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Air Astana JSC (AIRA) USD

At a glance: strengths & risks
✓Revenue growing (+11%)✓Low leverage (0.3x EBITDA)✗Profit falling (-87%)✗Margins compressing (24%→22%)

Sector: Airlines

AIRA

Price chart

698.5 KZTDay 0.14%

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
698.5 KZT · 0.14%
Market cap
540 mln USD

Growth

Δ revenue y/y
-12.6%
Δ EBITDA y/y
-21.9%

Multiples

P/E (LTM)
76.9x
P/B (FY)
—
P/E (ann.)
25.2x
EV/EBITDA (LTM)
—

Cash return

Dividend yield
7.7%
FCF yield (LTM)
13.4%

Value creation

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

Liquidity

Daily turnover (KASE)
2 096

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
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%
-24.2
y/y -145.7%
-163.1-43.32056.6
y/y 13.4%
369.3
y/y -6.4%
1.8%161076.8Report (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)PARTIAL365.8
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) 2025-12-31

Short-term debt (incl. ST leases)100 151
Long-term debt (incl. LT leases)428
− Cash & equivalents239
Net debt100 340

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-50%0%50%100%150%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

FCF ($ mln)

-200-10001002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Net debt / cash ($ mln)

-50 000050 000100 000150 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

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 / profit4.56x6.97x18.22x
accruals, % of assets-18.0%-17.4%-5.9%
net debt / EBITDA 0.3x · 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.

Fundamental value creation

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

Value created per year: +9.1%

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)
= (540 + 161 077) ÷ 318
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 6) ÷ 2
= (30.0 + 6) ÷ 2
18.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 300 + 0 + 0 − 0
73
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-1 × 18.0 + 73) ÷ 540
+9.1%

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.

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

Frequently asked questions

What is Air Astana JSC (AIRA)'s P/E ratio?
Air Astana JSC (AIRA) trades at a P/E of 76.9x (price to trailing 12-month earnings).
What is Air Astana JSC (AIRA)'s dividend yield?
Air Astana JSC (AIRA)'s trailing 12-month dividend yield is 7.7%.
What is Air Astana JSC (AIRA)'s return on equity (ROE)?
Air Astana JSC (AIRA)'s ROE is 1.8%.
What is Air Astana JSC (AIRA)'s market capitalization?
Air Astana JSC (AIRA)'s market cap is 540 mln USD.

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