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. The six months to 30 Jun 2026 are withheld pending manual review: Kenya Airways published no half-year financial statements, only a results presentation and a press release, and the loss per share there would have to be computed rather than read.
Showing FY2025
√(22.5 × -2.94 × -22.67) = no result
The Graham number for FY2025, from that year's EPS and BVPS. The formula multiplies earnings by book value and takes the square root, so it has no answer when either one is a loss or a deficit. Tap a figure below for its source and date.
The figures
Per share (KES)
- Earnings (EPS)
-2.94
basic loss per share; loss attributable to owners 17,134m of a group loss of 17,163m, over a weighted average 5,824m shares. The diluted figure is 2.29, smaller than the basic because the convertible loan notes add shares to the denominator · basic · Annual Report and Financial Statements 2025, consolidated statement of profit or loss (p.44) and note 12 (p.78) · 24 Mar 2026
- Book value (BVPS)
-22.67
a deficit attributable to owners of 132,027m over 5,824m shares, against share capital of 5,824m, share premium 49,223m and accumulated losses of 206,881m; total shareholders' deficit including the non-controlling interest was 132,065m · attributable · computed from Annual Report and Financial Statements 2025, consolidated statement of financial position (p.46) · 24 Mar 2026
- Dividend (DPS)
0.00
the directors do not recommend a dividend for the year ended 31 Dec 2025 (2024: nil) · Annual Report and Financial Statements 2025, note 13 · 24 Mar 2026
- Price on results day
5.20
NSE daily price list VWAP, the exchange's official end-of-day price, on the day the audited results were filed; the results PDF was created on 24 Mar 2026 at 14:31, during trading · NSE daily price list 2026-03-24, p.1 · 24 Mar 2026
Size and balance sheet (KES m)
- Revenue
161,473.0
group revenue, down from 188,495m in 2024 · Annual Report and Financial Statements 2025, consolidated statement of profit or loss (p.43) · 24 Mar 2026
- Current assets
41,425.0
inventories 2,803m, trade and other receivables 20,882m, prepaid maintenance asset 11,042m, current income tax 1,365m and cash and bank balances 5,333m · Annual Report and Financial Statements 2025, consolidated statement of financial position (p.46) · 24 Mar 2026
- Current liabilities
132,921.0
including current borrowings of 22,508m and sales in advance of carriage of 22,869m · Annual Report and Financial Statements 2025, consolidated statement of financial position (p.47) · 24 Mar 2026
- Long-term debt
128,799.0
non-current borrowings; non-current lease liabilities of 37,901m and provisions of 11,479m are not included · Annual Report and Financial Statements 2025, consolidated statement of financial position (p.47) · 24 Mar 2026
- KES per US$
129.65
CBK daily exchange rates (mean) · 24 Mar 2026
Computed
- EPS, three-year average
- Not compiled
- P/E on three-year EPS
- Not compiled
- P/B
- Not compiled
- Dividend yield
0.0%
computed: DPS ÷ price · 24 Mar 2026
- Current ratio
0.31
computed: current assets ÷ current liabilities · 24 Mar 2026
- Price ÷ Graham number
- Not compiled
- Discount to Graham number
- Not compiled
Graham's tests
- MetAdequate size
Revenue of at least US$100m
Adequate sizeMet
Revenue of at least US$100m
- Revenue KES 161,473.0m ÷ 129.65 KES per US$ = US$1,245.5m
- US$1,245.5m against a floor of US$100mmeets
- Not metFinancial strength
Current ratio of at least 2; long-term debt no more than working capital
Financial strengthNot met
Current ratio of at least 2; long-term debt no more than working capital
- Current ratio: 41,425.0 ÷ 132,921.0 = 0.31, against a minimum of 2.00falls short
- Working capital: 41,425.0 − 132,921.0 = −91,496.0
- Long-term debt 128,799.0 against working capital of −91,496.0falls short
- Not metEarnings stability
Positive EPS in each of the past 10 years
Earnings stabilityNot met
Positive EPS in each of the past 10 years
EPS positive in 0 of 10 years
- FY2016
- not held
- not held
- FY2017
- not held
- not held
- FY2018
- not held
- not held
- FY2019
- not held
- not held
- FY2020
- not held
- not held
- FY2021
- not held
- not held
- FY2022
- not held
- not held
- FY2023
- not held
- not held
- FY2024
- not held
- not held
- FY2025
- -2.94
- not positive
- EPS of -2.94 in FY2025falls short
Still needed: EPS for FY2016, EPS for FY2017, EPS for FY2018, EPS for FY2019, EPS for FY2020, EPS for FY2021, EPS for FY2022, EPS for FY2023, EPS for FY2024.
