Cathay Pacific Airways Limited (CPCAY)
POSITIVE基本面
82
价格
$14.60
市值
$88.60B
第一部分 · 这家公司值多少
概览
Cathay Pacific is Hong Kong's home airline, flying passengers and freight between Hong Kong and destinations across Asia, North America, Europe and Australia, using the city's international airport as its hub. The group also owns the low-cost carrier HK Express and a large cargo operation that flies dedicated freighter aircraft. Its business depends on Hong Kong remaining an attractive stopover point for travellers and shippers moving between Asia and the rest of the world.
盈利方式
The airline sells seats and cargo space on scheduled flights; revenue is booked when a passenger flies or a shipment moves, and results move with two separate drivers — how full the planes are (load factor) and how much each seat or kilogram of cargo fetches (yield). Fuel is the single largest cost, so profitability is squeezed whenever oil prices rise faster than fares and freight rates can be adjusted.
分部营收
Passenger flights on Cathay Pacific and HK Express, plus catering, engineering and other airline-related services; not broken out separately in reported results.
Dedicated freighter and belly-hold cargo capacity, which carried 1.67 million tonnes in 2025 for HK$24.3 billion in revenue.
护城河
规模效应 · 狭窄Cathay's position as the dominant carrier at Hong Kong International Airport, with decades of accumulated route rights, slots and a large widebody fleet, gives it a real hub advantage that a new entrant could not quickly replicate. The advantage is narrow: airlines compete hard on price for the same passengers, and Cathay's own results show yields falling under regional competition even as the hub advantage holds.
需求驱动因素
周期性Air travel and air freight demand rise and fall with global trade and travel activity, and fares fall quickly whenever regional airlines add capacity, as happened across Asia in 2025 as carriers restored seats after the pandemic. Jet fuel, priced off volatile crude oil, is a further swing factor the airline can only partly hedge.
主要风险
- Geopolitical route disruption — A volatile geopolitical environment can force sudden route cancellations and reroutings, as happened when the group cancelled all flights to Dubai and Riyadh in response to Middle East tensions, cutting capacity with little notice.
- Fuel price volatility — Jet fuel is one of the largest items on the airline's cost base; management has hedged only around 30% of anticipated 2026 fuel needs at roughly $70 a barrel for Brent crude, leaving most of the exposure unhedged.
- Regional competition on fares — Asian airlines restoring post-pandemic capacity pushed fares down across the region in 2025, cutting Cathay Pacific's full-service yield by 12% and low-cost subsidiary HK Express's yield by 23% year on year.
看多理由
Buyers argue that Cathay's Hong Kong hub advantage remains intact, that group profit rose to HK$10.8 billion in 2025 on record passenger volumes, and that continued long-haul network expansion to North America and Europe positions the airline to keep capturing recovering travel demand.
看空理由
Sellers worry that regional overcapacity is already pushing fares and yields down, that geopolitical shocks can force route cancellations with almost no warning, and that with most of its fuel exposure unhedged a sustained rise in oil prices would hit margins hard just as competitive pressure caps how much fares can rise.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$105.52B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$9.79B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$15.46B
股东权益合计
$58.02B
负债合计
$63.49B
流动比率
0.44
利息覆盖率
-
债务/EBITDA
2.79
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$28.51
当前价格
$14.60
安全边际
+48.8%
公允价值区间
$18.53 - $38.49
估算方法
估值指标
市盈率(P/E)
9.05
ROE
24.5%
市净率(P/B)
1.63
P/FCF
5.73
毛利率
64.0%
ROIC
8.2%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
8.2%
WACC
4.7%
ROIC − WACC
+3.5 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过(16)
- ROIC 8.2%
- Gross Margin 64.0%
- P/FCF 5.73
- P/B Ratio 1.63
- Debt/Equity ratio
- Operating Margin 12.4%
- Positive Free Cash Flow
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 19.4%
- Revenue Growth 5Y 20.0%
- Analyst Consensus 73% Buy
- Earnings Surprise avg 50.5%
- Earnings Quality (OCF/NI) 2.58
- Net Margin Trend 9.3% vs 9.2%
未通过(4)
- Price CAGR 4.73%
- CapEx intensity
- Current Ratio
- Piotroski F-Score 2/9
不可用(7)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
高质量:盈利有现金流支撑
股权稀释
正在回购股份,对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Guy Martin Coutts Bradley J.P. | Executive Chairman of the Board | 59 |
| Mr. Siu Por Lam | CEO & Executive Director | 52 |
| Ms. Rebecca Jane Sharpe | CFO & Executive Director | 54 |
| Mr. James John McGowan | Chief Operations & Service Delivery Officer and Executive Director | 52 |
| Ms. Hoi Zee Lau | Chief Customer & Commercial Officer and Executive Director | 54 |
| Mr. Keith Fung | General Manager of Corporate Finance | - |
| Ms. Joanna Lai | Group General Counsel & Company Secretary | 40 |
| Ms. Patricia Hwang | Director of People | - |
| Christopher J. Buckley | Head of Financial Service | - |
| Mr. Jonathan Ng | Regional Head of Customer Travel & Lifestyle - Southeast Asia | - |
审计风险
3
董事会风险
4
薪酬风险
6
股东权利风险
8
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for CPCAY, sourced from Markets Gazette.