# Korea Aerospace Industries (047810.KO)

Canonical: https://gigainvestors.com/s/047810.KO

Analysis as of: 2026-10-16T07:36:24.074Z. Financial observations: FY2011–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 105,800.00 per share; close as of 2026-10-15.

Estimated value: low KRW 17,252.36 per share, central KRW 19,417.56 per share, high KRW 22,299.90 per share. Buy at or below the central value KRW 19,417.56 per share. Valuation as of 2026-10-16T07:36:24.074Z; scenarios are not confidence intervals.

Expected annual return: 4.2% at the stated quote. About 4.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 1.19×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.10×

- FY2018: 0.05×

- FY2019: 0.09×

- FY2020: 0.05×

- FY2021: 0.02×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.07×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.0%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 12.9%

- Recent gross margin (lower of latest and 3-year median): 13.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 7.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.9%

- FY2017: -9.1%

- FY2018: 6.9%

- FY2019: 16.5%

- FY2020: 8.1%

- FY2021: 4.0%

- FY2022: 35.3%

- FY2023: 13.9%

- FY2024: 7.9%

- FY2025: 6.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 565B

- Net income, five-year total: KRW 764B

- Return on incremental invested capital: -1.3%

- Working capital / revenue, annual change: 3.6 pp

- Working capital / revenue, change between three-year averages: 20.7 pp

- Working capital / revenue, final three-year average: 69.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.94×

- FY2022: 0.72×

- FY2023: 0.97×

- FY2024: 0.12×

- FY2025: 0.63×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.9% vs 7.9%

- Per-share earnings: 586.69 to 1907.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: KRW 4.90T

- Cumulative retained earnings: KRW 412B

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.3%

- Per-share value change: KRW 1K

- Per-share value, starting three-year median: KRW 586.69

- Per-share value, ending three-year median: KRW 2K

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 867B

- Cumulative net income, 10 years: KRW 1.10T

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 7.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW -2K

- FY2018: KRW 586.69

- FY2019: KRW 2K

- FY2020: KRW 765.52

- FY2021: KRW 655.56

- FY2022: KRW 1K

- FY2023: KRW 2K

- FY2024: KRW 2K

- FY2025: KRW 2K

### accounting: fail

- Sloan accruals exceed 10%

- latest-year receivables to sales index (DSRI) exceeds 1.465

- earnings not backed by cash

- Sloan accruals: 10.5%

- Receivables to sales index (DSRI): 1.78×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -4.86×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.52×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.0%

- FY2017: -10.7%

- FY2018: -2.1%

- FY2019: -4.2%

- FY2020: -12.8%

- FY2021: -6.4%

- FY2022: -17.7%

- FY2023: 12.9%

- FY2024: 11.2%

- FY2025: 10.5%

## Holders

## Price story

Down 45% since Feb 2026 · sales +19.8%

Story as of 2026-10-16T10:00:07.425Z; price observation 2026-10-15.

Price needs cash profits to grow 23.6% a year for ten years

### Sales · FY2025–2026

sales +19.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.07T 

- FY2018: KRW 2.76T 

- FY2019: KRW 3.10T 

- FY2020: KRW 2.83T 

- FY2021: KRW 2.56T 

- FY2022: KRW 2.79T 

- FY2023: KRW 3.82T 

- FY2024: KRW 3.63T 

- FY2025: KRW 3.70T 

- FY2026: KRW 4.43T 

### Gross margin · FY2025

gross margin 16.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 15.5% 

- FY2018: 12.6% 

- FY2019: 15.1% 

- FY2020: 11.7% 

- FY2021: 12.0% 

- FY2022: 13.4% 

- FY2023: 12.1% 

- FY2024: 13.3% 

- FY2025: 16.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are KRW 3.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2025: revenue 3696379351600; grossProfit 608054771730; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 047810.KO: Korea Aerospace Industries, Ltd. manufactures and sells fixed and rotary wing aircrafts, and airframe products in South Korea. The company develops supersonic jets; airfield controlled and basic trainer aircrafts; utility, police, maritime police agency, coast guard, forest, and fire-fighting helicopters; unmanned air vehicles; commercial and civil aircrafts; and aero structures. It also provides aircraft maintenance, repair, and overhaul services; aircraft training systems; and compact advanced satellite 500 and defense satellite, and multi-purpose satellites, as well as space launch vehicles. Korea Aerospace Industries, Ltd. was founded in 1999 and is headquartered in Sacheon-si, South Korea.

