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Definitive Analysis

Financial Statements

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Ticker

Industry

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Page: Company Financials

Skymark Airlines Inc.

Ticker: 9204.T | Industry: Airlines, Airports & Air Services | Sector: Industrials
$398.00 -7.00 (-1.73%)
As of: 2026-01-23

Master Data Export


Enterprise Value

Metric 2025 2024 2023 2022
Stock Price 506.00 745.00 1,133.00 732.00
Market Capitalization 30,472.60M 44,016.30M 68,303.81M 43,991.56M
(-) Cash & Equivalents 25,253.50M 24,288.00M 24,285.75M 13,532.50M
(+) Total Debt 29,615.00M 30,242.75M 31,118.75M 32,000.00M
Enterprise Value 34,834.10M 49,971.05M 75,136.81M 62,459.06M

Income Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Revenue 108,930M 105,461M 108,893M 104,075M 84,659M 47,146M 34,064M
Cost of Revenue 99,658M 95,226M 100,311M 93,377M 75,718M 59,202M 60,971M
Gross Profit 9,272M 10,235M 8,582M 10,698M 8,941M -12,056M -26,907M
Gross Profit Margin 8.5% 9.7% 7.9% 10.3% 10.6% -25.6% -79.0%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 6,821M 6,161M 6,684M 5,877M 5,167M 4,315M 4,433M
Operating Expenses 5,984M 6,312M 6,878M 6,030M 5,481M 4,632M 4,762M
Operating Income (EBIT) 3,288M 3,923M 1,704M 4,668M 3,460M -16,688M -31,669M
Operating Income Margin 3.0% 3.7% 1.6% 4.5% 4.1% -35.4% -93.0%
Interest Income 228M 35M 316M 35M 0M 9M 0M
Interest Expense 580M 473M 544M 456M 461M 465M 307M
Net Interest Income -352M -438M -228M -421M -461M -456M -307M
Unusual Items -4,146M 2,398M -599M 3,216M -499M 3,784M 2,058M
EBT Excluding Unusual Items 2,936M 3,485M 1,476M 4,247M 2,999M -17,144M -31,976M
Pre-Tax Income -1,210M 5,883M 877M 7,463M 2,500M -13,360M -29,918M
Pre-Tax Margin -1.1% 5.6% 0.8% 7.2% 3.0% -28.3% -87.8%
Income Tax Expense -2,098M 3,409M -1,268M 4,466M -3,225M -6,631M -13,576M
Net Income 888M 2,474M 2,146M 2,997M 5,726M -6,729M -16,342M
Net Income Margin 0.8% 2.3% 2.0% 2.9% 6.8% -14.3% -48.0%
Depreciation & Amortization 2,652M -500M 2,730M 2,474M 2,407M 2,199M 2,955M
EBITDA 5,940M 3,423M 4,434M 7,142M 5,867M -14,489M -28,714M
EBITDA Margin 5.5% 3.2% 4.1% 6.9% 6.9% -30.7% -84.3%
NOPAT 2,598M 1,650M 4,168M 1,875M 7,923M -13,184M -25,019M
NOPAT Margin 2.4% 1.6% 3.8% 1.8% 9.4% -28.0% -73.4%
Owner's Earnings 3,540M 1,974M 267M 3,704M 6,637M -4,918M -18,209M
Owner's Earnings Margin 3.2% 1.9% 0.2% 3.6% 7.8% -10.4% -53.5%
EPS (Basic) 15.85 40.21 36.14 49.93 111.88 -145.78 -300.07
EPS (Diluted) 14.88 41.46 36.14 49.93 111.88 -145.78 -300.07
Shares (Basic) 60M 60M 59M 60M 51M 46M 54M
Shares (Diluted) 60M 60M 59M 60M 51M 46M 54M

