South Korea's sole complete-aircraft maker: KF-21, FA-50, and Boeing/Airbus aerostructures
Korea Aerospace Industries
Korea Aerospace Industries (KAI) is South Korea's only complete-aircraft manufacturer. It builds the KF-21 Boramae fighter and the FA-50 light combat jet, the Surion and LAH helicopters, supplies commercial aerostructures to Boeing and Airbus, and runs satellite and launch-vehicle programs. FY2025 consolidated revenue was about 3.70 trillion won, with an order backlog above 27 trillion won at year-end 2025.
047810.KS Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Korea Aerospace Industries is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 14 companies within two hops; the links are backed by 11 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Consolidated revenue about KRW 3.70tn (FY2025 preliminary)
- Customer concentration · Heavy weighting toward government customers at home and abroad, led by DAPA (per filing)
- Segments · Complete aircraft / defense · Civil aerostructures · Other (space, etc.)
Revenue from
- 폴란드 정부 (군비청) High confidence· Amount $3B · 2022-2028 · FA-50 48-unit export contract (Polish Armaments Agency)
Exported 48 FA-50 light combat jets ($3B, 2022 contract). 12 FA-50GF delivered in 2023, 36 FA-50PL from 2025 to 2028.Confirms EN KED Global Published Jul 13, 2023: KAI to ramp up fighter jet share with FA-50 delivery to Poland - 필리핀 정부 (공군) High confidence· Amount $700M · FY2025 · FA-50 12-unit export contract (Philippine Air Force)
Exported 12 FA-50s to the Philippine Air Force ($700M, June 2025), South Korea's largest defense export deal of the year.Confirms EN Army Recognition Published Jan 6, 2026: Philippines requests KF-21 fighter jet delivery from South Korea between 2027 and 2029Confirms EN KED Global Published Jun 4, 2025: KAI seals $700 mn FA-50 fighter jet export deal with the Philippines - Boeing High confidence· Amount $105M · 2023-2030 · Boeing 767/777/787 landing-structure supply contract
Supplier of aerostructures for Boeing commercial jets: landing structures for the 767/777/787 (2023-2030, about $105M) and the 787 center wing box via tier-1 Subaru (2022-2038, about $754M).Confirms EN KED Global Published Feb 28, 2023: S.Korea's KAI signs $105 mn deal to supply parts for Boeing aircraftConfirms EN The Korea Herald Published Jul 21, 2020: KAI inks $754m deal to supply wing parts to Boeing's Dreamliner - 대한민국 정부 (방위사업청) High confidence
Largest domestic defense customer for KF-21 production, Surion and LAH. Signed KF-21 initial-production contract in 2025.Mentions KO KB, LS, Hi Investment Securities Published May 1, 2026: KF-21 export ramp; targets KRW 151,000-250,000 (Buy: KB, LS, Hi) - Airbus Medium confidence· Amount $1.2B · 2014-2025 · A320 wing bottom panel supply
Supplier of Airbus A320 wing structures, producing A320 wing bottom panels from 2014 to 2025 (about $1.2B).Confirms EN Airport Technology Published Mar 21, 2012: KAI wins $1.2bn wing parts production order from Airbus
Pays to
- GE Aerospace Medium confidence
The T-50/FA-50 is powered by the GE F404 engine, with GE supplying engine kits and Hanwha (formerly Samsung Techwin) performing licensed assembly. - Lockheed Martin Medium confidence
Co-development partner on the T-50/FA-50 family. Lockheed Martin provided avionics and fly-by-wire technology and jointly markets the aircraft abroad (2022 teaming agreement).Confirms EN Lockheed Martin Published Jun 13, 2022: Lockheed Martin, KAI Sign New Teaming Agreement for T-50 Opportunities
Investors
- Korea Eximbank (largest shareholder, 26.41%) High confidence
The governance axis tying KAI as a national defense/aerospace strategic asset — state-owned Korea Eximbank is the largest shareholder at 26.41%. Government-linked ownership underpins the stability of domestic defense programs (KF-21, Surion) and export-policy support.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Viasat | lead2 | +36.4 | -28.9 | -11.7 | -69.6 | +304.9 | +113.5 |
| Voyager Technologies | lead2 | · | · | · | · | · | +19.2 |
| SES S.A. | lead2 | +2.8 | +10.6 | -13 | -36 | +141.5 | +15.8 |
| Eutelsat Group | lead2 | +17.8 | -30.7 | -51.8 | -48.9 | +32.1 | +3.2 |
| Airbus | lead1 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
| Boeing | lead1 | -6 | -5.4 | +36.8 | -32.1 | +22.7 | +2.4 |
| Korea Aerospace Industries | node | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -14 |
| GE Aerospace | benef1 | +9.7 | -10.9 | +95.7 | +64.8 | +85.7 | +17 |
| Lockheed Martin | benef1 | +3.2 | +40.5 | -4.3 | +10 | +2.5 | +9.5 |
| Moog | benef2 | +3.4 | +9.8 | +66.6 | +36.8 | +24.5 | +67.5 |
| Mercury Systems | benef2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| Howmet Aerospace | benef2 | +11.7 | +24.2 | +37.8 | +102.7 | +88 | +32.2 |
| Firefly Aerospace | benef2 | · | · | · | · | · | +7.7 |
| L3Harris | benef2 | +15 | -0.5 | +3.7 | +1.9 | +42.3 | -0.2 |
| Kratos Defense | benef2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
Korea Aerospace Industries operates across South Korea's sole complete-aircraft maker: KF-21, FA-50, and Boeing/Airbus aerostructures. It is -14% in 2026. The supply side (avg +7.7%) has moved harder than the stock (-14%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Lockheed Martin (+7.7%) and the furthest behind is Boeing (+2.8%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. FY2025 consolidated revenue was about 3.70 trillion won, with an order backlog above 27 trillion won at year-end 2025.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ₩155,667 · Price ₩145,100 (07-11) · Upside +7%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| KB Securities | Buy | ₩210,000 | May 8, 2026 | Report ↗ |
| Hi Investment & Securities | Hold | ₩151,000 | May 1, 2026 | Report ↗ |
| Mirae Asset Securities | Buy | ₩106,000 | Nov 6, 2025 | Report ↗ |
KB raised its target to KRW210,000 from KRW160,000 (+31.2%) and kept Buy on strong Q1 results (sales up 56.3%, operating profit up 43.3% YoY).