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KREDKRED
000270KOSPI

KIA

106,800
-2,800 (-2.55%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

KIA was established in 1944 and is listed on the KOSPI market. The company is headquartered in Seoul.

The company manufactures and distributes finished vehicles and parts, and provides rental and maintenance services. Its main products include passenger cars, RVs, and commercial vehicles. These are produced at plants in Korea, the United States, Slovakia, Mexico, and India.

Business overview as filed

당사와 연결 종속회사는 보고서 작성 기준일 현재 완성차 및 부분품의 제조ㆍ판매, 렌트 및 정비용역을 사업으로 영위하고 있습니다. 렌트 및 정비부문은 연결실체 전체 매출에서 차지하는 비중이 중요하지 않음에 따라 연결실체는 하나의 보고 부문으로 구성됩니다. 주요 제품은 완성차로 승용, RV, 상용 등으로 구분하고 있습니다. 승용 주요 차종은 모닝, 레이, K5, K8, K9, EV4 등이고, RV 주요 차종은 니로, 셀토스, 스포티지, 쏘렌토, 카니발, 타스만, EV3, EV5, EV6, EV9 및 PV5 패신저 등이며, 상용 주요 차종은 봉고 트럭, 대형 버스 및 PV5 카고 등입니다. 주요 원재료는 엔진, 미션, 모듈 등의 부품과 철판, 페인트 등의 원자재 및 기타로 구성되어 있고 협력회사 또는 계열회사 등을 통해 공급받고 있습니다. 2025년 기준 생산능력은 3,114,000대이고, 생산실적은 2,851,092대로 가동률은 91.6%였습니다. 국내 생산공장은 광명, 화성, 광주, 서산(위탁생산)에 위치해 있고, 해외 생산공장은 미국, 슬로바키아, 멕시코, 인도, 중국(연결 제외)에 위치하고 있습니다.

'25년 연간 매출액은 수요기반 풀방식의 효율적인 인센티브 집행 및 우호적인 환율효과로 ASP 상승세를 지속하며, 전년대비 +6.2% 증가한 114조 1,410억원을 기록하였습니다. 영업이익의 경우, 2분기부터 본격화된 미국 관세 영향으로 매출원가가 크게 상승함에 따라 당사의 사업 본원 경쟁력 강화에도 불구하고, 전년대비 28.3% 감소한 9조 780억원을 기록하였습니다. 영업이익률은 8%을 기록하며 관세 환경하에서도 산업내 차별화된 사업 경쟁력과 이익 창출력을 증명하였습니다.(연결재무제표 기준)

Company overview

가. 연결대상 종속회사 개황

1-1. 연결대상회사의 변동내용

나. 회사의 법적·상업적 명칭 당사 명칭은 국문으로 "기아 주식회사"라고 표기하고, 영문으로는 "Kia Corporation"이라고 표기합니다. 단, 약식으로 표기할 경우에는 "기아(주)", 또는 "Kia Corp."라고 표기합니다.

다. 설립일자 당사 설립일은 1944년 12월 11일이며, 유가증권시장 상장일은 1973년 7월 21일입니다.

라. 본사의 주소, 전화번호, 홈페이지 주소 - 주소 : 서울시 서초구 헌릉로 12 - 전화번호 : 02-3464-5114 - 홈페이지 : https://www.kia.com

마. 중소기업 등 해당 여부

바.

목적사업 (당사 정관)

사. 신용평가에 관한 사항 당사는 회사채 및 기업어음을 발행의 목적, 기타 수시평가에 의하여 신용평가 전문기관으로부터 평가 받고 있으며, 공시대상기간 동안의 평가내역은 다음과 같습니다.(1) 회사채

