Industry map/Transport & Logistics
Airlines industry map
Who earns the money in Airlines, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 7 companies · ¥4.36T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥4.36T
- Companies
- 7
- Avg. salary（parent only）
- ¥7.7M
- Industry weather
- Sunny
YoY +7.2%
Avg. age 40.2
Operating income +3.1%
ANA Holdingsinc.[9202]
Air Transportation + 1 more
- Revenue
- ¥2.34T▲12.6%
- Operating income
- ¥223.4B▲10.0%
Margin 9.6%
Whole company: Revenue ¥2.54T · Net income ¥169.1B
Avg. salary ¥7.7M · 46.2（parent only）
- Nagoya Railroad owns 1.5%
- Nippon Yusen owns 0.8%
Japan Airport Terminal[9706]
Merchandise Sales + 1 more
- Revenue
- ¥271.8B▲7.4%
- Operating income
- ¥55.8B▲14.2%
Margin 20.5%
Whole company: Revenue ¥289.8B · Net income ¥29.1B
Avg. salary ¥9.2M · 40.0（parent only）
- Japan Airlines owns 4.7%
- ANA Holdingsinc. owns 4.7%
Star Flyer[9206]
- Revenue
- ¥44.8B▲4.4%
- Operating income
- ¥1.39B▲12.9%
Margin 3.1%
Avg. salary ¥7M · 38.7（parent only）
- ANA Holdingsinc. owns 13.6%
Japan Airlines[9201]
Full Service Carrier + 1 more
- Revenue
- ¥1.64T▲10.0%
- Operating income
- —
Whole company: Revenue ¥2.01T · Net income ¥137.6B
Avg. salary ¥10.1M · 40.2（parent only）
Nippon Yusen[9101]
Air Cargo Transportation
- Revenue
- ¥39.6B▼77.9%
- Operating income
- ¥2.16B▼89.8%
Margin 5.4%
Whole company: Revenue ¥2.42T · Net income ¥211.8B
Avg. salary ¥15.5M · 37.8（parent only）
Nagoya Railroad[9048]
Aviation and related services
- Revenue
- ¥32.6B▲9.8%
- Operating income
- ¥2.58B▲14.0%
Margin 7.9%
Whole company: Revenue ¥691.6B · Net income ¥23B
Avg. salary ¥6.6M · 44.4（parent only）
NiigataKotsu[9017]
Aviation business
- Revenue
- ¥798.9M▲1.7%
- Operating income
- ¥222.3M▲4.0%
Margin 27.8%
Whole company: Revenue ¥20.3B · Net income ¥1.15B
Avg. salary ¥4.4M · 48.4（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | ANA Holdingsinc.Air Transportation + 1 more | ¥2.34T | 53.6% | 9.6% | +26.9% | ¥181.2B |
| 2 | Japan AirlinesFull Service Carrier + 1 more | ¥1.64T | 37.5% | — | — | — |
| 3 | Japan Airport TerminalMerchandise Sales + 1 more | ¥271.8B | 6.2% | 20.5% | +50.3% | ¥33.9B |
| 4▲1 | Star Flyer | ¥44.8B | 1.0% | 3.1% | +20.7% | ¥915M |
| 5▼1 | Nippon YusenAir Cargo Transportation | ¥39.6B | 0.9% | 5.5% | -31.4% | ¥168.9B |
| 6 | Nagoya RailroadAviation and related services | ¥32.6B | 0.7% | 7.9% | +8.7% | -¥110.8B |
| 7 | NiigataKotsuAviation business | ¥798.9M | 0.0% | 27.8% | — | ¥2.03B |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Operating profit
- Japan Airport Terminal355015
- NiigataKotsu672211
- Japan Airlines9010
- ANA Holdingsinc.82108
- Nippon Yusen8212
- Nagoya Railroad95
- Star Flyer97
Ownership links
From the major-shareholder section of annual securities reports.
- ANA Holdingsinc.In industry
- StakeStar Flyer13.6%
- StakeJapan Airport Terminal4.7%
- 株式会社エアトリOutside
- StakeStar Flyer4.8%
- Japan AirlinesIn industry
- StakeJapan Airport Terminal4.7%
- 株式会社ブリヂストンOutside
- StakeNiigataKotsu4.3%
- いすゞ自動車株式会社Outside
- StakeNiigataKotsu4.0%
- ＴＯＴＯ株式会社Outside
- StakeStar Flyer3.7%
- 三菱地所株式会社Outside
- StakeJapan Airport Terminal3.3%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Airlines (by revenue)
All 7 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- ANA Holdingsinc.¥2.34T · 9.6%
- Japan Airlines¥1.64T
- Japan Airport Terminal¥271.8B · 20.5%
- Star Flyer¥44.8B · 3.1%
- Nippon Yusen¥39.6B · 5.5%
- Nagoya Railroad¥32.6B · 7.9%
- NiigataKotsu¥798.9M · 27.8%
Revenue · Op. margin
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