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: 1.78
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

$11.49

01 Sep
2025

-0.260

OPEN

$11.80

-2.21%

HIGH

$11.88

4,591,866

LOW

$11.46

TARGET
$12.95 12.7% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ACE . AIZ . AQZ . AVD . AZJ . 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 105.2 123.8 xxx
DPS (cps) xxx 42.9 49.7 xxx
EPS Growth xxx 38.5% 17.7% xxx
DPS Growth xxx N/A 15.8% xxx
PE Ratio xxx N/A 9.3 xxx
Dividend Yield xxx N/A 4.3% xxx
Div Pay Ratio(%) xxx 40.8% 40.1% xxx

Dividend yield today if purchased 3 years ago: 8.13%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.71

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 xxxxxxxxxxxxxxx42.9
Sales/Revenue xxxxxxxxxxxxxxx23,409.0 M
Book Value Per Share xxxxxxxxxxxxxxx51.4
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 xxxxxxxxxxxxxxx31.43 %
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 xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,213 M
Price To Book Value xxxxxxxxxxxxxxx20.89

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 xxxxxxxxxxxxxxx18,537 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,417 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

0.5

No. Of Recommendations

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

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

29/08/2025

3

Neutral

$12.00

4.44%

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

10/07/2025

3

Downgrade to Neutral from Overweight

$10.20

-11.23%

In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations.

The broker believes this could mean an implicit expectation for a stronger earnings outlook. Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes.

The broker expects focus on Qantas Airways' FY26 guidance, and sees fuel cost guidance as a source of upside surprise. The analyst is forecasting $4.7bn vs the consensus of $4.89bn.  

Additional positive catalysts come from growth outlook or the plan to distribute surplus capital, the broker notes.

Target cut to $10.20 from $10.50. Rating downgraded to Neutral from Overweight on strong share price gains.

FORECAST
Jarden forecasts a full year FY26 dividend of 33.60 cents and EPS of 119.30 cents.
Access Extra Coverage Research History >

QAN STOCK CHART

FNArena News on QAN

1
Weekly Ratings, Targets, Forecast Changes – 29-08-25

Sep 01 2025 - Weekly Reports
2
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Aug 29 2025 - Australia
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Aug 22 2025 - Weekly Reports
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