(2) 신용등급체계 및 부여 의미

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.18%
[2.07%, 5.12%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 48.2% (2026-10-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.58
Beta [0.44, 0.73] · KOSPI200 · As of 2026-10-08
Intercept
-0.144%[-0.506%, +0.217%]
R squared
0.37
Observations
252
Trading-time corrected beta
0.64[0.38, 0.89]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M495,214527,129535,357541,698581,460591,681698,624865,590998,0841,074,4881,141,4091,193,127
Revenue growth%—6.441.561.187.341.7618.0723.9015.317.656.23—
Operating incomeKRW 100M23,54324,6156,62211,57520,09720,66550,65772,331116,079126,67190,78181,384
Operating income growth%—4.55-73.1074.7973.632.83145.1442.7960.489.13-28.33—
Net incomeKRW 100M26,30627,5469,68011,55918,26714,87647,60354,09087,77897,75075,54270,513
Net income growth%—4.72-64.8619.4158.02-18.56220.0013.6362.2811.36-22.72—
Attributable to ownersKRW 100M26,30627,5469,68011,55918,26714,87647,60554,09487,77097,73075,61070,582
Attributable to minoritiesKRW 100M——————-1-5820-68-69
Operating margin%4.754.671.242.143.463.497.258.3611.6311.797.956.82
Net margin%5.315.231.812.133.142.516.816.258.799.106.625.91
ROE%10.8710.363.604.246.304.9813.6413.7518.8517.5012.3610.91
ROA%5.725.411.852.233.302.467.127.3410.8910.547.636.60
Debt ratio%89.9791.4694.6890.0990.99102.3791.4887.3573.1866.1161.7665.14
Current ratio%126.14128.72141.24132.88124.77123.68135.44134.56145.93154.94156.55151.50
Quick ratio%73.3674.2285.4884.1177.8390.05102.5798.68102.02108.90104.87100.53
Reserve ratio%————————2,095.592,421.422,621.412,697.71
Free cash flowKRW 100M————————89,61490,79252,896—
FCF margin%————————8.988.454.63—
OCF conversion%128.31118.92267.99386.76197.66364.61154.60172.55128.69128.54119.86—
Capex to revenue%————————2.343.243.30—
Inventory daysdays—71.471.262.457.456.445.543.148.252.353.9—
EPSKRW6,5596,8732,4142,8834,5563,71011,87413,49522,16824,89319,38218,079
PERx—5.7113.8811.699.7216.826.924.394.514.056.287.63
BPSKRW—65,56966,26467,20871,48773,74086,12197,044115,789140,395156,726165,690
PBRx—0.600.510.500.620.850.950.610.860.720.780.83
Dividend per shareKRW1,1001,1008009001,1501,0003,0003,500—5,6006,500—
Payout ratio%16.7716.0033.1431.2225.2426.9525.2725.94—22.5033.54—

Consolidated basis

Profit flowKRW 100M

Revenue
1,141,409
Cost of sales
916,328
Gross profit
225,081
SG&A expenses
134,299
Operating income
90,781
Non-operating income
11,632
Profit before tax
102,414
Net income
75,542
Income tax expense
26,872

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
459,801508,893522,944517,866553,448604,904668,500737,110806,278927,559989,791
217,761243,098254,333245,431263,667305,988319,374343,679340,696369,156377,886
242,040265,794268,612272,435289,781298,917349,126393,431465,582558,403611,905

Income statement

20152016201720182019202020212022202320242025
495,214527,129535,357541,698581,460591,681698,624865,590998,0841,074,4881,141,409
23,54324,6156,62211,57520,09720,66550,65772,331116,079126,67190,781
31,00334,42011,40114,68625,31118,41463,93875,020126,773135,002102,414
26,30627,5469,68011,55918,26714,87647,60354,09087,77897,75075,542
Basic earnings per shareKRW6,5596,8732,4142,8834,5563,71011,87413,49522,16824,89319,382
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
22,70428,1787,2287,03020,95513,74654,24556,36189,680118,11083,913

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement26,30627,5469,68011,55918,26714,87647,60354,09087,77897,75075,542
Total adjustments to operating cash flowcomputed7,4465,21216,26233,14817,84039,36325,99439,24225,18727,89415,000
33,75232,75925,94244,70836,10754,23973,59793,332112,965125,64490,541
-56,138-23,123-47,946-11,554-11,042-28,649-44,239-56,713-31,068-101,528-49,599
9,0649,4547,319-25,430-7,26335,173-16,205-34,544-55,963-35,700-41,755
Cash at beginning of periodKRW 100M24,78511,04930,64215,61722,92742,687101,607115,337115,540143,531135,666
11,04930,64215,61722,92742,687101,607115,337115,540143,531135,666139,981
Net change in cash and cash equivalentsKRW 100M-13,73519,593-15,0257,30919,76158,92013,73020327,992-7,8664,315

