QANTAS (QAN)

QAN $9.70

20 minute delayed

Today ▼ -2.41%

1 year return ▼ -0.61%

Volume 2,966,058

Div yield 3.98%

PE ratio 11.48

52 week range

8.04 11.09

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Performance

Share price activity

Last (Price): 9.70
Change: ▼ -0.24 (-2.41)
Bid / Ask: 9.69 - 9.70
Volume: 2,966,058
Turnover: 28,184,020
Open: 9.79
Day Range: 9.64 - 9.86
VWAP: 9.71
Prev Close: 9.94
Last Trade: 13/11 4:10pm

Key information

Sector: Industrials
Shares Issued: 1,513,199,279
NTA/Share: 0.62
Last Dividend: 0.20
Dividend Ex Date: 15 SEP 2026
Dividend Pay Date: 14 OCT 2026

Current (AUD) · FY2026

Revenue: 25,189.00
EBITDA: 3,984.00
Profit: 1,289.00
Earnings Per Share (EPS): 0.85
Dividend Per Share (DPS): 0.46
Yield %: 3.98
Market Cap: 14,678.03
Price to Earnings Ratio (P/E): 11.48

Estimates (AUD) · FY2027

Revenue: 27,885.50
EBITDA: —
Profit: 1,596.09
Earnings Per Share (EPS): 1.04
Dividend Per Share (DPS): 0.40

Quantitative rating

Undervalued

Economic Moat: None
Financial Health: Moderate
Uncertainty: Low

Morningstar Quantitative Rating as of 11 NOV 2026.

Quantitative Equity Rating Methodology – view here

Fair value estimate

Five-star price 9.57 Fair value 10.55 One-star price 11.63

Morningstar Quantitative Rating as of 11 NOV 2026.

Quantitative valuation

Buy Sell

Fair Value: 10.55
Price / Fair Value: 0.94
Valuation: Undervalued
Uncertainty: Low

Morningstar Quantitative Rating as of 11 NOV 2026. The slider runs from the five-star price (9.57) to the one-star price (11.63).

Ratios
Currency (Price/reporting): AUD/AUD
Exchange Rate: 1.0000

Price - closing or last bid	9.94
Price - 12 month high	11.09
Price - 12 month low	8.04
Pricing date	11 NOV 2026
Volume - avg. trading volume for the last ten days	8.18
Market capitalization	15,041.20
12 Month High price date	26 FEB 2026
12 Month Low price date	23 MAR 2026
Volume - avg. trading volume for the last 3 months	6.32
Price - 1 Day % Change	-0.20%
Price - 13 week price percent change	-1.78%
Price - 26 week price percent change	13.73%
Price - 5 Day % Change	11.69%
Price - 52 week price percent change	1.95%
Price - YTD price percent change	-4.24%
Price % Change Month To Date	16.67%

EPS excluding extraordinary items - most recent fiscal year	0.845
EPS excluding extraordinary items - trailing 12 month	0.845
EPS Normalized - most recent fiscal year	0.844
Revenue/share - most recent fiscal year	16.513
Revenue/share - trailing 12 month	16.513
Book value per share - most recent fiscal year	0.991
Book value per share - most recent half-year	0.991
Book value (tangible) per share - most recent fiscal year	0.622
Book value (tangible) per share - most recent half-year	0.622
Cash per share - most recent fiscal year	2.164
Cash per share - most recent half-year	2.164
Cash Flow per share - most recent fiscal year	2.552
Cash Flow per share - trailing 12 month	2.552
Dividend per share - most recent fiscal year	—
Dividends per share - trailing 12 month	0.396
EBITD per share - trailing 12 month	2.612
EPS Basic excluding extraordinary items - most recent fiscal year	0.854
EPS Basic excluding extraordinary items - trailing 12 month	0.854
EPS including extraordinary items - most recent fiscal year	0.854
EPS including extraordinary items - trailing 12 month	0.854
Free Cash Flow per share - trailing 12 month	-0.052

