QANTAS AIRWAYS LIMITED (QAN)
Share Price Analysis and Chart

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QAN

QAN - QANTAS AIRWAYS LIMITED

FNArena Sector : Transportation & Logistics
Year End: June
GICS Industry Group : Transportation
Debt/EBITDA: 2.47
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

$9.42

31 Aug
2026

-0.160

OPEN

$9.50

-1.67%

HIGH

$9.58

11,192,337

LOW

$9.42

TARGET
$11.483 21.9% 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 . SPZ . SST . THL . VGN . WTC .
FNARENA'S MARKET CONSENSUS FORECASTS
QAN: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 85.4 96.0 xxx
DPS (cps) xxx 39.6 39.3 xxx
EPS Growth xxx - 18.8% 12.5% xxx
DPS Growth xxx - 25.0% - 0.7% xxx
PE Ratio xxx N/A 9.8 xxx
Dividend Yield xxx N/A 4.2% xxx
Div Pay Ratio(%) xxx 46.4% 40.9% xxx

Dividend yield today if purchased 3 years ago: 6.80%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.23

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: 10/03 - ex-div 19.80c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx85.4
DPS All xxxxxxxxxxxxxxx39.6
Sales/Revenue xxxxxxxxxxxxxxx25,189.0 M
Book Value Per Share xxxxxxxxxxxxxxx100.2
Net Operating Cash Flow xxxxxxxxxxxxxxx3,771.0 M
Net Profit Margin xxxxxxxxxxxxxxx5.12 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx113.22 %
Return on Invested Capital xxxxxxxxxxxxxxx13.54 %
Return on Assets xxxxxxxxxxxxxxx5.12 %
Return on Equity xxxxxxxxxxxxxxx113.22 %
Return on Total Capital xxxxxxxxxxxxxxx18.41 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-901.0 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx905 M
Long Term Debt xxxxxxxxxxxxxxx9,447 M
Total Debt xxxxxxxxxxxxxxx10,352 M
Goodwill - Gross xxxxxxxxxxxxxxx270 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx3,274 M
Price To Book Value xxxxxxxxxxxxxxx10.60

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx3,972.0 M
Capex % of Sales xxxxxxxxxxxxxxx15.77 %
Cost of Goods Sold xxxxxxxxxxxxxxx20,376 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,917 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx247 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

0.9

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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Morgans

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

28/08/2026

1

Buy

$11.60

23.14%

Post another look, the target price is lifted to $11.60 from $11.15 and maintains a Buy rating. UBS believes the stock still looks "attractive" looking through the Middle East crisis with FY26 essentially a mark-to-market exercise impacting on FY27.

The analyst stresses "compelling valuation" upside for Qantas with FY28 forecasts unchanged.

First read: Qantas Airways' FY26 result was slightly ahead of expectations, with underlying PBT beating UBS by 3% and consensus by 4%, while EPS was 3% ahead of both.

The analyst sees a mixed FY27 outlook, with continued disruption and elevated fuel prices pushing 1H27 fuel costs to around -$3.6bn, well above expectations, although domestic and international RASK growth of 8%-10% is also stronger than forecast.

Lower capacity and materially reduced FY27 capex guidance of -$4.3bn-$4.6bn, versus UBS at $5.1bn, should provide some relief for cash flow and net debt.

Buy. Target price $11.60.

FORECAST
UBS forecasts a full year FY27 dividend of 42.00 cents and EPS of 93.00 cents.
UBS forecasts a full year FY28 dividend of 46.00 cents and EPS of 123.00 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$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

01/09/2026

1

Buy

$12.60

33.76%

Jarden maintains a Buy rating for Qantas Airways with its target price increased to $12.60 from $11.35 following an FY26 result featuring underlying profit before tax of $2.06bn.

The profit result exceeded consensus expectations by 3%, supported by lower second-half fuel costs and successful cost-reduction measures.

Management guidance for 1H27 points to TRASK growth of 8%-10%, which is expected to largely offset a projected $3.6bn fuel bill.

The broker notes a de-risking signal with FY27 net capital expenditure guidance reduced to between $4.3bn and $4.6bn, even as financial leverage is forecast to rise.

Jarden attributes the positive outlook to competitive rationality rather than fuel price recovery, cutting FY27 earnings per share forecasts by -4% while upgrading FY28 and FY29 estimates to reflect A380 retirement benefits and Project Sunrise contributions.
Access Extra Coverage Research History >

QAN STOCK CHART

FNArena News on QAN

1
Australian Broker Call *Extra* Edition – Sep 01, 2026

3:26 PM - Daily Market Reports
2
FNArena Corporate Results Monitor – 27-08-2026

Aug 27 2026 - Australia
3
Next Week At A Glance – 10-14 Aug 2026

Aug 07 2026 - Weekly Reports
4
Rudi’s View: That’s The Way Markets Crumble

Aug 06 2026 - Rudi's View
5
Rudi’s View: Final Preparations For August

Aug 05 2026 - Rudi's View

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