
132.0—2014.2
y/y 19.4%
369.5
y/y 7.9%
5.6%469.6Report (PDF)
2025-03-31Q1 2025 (3M)OK292.4
y/y 10.4%
6.5
y/y —
52.6
y/y 16.6%
59.1
y/y 38.1%
-7.3
y/y —
55.2-24.91966.6
y/y 30.5%
388.4
y/y 19.1%
-7.5%485.2Report (PDF)
2024-12-31Q4 2024 (3M)OK408.5
y/y 37.7%
22.1
y/y 211.5%
46.6
y/y 102.4%
68.7
y/y 128.1%
53.0
y/y 1537.1%
62.5-59.41813.1
y/y 33.1%
394.5
y/y 84.9%
13.4%400.5Report (PDF)
2024-09-30Q3 2024 (3M)OK313.4
y/y 2.6%
101.2
y/y -16.3%
48.0
y/y 2.6%
149.2
y/y -6.5%
-4.8
y/y -100.3%
121.23.71762.7
y/y 31.3%
390.2
y/y 81.4%
-0.1%-473.9Report (PDF)
2024-06-30Q2 2024 (3M)OK322.5
y/y 11.2%
9.0
y/y -88.0%
49.5
y/y 16.8%
58.5
y/y -26.0%
16.2
y/y -80.4%
134.1-26.41687.4
y/y 28.2%
342.3
y/y 110.4%
2.8%-418.2Report (PDF)
2024-03-31Q1 2024 (3M)OK264.7
y/y —
-2.3
y/y —
45.1
y/y —
42.8
y/y —
-11.6
y/y —
50.2-19.51506.5
y/y —
326.2
y/y —
-17.2%350.9Report (PDF)
2023-12-31Q4 2023 (3M)OK296.6
y/y —
7.1
y/y —
23.0
y/y —
30.1
y/y —
-3.7
y/y —
-1.6-8.61362.4
y/y —
213.4
y/y —
32.1%445.3Report (PDF)
2023-09-30Q3 2023 (3M)OK349.9
y/y —
73.0
y/y —
58.0
y/y —
131.0
y/y —
48.9
y/y —
132.1-10.11343.0
y/y —
215.1
y/y —
51.1%383.1Report (PDF)
2023-06-30Q2 2023 (3M)OK528.0
y/y —
55.8
y/y —
81.0
y/y —
136.8
y/y —
23.5
y/y —
183.0-25.31316.0
y/y —
162.7
y/y —
—406.0Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
Net debt0

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q2

Year-over-year change

-50%0%50%100%150%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q2

Cash flow

FCF ($ mln)

-200-10001002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q2

Net debt / cash ($ mln)

-20 000020 00040 00060 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 H1

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 6.97x of reported net profit; after capex, 5.04x.
year202320242025
cash flow / profit4.56x6.97x9.44x
accruals, % of assets-18.0%-17.4%-5.6%
Last twelve months (to 2025-12-31): 9.44x of profit came back as operating cash flow.
net debt / EBITDA 1.1x · capex 0.3x of depreciation
● Capex is 35% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +12.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
-1
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (536 + 0) ÷ 318
1.7x
3. Target multiple
(Current EV/EBITDA + 6) ÷ 2
= (1.7 + 6) ÷ 2
3.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 38 + 0 + 0 − 0
73
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-1 × 3.8 + 73) ÷ 536
+12.6%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FY-over-FY EBITDA growth (no interim signal): FY2025 vs FY2024

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +11% vs +11% the year before — a -0.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 +11% · 2025 +11%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

No dividend rows found for this issuer (checked: KASE news).

Investor reporting (IR): https://ir.airastana.com/en/financial-operational/financial-statements/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Air Astana JSC (AIRA) — from primary filings.

Frequently asked questions

What is Air Astana JSC (AIRA)'s P/E ratio?
Air Astana JSC (AIRA) trades at a P/E of 39.5x (price to trailing 12-month earnings).
What is Air Astana JSC (AIRA)'s EV/EBITDA?
Air Astana JSC (AIRA) trades at 1.7x EV/EBITDA.
What is Air Astana JSC (AIRA)'s dividend yield?
Air Astana JSC (AIRA)'s trailing 12-month dividend yield is 1.5%.
What is Air Astana JSC (AIRA)'s return on equity (ROE)?
Air Astana JSC (AIRA)'s ROE is 3.6%.
What is Air Astana JSC (AIRA)'s market capitalization?
Air Astana JSC (AIRA)'s market cap is 536 mln USD.

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