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 82한영회계법인2025-12-31
2024적정의견Term 81삼정회계법인2025-12-31
2023적정의견Term 80삼정회계법인2025-12-31
2022적 정Term 79삼정회계법인2022-12-31
2021적 정Term 78한영회계법인2022-12-31
2020적 정Term 77한영회계법인2022-12-31
2019적 정Term 76한영회계법인2019-12-31
2018적 정Term 75한영회계법인2019-12-31
2017적 정Term 74한영회계법인2019-12-31
2016적 정Term 73안진회계법인2016-12-31
2015적 정Term 72삼정회계법인2016-12-31
2014적 정Term 71삼정회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.66
%
%
Cost of equity7.71%
Weighted average cost of capital7.66%
Initial growth8.2%
Effective tax rate26.2%
Base fiscal year2025
Current priceKRW106,800

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model116,037+8.6%
Dividend discount model DDM133,662+25.2%
Discounted cash flow FCFF319,620+199.3%
Discounted cash flow FCFE170,951+60.1%
Residual income model RIM313,682+193.7%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.66 × 5.00% = 7.71%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(12.36% × (1 − 33.54%), 0) = 8.21%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 6,500 × (1 + 2.00%) / (7.71% − 2.00%) = 6,630 / 0.0571 = 116,037 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 6,500, g_1 = 8.21%, g_T = 2.00%, r = 7.71%

YearGrowthDividend KRWDiscount factorPresent value KRW
18.21%7,0340.92846,530
26.66%7,5020.86196,466
35.11%7,8850.80026,310
43.55%8,1660.74296,066
52.00%8,3290.68975,744
Terminal value2.00%148,6860.6897102,545
Total133,662

P_0 = 133,662 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 156,726 KRW, ROE = 12.36%, payout ratio = 33.54%, r = 7.71%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1156,72619,36712,0897,2770.92846,756
2169,59820,95713,0827,8750.86196,787
3183,52722,67814,1578,5220.80026,819
4198,60024,54115,3199,2220.74296,851
5214,91026,55616,5789,9790.68976,882
Terminal value178,1430.6897122,861

P_0 = 156,726 + 34,095 + 122,861 = 313,682 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 90,541.4 − 37,645.1 + 1,381.3 × (1 − 26.24%) = 53,915.2 KRW hundred million

Weighted average cost of capital

E = 416,961.1, D = 11,902.6 KRW hundred million; equity weight = 97.22%, debt weight = 2.78%; cost of debt k_d = 7.71%

WACC = 97.22% × 7.71% + 2.78% × 7.71% × (1 − 26.24%) = 7.66%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
18.21%58,343.20.928954,193.3
26.66%62,228.70.862853,691.1
35.11%65,406.40.801452,418.8
43.55%67,730.40.744450,420.4
52.00%69,085.00.691547,770.8
Terminal value2.00%1,245,542.40.6915861,265.0
Total1,119,759.3

Firm value = 1,119,759.3; less borrowings 11,902.6; plus cash 139,981.1 → 1,247,837.8 KRW hundred million

P_0 = 1,247,837.8 KRW hundred million ÷ 390,412,998 (shares) = 319,620 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 90,541.4 − 37,645.1 + -20,439.8 (net borrowing) = 32,456.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
18.21%35,122.10.928432,606.9
26.66%37,461.20.861932,287.9
35.11%39,374.10.800231,506.3
43.55%40,773.10.742930,289.4
52.00%41,588.60.689728,682.7
Terminal value2.00%742,434.50.6897512,039.8
Total667,413.0

P_0 = 667,413.0 KRW hundred million ÷ 390,412,998 (shares) = 170,951 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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