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KREDKRED
047810KOSPI

Korea Aerospace Industries

121,400
-400 (-0.33%)

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

Korea Aerospace Industries was established on October 1, 1999. The company is listed on the KOSPI market and is headquartered in Sacheon, Gyeongsangnam-do.

The company and its subsidiaries design, manufacture, distribute, and maintain aircraft, spacecraft, satellites, and launch vehicles. Main products include the KT-1, T-50, FA-50, KUH, and LAH. Customers include the South Korean government, Boeing, and Airbus.

Business overview as filed

당사와 종속회사는 항공기, 우주선, 위성체, 발사체 및 동 부품에 대한 설계, 제조, 판매, 정비 등의 사업을 영위하고 있습니다.군수사업의 대부분은 내수로 구성되며 수요자인 한국정부(방위사업청)와 계약을 통해 제품(군용기)의 연구개발, 생산, 성능개량, 후속지원 등을 수행하고 있습니다. 주요 제품으로는 KT-1 기본훈련기, T-50 고등훈련기, FA-50 전투기, KUH, LAH, 송골매 무인기 등이 있으며, 현재는 KF-21(한국형 전투기) 개발 및 생산에 박차를 가하고 있습니다. 아울러 국내 최초로 민간기업이 주관하는 차세대 중형위성, 국방위성 개발사업으로 진출하였습니다. 또한, '14년부터는 한국형발사체 체계총조립을 수행하고, 핵심구성품인 1단 추진제 탱크를 제작하는 등 우주사업 전반의 기술역량을 확장해 나가고 있습니다.주요 제품 등의 특성 기타 세부내용은 "II. 사업의 내용"의 "2. 주요 제품 및 서비스"를 참고하여 주시기 바랍니다.제27기말 기준 연결회사의 영업상황으로 매출액은 3조 6,964억원을 시현하였고, 이에 따른 순이익은 약 1,873억원을 시현하였습니다. 주요 매출처의 경우 별도재무제표 기준으로 당사의 방위사업청 등을 대상으로 한 내수 비율은 48.42%이며, 이 외에 Boeing, Airbus, IAI 등 26.05%, 폴란드 등 완제기 수출국이 25.53%로 매출처가 구성되어 있습니다. 보고서 작성일 기준 당사의 별도재무제표 기준 수주 잔고는 27조 3,437억원입니다. 매출 및 수주상황의 세부내용은 "II. 사업의 내용"의 "4. 매출 및 수주상황"을 참고하여 주시기 바랍니다.

원재료 구매의 경우 당사는 협력업체와 장기 협력관계 구축을 통해 단가 안정화를 추진하고 있습니다. 당사는 첨단기술 확보가 향후 항공 방위산업에서 당사의 경쟁력을 증대시킬 것으로 판단하고 있으며, 지속적으로 연구개발 활동에 자원을 투자하고 있습니다. 당기말 별도재무제표 기준으로 당사의 매출액 대비 연구 및 개발비 비율은 4.52%입니다.본 사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등은 "II. 사업의 내용"의 "2. 주요 제품 및 서비스"부터 "7. 기타 참고사항"까지의 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

Company overview

가. 회사의 법적, 상업적 명칭

당사의 명칭은 한국항공우주산업 주식회사입니다. 또한 영문으로는 KOREA AEROSPACE INDUSTRIES, LTD.라고 표기합니다.

나. 설립 일자 및 존속기간

당사는 항공기 부품, 완제품 제조 및 판매를 목적으로 1999년 10월 1일에 설립되었습니다.

다. 본사의 주소, 전화번호 및 홈페이지

주 소 : 경상남도 사천시 사남면 공단1로 78전화번호 : 055-851-1000홈페이지 : https://www.koreaaero.com/

라. 주요 사업의 내용 및 향후 추진하려는 신규사업

당사와 종속회사는 항공기, 우주선, 위성체, 발사체 및 동 부품에 대한 설계, 제조, 판매, 정비 등의 사업을 영위하고 있습니다. 부문별 주요 제품 및 매출 비중은 아래와 같습니다.

