QANTAS AIRWAYS LIMITED (QAN)
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QAN

QAN - QANTAS AIRWAYS LIMITED

FNArena Sector : Transportation & Logistics
Year End: June
GICS Industry Group : Transportation
Debt/EBITDA: 1.96
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Founded in Queensland in 1920, Qantas is Australia's largest domestic and international airline. Qantas was gradually privatised between 1993 and 1997 with the legislation stating Qantas must be at least 51% owned by Australian shareholders.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$9.16

16 Apr
2026

0.070

OPEN

$9.10

0.77%

HIGH

$9.21

8,340,521

LOW

$9.05

TARGET
$10.83 18.2% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ACE . AIZ . AQZ . AVD . AZJ . BWN . BXB . CLX . ERD . FRW . KLS . KSC . LAU . NTD . QUB . SPZ . SST . THL . VGN . WTC .
FNARENA'S MARKET CONSENSUS FORECASTS
QAN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 105.2 102.4 xxx
DPS (cps) xxx 52.8 39.2 xxx
EPS Growth xxx 38.5% - 2.6% xxx
DPS Growth xxx N/A - 25.8% xxx
PE Ratio xxx N/A 8.9 xxx
Dividend Yield xxx N/A 4.3% xxx
Div Pay Ratio(%) xxx 50.2% 38.3% xxx

Dividend yield today if purchased 3 years ago: 8.06%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.81

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 16/09 - ex-div 16.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx105.2
DPS All xxxxxxxxxxxxxxx52.8
Sales/Revenue xxxxxxxxxxxxxxx23,409.0 M
Book Value Per Share xxxxxxxxxxxxxxx52.1
Net Operating Cash Flow xxxxxxxxxxxxxxx4,140.0 M
Net Profit Margin xxxxxxxxxxxxxxx6.86 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx300.84 %
Return on Invested Capital xxxxxxxxxxxxxxx22.34 %
Return on Assets xxxxxxxxxxxxxxx7.31 %
Return on Equity xxxxxxxxxxxxxxx300.84 %
Return on Total Capital xxxxxxxxxxxxxxx25.86 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-65.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx643 M
Long Term Debt xxxxxxxxxxxxxxx7,313 M
Total Debt xxxxxxxxxxxxxxx7,956 M
Goodwill - Gross xxxxxxxxxxxxxxx270 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,213 M
Price To Book Value xxxxxxxxxxxxxxx20.63

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx3,805.0 M
Capex % of Sales xxxxxxxxxxxxxxx16.25 %
Cost of Goods Sold xxxxxxxxxxxxxxx18,558 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,831 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx226 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

15/04/2026

1

Overweight

$11.00

20.09%

Morgan Stanley views Qantas Airways' 2H26 trading update as "better than feared", with fuel costs indicated at -$3.1bn-$3.3bn versus -$2.5bn previously, which have been somewhat offset by improved pricing and capacity resets.

Capacity is being redirected to Europe, where demand remains robust, and capex is now positioned, the analyst explains, at the lower end of the guidance range at -$4.1bn, with share buybacks paused.

The broker believes investors will look through near-term challenges, with higher fuel costs and supply disruption viewed as "cyclical" rather than "structural". The length of the energy challenge remains the key risk.

Profit before tax forecasts are lowered by -19% for FY26 and -10% for FY27. Target price is downgraded to $11 from $12.50.

Overweight retained. Industry view: In line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 37.00 cents and EPS of 108.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 44.00 cents and EPS of 122.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

16/04/2026

1

Buy

$11.25

22.82%

Jarden maintains its Buy rating on Qantas Airways while lowering the price target to $11.25 from $12.70 following updated fuel cost guidance.

The airline increased its second-half fuel cost guidance to a range of -$3.1bn to -$3.3bn due to ongoing volatility following the Middle East conflict.

To offset these costs, the group has implemented higher revenue management targets and modestly reduced its capacity guidance for the remainder of the year.

Core EPS forecasts have been reduced by -24% for FY26 and FY27 to reflect a projected net fuel cost headwind of -$200m per month.

The broker believes the company is well-capitalised with the flexibility to manage through near-term volatility, despite the significant magnitude of the fuel price revisions

FORECAST
Jarden forecasts a full year FY26 dividend of 39.60 cents and EPS of 90.40 cents.
Jarden forecasts a full year FY27 dividend of 39.00 cents and EPS of 95.00 cents.
Access Extra Coverage Research History >

QAN STOCK CHART

FNArena News on QAN

1
Next Week At A Glance – 20-24 Apr 2026

Apr 17 2026 - Weekly Reports
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Australian Broker Call *Extra* Edition – Apr 16, 2026

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Mar 19 2026 - Rudi's View
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Rudi’s View: Oil, Inflation, Growth & Stagflation

Mar 18 2026 - Rudi's View
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February 2026 Results – The Wrap

Mar 13 2026 - Feature Stories

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