Trinity Airways트리니티항공

Trinity Airways is deeply loss-making on a trailing basis, with its share price down about 74% over the past year.

Revenue has grown sharply, reaching about ₩2.06T on a trailing twelve-month basis to H1 2026, but operating and net losses are large, at roughly -₩314B and -₩443B. Liabilities are more than 23 times equity, and the company reports no dividend and no meaningful earnings-based valuation. The market value is about ₩237B at ₩2,325 per share.

What stands out

• Trailing operating margin is -15.3% and net margin is -21.6%, after a 2025 net loss of about ₩338B on revenue of about ₩1.8T.
• Revenue rose 17% in 2025, but losses widened from 2024, when the net loss was about ₩66B.
• Cash of about ₩229B is set against borrowings of about ₩42B in the reported data, though total liabilities are far larger than equity.
• Trailing free cash flow is about ₩2.4B, which is small relative to the reported losses.
• Recent headlines cover route cuts, including Cheongju-Bali and Paris flights, and a new interline partnership with EVA Air; the company also reported a 2026 price drop of about 74% over one year.

What to watch

• Next periodic financial results, to see whether losses narrow after recent route reductions.
• Further filings on shareholder changes, given recent largest-shareholder and insider holding reports and a foreign ownership fall from 0.8% to 0.4% over 60 days.
• Liquidity and balance sheet strain, since the data shows very high liabilities relative to equity and the company's capacity to fund losses is not detailed in the data.