Frontierby eninvs

Language: EN / RU

← Region

Air Astana JSC (AIRA) KZT

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

667.5 KZTDay -2.13%

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
667.5 KZT · -2.13%
Market cap
240.6 bn KZT

Growth

Δ revenue y/y
22.8%
Δ EBITDA y/y
10.1%

Multiples

P/E (LTM)
34.2x
P/B (FY)
1.3x
P/E (ann.)
<0
EV/EBITDA (LTM)
1.5x

Cash return

Dividend yield
1.5%
FCF yield (LTM)
86.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
+51.2%
↓ details

Liquidity

Daily turnover (KASE)
53 400

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 B KZT, 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.

DatePeriodStatusRevenueB KZTOperating profitB KZTD&AB KZTEBITDAB KZTNet profitB KZTOperating CFB KZTCapex + M&AB KZTAssetsB KZTEquityB KZTROE (annualized)Net debtB KZTSource
2026-06-30Q2 2026 (3M)OK0.4
y/y —
0.0
y/y —
0.1
y/y —
0.1
y/y —
0.0
y/y —
0.1—2.2
y/y —
0.3
y/y —
-0.0%0.6Report (PDF)
2025-12-31Q4 2025 (3M)OK169.8
y/y -8.6%
-2.6
y/y -126.4%
26.6
y/y 27.4%
24.1
y/y -21.2%
-9.6
y/y -143.1%
-89.06.41033.6
y/y 8.9%
185.6
y/y -10.1%
3.5%182.1Report (PDF)
2025-09-30Q3 2025 (3M)OK234.3
y/y 36.4%
24.0
y/y -6.0%
34.2
y/y 36.4%
58.2
y/y 18.1%
11.0
y/y 583.8%
55.5—1098.2
y/y 30.0%
214.9
y/y 14.9%
10.9%242.5Report (PDF)
2025-06-30Q2 2025 (3M)OK188.0
y/y 27.6%
20.1
y/y 671.9%
29.3
y/y 32.0%
49.4
y/y 74.4%
9.2
y/y 164.8%
67.8—1048.2
y/y 31.8%
192.3
y/y 19.1%
5.7%244.4Report (PDF)
2025-03-31Q1 2025 (3M)OK149.5
y/y 25.6%
3.3
y/y —
26.9
y/y 32.6%
30.2
y/y 57.1%
-3.7
y/y —
28.30.0990.0
y/y 47.1%
195.5
y/y 34.2%
-7.4%244.3Report (PDF)
2024-12-31Q4 2024 (3M)OK185.7
y/y 38.0%
9.7
y/y 208.8%
20.9
y/y 101.3%
30.5
y/y 126.2%
22.4
y/y 1378.5%
27.220.0949.2
y/y 53.3%
206.6
y/y 113.0%
12.6%209.7Report (PDF)
2024-09-30Q3 2024 (3M)OK149.5
y/y 7.0%
48.2
y/y -12.7%
22.9
y/y 7.0%
71.1
y/y -2.5%
-2.3
y/y -92.6%
57.80.6844.7
y/y 32.6%
187.0
y/y 83.3%
1.9%-147.5Report (PDF)
2024-06-30Q2 2024 (3M)OK145.6
y/y 10.5%
4.1
y/y -88.0%
22.3
y/y 16.0%
26.4
y/y -26.4%
7.3
y/y -80.6%
60.5-12.0795.6
y/y 33.1%
161.4
y/y 118.4%
2.7%-197.2Report (PDF)
2024-03-31Q1 2024 (3M)OK119.1
y/y —
-1.0
y/y —
20.3
y/y —
19.3
y/y —
-5.2
y/y —
22.6-8.8673.1
y/y —
145.7
y/y —
-17.2%156.8Report (PDF)
2023-12-31Q4 2023 (3M)OK134.6
y/y —
3.1
y/y —
10.4
y/y —
13.5
y/y —
-1.7
y/y —
-1.016.1619.3
y/y —
97.0
y/y —
31.5%202.4Report (PDF)
2023-09-30Q3 2023 (3M)OK160.0
y/y —
33.4
y/y —
26.5
y/y —
59.9
y/y —
22.4
y/y —
60.4-4.7637.2
y/y —
102.1
y/y —
50.2%181.8Report (PDF)
2023-06-30Q2 2023 (3M)OK239.9
y/y —
25.4
y/y —
36.8
y/y —
62.2
y/y —
10.7
y/y —
83.2-11.5597.7
y/y —
73.9
y/y —
—184.4Report (PDF)

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

Short-term debt (incl. ST leases)222
Long-term debt (incl. LT leases)895
− Cash & equivalents481
Net debt636

Net debt / LTM EBITDA: 0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

050 000100 000150 000200 000250 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q2

Year-over-year change

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

Cash flow

FCF ($ mln)

-100 000-50 000050 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q2

Net debt / cash ($ mln)

-200 000-100 0000100 000200 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: +51.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
15 182
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (240 643 + 636) ÷ 165 196
1.5x
3. Target multiple
(Current EV/EBITDA + 6) ÷ 2
= (1.5 + 6) ÷ 2
3.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 27 549 + 0 + 0 − 0
66 458
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (15 182 × 3.7 + 66 458) ÷ 240 643
+51.2%

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 34.2x (price to trailing 12-month earnings).
What is Air Astana JSC (AIRA)'s EV/EBITDA?
Air Astana JSC (AIRA) trades at 1.5x EV/EBITDA.
What is Air Astana JSC (AIRA)'s P/B ratio?
Air Astana JSC (AIRA) trades at a P/B of 1.3x.
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 -0.0%.
What is Air Astana JSC (AIRA)'s market capitalization?
Air Astana JSC (AIRA)'s market cap is 240.6 bn KZT.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map