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Cathay Pacific Airways
(0293)
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Rating:79Outperform
Price Target:
HK$15.00
â–²(1.42% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid financial performance (strong profitability and cash generation, though with leverage and margin volatility risk), supported by strong technical uptrend signals. Attractive valuation (low P/E and high dividend yield) further boosts the overall score.
Positive Factors
Revenue Recovery
Revenue expanded strongly from the 2020–2022 trough, with 2025 revenue up about 7% year over year and above pre-recovery levels. This indicates restored passenger and cargo earning capacity and provides a durable base for network utilization and future operating leverage.
Negative Factors
Leverage
Debt was roughly equal to equity in 2025, improved from about 1.3x in 2024 but still elevated for a cyclical airline. This leverage can reduce financial flexibility and increase the impact of a downturn if profitability compresses or the cycle turns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
Revenue expanded strongly from the 2020–2022 trough, with 2025 revenue up about 7% year over year and above pre-recovery levels. This indicates restored passenger and cargo earning capacity and provides a durable base for network utilization and future operating leverage.
Read all positive factors
Cathay Pacific Airways (0293) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$79.48B
Dividend Yield6.89%
Average Volume (3M)7.44M
Price to Earnings (P/E)6.3
Beta (1Y)0.32
Revenue Growth19.66%
EPS Growth35.67%
CountryHK
Employees33,369
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)2.09
Shares Outstanding6,081,128,000
10 Day Avg. Volume7,516,567
30 Day Avg. Volume7,444,492
Financial Highlights & Ratios
PEG Ratio0.66
Price to Book (P/B)1.35
Price to Sales (P/S)0.70
P/FCF Ratio5.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$17.54Price Target Upside18.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.82
Revenue Forecast (FY)HK$139.07B
Cathay Pacific Airways Business Overview & Revenue Model
Company Description
Cathay Pacific Airways Limited, together with its subsidiaries, offers international passenger and air cargo transportation services. The company provides airline operations, including catering, cargo terminal operations, ground handling services,...
How the Company Makes Money
Cathay Pacific makes money primarily by selling air transportation and related services across two core segments: passenger travel and cargo.
1) Passenger revenue (ticket sales)
- The company earns passenger revenue from selling seats on its flig...
Cathay Pacific Airways Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 130.52B | 116.77B | 104.37B | 94.48B | 51.04B | 45.59B |
| Gross Profit | 21.30B | 20.49B | 32.58B | 20.70B | 4.42B | 836.00M |
| EBITDA | 27.22B | 27.05B | 25.24B | 25.32B | 16.02B | 9.21B |
| Net Income | 13.42B | 10.83B | 9.89B | 9.79B | -6.62B | -5.53B |
Balance Sheet | ||||||
| Total Assets | 182.66B | 177.05B | 171.24B | 174.12B | 180.91B | 196.63B |
| Cash, Cash Equivalents and Short-Term Investments | 16.23B | 12.29B | 10.53B | 15.53B | 18.28B | 19.28B |
| Total Debt | 63.49B | 59.10B | 68.47B | 68.29B | 77.11B | 89.85B |
| Total Liabilities | 124.64B | 116.93B | 118.74B | 114.08B | 117.56B | 124.90B |
| Stockholders Equity | 58.02B | 60.11B | 52.50B | 60.03B | 63.80B | 71.72B |
Cash Flow | ||||||
| Free Cash Flow | 18.73B | 15.93B | 14.33B | 19.61B | 15.20B | 6.56B |
| Operating Cash Flow | 28.18B | 25.76B | 23.54B | 26.41B | 18.93B | 8.84B |
| Investing Cash Flow | -10.93B | -7.82B | -6.08B | -2.67B | -3.86B | 493.00M |
| Financing Cash Flow | -13.71B | -15.45B | -19.83B | -23.18B | -16.24B | -6.93B |
Cathay Pacific Airways Technical Analysis
Negative
14.79
Price Trends
14.04
Negative
13.61
Negative
12.72
Positive
Market Momentum
-0.32
Positive
31.73
Neutral
26.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0293, the sentiment is Negative. The current price of 14.79 is above the 20-day moving average (MA) of 13.72, above the 50-day MA of 14.04, and above the 200-day MA of 12.72, indicating a neutral trend. The MACD of -0.32 indicates Positive momentum. The RSI at 31.73 is Neutral, neither overbought nor oversold. The STOCH value of 26.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0293.
