Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to JP¥405, the stock trades at a trailing P/E ratio of 14.9x. Average forward P/E is 11x in the Airlines industry in Asia. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥714 per share. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥27.21 (vs JP¥36.14 in FY 2025) Full year 2026 results: EPS: JP¥27.21 (down from JP¥36.14 in FY 2025). Revenue: JP¥110.4b (up 1.4% from FY 2025). Net income: JP¥1.64b (down 24% from FY 2025). Profit margin: 1.5% (down from 2.0% in FY 2025). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Annonce • May 18
Skymark Airlines Inc., Annual General Meeting, Jun 25, 2026 Skymark Airlines Inc., Annual General Meeting, Jun 25, 2026. Price Target Changed • Apr 08
Price target decreased by 11% to JP¥407 Down from JP¥457, the current price target is an average from 3 analysts. New target price is 14% above last closing price of JP¥358. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥26.95 for next year compared to JP¥36.14 last year. Annonce • Apr 03
Skymark Airlines Inc. to Report Fiscal Year 2026 Results on May 15, 2026 Skymark Airlines Inc. announced that they will report fiscal year 2026 results on May 15, 2026 Declared Dividend • Mar 19
Dividend of JP¥3.00 announced Shareholders will receive a dividend of JP¥3.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 0.8%, which is lower than the industry average of 2.5%. Sustainability & Growth Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥8.08 (vs JP¥54.78 in 3Q 2025) Third quarter 2026 results: EPS: JP¥8.08 (down from JP¥54.78 in 3Q 2025). Revenue: JP¥28.0b (up 2.8% from 3Q 2025). Net income: JP¥486.0m (down 85% from 3Q 2025). Profit margin: 1.7% (down from 12% in 3Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Airlines industry in Asia. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Price Target Changed • Jan 07
Price target decreased by 7.3% to JP¥505 Down from JP¥545, the current price target is an average from 4 analysts. New target price is 36% above last closing price of JP¥370. Stock is down 42% over the past year. The company is forecast to post earnings per share of JP¥26.44 for next year compared to JP¥36.14 last year. Annonce • Nov 29
Skymark Airlines Inc. to Report Q3, 2026 Results on Feb 06, 2026 Skymark Airlines Inc. announced that they will report Q3, 2026 results on Feb 06, 2026 Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: JP¥53.97 (vs JP¥15.71 in 2Q 2025) Second quarter 2026 results: EPS: JP¥53.97 (up from JP¥15.71 in 2Q 2025). Revenue: JP¥31.3b (up 1.2% from 2Q 2025). Net income: JP¥3.25b (up 251% from 2Q 2025). Profit margin: 10% (up from 3.0% in 2Q 2025). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Airlines industry in Asia. Annonce • Sep 03
Skymark Airlines Inc. to Report Q2, 2026 Results on Nov 13, 2025 Skymark Airlines Inc. announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 13
First quarter 2026 earnings released: JP¥46.06 loss per share (vs JP¥25.72 loss in 1Q 2025) First quarter 2026 results: JP¥46.06 loss per share (further deteriorated from JP¥25.72 loss in 1Q 2025). Revenue: JP¥23.6b (flat on 1Q 2025). Net loss: JP¥2.77b (loss widened 83% from 1Q 2025). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Airlines industry in Asia. Annonce • May 31
Skymark Airlines Inc. to Report Q1, 2026 Results on Aug 12, 2025 Skymark Airlines Inc. announced that they will report Q1, 2026 results on Aug 12, 2025 New Risk • May 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,940% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Annonce • May 15
Skymark Airlines Inc., Annual General Meeting, Jun 26, 2025 Skymark Airlines Inc., Annual General Meeting, Jun 26, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥430, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Airlines industry in Asia. Total loss to shareholders of 55% over the past year. Simply Wall St's valuation model estimates the intrinsic value at JP¥466 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Trailing yield: 5.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (4.1%). Price Target Changed • Mar 18
Price target decreased by 12% to JP¥768 Down from JP¥873, the current price target is an average from 4 analysts. New target price is 41% above last closing price of JP¥545. Stock is down 46% over the past year. The company is forecast to post earnings per share of JP¥31.76 for next year compared to JP¥49.93 last year. Declared Dividend • Mar 06
