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KQ — Kenya Airways PLC

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria for industrial companies. Kenya Airways flies passengers and cargo from its Nairobi hub to 42 destinations, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. FY2025 has no Graham number: the airline made a loss and shareholders' funds are a deficit, total liabilities exceeding total assets by 132,065m at 31 Dec 2025. Per-share figures rest on the 5,824m ordinary shares the company reports as its weighted average; convertible loan notes would add a further 1,659m shares, which is why the reported diluted loss per share is smaller than the basic. For the six months to 30 Jun 2026 Kenya Airways published no financial statements — only a results presentation and a press release, both its own documents. The presentation carries summary consolidated income, financial position and cash flow statements, but no statement of changes in equity, no explanatory notes and no per-share figure, so it falls short of the interim report the Capital Markets Authority requires within two months of the period end. The half year is therefore built from the figures the presentation actually prints, and no earnings per share is shown, which also leaves the trailing twelve months without a figure. Neither period has a Graham number in any case: the airline made a loss in both and shareholders' funds are a deficit.

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. No earnings figure is published for this period, so none is shown. Every test below is flagged interim and will be replaced when the full year is published.

Showing FY2026

√(22.5 × × -25.38) =

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

The figures

Per share (KES)

Earnings (EPS) (6 months)
Not compiled
Book value (BVPS)
-25.38

a deficit: equity attributable to owners of −147,834m over 5,824m shares. The non-controlling interest is −24m and total equity −147,858m. Book value per share is computed here as it is everywhere on the site, from published equity and the share count; no issuer prints it. Earnings per share is different: companies normally print it, this presentation does not, and it is not computed in its place · attributable · computed: equity attributable to owners −147,834m ÷ 5,824m shares, Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated statement of financial position · 25 Aug 2026

Dividend (DPS)
Not compiled
Price on results day
5.50

NSE daily price list VWAP, the exchange's official end-of-day price, on the date of the results press release · NSE daily price list 2026-08-25, p.1 · 25 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months)
81,254.0

total income as the presentation labels it, 9% above the same period last year; the press release reports revenue of KShs 81 billion. The presentation prints no earnings per share, so none is shown for the half year and there is no trailing-twelve-month figure · Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated income statement · 25 Aug 2026

Current assets
43,974.0

Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated statement of financial position · 25 Aug 2026

Current liabilities
140,612.0

Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated statement of financial position · 25 Aug 2026

Long-term debt
187,544.0

all non-current liabilities, because the half-year briefing does not break them out; an upper bound on long-term debt. At 31 Dec 2025 non-current borrowings were 128,799m of 182,372m, the rest lease liabilities and provisions · Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated statement of financial position · 25 Aug 2026

KES per US$
129.47

CBK daily exchange rates (mean) · 25 Aug 2026

Computed

EPS, trailing twelve months
Not compiled
Revenue, trailing twelve months
168,223.0

computed: H1 FY2026 revenue 81,254.0m + FY2025 161,473.0m − H1 FY2025 74,504.0m · 24 Mar 2026

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
Not compiled
Dividend yield
Not compiled
Current ratio
0.31

computed: current assets ÷ current liabilities · 25 Aug 2026

Price ÷ Graham number
Not compiled
Discount to Graham number
Not compiled

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Interim
    Met
  2. Financial strength

    Current ratio of at least 2; long-term debt no more than working capital

    Interim
    Not met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    Interim
    No result: data not compiled
  4. Dividend record

    A dividend paid in each of the past 20 years

    Interim
    Not met
  5. Earnings growth

    EPS up at least one-third over 10 years, on three-year averages

    Interim
    No result: data not compiled
  6. Moderate P/E

    Price no more than 15 × three-year average EPS

    Interim
    No result: data not compiled
  7. Moderate P/B

    Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5

    Interim
    No result: data not compiled

Sources and notes

  • Book value (BVPS): attributable · computed: equity attributable to owners −147,834m ÷ 5,824m shares, Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated statement of financial position · 25 Aug 2026 (a deficit: equity attributable to owners of −147,834m over 5,824m shares. The non-controlling interest is −24m and total equity −147,858m. Book value per share is computed here as it is everywhere on the site, from published equity and the share count; no issuer prints it. Earnings per share is different: companies normally print it, this presentation does not, and it is not computed in its place)
  • Price on results day: NSE daily price list 2026-08-25, p.1 · 25 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the date of the results press release)
  • Current assets: Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated statement of financial position · 25 Aug 2026
  • Current liabilities: Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated statement of financial position · 25 Aug 2026
  • Long-term debt: Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated statement of financial position · 25 Aug 2026 (all non-current liabilities, because the half-year briefing does not break them out; an upper bound on long-term debt. At 31 Dec 2025 non-current borrowings were 128,799m of 182,372m, the rest lease liabilities and provisions)
  • KES per US$: CBK daily exchange rates (mean) · 25 Aug 2026
  • Revenue, 6 months to 2026-06-30: Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated income statement · 25 Aug 2026 (total income as the presentation labels it, 9% above the same period last year; the press release reports revenue of KShs 81 billion. The presentation prints no earnings per share, so none is shown for the half year and there is no trailing-twelve-month figure)
  • Revenue, same 6 months a year earlier: Half Year 2026 Financial Results Presentation (RAW-1112), summary consolidated income statement · 25 Aug 2026 (total income for the six months to 30 Jun 2025 as printed in the 2026 briefing)

Disclaimer: This profile is published for educational purposes only and does not constitute financial advice. It presents reported company data and arithmetic derived from it — not a recommendation to buy, hold or sell. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.

Profile compiled 2026-09-25 from Kenya Airways Annual Report and Financial Statements 2025 and the audited group results filed with the NSE, and for the half year to 30 Jun 2026 the company's own Half Year 2026 Financial Results Presentation and results press release, no financial statements having been published for that period (corporate.kenya-airways.com, nse.co.ke); NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.