[부문별 주요 제품 및 매출 비중]

향후 당사는 LAH 양산, KUH 파생형 개발/양산, KF-21 양산, 민항기 RSP 참여, 유무인 복합체계 개발 및 우주분야 Total Solution 업체로 발돋움하기 위한 연구개발 사업 참여 등 다양한 항공 우주 산업 분야로 사업 확대를 추진하고 있습니다. 당사는 본사를 거점으로 3개 사업장(산청, 종포, 고성사업장) 및 2개 사무소(서울, 대전사무소)를 운영하고 있으며, 해외사업장으로는 유럽, 미주, 동남아시아, 아프리카 등 거점 지역에서 현지법인 및 해외 사무소를 통해 글로벌 네트워크를 구축하고 있습니다.

마. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

바. 중소기업 등 해당 여부

당사는 보고서 작성기준일(2025년 12월 31일) 현재「중소기업기본법」제2조에 의한 중소기업에 해당되지 않습니다.

사. 신용평가에 관한 사항

최근 3사업년도 중 외부 신용평가 전문기관으로부터 받은 신용평가등급은 다음과같습니다.

[신용등급의 정의]NICE신용평가 (구,한국신용정보평가) 신용등급

- 기업어음 신용등급의 정의

- 회사채 신용등급

한국신용평가- 기업어음 신용등급의 정의

- 회사채 신용등급

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

당사는 2011년 6월 30일 유가증권시장에 기업공개를 실시하였습니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

5.07%
[3.01%, 8.71%] · 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 41.8% (2026-07-29). 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

0.50
Beta [0.34, 0.66] · KOSPI200 · As of 2026-10-08
Intercept
-0.056%[-0.479%, +0.367%]
R squared
0.20
Observations
252
Trading-time corrected beta
0.63[0.30, 0.97]
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 100M30,39729,46320,72227,86031,10228,25125,62327,86938,19336,33736,96444,294
Revenue growth%—-3.07-29.6734.4411.63-9.16-9.308.7737.05-4.861.72—
Operating incomeKRW 100M3,7973,201-2,0891,4642,7561,3955831,4162,4752,4072,6922,527
Operating income growth%—-15.70-165.25—88.25-49.37-58.24143.0874.77-2.7411.83—
Net incomeKRW 100M2,5922,648-2,3525551,6837235331,1592,2141,7091,8731,794
Net income growth%—2.16-188.82—203.01-57.03-26.33117.6091.00-22.819.61—
Attributable to ownersKRW 100M2,5922,648-2,3525721,7047466391,1852,2401,7211,8591,773
Attributable to minoritiesKRW 100M——0-16-21-23-106-25-26-121421
Operating margin%12.4910.86-10.085.258.864.942.275.086.486.627.285.71
Net margin%8.538.99-11.351.995.412.562.084.165.804.705.074.05
ROE%21.3418.32-20.625.6714.926.245.038.3014.0210.0910.169.33
ROA%9.238.88-7.431.483.851.400.911.493.102.131.811.55
Debt ratio%131.23106.20177.64256.71269.11317.98351.29434.84340.73364.66446.57484.20
Current ratio%207.58215.33163.48144.47120.51120.16131.46106.60106.38110.67119.59125.68
Quick ratio%156.91161.47125.0667.0766.0274.5384.1575.0966.9262.6762.3267.11
Reserve ratio%147.03194.38131.58110.81137.96148.76163.92196.40231.18253.42278.93284.95
Free cash flowKRW 100M-546342578621,6734,7953,56014,236-7,783-8,895-10,319—
FCF margin%-0.182.151.243.095.3816.9713.9051.08-20.38-24.48-27.92—
OCF conversion%23.0954.87—247.87210.671,012.82825.881,287.65-316.35-426.10-482.25—
Capex to revenue%2.152.783.811.856.028.953.282.482.044.443.48—
Receivable daysdays—46.4——————————
Inventory daysdays—71.384.4132.8172.9175.5204.1220.7181.1237.1354.3—
Payable daysdays—37.6——————————
Cash conversion cycledays—80.1——————————
EPSKRW2,6592,717-2,4135871,7487666561,2152,2981,7651,9071,819
PERx—24.66—54.3419.4833.6849.4741.8921.7631.1059.9980.47
BPSKRW—14,83011,69910,35611,71412,26413,02314,64816,38817,50018,77619,491
PBRx—4.524.063.082.912.102.493.473.053.146.097.51
Dividend per shareKRW400680—200400200200250500—500—
Payout ratio%15.0425.03—34.0722.8826.1130.4920.5821.76—26.22—