Dividend of JP¥14.00 announced Shareholders will receive a dividend of JP¥14.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 2.6%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 141% per year over the past 2 years and payments have been stable during that time. Annonce • Mar 04
Skymark Airlines Inc. to Report Fiscal Year 2025 Results on May 15, 2025 Skymark Airlines Inc. announced that they will report fiscal year 2025 results on May 15, 2025 Annonce • Feb 10
Skymark Airlines Inc. Provides Earnings Guidance for the Year Ending March 31, 2025 Skymark Airlines Inc. provided earnings guidance for the year ending March 31, 2025. For the period, the company expects operating revenues of JPY 107,500 million, operating income of JPY 600 million, ordinary income of JPY 1,500 million, net income of JPY 1,500 million and net income per share of JPY 25.44. Annonce • Dec 03
Skymark Airlines Inc. to Report Q3, 2025 Results on Feb 10, 2025 Skymark Airlines Inc. announced that they will report Q3, 2025 results on Feb 10, 2025 Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: JP¥15.71 (vs JP¥71.46 in 2Q 2024) Second quarter 2025 results: EPS: JP¥15.71 (down from JP¥71.46 in 2Q 2024). Revenue: JP¥30.9b (up 3.6% from 2Q 2024). Net income: JP¥926.0m (down 79% from 2Q 2024). Profit margin: 3.0% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Airlines industry in Asia. Price Target Changed • Oct 03
Price target decreased by 14% to JP¥925 Down from JP¥1,070, the current price target is an average from 4 analysts. New target price is 40% above last closing price of JP¥662. Stock is down 37% over the past year. The company is forecast to post earnings per share of JP¥89.14 for next year compared to JP¥49.93 last year. Buy Or Sell Opportunity • Sep 09
Now 21% overvalued Over the last 90 days, the stock has fallen 6.2% to JP¥683. The fair value is estimated to be JP¥566, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 282% in the next 2 years. Annonce • Aug 27
Skymark Airlines Inc. to Report Q2, 2025 Results on Nov 11, 2024 Skymark Airlines Inc. announced that they will report Q2, 2025 results on Nov 11, 2024 Reported Earnings • Aug 13
First quarter 2025 earnings released: JP¥25.72 loss per share (vs JP¥16.46 loss in 1Q 2024) First quarter 2025 results: JP¥25.72 loss per share (further deteriorated from JP¥16.46 loss in 1Q 2024). Revenue: JP¥23.5b (up 6.3% from 1Q 2024). Net loss: JP¥1.52b (loss widened 53% from 1Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Airlines industry in Asia. Buy Or Sell Opportunity • Aug 06
Now 29% overvalued Over the last 90 days, the stock has fallen 26% to JP¥690. The fair value is estimated to be JP¥533, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥625, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Airlines industry in Asia. Total loss to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at JP¥534 per share. Annonce • Jun 02
Skymark Airlines Inc. to Report Q1, 2025 Results on Aug 09, 2024 Skymark Airlines Inc. announced that they will report Q1, 2025 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥800, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Airlines industry in Asia. Total loss to shareholders of 32% over the past year. Simply Wall St's valuation model estimates the intrinsic value at JP¥457 per share. Price Target Changed • May 22
Price target decreased by 8.6% to JP¥1,280 Down from JP¥1,400, the current price target is an average from 3 analysts. New target price is 60% above last closing price of JP¥800. Stock is down 34% over the past year. The company is forecast to post earnings per share of JP¥89.85 for next year compared to JP¥49.93 last year. Reported Earnings • May 19
Full year 2024 earnings released: EPS: JP¥49.93 (vs JP¥112 in FY 2023) Full year 2024 results: EPS: JP¥49.93 (down from JP¥112 in FY 2023). Revenue: JP¥104.1b (up 23% from FY 2023). Net income: JP¥3.00b (down 48% from FY 2023). Profit margin: 2.9% (down from 6.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Airlines industry in Asia. Annonce • May 17
Skymark Airlines Inc., Annual General Meeting, Jun 26, 2024 Skymark Airlines Inc., Annual General Meeting, Jun 26, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (4.1%). Annonce • Mar 03