- Not metDividend record
A dividend paid in each of the past 20 years
Dividend recordNot met
A dividend paid in each of the past 20 years
Dividend paid in 0 of 20 years (FY2006–FY2025)
- No dividend in FY2025falls short
Still needed: DPS for FY2006, DPS for FY2007, DPS for FY2008, DPS for FY2009, DPS for FY2010, DPS for FY2011, DPS for FY2012, DPS for FY2013, DPS for FY2014, DPS for FY2015, DPS for FY2016, DPS for FY2017, DPS for FY2018, DPS for FY2019, DPS for FY2020, DPS for FY2021, DPS for FY2022, DPS for FY2023, DPS for FY2024.
- No result: data not compiledEarnings growth
EPS up at least one-third over 10 years, on three-year averages
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages
- FY2016
- not held
- not held
- FY2017
- not held
- not held
- FY2018
- not held
- not held
- FY2023
- not held
- not held
- FY2024
- not held
- not held
- FY2025
- -2.94
Still needed: EPS for FY2016, EPS for FY2017, EPS for FY2018, EPS for FY2023, EPS for FY2024.
- No result: data not compiledModerate P/E
Price no more than 15 × three-year average EPS
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS
Still needed: EPS for FY2023, EPS for FY2024.
- No result: data not compiledModerate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Moderate P/BNo result: data not compiled
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Sources and notes
- Earnings (EPS): basic · Annual Report and Financial Statements 2025, consolidated statement of profit or loss (p.44) and note 12 (p.78) · 24 Mar 2026 (basic loss per share; loss attributable to owners 17,134m of a group loss of 17,163m, over a weighted average 5,824m shares. The diluted figure is 2.29, smaller than the basic because the convertible loan notes add shares to the denominator)
- Book value (BVPS): attributable · computed from Annual Report and Financial Statements 2025, consolidated statement of financial position (p.46) · 24 Mar 2026 (a deficit attributable to owners of 132,027m over 5,824m shares, against share capital of 5,824m, share premium 49,223m and accumulated losses of 206,881m; total shareholders' deficit including the non-controlling interest was 132,065m)
- Dividend (DPS): Annual Report and Financial Statements 2025, note 13 · 24 Mar 2026 (the directors do not recommend a dividend for the year ended 31 Dec 2025 (2024: nil))
- Price on results day: NSE daily price list 2026-03-24, p.1 · 24 Mar 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the day the audited results were filed; the results PDF was created on 24 Mar 2026 at 14:31, during trading)
- Revenue: Annual Report and Financial Statements 2025, consolidated statement of profit or loss (p.43) · 24 Mar 2026 (group revenue, down from 188,495m in 2024)
- Current assets: Annual Report and Financial Statements 2025, consolidated statement of financial position (p.46) · 24 Mar 2026 (inventories 2,803m, trade and other receivables 20,882m, prepaid maintenance asset 11,042m, current income tax 1,365m and cash and bank balances 5,333m)
- Current liabilities: Annual Report and Financial Statements 2025, consolidated statement of financial position (p.47) · 24 Mar 2026 (including current borrowings of 22,508m and sales in advance of carriage of 22,869m)
- Long-term debt: Annual Report and Financial Statements 2025, consolidated statement of financial position (p.47) · 24 Mar 2026 (non-current borrowings; non-current lease liabilities of 37,901m and provisions of 11,479m are not included)
- KES per US$: CBK daily exchange rates (mean) · 24 Mar 2026