# Flight Centre Travel Group (FLT.AU)

Canonical: https://gigainvestors.com/s/FLT.AU

Analysis as of: 2026-10-16T07:42:29.104Z. Financial observations: FY1997–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 10.24 per share; close as of 2026-10-15.

Estimated value: low AUD 9.49 per share, central AUD 10.27 per share, high AUD 11.32 per share. Buy at or below the central value AUD 10.27 per share. Valuation as of 2026-10-16T07:42:29.104Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 2.90×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.13×

- FY2019: 0.11×

- FY2020: -0.41×

- FY2021: -2.08×

- FY2022: -0.40×

- FY2023: 0.05×

- FY2024: 0.09×

- FY2025: 0.08×

- FY2026: 0.07×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 31.2%

- ROIC, second-lowest year: -123.7%

- Typical minus recent gross margin: 4.6 pp

- Typical gross margin (annual median): 42.0%

- Recent gross margin (lower of latest and 3-year median): 37.4%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 10.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 36.6%

- FY2018: 46.2%

- FY2019: 96.6%

- FY2020: -26.2%

- FY2021: -194.4%

- FY2022: -123.7%

- FY2023: 24.7%

- FY2024: 70.3%

- FY2025: 34.1%

- FY2026: 28.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.59×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 252M

- Net income, five-year total: AUD 159M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: -2.4 pp

- Working capital / revenue, final three-year average: 11.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.90×

- FY2023: 0.97×

- FY2024: 1.09×

- FY2025: 0.95×

- FY2026: 1.39×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 46.2% vs 34.1%

- Per-share earnings: 2.27 to 0.62 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.7%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: AUD -959M

- Cumulative retained earnings: AUD -1.3B

- Diluted shares, 10-year annual growth: 7.7%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -14.9%

- Per-share value change: AUD -1.65

- Per-share value, starting three-year median: AUD 2.27

- Per-share value, ending three-year median: AUD 0.62

- Buybacks concentrated in cheaper years (correlation): 0.19

- Average buyback yield: 1.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 1.7B

- Cumulative net income, 10 years: AUD -179M

- ROIC, first three-year median: 46.2%

- ROIC, last three-year median: 34.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD 2.27

- FY2018: AUD 2.19

- FY2019: AUD 2.33

- FY2020: AUD -3.33

- FY2021: AUD -2.17

- FY2022: AUD -1.43

- FY2023: AUD 0.19

- FY2024: AUD 0.62

- FY2025: AUD 0.50

- FY2026: AUD 0.70

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.01×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.18×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.0%

- FY2018: -1.5%

- FY2019: -0.4%

- FY2020: -15.9%

- FY2021: 14.2%

- FY2022: -4.8%

- FY2023: -2.4%

- FY2024: -6.7%

- FY2025: -0.7%

- FY2026: -3.0%

## Holders

## Price story

Down 56% since Jul 2023 · sales +2.5%

Story as of 2026-10-16T10:00:12.364Z; price observation 2026-10-15.

