Turkish Airlines (THYAO) — Free Cash Flow Generation Index
Latest as of December 2025:
0.38x
Turkish Airlines (THYAO) has a Free Cash Flow Generation Index of 0.38x as of December 2025. Free cash flow of TL406.00 Million represents 0% of operating cash flow (TL1.07 Billion). See THYAO working capital ratio to evaluate short-term liquidity relative to the company's equity base.
FCF Generation Index
0.38x
Free Cash Flow / Operating CF
Free Cash Flow
TL406.00 Million
TRY
Operating Cash Flow
TL1.07 Billion
TRY
Capital Expenditures
TL660.00 Million
TRY
Turkish Airlines Free Cash Flow Generation Index (2003–2025)
Historical FCF Generation Index trend for Turkish Airlines across 22 annual periods. Explore THYAO cash flow to debt ratio to assess how comfortably operating cash covers total debt obligations.
Annual Free Cash Flow Generation for Turkish Airlines (2003–2025)
Year-by-year Free Cash Flow Generation Index for Turkish Airlines. For the full company profile including market capitalisation, see THYAO market cap.
| Year | FCG Index | Free Cash Flow (TRY) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.53x | TL2.28 Billion | TL4.30 Billion | TL2.02 Billion | ▼ -20.4% |
| 2024 | 0.67x | TL2.56 Billion | TL3.84 Billion | TL1.28 Billion | ▼ -19.1% |
| 2023 | 0.82x | TL4.04 Billion | TL4.91 Billion | TL866.58 Million | ▼ -4.0% |
| 2022 | 0.86x | TL100.37 Billion | TL117.01 Billion | TL16.64 Billion | ▲ +1384.1% |
| 2021 | 0.06x | TL2.85 Billion | TL49.36 Billion | TL7.54 Billion | ▲ +113.5% |
| 2020 | -0.43x | TL-2.40 Billion | TL5.60 Billion | TL8.00 Billion | ▼ -176.6% |
| 2019 | 0.56x | TL7.28 Billion | TL13.03 Billion | TL5.75 Billion | ▲ +27.5% |
| 2018 | 0.44x | TL4.21 Billion | TL9.61 Billion | TL5.40 Billion | ▼ -34.1% |
| 2017 | 0.66x | TL5.99 Billion | TL9.01 Billion | TL3.02 Billion | ▼ -52.1% |
| 2016 | 1.39x | TL2.69 Billion | TL1.94 Billion | TL751.64 Million | ▼ -7.3% |
| 2015 | 1.50x | TL6.05 Billion | TL4.04 Billion | TL2.01 Billion | ▼ -1.1% |
| 2014 | 1.51x | TL4.00 Billion | TL2.64 Billion | TL1.36 Billion | ▼ -15.0% |
| 2013 | 1.78x | TL5.06 Billion | TL2.84 Billion | TL2.22 Billion | ▲ +7.3% |
| 2012 | 1.66x | TL3.39 Billion | TL2.04 Billion | TL1.35 Billion | ▼ -1.9% |
| 2011 | 1.69x | TL2.63 Billion | TL1.55 Billion | TL1.08 Billion | ▼ -23.5% |
| 2010 | 2.21x | TL1.91 Billion | TL861.17 Million | TL1.04 Billion | ▼ -4.9% |
| 2009 | 2.33x | TL2.74 Billion | TL1.18 Billion | TL1.56 Billion | ▲ +101.3% |
| 2008 | 1.16x | TL1.71 Billion | TL1.48 Billion | TL230.33 Million | ▼ -66.7% |
| 2006 | 3.47x | TL1.51 Billion | TL435.57 Million | TL1.08 Billion | ▲ +66.4% |
| 2005 | 2.09x | TL909.05 Million | TL435.94 Million | TL473.12 Million | ▲ +52.2% |
| 2004 | 1.37x | TL439.02 Million | TL320.45 Million | TL118.56 Million | ▲ +22.1% |
| 2003 | 1.12x | TL577.50 Trillion | TL514.56 Trillion | TL62.94 Trillion | — |
FCG Index = Free Cash Flow / Operating Cash Flow. FCF = Operating CF + Capital Expenditures (capex stored negative).