Korean Air Lines대한항공

Korean Air's first-half 2026 trailing profit turned to a loss as margins thinned, though the shares sit near the lower part of their 52-week range.

On trailing twelve months to H1 2026, Korean Air reported revenue of about ₩26.4T, operating income of about ₩0.6B... more precisely ₩623B, and a net loss of about ₩256B, after a profitable 2025 with net income of ₩780B. Borrowings of ₩11.0T are far larger than cash of ₩2.6T, and trailing free cash flow was negative at about -₩80B. The share price closed at ₩25,100 on 2026-10-26, down 20.3% over one month and up 12.1% over one year.

What stands out

• Operating margin fell to 2.4% on a trailing basis, from 4.4% in 2025 and 11.8% in 2024.
• Liabilities are about 3.9 times equity, and the data shows a plain debt load of ₩11.0T.
• The fair value model's base case is ₩203,018, well above the current price, but the bear case of ₩84,149 is also far above the close; this model output is not a forecast and carries large uncertainty.
• Foreign ownership rose to 26.7% from 22.7% about 60 days earlier, while institutions were net sellers of about ₩50B over the last 20 days.
• Recent filings include a preliminary earnings release on 2026-10-15 and a lawsuit-related amended filing, and news covers the integration of Asiana after the OZ-KE merger, including temporary booking suspensions.

What to watch

• The full H1 2026 results and the detail behind the preliminary earnings released on 2026-10-15, especially whether the trailing net loss persists.
• Progress of the Asiana integration and whether booking disruptions or synergy targets are reported in later filings.
• Debt levels and cash generation, since trailing borrowings are high and free cash flow was negative.