Jejuair제주항공

Jejuair's shares have rallied strongly over recent months, but the airline is still loss-making on a trailing basis with a heavily indebted balance sheet.

Jejuair, a Korean low-cost carrier, reported trailing twelve-month revenue of ₩1.84T to H1 2026 but an operating loss of ₩13B and a net loss of ₩106B, after a loss-making 2025 as well. The share price closed at ₩5,200 on 23 October 2026, up 24.1% over three months but down 11.7% over one year and well below its 52-week high of ₩6,790. Recent news focuses on new routes to Japan and the Philippines and a 23% one-day jump after Q3 earnings, though the data does not show the Q3 figures themselves.

What stands out

• Trailing net loss of ₩106B on revenue of ₩1.84T gives a net margin of -5.8%, and ROE is -37.7%.
• Liabilities are about 10 times equity (1009%), with ₩455B of borrowings against ₩191B of cash.
• Free cash flow over the trailing period was negative at -₩156B.
• The business returned to a small profit in 2024 (₩22B net income) before losses resumed in 2025, with 2025 revenue down 18.4%.
• Price-to-book is 1.8 with no dividend, and the data gives no P/E because earnings are negative.
• Recent filings include a 5%+ holding report, a related-party transaction and a business transfer amendment, plus a notice of a default or dissolution event at an investee company, with no detail on the impact.

What to watch

• Q3 and full-year 2026 results, which the data does not yet include, to see whether the operating loss narrows.
• Progress of the new Incheon–Sendai route from January and the Busan–Manila route from December, which the company has announced.
• Developments on the investee company default notice and the capital reduction and debt-as-capital decisions, whose financial effects are not described in the data.