P/E excluding extraordinary items, most recent fiscal year	11.76
P/E Normalized, most recent fiscal year	11.78
Price to sales - most recent fiscal year	0.60
Price to Tangible Book - most fiscal year	16.07
Price to Free Cash Flow per Share - most recent fiscal year	—
Price to Cash Flow per share - trailing 12 month	3.89
Price to Book - most recent fiscal year	10.03
P/E excluding extraordinary items high, trailing 12 months	11.79
P/E excluding extraordinary items low, trailing 12 months	7.72
Net Debt, LFI	6,291.00
Net Debt, LFY	6,766.00
Dividend Yield - 5 Year Average	—
Dividend Yield - indicated annual dividend divided by closing price	4.00%
Current Dividend Yield - Common Stock Primary Issue, LTM	3.98%

Free Cash Flow - most recent fiscal year	-79.00
LT debt/equity - most recent fiscal year	628.13%
Payout ratio - most recent fiscal year	—
Total debt/total equity - most recent fiscal year	688.30%
LT debt/equity - most recent half-year	545.14%
Total debt/total equity - most recent half-year	610.90%
Free Cash Flow - trailing 12 month	-79.00
Payout ratio - trailing 12 month	—

Revenue - most recent fiscal year	25,189.00
Revenue - trailing 12 month	25,189.00
EBITD - most recent fiscal year	3,984.00
EBITD - trailing 12 month	3,984.00
Earnings before taxes - most recent fiscal year	1,828.00
Earnings before taxes - trailing 12 month	1,828.00
Net Income available to common - most recent fiscal year	1,289.00
Net Income available to common - trailing 12 months	1,289.00
Earnings before taxes Normalized - most recent fiscal year	1,825.00
Net Income Available to Common, Normalized - most recent fiscal year	—
Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM	0.84

Net Profit Margin % - 1st historical fiscal year	5.12%
Net Profit Margin % - trailing 12 month	5.12%
Operating margin - 1st historical fiscal year	7.15%
Operating margin - trailing 12 month	7.15%
Pretax margin - trailing 12 month	7.26%
Pretax margin - 1st historical fiscal year	7.26%
Operating Margin - 5 year average	3.21%
Pretax Margin - 5 year average	4.92%
Free Operating Cash Flow/Revenue, 5 Year Average	7.31%
Free Operating Cash Flow/Revenue, TTM	-0.31%
Net Profit Margin - 5 year average	3.36%

Return on average assets - most recent fiscal year	5.21%
Return on average assets - trailing 12 month	5.21%
Return on average equity - most recent fiscal year	106.79%
Return on average equity - trailing 12 month	106.79%
Return on average assets - 5 year average	4.14%
Return on average equity - 5 year average	552.34%
Net Income/employee - most recent fiscal year	—
Revenue/employee - most recent fiscal year	—

Revenue growth rate, 5 year	34.50%
EPS growth rate, 5 year	—
Growth rate% - dividend, 3 year	—
Revenue/share (5 yr growth)	40.29%
Growth rate% - Revenue, 3 year	8.87%
Growth rate% - EPS, 3 year	-3.14%
Book value per share growth rate, 5 year	29.50%
Capital Spending growth rate, 5 year	39.68%
Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR	—

Financial forecast (AUD, millions except per share)

	Actuals	Estimates
	2026	2027	2028	2029

Financials (AUD, millions)

Period end:	JUN 22	JUN 23	JUN 24	JUN 25	JUN 26
Fiscal year:	2022	2023	2024	2025	2026
Period length:	12 months	12 months	12 months	12 months	12 months

Announcements

DATE	TIME	HEADING	PAGES
		Price sensitive QAN

Opinion

03/03/2026 09:37

Qantas Airways Limited (QAN) $9.41

The flying kangaroo disappointed the market last week with its 1H numbers, with earnings from its international unit unexpectedly falling and the company flagging rising costs from wages and aircraft maintenance catching investors’ attention – covered Here. It would be an obvious call to have QAN in the avoid basket due to the conflict in the Middle East, but that’s just a compounding factor for MM, although “higher for longer” fuel prices will create a headwind for the airline.

26/02/2026 17:09

Qantas Airways Ltd (QAN) $9.67

Qantas' 1H result disappointed the market with its shares down the most in almost a year after earnings from its international until unexpectedly fell and the company flagged rising costs from wages and aircraft maintenance.

28/08/2025 18:06

Qantas (QAN) $12.12

QAN +9.09%: Delivered strong FY25 earnings growth, with most divisions ahead of expectations, though rising costs and higher debt will be a focus moving forward.