Cathay Pacific Airways Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | HK$79.48B | 6.25 | 22.72% | 6.89% | 19.66% | 35.67% | |
74 Outperform | HK$102.29B | 10.13 | 9.43% | 4.88% | -8.09% | -52.15% | |
69 Neutral | HK$52.12B | 13.23 | 9.71% | 7.27% | 4.04% | 13.17% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
46 Neutral | HK$108.25B | -43.17 | -4.67% | 1.03% | 10.90% | -347.64% | |
45 Neutral | HK$75.32B | -30.25 | -6.17% | 1.87% | 13.21% | -24.88% | |
41 Neutral | HK$88.66B | -58.02 | -3.74% | 1.05% | 12.27% | 33.88% |
* Industrials Sector Average
HK:0293
Cathay Pacific Airways
13.07
2.61
24.90%
HK:0753
Air China
3.43
-2.78
-44.76%
HK:0316
Orient Overseas (International)
154.90
28.78
22.81%
HK:0598
Sinotrans
4.63
-0.25
-5.22%
HK:1055
China Southern Airlines Company Limited Class H
2.67
-2.13
-44.36%
HK:0670
China Eastern Airlines Corporation Limited Class H
2.24
-1.82
-44.83%
Cathay Pacific Airways Corporate Events
Cathay Pacific Posts Solid September Growth in Passengers and Cargo
Oct 21, 2026
The Cathay Group reported continued year-on-year growth in September 2026, carrying about three million passengers, up 9%, and more than 150,000 tonnes of cargo, a 14% increase, despite elevated jet fuel prices. The performance was supported by st...
Cathay Pacific Refreshes Board and Committee Structure Ahead of October 2026
Sep 30, 2026
Cathay Pacific Airways has announced an updated composition of its Board of Directors effective 1 October 2026, detailing a mix of executive, non-executive and independent non-executive directors. The structure reflects a clear governance framewor...
Cathay Pacific Names New Chief Financial Officer as Rebecca Sharpe Retires
Sep 30, 2026
Cathay Pacific Airways announced a leadership transition in its finance function, with Executive Director and Chief Financial Officer Rebecca Jane Sharpe resigning effective 1 October 2026 to take early retirement from the Swire group. Sharpe, who...
Cathay Group Hits New Passenger Record as Cargo Demand Climbs in August 2026
Sep 17, 2026
The Cathay Group reported another strong operational month in August 2026, supported by robust summer travel and resilient cargo demand despite higher jet fuel prices. Its passenger airlines, Cathay Pacific and HK Express, carried more than 3.6 mi...
Cathay Pacific Posts Strong July Traffic as Passenger and Cargo Demand Climb
Aug 19, 2026
The Cathay Group reported continued momentum in July 2026, with Cathay Pacific and HK Express carrying about 3.5 million passengers, a 9% year-on-year increase, and Cathay Cargo transporting around 149,000 tonnes of freight, up 6%. Across the firs...
Cathay Pacific updates board and committee roles in governance disclosure
Aug 5, 2026
Cathay Pacific Airways has updated its corporate governance disclosure with a detailed list of its Board of Directors, distinguishing executive, non-executive and independent non-executive members. The board is chaired by Guy Martin Coutts Bradley...
Cathay Pacific Profit Jumps 71% on Strong Passenger and Cargo Demand
Aug 5, 2026
Cathay Pacific Airways reported a strong interim performance for the six months ended 30 June 2026, with revenue rising 25.3% to HK$68.1 billion and profit attributable to shareholders surging 71% to HK$6.24 billion, lifting profit margin to 9.2%....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.