Korean Air Lines Co (003490) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Korean Air Lines Co stock KRW 33,054, price KRW 29,400, upside +12.4%, quality 37 out of 100. Rating: undervalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 17,616 KRW – 32,000 KRW · fair‑value band 23,680 KRW – 42,970 KRW · the 29,400 KRW price screens below the 33,054 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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 29,400 KRW, while our model-based Fair Value estimate is 33,054 KRW, implying the stock looks roughly 11% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 33,411 KRW per share, and 6 of the 16 models we run sit above the 29,400 KRW price.
Bear case: the Dividend Discount group reads lowest at 12,322 KRW, and 10 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 23,680 KRW (bear) to 42,970 KRW (bull), the price of 29,400 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 37/100 (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 10.9T KRW (≈ $8.0B) Mid · P/S ratio 0.37 · EPS (TTM) −726.35 KRW · Dividend yield 2.6% · Net margin −1.0% · Return on equity −7.4% · Return on assets (EBIT) 5.5% (5-year average) · Operating margin −2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 44% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 15% fair-value upside, at 12%, 003490 screens richer than that median.
Fair Value models
Bear23,680 KRWFair Value 33,054 KRWBull42,970 KRW
Price 29,400 KRW · Upside +12.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
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%
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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.
+7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.9%
Dividend (yield on the price)2.6%
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 8.9%/yr over ~7Y (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.
Price, fair value, quality and upside side by side.
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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 · 52 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside+12.4% · Above median
Profitability
Return on assets1.6% · Below median
Net margin (12 months)−1.0% · Bottom 25%
Operating margin (12 months)−2.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)16.4% · Above median
Dividend yield (12 months)2.6% · Above median
Balance sheet
Debt / equity0.55× · Below median
Valuation Multiplesvs Airlines median · lower = cheaper
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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 Nov 8, 2026, our model estimates a fair value of 33,054 KRW versus a price of 29,400 KRW, about +12% upside (undervalued).
What is the fair value of 003490?
Our model-based fair value for Korean Air Lines Co is 33,054 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 29,400 KRW.
What is the quality score of 003490?
Korean Air Lines Co has a Quality Score of 37/100. 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 Nov 8, 2026) from 16 valuation models. Cautious scenario 23,680 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 +12% upside versus a price of 29,400 KRW (undervalued). Cautious scenario 23,680 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 26.4T KRW (latest available figure, as of Nov 8, 2026).
Does Korean Air Lines Co pay a dividend?
Korean Air Lines Co currently shows a dividend yield of 2.55% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Korean Air Lines Co (003490) and when is the ex-dividend date?
Korean Air Lines Co pays a dividend of 750.00 KRW per share a year, a dividend yield of 2.6%. The last ex-dividend date was Mar 30, 2026. The payout ratio is 35.4% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
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 Nov 8, 2026), against a price of 29,400 KRW. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Korean Air Lines Co stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 003490 trades below its calculated fair value: price 29,400 KRW, fair value 33,054 KRW, a gap of about +12% (undervalued). 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 (29,400 KRW); the fair value is what the company's own numbers justify (33,054 KRW). For Korean Air Lines Co the two are 3,654 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 10.9T KRW (market capitalisation, as of Nov 8, 2026). Per share that is 29,400 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 23,680 KRW, base 33,054 KRW, optimistic 42,970 KRW per share (as of Nov 8, 2026, price 29,400 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 Nov 8, 2026): return on equity −7.4%, debt of 0.55 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 003490 from its 52-week high?
Korean Air Lines Co trades at 29,400 KRW, about 8% below its 52-week high of 32,000 KRW and 44% above the low of 20,377 KRW (as of Nov 6, 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, InterGlobe Aviation Limited, 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 Nov 8, 2026: price 29,400 KRW, calculated fair value 33,054 KRW (+12%), Quality Score 37/100, 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 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 33,054 KRW builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Korean Air Lines Co currently trades 11% 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 Nov 6, 2026 was 29,400 KRW. Our model-based fair value is 33,054 KRW, about +12% upside (undervalued). 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?
A fairly wide model range (23,680 KRW to 42,970 KRW) leaves room in how you read the outcome. 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 10.9T KRW (≈ $8.0B). 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 0.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Korean Air Lines Co (003490)?
Earnings per share at Korean Air Lines Co are −726.35 KRW. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Korean Air Lines Co (003490)?
The dividend yield of Korean Air Lines Co is 2.6%. 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 −1.0% (last twelve months). 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 −7.4% (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 −2.9% (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 +16.4% 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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Nov 8, 2026