Overview
Air Transportation

Skymark Airlines Inc.

Skymark Airlines is a Japan-based domestic airline operating scheduled passenger services across 23 routes connecting 12 airports, from Hokkaido in the north to Okinawa and Miyako (Shimojishima) in the south, with 156 daily flights as of the 2025 summer schedule. The company operates exclusively with Boeing 737-800 aircraft, enabling cost efficiency through a single fleet type, and positions itself as Japan's 'third pillar' of domestic aviation between the legacy carriers and LCCs. Skymark differentiates through competitive fares, complimentary in-flight beverages, free checked baggage allowances, and high on-time performance, with a strategic focus on high-yield Haneda Airport routes which account for approximately 58% of passenger revenue.

Market Cap
¥25.4B
US$162M
EV
¥43.5B
US$277M
Stock¥423▲+0.24%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
11.0
x
LTM EV/EBIT
426.1
x
LTM PER
14.3
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-33.6%pt
1001
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 14, 25FY2025 H1 guidance downward revision
MC → EV Bridge
25.4BUS$162MMarket Cap38.6BUS$246M+ Debt20.6BUS$131M− Cash0.00BUS$0.00M− Inv. Sec.43.5BUS$277MEV
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Performance & Balance
Revenue 5Y (¥B)
86.0US$547M'14/35.49US$34.9M'23/36.03US$38.4M'24/3110US$703M'26/3
EBITDA 5Y (¥B)
5.86US$37.3M'23/37.14US$45.5M'24/34.56US$29.0M'25/35.30US$33.7M'26/3
Net Income 5Y (¥B)
-1.85-US$11.7M'14/35.73US$36.5M'23/33.00US$19.1M'24/32.15US$13.7M'25/31.64US$10.4M'26/3
Capital Structure
42%
58%
EquityD/E 1.38xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
'14/322.5US$143M31.7US$202M'23/326.9US$171M31.1US$198M'24/326.0US$166M29.9US$190M'25/324.5US$156M36.2US$230M'26/3
Shareholders
Top 10 hold 54.5%
1
Suzuyo Sky Partners Investment Limited Partnership
13.05%
2
ANA HOLDINGS INC.
12.97%
3
Suzuyo Holdings Co., Ltd.
6.20%
4
Suzuyo Sky Partners No. 2 Investment Limited Partnership
5.96%
5
AirTrip Corp.
5.03%
6
Sojitz Corporation
5.00%
7
Adventure Holdings Co., Ltd.
1.68%
8
Tomohiro YAMAMOTO
1.66%
9
Katsuyoshi NATSUAKI
1.52%
10
Nomura Securities Co., Ltd.
1.47%
Management
13 officers
Takeshi KIRIYAMA
Director, Managing Executive Officer
Apr 1986 Joined Japan Development Bank (now Development Bank of Japan Inc.) Jun 2008 Chief Representative, London, Development Bank of Japan Apr 2010 CEO, DBJ Europe Limited (UK) Sep 2013 General Manager, Industrial Research Department, Development Bank of Japan Jun 2015 Executive Officer and General Manager, Corporate Investment Department, Development Bank of Japan Jun 2018 Chairman of the Board, DBJ Asset Management Co., Ltd. Jun 2020 Representative Director, President, Value Research Institute Co., Ltd. Jun 2020 Director (Outside), Topy Industries, Ltd. Representative Managing Director, Japan Economic Research Institute Co., Ltd. Jun 2022 Director, Japan Economic Research Institute Co., Ltd. Jun 2024 Director and Executive Officer, the Company Jun 2025 Director, Managing Executive Officer, the Company (current)
1962-08-26
Kunisuke HOKYO
Director, Executive Officer
Apr 1990 Joined All Nippon Airways Co., Ltd. (ANA) Apr 2013 Deputy General Manager, Labor Relations Department, ANA Apr 2017 Director and General Manager, General Affairs Department, Air Japan Co., Ltd. Apr 2019 Deputy Center Director, Flight Operations Center, ANA Apr 2023 Representative Director, President, ANA Chubu International Airport Co., Ltd. Apr 2025 Audit & Supervisory Office, ANA Holdings Inc. Apr 2026 Advisor, Suzuyo & Co., Ltd. (current)
