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

$9.51

07 Nov
2025

-0.670

OPEN

$9.91

-6.58%

HIGH

$10.00

12,180,708

LOW

$9.42

TARGET
$12.998 36.7% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ACE . AIZ . AQZ . AVD . AZJ . BWN . BXB . CLX . ERD . KLS . KSC . LAU . NTD . QUB . SPZ . SST . THL . WTC .
FNARENA'S MARKET CONSENSUS FORECASTS
QAN: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 105.2 123.4 xxx
DPS (cps) xxx 52.8 49.5 xxx
EPS Growth xxx 38.5% 17.3% xxx
DPS Growth xxx N/A - 6.2% xxx
PE Ratio xxx N/A 7.7 xxx
Dividend Yield xxx N/A 5.2% xxx
Div Pay Ratio(%) xxx 50.2% 40.2% xxx

Dividend yield today if purchased 3 years ago: 8.79%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.55

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: 02/03 - ex-div 13.5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

0.7

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

29/08/2025

3

Neutral

$12.00

26.18%

UBS maintains its Neutral rating for Qantas Airways and lifts its 12-month price target to $12.00 from $10.30 after broadly in-line FY25 earnings and stronger free cash flow that enabled a 9.9c special dividend.

Commentary states FY25 landed in line at revenue/EBIT/EPS, with free cash flow $199m above forecast and stronger International offsetting softer Domestic; the better net-debt outcome underpinned distributions.

Guidance points to robust demand into 1H26, the broker concludes, though tempered by higher non-fuel opex and an implied step-up in FY27 capex.

Forecasts are raised modestly but UBS argues valuation already prices mid-cycle earnings at circa 9.6x FY26.

FORECAST
UBS forecasts a full year FY26 dividend of 37.00 cents and EPS of 126.00 cents.
UBS forecasts a full year FY27 dividend of 40.00 cents and EPS of 134.00 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx 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

28/10/2025

1

Upgrade to Buy from Overweight

$12.90

35.65%

Jarden believes conditions in the Australian aviation market are the most favourable in two decades, citing stable market share, high load factors, and yield growth.

Ongoing cost benefits from fleet renewal and transformation programs are also noted as sector tailwinds.

Reflecting these factors, Jarden upgrades its rating for Qantas Airways to Buy from Overweight, maintaining its $12.90 target price. 

The broker sees both Qantas Airways and Virgin Australia as attractive investments amid strong competitive and demand settings.

FORECAST
Jarden forecasts a full year FY26 dividend of 36.40 cents and EPS of 122.50 cents.
Jarden forecasts a full year FY27 dividend of 38.10 cents and EPS of 129.40 cents.
Access Extra Coverage Research History >

QAN STOCK CHART

FNArena News on QAN

1
Weekly Ratings, Targets, Forecast Changes – 31-10-25

Nov 03 2025 - Weekly Reports
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 31-10-25

Oct 31 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Oct 28, 2025

Oct 28 2025 - Daily Market Reports
4
Next Week At A Glance – 10-24 Oct 2025

Oct 17 2025 - Weekly Reports
5
ESG Focus: The Little Big Things – 09-10-2025

Oct 09 2025 - ESG Focus

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