Price needs cash profits to grow 0.8% a year for ten years

### Sales · FY2025–2026

sales +2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 2.7B 

- FY2018: AUD 2.9B 

- FY2019: AUD 3.1B 

- FY2020: AUD 1.9B 

- FY2021: AUD 396M 

- FY2022: AUD 1.0B 

- FY2023: AUD 2.3B 

- FY2024: AUD 2.7B 

- FY2025: AUD 2.8B 

- FY2026: AUD 2.9B 

### Gross margin · FY2026

gross margin 37.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 40.9% 

- FY2018: 41.3% 

- FY2019: 42.7% 

- FY2020: 15.8% 

- FY2021: 99.4% 

- FY2023: 95.6% 

- FY2024: 94.5% 

- FY2025: 94.1% 

- FY2026: 37.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in travel services; annual sales are AUD 2.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2026: revenue 2854861000; grossProfit 1068338000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLT.AU: Flight Centre Travel Group Limited engages in leisure travel retailing activities in Australia, New Zealand, the Americas, Europe, the Middle East, Africa, Asia, and internationally. The company is involved in the operation of leisure travel under the Aunt Betty, BYOjet, Cruiseabout, Envoyage, Flight Centre, Iglu.com, ignite, Laurier Du Vallon, Luxury Travel Collection, Scott Dunn, Travel, Travel Money, and Word 360 brands. It also engages in corporate travel management and in destination travel experience businesses, including tour operations, destination management companies, and wholesaling; and corporate business under the Corporate Traveller, FCM, fresh, and Stage and Screen brands. In addition, the company is involved in supply products to its network of travel retail outlets under the AVMIN, Back-Roads, CruiseHQ, Discova, Global Touring, Grasshopper Adventures, Infinity Holidays, Topdeck, and tpc; and foreign currency exchange and travel academies, as well as recruitment marketing, bike retailing, and employee benefit businesses under the Healthwise, Moneywise, and WhereTo brands. Further, it operates as an intermediary agent connecting customers with travel suppliers comprising airlines, hotels, tour operations, cruise, and other travel services. The company was formerly known as Flight Centre Limited and changed its name to Flight Centre Travel Group Limited in November 2013. Flight Centre Travel Group Limited was incorporated in 1987 and is headquartered in South Brisbane, Australia.

### Why customers stay

Margins ranged from 37.4% to 94.5% during 2024–26; it earns 31.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2024: grossProfit / revenue = 94.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2025: grossProfit / revenue = 94.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2026: grossProfit / revenue = 37.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); 10-year return on capital observations [[2017,0.365602354230486],[2018,0.46190227102872927],[2019,0.9657554682307478],[2020,-0.26160517991713395],[2021,-1.9435973777901336],[2022,-1.2367198580180123],[2023,0.24748627116915928],[2024,0.7025334996293847],[2025,0.34121951908344844],[2026,0.2827786828389819]]; median 0.3119991009612152. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back AUD 163.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2017: growth capex 508000; upkeep 75278000; owner earnings 230773000. Growth capex / owner earnings = 0.0022012973788094795.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2018: growth capex 0; upkeep 50957000; owner earnings 290361000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2019: growth capex 0; upkeep 53352000; owner earnings 293480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2023: growth capex 0; upkeep 92031000; owner earnings 46033400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2024: growth capex 0; upkeep 95604000; owner earnings 152741000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2025: growth capex 0; upkeep 102656000; owner earnings 103530200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2026: growth capex 0; upkeep 32078000; owner earnings 208051400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); Dividend observations: [[2017,138339000],[2018,155664000],[2019,319787000],[2020,99097000],[2021,501196000],[2022,188976000],[2023,1009000],[2024,61591000],[2025,91937000],[2026,87488000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); FY2026: cash repurchases 163471000 AUD.

### Are managers owners

Insiders own 23.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLT.AU SharesStats.PercentInsiders = 23.494999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.8% yearly over ten years; actual decline was 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:29.104Z); Ten-year compound average after fade. Initial solved rate -0.0009216676214271469. Price 10.24; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.339048650223494 → FY2026 0.9800763893861338. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 30.49 per share