1965-04-06
Yoshinobu SATO
Director, Advisor
Apr 1982 Joined Ministry of Transport Aug 2010 Director, Airports Department, Civil Aviation Bureau, Ministry of Land, Infrastructure, Transport and Tourism (MLIT) Jul 2011 Director, Air Network Division, Civil Aviation Bureau, MLIT Oct 2011 Deputy Director-General, Civil Aviation Bureau, MLIT Jun 2013 Deputy Commissioner, Japan Tourism Agency, MLIT Jul 2014 Deputy Commissioner, Japan Coast Guard, MLIT Sep 2015 Director-General, Civil Aviation Bureau, MLIT Aug 2019 Chairman, Japan Transport Research Institute Jun 2023 Outside Director, the Company Jun 2024 Director, Senior Managing Executive Officer, the Company Jun 2025 Representative Director, Senior Managing Executive Officer, the Company (current)
1960-02-22
Noriyasu MIWA
Representative Director, President and Executive Officer
Apr 1969 Joined Kanematsu-Gosho, Ltd. (now Kanematsu Corporation) Apr 1994 General Manager, Aircraft Department, Tokyo Head Office, Kanematsu-Gosho Apr 1999 General Manager, Electronics & Semiconductor Division, Kanematsu-Gosho Jun 1999 Director, Kanematsu-Gosho Jun 2001 Managing Director, Kanematsu-Gosho Jun 2003 Executive Vice President, Kanematsu-Gosho Jun 2004 Representative Director, President, Kanematsu-Gosho Jun 2010 Advisor, Kanematsu Electronics Ltd. Mar 2012 Joined Suzuyo & Co., Ltd. Jun 2012 President, Shizuoka Air Commuter Co., Ltd. Jun 2016 President, Fuji Dream Airlines Co., Ltd. Jun 2020 Chairman, Fuji Dream Airlines Co., Ltd. Jun 2023 Advisor, Suzuyo & Co., Ltd. Jun 2023 Special Advisor, Fuji Dream Airlines Co., Ltd. Jun 2024 Outside Director, the Company (current)
1946-09-17
Takeshi NEGISHI
Representative Director, Senior Managing Executive Officer
Sep 1990 Joined All Nippon Airways Co., Ltd. (ANA) Apr 2010 General Manager, General Affairs Department, ANA Logistics Service Co., Ltd. Apr 2012 General Manager, General Affairs Department, Panda Flight Academy Co., Ltd. Apr 2013 General Manager, Aircraft Business Division, ANA Trading Co., Ltd. Apr 2015 Executive Officer in charge of Aviation Business, ANA Trading Co., Ltd. Jan 2016 President & CEO, Pan Am International Flight Academy Apr 2021 Representative Director, President, OCS Co., Ltd. Apr 2024 Chairman of the Board, OCS Co., Ltd. Apr 2026 Advisor, Suzuyo & Co., Ltd. (current)
1962-03-16
Kunio KUSANAGI
Director, Managing Executive Officer
Apr 1987 Assigned to Maintenance Division, All Nippon Airways Co., Ltd. (ANA) Jun 1987 Line Maintenance Department, Osaka Line Maintenance Workshop, Maintenance Division, ANA Apr 1995 Planning & Administration Department, Management Office, Maintenance Division, ANA Apr 2000 Chief Engineer, Operational Aircraft Maintenance Department, Narita Maintenance Center, Maintenance Division, ANA Nov 2003 Chief Staff Member, Maintenance Planning Team, Aircraft Planning Department, Maintenance Division, ANA Apr 2007 Chief Staff Member, Operations Promotion Office, Line Maintenance Center, Maintenance Division, ANA Apr 2009 Chief, Planning Section, Maintenance Department, Air Nippon Network Co., Ltd. (seconded) Oct 2010 Deputy General Manager, Maintenance Department, ANA Wings Co., Ltd. (seconded) Jun 2011 General Manager, Maintenance Department, ANA Wings Co., Ltd. (seconded) Apr 2013 Director, International Cargo Service Co., Ltd. (re-seconded from ANA Trading Co., Ltd.) Apr 2015 Director, ANA Line Maintenance Technics Co., Ltd. (seconded) Apr 2019 Director, ANA Wings Co., Ltd. (seconded) Apr 2022 Representative Director, President, ANA Aero Supply System Co., Ltd. (seconded) Apr 2024 Manager, Airline Business Division, Group Management Strategy Office, ANA Holdings Inc. (seconded) Oct 2024 Senior Advisor, the Company (seconded) Jun 2025 Director, Managing Executive Officer, the Company (current)
