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Korean Air Lines Co (003490) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Korean Air Lines Co KRW 33,054, price KRW 31,500, upside +4.9%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Industrials · KR · ISIN KR7003490000

KA Some data Sep 24, 2026

Korean Air Lines Co

003490 · KO

Low PriorityFair Value upside is limited and quality is weak.

·Fair value 33,054 KRW · Fairly valued (+5%)
!Quality 41/100
!Expensive Growth (revenue 5y +27.1 %/yr)
!Thin margins · 2.4% net margin (TTM)
!Moderate debt · negative free cash flow
·2.38% dividend yield
!Mixed vs. peers (4/10)
!Narrow moat 31/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 13 out of 100
!Weak on past: 12 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

31,500 KRW 17,616 KRW Fair Value 33,054 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 17,616 KRW – 31,500 KRW · fair‑value band 24,443 KRW – 42,970 KRW · the 31,500 KRW price screens below the 33,054 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Korean Airlines Co.,Ltd. provides airline services. It operates through Air Transport, Aerospace, Hotel, and Others segments. The company provides passenger and cargo transportation services and maintenance of aircraft and manufacturing of aircraft parts.

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Korean Airlines Co.,Ltd. provides airline services. It operates through Air Transport, Aerospace, Hotel, and Others segments. The company provides passenger and cargo transportation services and maintenance of aircraft and manufacturing of aircraft parts. It also engages in hotel, hotel management, accommodation, software development and supply, aircraft engine repair, sports and leisure services, cargo information network service, online sales, aircraft transport services, information technology services, airport support services, online sales, facilities support management services, and small aircraft transport service. Additionally, the company offers cargo information network services; and supplies labors. It operates a fleet of 162 aircraft connecting 10 domestic and 106 international destinations in 39 countries. Korean Airlines Co.,Ltd. was founded in 1962 and is headquartered in Seoul, South Korea.

Stock analysis

Korean Air Lines Co (003490) currently trades at 31,500 KRW, while our model-based Fair Value estimate is 33,054 KRW, implying the stock looks roughly 4.7% fairly valued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 35,996 KRW per share, and 7 of the 16 models we run sit above the 31,500 KRW price.

Bear case: the Economic Profit group reads lowest at 4,739 KRW, and 9 of the 16 models stay below the price. Evidence for this calculation is medium.

Scenario range: 24,443 KRW (bear) to 42,970 KRW (bull), the price of 31,500 KRW sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 41/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Korean Air Lines Co reported revenue of 25.2T KRW in FY2025 versus 9.0T KRW in FY2021, a compound +29.3%/yr. Reported net income was 780B KRW in FY2025, compounding +7.8%/yr from FY2021.

Key figures

Market cap 11.6T KRW (≈ $8.1B) · P/S ratio 0.39 · Dividend yield 2.4% · Net margin 3.1% · Return on equity 3.0% · Return on assets (EBIT) 5.5% · Operating margin 7.8% · Revenue (TTM) 25.4T KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades at its 52-week high and 55% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 26% fair-value upside, at 5%, 003490 screens richer than that median.

Fair Value models

Bear 24,443 KRW Fair Value 33,054 KRW Bull 42,970 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income 23,855 KRW 25,026 KRW 26,472 KRW 76
EPV 2,569 KRW 4,739 KRW 6,612 KRW 71
ROIC Compounder 2,569 KRW 4,739 KRW 6,612 KRW 70
All 16 models by family
Earnings-Based
Graham-Dodd 14,398 KRW 51,221 KRW 68,971 KRW 64
Lynch FV 12,035 KRW 17,193 KRW 22,351 KRW 61
PEG = 1.0 12,035 KRW 17,193 KRW 22,351 KRW 57
EPV 2,569 KRW 4,739 KRW 6,612 KRW 71
Dividend Discount
Gordon GGM 6,897 KRW 13,743 KRW 20,811 KRW 67
DDM Multi-Stage 6,897 KRW 11,877 KRW 14,507 KRW 67
Multiples
P/E Multiple 33,349 KRW 44,466 KRW 55,582 KRW 63
P/S Multiple 26,997 KRW 35,996 KRW 44,995 KRW 58
P/B Multiple 26,997 KRW 35,996 KRW 44,995 KRW 55
EV/EBIT 27,381 KRW 40,234 KRW 53,087 KRW 65
EV/EBITDA 93,909 KRW 128,939 KRW 163,968 KRW 67
EV/Revenue 16,343 KRW 28,137 KRW 39,932 KRW 52
Asset-Based
NCAV (Graham) 14,874 KRW 19,932 KRW 29,749 KRW 54
Economic Profit
Residual Income 23,855 KRW 25,026 KRW 26,472 KRW 76
ROIC Compounder 2,569 KRW 4,739 KRW 6,612 KRW 70
Growth Earnings
Growth-Adj P/E 23,138 KRW 33,054 KRW 42,970 KRW 67

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Quality Score breakdown

Overall quality 41/100

Of which business quality 41 · Market factors (momentum, volatility) 67

Profitability 26
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 21
Balance sheet, leverage, solvency risk
Investment 28
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 80
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+41.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.1%
Start year 2020 (pandemic). Over 10 years: +8.1% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+7.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.9%
Dividend (yield on the price)2.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1% → 4%
⚠ Revenue per share shrinking 9.9%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airlines · 61 stocks

Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 41 · Below median
Fair Value upside +5% · Below median
Profitability
Return on equity (TTM) 3% · Below median
Return on assets 1% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 8% · Above median
Growth and dividend
Revenue growth 3% · Bottom 25%
Dividend yield (TTM) 2.4% · Above median
Balance sheet
Debt / equity 0.55× · Below median

Valuation Multiplesvs Airlines median · lower = cheaper

EV/EBITDA 1.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)40 · sector 59
FUTURE (revenue growth)13 · sector 51
PAST (return on equity)12 · sector 48
HEALTH (low debt)73 · sector 68
DIVIDEND (yield)48 · sector 48

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Airlines stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Delta Air Lines, Inc DAL $83.92 $121.89 +45%
United Airlines Holdings UAL $115.21 $149.86 +30%
Ryanair Holdings RYA €23.46 €48.53 +107%
Southwest Airlines Co LUV $42.08 $14.76 −65%
InterGlobe Aviation Limited INDIGO ₹5,030 ₹3,073 −39%
Singapore Airlines Limited C6L 6.57 SGD 7.89 SGD +20%
LATAM Airlines Group LTM $53.45 $106.79 +100%
China Southern Airlines Company 600029 ¥4.96 ¥2.78 −44%
Deutsche Lufthansa AG LHA €7.88 €9.90 +26%
American Airlines Group AAL $13.61 $3.52 −74%

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Korean Air Lines Co · Fair Value
33,054 KRW +5%Fair Value
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Cite: Fair Value Calculator (2026). "Korean Air Lines Co Fair Value". https://www.fairvalue-calculator.com/stock/003490

Frequently asked questions

Is Korean Air Lines Co (003490) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 33,054 KRW versus a price of 31,500 KRW, about +5% upside (fairly valued).
What is the fair value of 003490?
Our model-based fair value for Korean Air Lines Co is 33,054 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 31,500 KRW.
What is the quality score of 003490?
Korean Air Lines Co has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Korean Air Lines Co (003490)?
Our model-based price target is the fair value of 33,054 KRW (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 24,443 KRW, optimistic scenario 42,970 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korean Air Lines Co stock forecast for 2026?
Our models put fair value at 33,054 KRW, about +5% upside versus a price of 31,500 KRW (fairly valued). Cautious scenario 24,443 KRW, optimistic scenario 42,970 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korean Air Lines Co (003490)?
Korean Air Lines Co reported trailing-twelve-month revenue of about 25.4T KRW (latest available figure, as of Sep 24, 2026).
Does Korean Air Lines Co pay a dividend?
Korean Air Lines Co currently shows a dividend yield of about 2.38% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Korean Air Lines Co (003490)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korean Air Lines Co it is 33,054 KRW per share (as of Sep 24, 2026), against a price of 31,500 KRW. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Korean Air Lines Co stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 003490 trades below its calculated fair value: price 31,500 KRW, fair value 33,054 KRW, a gap of about +5% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 003490?
No. The price is what the market pays today (31,500 KRW); the fair value is what the company's own numbers justify (33,054 KRW). For Korean Air Lines Co the two are 1,554 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korean Air Lines Co worth?
The market values Korean Air Lines Co at about 11.6T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 31,500 KRW; our models calculate a fair value of 33,054 KRW per share.
What do the bullish and bearish scenarios say about 003490?
Our models span a range for Korean Air Lines Co: cautious scenario 24,443 KRW, base 33,054 KRW, optimistic 42,970 KRW per share (as of Sep 24, 2026, price 31,500 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Korean Air Lines Co (003490)?
Balance-sheet figures for Korean Air Lines Co (as of Sep 24, 2026): return on equity 3.0%, debt of 0.55 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 003490 from its 52-week high?
Korean Air Lines Co trades at 31,500 KRW, at its 52-week high of 31,500 KRW and 55% above the low of 20,377 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 33,054 KRW is for.
Which stocks are comparable to Korean Air Lines Co?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, Southwest Airlines Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Korean Air Lines Co stock attractive at the current price?
The data as of Sep 24, 2026: price 31,500 KRW, calculated fair value 33,054 KRW (+5%), Quality Score 41/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 003490 calculated?
We run Korean Air Lines Co through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 33,054 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Korean Air Lines Co currently trades 5 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Korean Air Lines Co (003490)?
The closing price on Sep 23, 2026 was 31,500 KRW. Our model-based fair value is 33,054 KRW, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korean Air Lines Co right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Korean Air Lines Co

How large is the market capitalisation of Korean Air Lines Co (003490)?
The market capitalisation of Korean Air Lines Co is 11.6T KRW (≈ $8.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Korean Air Lines Co (003490)?
The price-to-sales ratio of Korean Air Lines Co is 0.39 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Korean Air Lines Co (003490)?
The dividend yield of Korean Air Lines Co is 2.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Korean Air Lines Co (003490)?
The net margin of Korean Air Lines Co is 3.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Korean Air Lines Co (003490)?
The return on equity (ROE) of Korean Air Lines Co is 3.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Korean Air Lines Co (003490)?
On an EBIT basis the return on assets of Korean Air Lines Co is 5.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Korean Air Lines Co (003490)?
The operating margin of Korean Air Lines Co is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korean Air Lines Co (003490)?
Revenue at Korean Air Lines Co is growing +2.6% versus a year earlier (3y avg +21.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Korean Air Lines Co (003490)?
Earnings per share at Korean Air Lines Co are growing −57.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Korean Air Lines Co (003490) generate?
The free cash flow of Korean Air Lines Co is −221B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Korean Air Lines Co (003490) carry?
The net debt of Korean Air Lines Co is 7.6T KRW (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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