Kenya Airways (NAI:KQ) PB Ratio: (As of Aug. 07, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NAI:KQ Kenya Airways Plc NAI:KQ
64 GF Score
Price KES5.40
GF Value KES3.75
Valuation Significantly Overvalued
! 7 Warning Signs
View Full Analysis

What is Kenya Airways PB Ratio?

The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-08-07), Kenya Airways's share price is KES5.40. Kenya Airways's Book Value per Share for the quarter that ended in Dec. 2025 was KES-23.24. Hence, Kenya Airways's PB Ratio of today is .

The historical rank and industry rank for Kenya Airways's PB Ratio or its related term are showing as below:

NAI:KQ's PB Ratio is not ranked *
in the Transportation industry.
Industry Median: 1.26
* Ranked among companies with meaningful PB Ratio only.

During the past 3 years, the average Book Value Per Share Growth Rate was -6.20% per year. During the past 5 years, the average Book Value Per Share Growth Rate was -15.00% per year. During the past 10 years, the average Book Value Per Share Growth Rate was -4.30% per year.

During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Kenya Airways was 69.70% per year. The lowest was -220.20% per year. And the median was -6.20% per year.

Back to Basics: PB Ratio


Kenya Airways  (NAI:KQ) PB Ratio Explanation

Unlike valuation ratios relative to the earning power such as PE Ratio, PE Ratio without NRI, PS Ratio, Price-to-Operating-Cash-Flow , or Price-to-Free-Cash-Flow, the PB Ratio measures the valuation of the stock relative to the underlying asset of the company.

The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.


Be Aware

Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.


Kenya Airways PB Ratio Related Terms


Kenya Airways PB Ratio Historical Data

* Premium members only.

The historical data trend for Kenya Airways's PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Kenya Airways PB Ratio Chart

Kenya Airways Annual Data
Trend Mar16 Mar17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

Kenya Airways Semi-Annual Data
Mar15 Sep15 Mar16 Sep16 Mar17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Dec25
PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

NAI:KQ vs DAL, UAL, LUV: PB Ratio Comparison

For the Airlines subindustry, Kenya Airways's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Kenya Airways PB Ratio vs Transportation Industry

For the Transportation industry and Industrials sector, Kenya Airways's PB Ratio distribution charts can be found below:

* The bar in red indicates where Kenya Airways's PB Ratio falls into.


NAI:KQ
64GF Score
Kenya Airways Plc NAI:KQ
PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kenya Airways PB Ratio Calculation

The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.

Kenya Airways's PB Ratio for today is calculated as follows:

PB Ratio=Share Price/Book Value per Share (Q: Dec. 2025)
=5.40/-23.237
=

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

It can also be calculated from the numbers for the whole company:

A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.

Is Kenya Airways (NAI:KQ) Overvalued in 2026?

Based on GuruFocus' analysis, Kenya Airways stock appears to be overvalued. The current stock price of KES5.40 is trading 44% above its estimated GF Value™ of KES3.75. GuruFocus considers Kenya Airways to be Significantly Overvalued.

Key valuation signals for NAI:KQ:

  • PB Ratio:
  • GF Value™: KES3.75 vs. price of KES5.40 (44% above fair value)
  • GF Score™: 64/100 with 7 warning signs

No single metric tells the full story. See the NAI:KQ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Kenya Airways Business Description

Address Airport North Road, P.O Box 19002, Embakasi, Nairobi, KEN, 00501
Kenya Airways Plc is engaged in the international, regional, and domestic carriage of passengers and cargo by air, the provision of ground handling services to other airlines, and the handling of import and export cargo. The company's segments include passengers, freight, mail, handling, and others. It operates domestic flights and flies to Africa, the Middle East, Asia, America, and Europe. The company is engaged in four business segments: Passenger, Freight and Mail, Handling, and Other revenue. Key revenue is generated from the Passenger segment.
64GF Score

Get the complete analysis for NAI:KQ

PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

KES5.40
Price
KES3.75
GF Value