1964-02-06
Katsuya KATO
Non-Executive Director
Apr 1981 Joined All Nippon Airways Co., Ltd. (ANA) Apr 2008 General Manager, Product Strategy Office, ANA Jun 2011 Deputy General Manager, Tokyo Airport Branch, and General Manager, Passenger Department, ANA Apr 2012 Executive Officer, Deputy General Manager, Operations Division, and General Manager, Tokyo Airport Branch, ANA Apr 2014 Senior Executive Officer and General Manager, Tokyo Airport Branch, ANA; Representative Director, President, ANA Airport Services Co., Ltd. Jun 2015 Managing Director and Executive Officer, Japan Airport Terminal Co., Ltd. Jun 2019 Senior Managing Director, Skymark Airlines Inc. Jul 2023 Representative Partner, Cross Company Inc. (current) Jul 2025 Non-Executive Director, WBH Co., Ltd. (current) Dec 2025 Advisor, Suzuyo & Co., Ltd. (current)
1958-09-11
Masatake KOME
Director
Apr 1981 Registered as Attorney-at-Law Mar 1987 Registered as Attorney-at-Law, State of New York Jul 1987 Joined Mori Sogo (now Mori Hamada & Matsumoto) Jan 1989 Partner, Mori Sogo Apr 2000 Lecturer, Graduate School of International Corporate Strategy, Hitotsubashi University Mar 2008 Outside Director, GCA Savvian Group Inc. (now Houlihan Lokey K.K.) Apr 2011 Vice President, Second Tokyo Bar Association Jun 2011 Outside Audit & Supervisory Board Member, Bandai Namco Games Inc. (now Bandai Namco Entertainment Inc.) (current) Jun 2013 Outside Audit & Supervisory Board Member, Terumo Corporation Jun 2015 Outside Director (Audit and Supervisory Committee Member), Terumo Corporation Mar 2016 Outside Director (Audit and Supervisory Committee Member), GCA Corporation (now Houlihan Lokey K.K.) Mar 2019 Outside Audit & Supervisory Board Member, Yamaha Motor Co., Ltd. (current) Dec 2019 Outside Director, the Company (current) Jan 2020 Senior Counsel, Mori Hamada & Matsumoto Jan 2024 Attorney-at-Law, Kome & Yamagishi Law Office (current)
1954-07-08
Katsuichiro TOYOSHIMA
Director
Apr 1981 Joined Shimizu Bank, Ltd. Jun 1996 General Manager, Secretariat, Shimizu Bank Apr 2001 General Manager, General Administration, Shimizu Bank Jun 2003 Director and Manager, Fuji Branch, Shimizu Bank Jun 2005 Managing Director, Shimizu Bank Jun 2007 Senior Managing Director, Shimizu Bank Apr 2011 Deputy President, Shimizu Bank Apr 2012 Director and President, Shimizu Bank Jun 2017 Chairman, Shimizu Corporate Association (current) Apr 2020 Chairman of the Board, Shimizu Bank (current) May 2020 Vice Chairman, S-Pulse Supporters' Association Jun 2020 Audit & Supervisory Board Member, Television Shizuoka Co., Ltd. (current) Jun 2024 Outside Director, the Company (current) Jun 2025 Councilor, Shizuoka Institute of Science and Technology (current)
1957-07-06
Shinsuke ASAI
Director
Jun 1979 Joined Suzuyo & Co., Ltd. Dec 2000 General Manager, Office of the President, Suzuyo Aug 2003 General Manager, Human Resources Department, Suzuyo Nov 2005 Executive Officer, Suzuyo May 2008 Chairman, Shizuoka Prefectural Labor Standards Association (current) Jun 2008 Director, Fuji Dream Airlines Co., Ltd. (current) Nov 2010 Director, Suzuyo Nov 2011 Managing Director, Suzuyo Jun 2016 Director, Miho Shipyard Co., Ltd. Nov 2016 Senior Managing Director, Suzuyo Aug 2020 Representative Director, President, Suzuyo Holdings Co., Ltd. (current) Nov 2022 Executive Vice President, Suzuyo (current) Jun 2024 Outside Director, the Company (current)