Consolidated basis

Profit flowKRW 100M

Revenue
36,964
Cost of sales
30,883
Gross profit
6,081
SG&A expenses
3,389
Operating income
2,692
Profit before tax
2,023
Non-operating expenses
669
Net income
1,873
Income tax expense
150

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
28,08229,808*31,662*37,55943,67151,59158,55277,72471,39680,255103,703
15,93715,353*20,258*27,03031,84039,24845,57863,19255,19662,98484,729
12,14514,456*11,40410,52911,83212,34312,97414,53216,19917,27218,973

Income statement

20152016201720182019202020212022202320242025
30,39729,463*20,72227,86031,10228,25125,62327,86938,19336,33736,964
3,7973,201*-2,0891,4642,7561,3955831,4162,4752,4072,692
3,4313,171*-3,2037971,2958255441,2212,6871,9712,023
2,5922,648*-2,3525551,6837235331,1592,2141,7091,873
Basic earnings per shareKRW2,6592,717-2,4135871,7487666561,2152,2981,7651,907
Diluted earnings per shareKRW2,6592,717-2,4135871,748766Not applicableNot applicable2,2981,7651,907
2,3812,701*-2,3894771,4998918271,7531,9111,5601,747

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement2,5922,648-2,3525551,6837235331,1592,2141,7091,873
Total adjustments to operating cash flowcomputed-1,993-1,1953,3988211,8626,6013,86713,767-9,218-8,991-10,906
5991,453*1,0461,3773,5457,3244,40014,926-7,004-7,282-9,033
-1,232-1,587*-2,158-882-3,866-3,533-4,160-2,041-1,079-1,890-1,858
613561*2,868-1,346-4422,1652,007-1,028-5,4643,69510,299
Cash at beginning of periodKRW 100M126107*5362,2711,4386946,6198,86620,2376,5811,147
107536*2,2711,4386946,6198,86620,2376,5811,147609
Net change in cash and cash equivalentsKRW 100M-18428*1,735-833*-1,524*5,925*2,24711,857*-13,656-5,434-538

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 27한영회계법인2025-12-31
2024적정의견Term 26한영회계법인2025-12-31
2023적정의견Term 25삼정회계법인2025-12-31
2022적정Term 24삼정회계법인2022-12-31
2021적정Term 23한영회계법인2022-12-31
2020적정Term 22한영회계법인2022-12-31
2019적정Term 21한영회계법인2019-12-31
적정Term 20한영회계법인2019-12-31
적정Term 19삼일회계법인2019-12-31
2016적정Term 18삼일회계법인2016-12-31
적정Term 17삼일회계법인2016-12-31
적정Term 16삼일회계법인2016-12-31

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 5Y0.53
%
%
Cost of equity7.03%
Weighted average cost of capital—
Initial growth7.5%
Effective tax rate7.4%
Base fiscal year2025
Current priceKRW121,400

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 model10,134-91.7%
Dividend discount model DDM11,496-90.5%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM32,843-72.9%
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% + 0.53 × 5.00% = 7.03%

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(10.16% × (1 − 26.22%), 0) = 7.49%

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 = 500 × (1 + 2.00%) / (7.03% − 2.00%) = 510 / 0.0503 = 10,134 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 = 500, g_1 = 7.49%, g_T = 2.00%, r = 7.03%

YearGrowthDividend KRWDiscount factorPresent value KRW
17.49%5370.9343502
26.12%5700.8729498
34.75%5970.8156487
43.37%6180.7620471
52.00%6300.7119448
Terminal value2.00%12,7680.71199,090
Total11,496

P_0 = 11,496 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 = 18,776 KRW, ROE = 10.16%, payout ratio = 26.22%, r = 7.03%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
118,7761,9071,3205870.9343548
220,1832,0501,4196310.8729550
321,6952,2041,5266780.8156553
423,3212,3691,6407290.7620555
525,0692,5461,7637830.7119558
Terminal value15,8760.711911,303

P_0 = 18,776 + 2,764 + 11,303 = 32,843 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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