06/05/2025 09:21

Qantas Airways Ltd (QAN) $9.13

The “Flying Kangaroo” is not a classic high-yielding defensive play, although it does reside within the transport sector. The stock caught our attention on Monday, closing up +0.8%, after reaching 6-week highs earlier in the session.

27/02/2025 17:17

Qantas (QAN) $9.39

QAN +5.62%: An in-line 1H25 result saw the shares rise as much as 9% higher with a surprise capital return underpinning the positive move.

04/10/2024 09:12

Qantas Airways Ltd (QAN) $6.97

On Tuesday, Qatar Airways announced it would buy 25% of Virgin Australia, which is bad news for Qantas (QAN). QAN was fortuitous in that Qatar was not allowed to take extra routes into Australia in mid-2023. Labor’s logic was flawed, in our opinion, and Australia paid the price with higher airfares, adding monies to Allan Joyce & Qantas’s coffers.

31/07/2024 09:31

Qantas Airways Ltd (QAN) $6.18

QAN shares rose 1.6% on Tuesday, with the obvious initial read-through being less competition, which equals reduced pressure on pricing. However, it's not all good news, with REX likely to rise in some restructured form, potentially with government assistance. After last year's protectionist move towards Qatar Airlines by the Albanese government, it would only be fair to the taxpayer if QAN was made to run the less profitable/loss-making routes. However, we’re confident that won't eventuate. The benefit that QAN will enjoy from REX’s removed pricing pressure would be more than offset by filling the regional void if REX were to vanish for both tourism and industry.

09/04/2024 09:16

Qantas Airways Ltd (QAN) $5.69

QAN rallied 4.8% on Monday as new CEO Vanessa Hudson looks to revamp its loyalty (points) program. They offered 20 million new reward seats in an effort to win back a disgruntled public – the estimated cost being $120mn in FY25. One such person was our very own Research Lead, Shawn, who brought tickets to Tokyo straight away. He commented that the points had been devalued around 8 times, but at least he could now use them.

25/09/2023 16:53

QANTAS (QAN) $5.23

QAN -1.51%: the troubles at the flying kangaroo continued today with more money being thrown at upgrading the customer experience and oil prices weighing on earnings. The airline will spend an additional $80m to address ‘pain points,’ as they put it.

08/09/2023 09:09

Qantas Airways Ltd (QAN) $5.57

QAN shares fell another -2.3% yesterday compounding what’s already been a torrid time for the flying kangaroo, a period which has included an arguably forced early exit of CEO Alan Joyce.

Action

Updated 03/03/2026 10:14

QAN

Updated 03/03/2026 10:14

MM is neutral at best towards QAN ~$9.40

Read the opinion

Updated 26/02/2026 17:06

QAN

Updated 26/02/2026 17:06

MM is neutral towards QAN around $9.70

Updated 28/08/2025 18:19

QAN

Updated 28/08/2025 18:19

MM is neutral toward QAN

Read the opinion

Updated 07/05/2025 09:49

QAN

Updated 07/05/2025 09:49

MM is cautiously bullish towards QAN

Read the opinion

Updated 27/02/2025 17:30

QAN

Updated 27/02/2025 17:30

MM remains neutral QAN

Read the opinion

Updated 04/10/2024 10:38

QAN

Updated 04/10/2024 10:38

MM is neutral towards QAN, around $7

Read the opinion

Updated 31/07/2024 09:58

QAN

Updated 31/07/2024 09:58

MM is cautiously bullish towards QAN

Read the opinion

Updated 09/04/2024 09:51

QAN

Updated 09/04/2024 09:51

MM is neutral toward QAN

Read the opinion

Updated 26/09/2023 09:35

QAN

Updated 26/09/2023 09:35

MM has no interest in QAN

Read the opinion

Updated 08/09/2023 10:56

QAN

Updated 08/09/2023 10:56

MM currently has no interest in QAN

Read the opinion

Business Summary

Qantas Airways is Australia's largest domestic airline with typically a two thirds market share, effectively competing in a duopoly with Virgin. The company operates a multibrand strategy, with low-cost carrier Jetstar complementing the full-service Qantas brand. Its frequent-flyer loyalty program continues to expand with new partnerships, which are integral to retaining customer loyalty for its core airline business.