1956-08-30
Kazuo MORIYA
Standing Audit & Supervisory Board Member
Apr 1984 Joined Japan Development Bank (now Development Bank of Japan Inc.) Jun 2009 Credit Decision Manager, Credit Examination Department, Development Bank of Japan Apr 2010 General Manager, Mid-Size and Growth Company Finance Group, Development Bank of Japan Apr 2013 Seconded to Suzuyo & Co., Ltd.; General Manager, Corporate Planning Division, Fuji Dream Airlines Co., Ltd. Apr 2014 Advisor, Suzuyo & Co., Ltd. (current); Director and General Manager, Corporate Planning and General Manager, General Affairs & Human Resources, Fuji Dream Airlines Co., Ltd. Jun 2018 Senior Managing Director, Fuji Dream Airlines Co., Ltd. Jun 2020 Director and Vice President, Fuji Dream Airlines Co., Ltd. Jun 2023 Representative Director and Vice President, Fuji Dream Airlines Co., Ltd. (current) Jun 2026 Representative Director and Vice President, Fuji Dream Airlines Co., Ltd. (scheduled to retire)
1959-04-08
Hirotaka YAMAUCHI
Audit & Supervisory Board Member
Apr 1986 Lecturer, Faculty of Commerce, Chukyo University Apr 1987 Lecturer, Faculty of Economics, Chukyo University Apr 1991 Lecturer, Faculty of Commerce, Hitotsubashi University Apr 1992 Associate Professor, Faculty of Commerce, Hitotsubashi University Apr 1998 Professor, Faculty of Commerce, Hitotsubashi University Apr 2000 Professor, Graduate School of Commerce and Management, Hitotsubashi University Jun 2001 Visiting Research Fellow, Robert H. Smith School of Business, University of Maryland Jan 2005 Dean, Graduate School of Commerce and Management, and Dean, Faculty of Commerce, Hitotsubashi University Jan 2009 Professor, Graduate School of Commerce and Management, Hitotsubashi University Jun 2014 Director, Japan Transport Research Institute Sep 2015 Outside Audit & Supervisory Board Member, the Company (current) Jun 2016 Director General, Japan Transport Research Institute Apr 2018 Professor, Graduate School of Business Administration, Hitotsubashi University Apr 2019 Professor Emeritus, Hitotsubashi University (current) Specially Appointed Professor, Musashino University (current)
1955-07-05
Yoshiko SUNAGAWA
Audit & Supervisory Board Member
Oct 1994 Joined Aoyama Audit Corporation Apr 1998 Registered as Certified Public Accountant Sep 2006 Joined Ahrta Audit Corporation (now PwC Japan LLC) Aug 2013 Representative, Sunagawa CPA Office (current) Dec 2013 Partner, Answers Tax Corporation (now Answers Trust Tax Corporation) (current) Jun 2016 Outside Director (Audit and Supervisory Committee Member), Nippon KFC Holdings, Inc. Jun 2023 Outside Audit & Supervisory Board Member, the Company (current)
1972-08-07
Large Shareholding Reports
Suzuyo & Co., Ltd.
2026-09-30
18.96%→18.96%
Suzuyo & Co., Ltd.
2026-05-20
18.96%
Suzuyo & Co., Ltd.
2026-05-12
18.96%→18.96%
Airtrip Corporation
2025-11-14
5.02%
Annual report (as of 2026-03-31): 5.03%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-30
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINETAmended
2026-07-22
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-05-20
Change Report
EDINET
2026-05-12
Large Shareholding Report
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Large Shareholding Report
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-12
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
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