### Why customers stay

Margins ranged from 12.1% to 16.5% during 2023–25; it earns 8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2023: grossProfit / revenue = 12.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2024: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2025: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); 10-year return on capital observations [[2016,0.13916100998958036],[2017,-0.09132595347134702],[2018,0.06857520076261321],[2019,0.16547899238312452],[2020,0.08071340440617557],[2021,0.0403484279105528],[2022,0.35259608323242264],[2023,0.13928921828261656],[2024,0.07928279139996479],[2025,0.06369639546813388]]; median 0.07999809790307018. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 13% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); Gross margin observations: [[2021,0.11979804177694349],[2022,0.13413788361757642],[2023,0.12144764170065957]]; range within 2 percentage points.

### Where the cash goes

Spends 14.7% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2016: growth capex 0; upkeep 182461147050; owner earnings 186647316660. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2018: growth capex 0; upkeep 51438262920; owner earnings 86224640410. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2019: growth capex 70772302640; upkeep 116488275000; owner earnings 169730711400. Growth capex / owner earnings = 0.4169681612493377.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2021: growth capex 0; upkeep 83927504240; owner earnings 123680235180. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2022: growth capex 67376949320.19913; upkeep 162308218709.80087; owner earnings 85538893170.19913. Growth capex / owner earnings = 0.7876761882590335.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2023: growth capex 54755940600; upkeep 121010898000; owner earnings 218319195130. Growth capex / owner earnings = 0.25080680866103006.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2024: growth capex 0; upkeep 247312014380; owner earnings 20876373930. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2025: growth capex 17134293675.687683; upkeep 172662192124.31232; owner earnings 116871084575.68768. Growth capex / owner earnings = 0.1466084937766726.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); Dividend observations: [[2016,38989802800],[2017,66282664760],[2018,19495021400],[2019,19495021400],[2020,38990042800],[2021,19495021400],[2022,19495021400],[2023,24368776750],[2024,48737553500],[2025,48737553500]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); FY2025: cash repurchases 1508840000 KRW.

### Are managers owners

Insiders own 43.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 047810.KO SharesStats.PercentInsiders = 43.172 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 23.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:24.074Z); Ten-year compound average after fade. Initial solved rate 0.3307852274805121. Price 105800; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 64,800.00 per share

