Turkish Airlines (THYAO) — Cash Flow-to-Debt Ratio
Turkish Airlines (THYAO) has a Cash Flow-to-Debt Ratio of 0.04x as of December 2025, meaning its operating cash flow of TL1.07 Billion could theoretically repay 0% of its total liabilities (TL25.29 Billion) in one year. See Turkish Airlines (THYAO) flexibility index to measure the company's free cash flow as a share of total liabilities.
CF-to-Debt Ratio
Operating Cash Flow
Total Liabilities
Data as of
Turkish Airlines Cash Flow-to-Debt Ratio (2003–2025)
Historical debt coverage capacity for Turkish Airlines across 22 annual periods. For the full cash flow conversion analysis, see Turkish Airlines (THYAO) cash flow conversion.
Annual Cash Flow-to-Debt Ratio for Turkish Airlines (2003–2025)
Year-by-year debt coverage analysis for Turkish Airlines. Check THYAO cash to earnings ratio to evaluate the quality of earnings relative to operating cash generation.
| Year | CF-to-Debt Ratio | Operating CF (TRY) | Total Liabilities | YoY Change |
|---|---|---|---|---|
| 2025 | 0.17x | TL4.30 Billion | TL25.29 Billion | ▲ +3087.8% |
| 2024 | 0.01x | TL3.84 Billion | TL719.59 Billion | ▼ -35.6% |
| 2023 | 0.01x | TL4.91 Billion | TL592.98 Billion | ▼ -97.2% |
| 2022 | 0.29x | TL117.01 Billion | TL397.14 Billion | ▼ -88.2% |
| 2021 | 2.51x | TL49.36 Billion | TL19.70 Billion | ▲ +6513.7% |
| 2020 | 0.04x | TL5.60 Billion | TL147.89 Billion | ▼ -94.8% |
| 2019 | 0.73x | TL13.03 Billion | TL17.83 Billion | ▲ +11.8% |
| 2018 | 0.65x | TL9.61 Billion | TL14.70 Billion | ▼ -7.4% |
| 2017 | 0.71x | TL9.01 Billion | TL12.77 Billion | ▲ +386.4% |
| 2016 | 0.15x | TL1.94 Billion | TL13.38 Billion | ▲ +20.4% |
| 2015 | 0.12x | TL4.04 Billion | TL33.55 Billion | ▲ +3.5% |
| 2014 | 0.12x | TL2.64 Billion | TL22.72 Billion | ▼ -24.5% |
| 2013 | 0.15x | TL2.84 Billion | TL18.44 Billion | ▲ +1.0% |
| 2012 | 0.15x | TL2.04 Billion | TL13.38 Billion | ▲ +17.0% |
| 2011 | 0.13x | TL1.55 Billion | TL11.91 Billion | ▲ +4.5% |
| 2010 | 0.12x | TL861.17 Million | TL6.90 Billion | ▼ -45.6% |
| 2009 | 0.23x | TL1.18 Billion | TL5.13 Billion | ▼ -24.3% |
| 2008 | 0.30x | TL1.48 Billion | TL4.89 Billion | ▲ +107.9% |
| 2006 | 0.15x | TL435.57 Million | TL2.99 Billion | ▼ -24.2% |
| 2005 | 0.19x | TL435.94 Million | TL2.27 Billion | ▲ +10.3% |
| 2004 | 0.17x | TL320.45 Million | TL1.84 Billion | ▼ -30.0% |
| 2003 | 0.25x | TL514.56 Trillion | TL2065.74 Trillion | — |