Balance Sheet

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Cash & Cash Equivalents 24,489.00M 26,018.00M 26,018.00M 26,909.00M 22,519.00M 9,282.00M 13,270.00M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 24,489.00M 26,018.00M 26,018.00M 26,909.00M 22,519.00M 9,282.00M 13,270.00M
Net Receivables 7,268.00M 7,915.00M 7,915.00M 10,019.00M 6,893.00M 4,127.00M 4,862.00M
Inventory 38.00M 56.00M 56.00M 70.00M 18.00M 18.00M 14.00M
Other Current Assets 651.00M 1,103.00M 1,103.00M 3,241.00M 1,384.00M 6,830.00M 2,525.00M
Total Current Assets 32,446.00M 35,092.00M 35,092.00M 40,239.00M 30,814.00M 20,257.00M 20,671.00M
Property, Plant & Equipment 18,673.00M 15,762.00M 15,762.00M 13,899.00M 14,829.00M 15,514.00M 18,607.00M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 271.00M 218.00M 218.00M 281.00M 376.00M 1,736.00M 1,981.00M
Long-Term Investments 146.00M 8.00M 8.00M 297.00M 35,254.00M 2.00M 2.00M
Tax Assets 20,277.00M 19,478.00M 19,478.00M 16,770.00M 22,897.00M 16,795.00M 12,036.00M
Other Non-Current Assets 28,826.00M 28,998.00M 28,998.00M 35,070.00M 47.00M 35,735.00M 29,619.00M
Other Assets 0.00M 0.00M 0.00M 0.00M 1.00M 1.00M 1.00M
Total Non-Current Assets 68,193.00M 64,464.00M 64,464.00M 66,317.00M 73,404.00M 69,783.00M 62,246.00M
Total Assets 100,639.00M 99,556.00M 99,556.00M 106,556.00M 104,218.00M 90,040.00M 82,917.00M
Accounts Payable 4,838.00M 3,805.00M 3,805.00M 4,050.00M 4,140.00M 6,165.00M 5,994.00M
Short-Term Debt 21,875.00M 21,858.00M 21,858.00M 21,250.00M 30,000.00M 32,000.00M 30,000.00M
Tax Payables 0.00M 0.00M 0.00M 32.00M 32.00M 33.00M 16.00M
Deferred Revenue 17,313.00M 13,862.00M 13,862.00M 13,688.00M 25,919.00M 21,411.00M 15,074.00M
Other Current Liabilities 11,011.00M 9,196.00M 9,196.00M 16,891.00M 152.00M 288.00M 223.00M
Total Current Liabilities 55,037.00M 48,721.00M 48,721.00M 55,911.00M 60,243.00M 59,897.00M 51,307.00M
Long-Term Debt 7,500.00M 7,500.00M 7,500.00M 9,250.00M 1,000.00M 3,000.00M 0.00M
Capital Lease Obligations 0.00M 605.00M 605.00M 596.00M 725.00M 872.00M 1,015.00M
Deferred Tax Liabilities 0.00M 0.00M 2,064.00M 3,998.00M 2,480.00M 4,269.00M 1,324.00M
Other Non-Current Liabilities 18,276.00M 18,875.00M 18,873.00M 16,214.00M 20,970.00M 19,945.00M 22,196.00M
Total Non-Current Liabilities 25,776.00M 26,980.00M 29,042.00M 30,058.00M 25,175.00M 28,086.00M 24,535.00M
Total Liabilities 80,813.00M 75,701.00M 77,763.00M 85,969.00M 85,418.00M 87,983.00M 75,842.00M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 100.00M 100.00M 100.00M 100.00M 100.00M 100.00M 100.00M
Retained Earnings 5,903.00M 8,858.00M 8,858.00M 8,421.00M 5,726.00M -6,815.00M -86.00M
Accumulated OCI -562.00M 284.00M 284.00M 2,376.00M -262.00M 5,113.00M 1,509.00M
Minority Interest 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 5,441.00M 9,242.00M 9,242.00M 10,897.00M 5,564.00M -1,602.00M 1,523.00M
Total Equity 5,441.00M 9,242.00M 9,242.00M 10,897.00M 5,564.00M -1,602.00M 1,523.00M
Total Liabilities & Equity 86,254.00M 84,943.00M 87,005.00M 96,866.00M 90,982.00M 86,381.00M 77,365.00M
Tangible Assets 100,368.00M 99,338.00M 99,338.00M 106,275.00M 103,842.00M 88,304.00M 80,936.00M
Tangible Equity 5,170.00M 9,024.00M 9,024.00M 10,616.00M 5,188.00M -3,338.00M -458.00M
Tangible Book Value 5,170.00M 9,024.00M 9,024.00M 10,616.00M 5,188.00M -3,338.00M -458.00M
Total Investments 146.00M 8.00M 8.00M 297.00M 35,254.00M 2.00M 2.00M
Net Debt 4,886.00M 3,340.00M 3,340.00M 3,591.00M 8,481.00M 25,718.00M 16,730.00M

Capital Metrics

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Working Capital -19,095.0M -10,473.0M -10,473.0M -12,546.0M -26,945.0M -36,814.0M -28,754.0M
Total Capital 52,692.0M 56,974.0M 56,974.0M 58,953.0M 55,642.0M 45,171.0M 41,439.0M
Capital Employed 49,098.0M 53,991.0M 53,991.0M 53,771.0M 46,459.0M 32,969.0M 33,492.0M
Invested Capital 28,203.0M 30,956.0M 30,956.0M 32,044.0M 33,123.0M 35,889.0M 28,169.0M