- 2016-11: KRW 66,300.00 per share

- 2016-12: KRW 67,000.00 per share

- 2017-01: KRW 62,000.00 per share

- 2017-02: KRW 58,300.00 per share

- 2017-03: KRW 57,600.00 per share

- 2017-04: KRW 63,800.00 per share

- 2017-05: KRW 63,600.00 per share

- 2017-06: KRW 57,000.00 per share

- 2017-07: KRW 51,700.00 per share

- 2017-08: KRW 46,250.00 per share

- 2017-09: KRW 43,700.00 per share

- 2017-10: KRW 56,800.00 per share

- 2017-11: KRW 50,100.00 per share

- 2017-12: KRW 47,450.00 per share

- 2018-01: KRW 52,600.00 per share

- 2018-02: KRW 50,300.00 per share

- 2018-03: KRW 49,950.00 per share

- 2018-04: KRW 43,200.00 per share

- 2018-05: KRW 44,000.00 per share

- 2018-06: KRW 41,200.00 per share

- 2018-07: KRW 35,150.00 per share

- 2018-08: KRW 41,750.00 per share

- 2018-09: KRW 35,100.00 per share

- 2018-10: KRW 28,950.00 per share

- 2018-11: KRW 31,700.00 per share

- 2018-12: KRW 31,900.00 per share

- 2019-01: KRW 34,100.00 per share

- 2019-02: KRW 36,800.00 per share

- 2019-03: KRW 35,350.00 per share

- 2019-04: KRW 35,000.00 per share

- 2019-05: KRW 33,150.00 per share

- 2019-06: KRW 35,950.00 per share

- 2019-07: KRW 36,950.00 per share

- 2019-08: KRW 39,300.00 per share

- 2019-09: KRW 39,100.00 per share

- 2019-10: KRW 38,000.00 per share

- 2019-11: KRW 37,300.00 per share

- 2019-12: KRW 34,050.00 per share

- 2020-01: KRW 30,100.00 per share

- 2020-02: KRW 25,650.00 per share

- 2020-03: KRW 20,950.00 per share

- 2020-04: KRW 25,650.00 per share

- 2020-05: KRW 25,350.00 per share

- 2020-06: KRW 23,750.00 per share

- 2020-07: KRW 23,950.00 per share

- 2020-08: KRW 22,450.00 per share

- 2020-09: KRW 22,800.00 per share

- 2020-10: KRW 21,800.00 per share

- 2020-11: KRW 23,250.00 per share

- 2020-12: KRW 25,800.00 per share

- 2021-01: KRW 31,050.00 per share

- 2021-02: KRW 33,100.00 per share

- 2021-03: KRW 36,750.00 per share

- 2021-04: KRW 32,600.00 per share

- 2021-05: KRW 34,150.00 per share

- 2021-06: KRW 32,900.00 per share

- 2021-07: KRW 32,400.00 per share

- 2021-08: KRW 32,850.00 per share

- 2021-09: KRW 33,000.00 per share

- 2021-10: KRW 30,550.00 per share

- 2021-11: KRW 27,300.00 per share

- 2021-12: KRW 32,450.00 per share

- 2022-01: KRW 35,600.00 per share

- 2022-02: KRW 34,350.00 per share

- 2022-03: KRW 42,300.00 per share

- 2022-04: KRW 43,850.00 per share

- 2022-05: KRW 52,500.00 per share

- 2022-06: KRW 53,800.00 per share

- 2022-07: KRW 57,000.00 per share

- 2022-08: KRW 61,000.00 per share

- 2022-09: KRW 48,450.00 per share

- 2022-10: KRW 47,350.00 per share

- 2022-11: KRW 48,500.00 per share

- 2022-12: KRW 50,900.00 per share

- 2023-01: KRW 47,700.00 per share

- 2023-02: KRW 45,100.00 per share

- 2023-03: KRW 47,400.00 per share

- 2023-04: KRW 54,800.00 per share

- 2023-05: KRW 51,500.00 per share

- 2023-06: KRW 53,300.00 per share

- 2023-07: KRW 49,200.00 per share

- 2023-08: KRW 50,600.00 per share

- 2023-09: KRW 48,800.00 per share

- 2023-10: KRW 44,200.00 per share

- 2023-11: KRW 46,350.00 per share

- 2023-12: KRW 50,000.00 per share

- 2024-01: KRW 50,500.00 per share

- 2024-02: KRW 51,300.00 per share

- 2024-03: KRW 51,500.00 per share

- 2024-04: KRW 51,800.00 per share

- 2024-05: KRW 51,800.00 per share

- 2024-06: KRW 53,000.00 per share

- 2024-07: KRW 57,000.00 per share

- 2024-08: KRW 54,300.00 per share

- 2024-09: KRW 52,100.00 per share

- 2024-10: KRW 58,500.00 per share

- 2024-11: KRW 58,400.00 per share

- 2024-12: KRW 54,900.00 per share

- 2025-01: KRW 53,300.00 per share

- 2025-02: KRW 63,100.00 per share

- 2025-03: KRW 75,000.00 per share

- 2025-04: KRW 82,800.00 per share

- 2025-05: KRW 83,600.00 per share

- 2025-06: KRW 89,800.00 per share

- 2025-07: KRW 94,500.00 per share

- 2025-08: KRW 95,200.00 per share

- 2025-09: KRW 108,000.00 per share

- 2025-10: KRW 103,400.00 per share

- 2025-11: KRW 108,900.00 per share

- 2025-12: KRW 114,400.00 per share

- 2026-01: KRW 168,300.00 per share

- 2026-02: KRW 191,500.00 per share

- 2026-03: KRW 164,700.00 per share

- 2026-04: KRW 169,000.00 per share

- 2026-05: KRW 168,300.00 per share

- 2026-06: KRW 146,400.00 per share

- 2026-07: KRW 127,300.00 per share

- 2026-08: KRW 131,000.00 per share

- 2026-09: KRW 126,200.00 per share

- 2026-10: KRW 112,200.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 10,354.64 per share, central KRW 11,766.45 per share, high KRW 13,645.87 per share

- FY2019: low KRW 12,218.97 per share, central KRW 13,716.12 per share, high KRW 15,709.15 per share

- FY2020: low KRW 16,313.39 per share, central KRW 17,678.34 per share, high KRW 19,495.38 per share

- FY2021: low KRW 19,531.97 per share, central KRW 20,769.93 per share, high KRW 22,417.91 per share

- FY2022: low KRW 31,704.86 per share, central KRW 33,050.99 per share, high KRW 34,842.97 per share

- FY2023: low KRW 31,231.17 per share, central KRW 39,435.45 per share, high KRW 44,974.29 per share

- FY2024: low KRW 14,715.58 per share, central KRW 18,585.75 per share, high KRW 21,588.41 per share

- FY2025: low KRW 13,104.99 per share, central KRW 14,911.89 per share, high KRW 17,317.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:12.721Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.