Skymark Airlines Inc. to Report Fiscal Year 2024 Results on May 15, 2024 Skymark Airlines Inc. announced that they will report fiscal year 2024 results on May 15, 2024 Declared Dividend • Feb 11
Dividend increased to JP¥21.00 Dividend of JP¥21.00 is 320% higher than last year. Ex-date: 28th March 2024 Payment date: 28th June 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.5%. Sustainability & Growth Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥4.51 (vs JP¥63.99 in 3Q 2023) Third quarter 2024 results: EPS: JP¥4.51 (down from JP¥63.99 in 3Q 2023). Revenue: JP¥26.2b (up 19% from 3Q 2023). Net income: JP¥272.0m (down 93% from 3Q 2023). Profit margin: 1.0% (down from 17% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in Asia. Annonce • Jan 09
Skymark Airlines Inc. (TSE:9204) announces an Equity Buyback for 1,380,000 shares, representing 2.29% for ¥1,393.8 million. Skymark Airlines Inc. (TSE:9204) announces a share repurchase program. Under the program, the company will repurchase up to 1,380,000 shares, representing 2.29% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,393.8 million. The shares will be repurchased at a price of ¥1,010 per share. The purpose of the program is to raise awareness of management participation by the employees thorough owning company stock, aiming to continuously improve corporate value and further promote sharing of value with the shareholders. Most of the repurchased stock will be allocated to the shares to be delivered as restricted stock compensation. As of December 31, 2023, the company had 60,329,400 issued shares (excluding treasury stock) and had 0 treasury shares. Annonce • Nov 29
Skymark Airlines Inc. to Report Q3, 2024 Results on Feb 09, 2024 Skymark Airlines Inc. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 15
Second quarter 2024 earnings released: EPS: JP¥71.46 (vs JP¥63.99 in 2Q 2023) Second quarter 2024 results: EPS: JP¥71.46 (up from JP¥63.99 in 2Q 2023). Revenue: JP¥29.9b (up 35% from 2Q 2023). Net income: JP¥4.31b (up 12% from 2Q 2023). Profit margin: 14% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in Asia. Annonce • Aug 30
Skymark Airlines Inc. to Report Q2, 2024 Results on Nov 13, 2023 Skymark Airlines Inc. announced that they will report Q2, 2024 results on Nov 13, 2023 Reported Earnings • Aug 16
First quarter 2024 earnings released First quarter 2024 results: JP¥16.46 loss per share. Net loss: JP¥993.0m (flat on 1Q 2023). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Airlines industry in Asia. Annonce • Jun 09
Skymark Airlines Inc. to Report Q1, 2024 Results on Aug 14, 2023 Skymark Airlines Inc. announced that they will report Q1, 2024 results on Aug 14, 2023 Annonce • May 25
Skymark Airlines Inc. Decides to Distribute Dividend for the fiscal year ended March 31, 2023, Effective June 28, 2023 Skymark Airlines Inc. at its board meeting held on May 25, 2023, decided to distribute dividend of JPY 5.00 per share from surplus for the fiscal year ended March 31, 2023 against JPY 0.00 per share a year ago. Record date is March 31, 2023. Effective date is June 28, 2023. Reported Earnings • May 19
Full year 2023 earnings released: EPS: JP¥112 (vs JP¥146 loss in FY 2022) Full year 2023 results: EPS: JP¥112 (up from JP¥146 loss in FY 2022). Revenue: JP¥84.7b (up 80% from FY 2022). Net income: JP¥5.73b (up JP¥12.5b from FY 2022). Profit margin: 6.8% (up from net loss in FY 2022). Annonce • May 16
Skymark Airlines Inc., Annual General Meeting, Jun 27, 2023 Skymark Airlines Inc., Annual General Meeting, Jun 27, 2023. Annonce • Jan 19
Skymark Airlines Inc. Provides Earnings Guidance for the Fiscal Year Ending March 31, 2023 Skymark Airlines Inc. provided earnings guidance for the fiscal Year ending March 31, 2023. For the year, the company expects operating revenues of JPY 84,808 million, operating income of JPY 3,141 million, and net income attributable to owners of JPY 9,013 million. Annonce • Jan 12
Skymark Airlines Inc. to Report Q3, 2023 Results on Feb 03, 2023 Skymark Airlines Inc. announced that they will report Q3, 2023 results on Feb 03, 2023 Board Change • Dec 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Chairman Nobuo Sayama was the last director to join the board, commencing their role in 2015. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