Cash Flow Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Net Income 888.00M 2,474.00M 2,146.00M 7,463.00M 5,726.00M -13,360.00M -29,918.00M
Depreciation & Amortization 0.00M 0.00M 2,730.00M 2,474.00M 2,407.00M 2,199.00M 2,322.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 0.00M 0.00M 3,316.00M -1,021.00M -571.00M -378.00M 1,513.00M
Accounts Receivable 0.00M 0.00M 2,105.00M -2,436.00M -2,680.00M 343.00M -2,163.00M
Inventory 0.00M 0.00M 14.00M -52.00M 0.00M -4.00M 2.00M
Accounts Payable 0.00M 0.00M -184.00M 12.00M -2,155.00M 276.00M 1,812.00M
Other Working Capital 0.00M 0.00M 1,381.00M 1,467.00M 4,264.00M -993.00M 1,862.00M
Other Non-Cash Items -888.00M -2,474.00M -1,010.00M -737.00M -1,651.00M -920.00M 1,554.00M
Net Cash from Operating Activities 0.00M 0.00M 7,182.00M 8,179.00M 5,911.00M -12,459.00M -24,529.00M
Capital Expenditures (PPE) 0.00M 0.00M -4,704.00M -1,682.00M -1,496.00M -388.00M -4,822.00M
Acquisitions (Net) 0.00M 0.00M 2.00M 0.00M 1.00M 1.00M 2.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Investing Activities 0.00M 0.00M -309.00M -504.00M -774.00M 7.00M 98.00M
Net Cash from Investing Activities 0.00M 0.00M -5,011.00M -2,186.00M -2,269.00M -380.00M -4,722.00M
Net Debt Issuance 0.00M 0.00M -1,398.00M -500.00M -4,000.00M 5,000.00M 29,864.00M
Long-Term Debt Issuance 0.00M 0.00M -1,398.00M 9,500.00M -2,000.00M 3,000.00M -136.00M
Short-Term Debt Issuance 0.00M 0.00M 0.00M -10,000.00M -2,000.00M 2,000.00M 30,000.00M
Net Stock Issuance 0.00M 0.00M 0.00M -1,393.00M 13,755.00M 2,000.00M 0.00M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 13,755.00M 2,000.00M 0.00M
Common Stock Repurchased 0.00M 0.00M 0.00M -1,393.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid 0.00M 0.00M -1,551.00M -275.00M 0.00M 0.00M 0.00M
Common Dividends Paid 0.00M 0.00M -1,551.00M -275.00M 0.00M 0.00M 0.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities 0.00M 0.00M 0.00M -158.00M -147.00M 1,852.00M -1.00M
Net Cash from Financing Activities 0.00M 0.00M -2,949.00M -2,326.00M 9,608.00M 8,852.00M 29,863.00M
Effect of FX on Cash 0.00M 0.00M -113.00M 723.00M -13.00M -1.00M 1.00M
Net Change in Cash 0.00M 0.00M -891.00M 4,390.00M 13,237.00M -3,988.00M 613.00M
Cash at Beginning of Period 0.00M 0.00M 26,909.00M 22,519.00M 9,282.00M 13,270.00M 12,657.00M
Cash at End of Period 0.00M 0.00M 26,018.00M 26,909.00M 22,519.00M 9,282.00M 13,270.00M
Operating Cash Flow 0.00M 0.00M 7,182.00M 8,179.00M 5,911.00M -12,459.00M -24,529.00M
Capital Expenditure 0.00M 0.00M -4,609.00M -1,767.00M -1,496.00M -388.00M -4,822.00M
Free Cash Flow 0.00M 0.00M 2,573.00M 6,412.00M 4,415.00M -12,847.00M -29,351.00M

Free Cash Flow

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31
EBITDA 5,102.50M 3,574.00M 4,628.00M 7,295.00M 6,181.00M -14,172.00M -28,385.00M
(-) Tax Adjustment 1,785.88M 1,250.90M 0.00M 2,553.25M 0.00M -4,960.20M -9,934.75M
(-) Change In Working Capital 0.00M 0.00M 3,316.00M -1,021.00M -571.00M -378.00M 1,513.00M
(-) Capital Expenditure 0.00M 0.00M -4,609.00M -1,767.00M -1,496.00M -388.00M -4,822.00M
Unlevered Free Cash Flow 3,316.63M 2,323.10M -3,297.00M 3,995.75M 5,256.00M -9,221.80M -24,785.25M
(-) Net Interest Income After Taxes -228.80M -284.70M -228.00M -273.65M -461.00M -296.40M -199.55M
Net Debt Issuance 0.00M 0.00M -1,398.00M -500.00M -4,000.00M 5,000.00M 29,864.00M
Levered Free Cash Flow 3,545.43M 2,607.80M -4,467.00M 3,769.40M 1,717.00M -3,925.40M 5,278.30M