- 2016-11: AUD 30.07 per share

- 2016-12: AUD 28.18 per share

- 2017-01: AUD 26.95 per share

- 2017-02: AUD 25.96 per share

- 2017-03: AUD 26.00 per share

- 2017-04: AUD 28.31 per share

- 2017-05: AUD 32.19 per share

- 2017-06: AUD 34.48 per share

- 2017-07: AUD 39.16 per share

- 2017-08: AUD 43.52 per share

- 2017-09: AUD 40.52 per share

- 2017-10: AUD 42.13 per share

- 2017-11: AUD 40.29 per share

- 2017-12: AUD 39.82 per share

- 2018-01: AUD 45.94 per share

- 2018-02: AUD 52.02 per share

- 2018-03: AUD 51.30 per share

- 2018-04: AUD 50.32 per share

- 2018-05: AUD 55.47 per share

- 2018-06: AUD 57.30 per share

- 2018-07: AUD 61.22 per share

- 2018-08: AUD 52.59 per share

- 2018-09: AUD 47.85 per share

- 2018-10: AUD 41.77 per share

- 2018-11: AUD 43.97 per share

- 2018-12: AUD 38.64 per share

- 2019-01: AUD 38.74 per share

- 2019-02: AUD 41.20 per share

- 2019-03: AUD 37.85 per share

- 2019-04: AUD 34.57 per share

- 2019-05: AUD 39.24 per share

- 2019-06: AUD 37.40 per share

- 2019-07: AUD 41.49 per share

- 2019-08: AUD 41.87 per share

- 2019-09: AUD 42.85 per share

- 2019-10: AUD 38.34 per share

- 2019-11: AUD 39.64 per share

- 2019-12: AUD 39.66 per share

- 2020-01: AUD 35.39 per share

- 2020-02: AUD 29.36 per share

- 2020-03: AUD 8.92 per share

- 2020-04: AUD 10.99 per share

- 2020-05: AUD 13.08 per share

- 2020-06: AUD 11.12 per share

- 2020-07: AUD 10.59 per share

- 2020-08: AUD 13.23 per share

- 2020-09: AUD 13.77 per share

- 2020-10: AUD 11.26 per share

- 2020-11: AUD 17.11 per share

- 2020-12: AUD 15.85 per share

- 2021-01: AUD 14.08 per share

- 2021-02: AUD 16.61 per share

- 2021-03: AUD 17.99 per share

- 2021-04: AUD 16.75 per share

- 2021-05: AUD 15.23 per share

- 2021-06: AUD 14.85 per share

- 2021-07: AUD 15.05 per share

- 2021-08: AUD 16.41 per share

- 2021-09: AUD 21.46 per share

- 2021-10: AUD 19.99 per share

- 2021-11: AUD 17.75 per share

- 2021-12: AUD 17.62 per share

- 2022-01: AUD 16.54 per share

- 2022-02: AUD 17.56 per share

- 2022-03: AUD 19.70 per share

- 2022-04: AUD 22.59 per share

- 2022-05: AUD 20.50 per share

- 2022-06: AUD 17.36 per share

- 2022-07: AUD 17.22 per share

- 2022-08: AUD 17.90 per share

- 2022-09: AUD 14.22 per share

- 2022-10: AUD 16.65 per share

- 2022-11: AUD 16.06 per share

- 2022-12: AUD 14.49 per share

- 2023-01: AUD 15.83 per share

- 2023-02: AUD 18.80 per share

- 2023-03: AUD 18.48 per share

- 2023-04: AUD 19.67 per share

- 2023-05: AUD 21.13 per share

- 2023-06: AUD 19.05 per share

- 2023-07: AUD 23.37 per share

- 2023-08: AUD 21.12 per share

- 2023-09: AUD 19.38 per share

- 2023-10: AUD 18.63 per share

- 2023-11: AUD 18.33 per share

- 2023-12: AUD 20.36 per share

- 2024-01: AUD 21.29 per share

- 2024-02: AUD 21.41 per share

- 2024-03: AUD 21.85 per share

- 2024-04: AUD 21.21 per share

- 2024-05: AUD 18.85 per share

- 2024-06: AUD 20.18 per share

- 2024-07: AUD 22.21 per share

- 2024-08: AUD 20.97 per share

- 2024-09: AUD 22.35 per share

- 2024-10: AUD 15.98 per share

- 2024-11: AUD 17.51 per share

- 2024-12: AUD 16.68 per share

- 2025-01: AUD 17.87 per share

- 2025-02: AUD 16.18 per share

- 2025-03: AUD 13.83 per share

- 2025-04: AUD 12.77 per share

- 2025-05: AUD 13.29 per share

- 2025-06: AUD 12.48 per share

- 2025-07: AUD 11.94 per share

- 2025-08: AUD 13.03 per share

- 2025-09: AUD 11.57 per share

- 2025-10: AUD 12.31 per share

- 2025-11: AUD 13.53 per share

- 2025-12: AUD 15.01 per share

- 2026-01: AUD 16.20 per share

- 2026-02: AUD 12.90 per share

- 2026-03: AUD 10.66 per share

- 2026-04: AUD 10.19 per share

- 2026-05: AUD 10.93 per share

- 2026-06: AUD 11.96 per share

- 2026-07: AUD 13.20 per share

- 2026-08: AUD 11.78 per share

- 2026-09: AUD 10.35 per share

- 2026-10: AUD 10.24 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 40.44 per share, central AUD 55.76 per share, high AUD 64.68 per share

- FY2018: low AUD 34.64 per share, central AUD 45.30 per share, high AUD 52.36 per share

- FY2019: low AUD 39.29 per share, central AUD 49.39 per share, high AUD 56.63 per share

- FY2020: low AUD 18.68 per share, central AUD 19.98 per share, high AUD 21.71 per share

- FY2021: low AUD 8.59 per share, central AUD 8.84 per share, high AUD 9.17 per share

- FY2025: low AUD 6.40 per share, central AUD 6.79 per share, high AUD 7.30 per share

- FY2026: low AUD 9.08 per share, central AUD 9.84 per share, high AUD 10.84 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:48:17.681Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.