Qantas Airways Ltd (QAN) - Net Assets

Latest as of December 2025: AU$1.35 Billion AUD ≈ $954.50 Million USD

Based on the latest financial reports, Qantas Airways Ltd (QAN) has net assets worth AU$1.35 Billion AUD (≈ $954.50 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (AU$23.89 Billion ≈ $16.91 Billion USD) and total liabilities (AU$22.55 Billion ≈ $15.95 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Qantas Airways Ltd (QAN) tangible equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	AU$1.35 Billion
% of Total Assets	5.65%
Annual Growth Rate	-3.23%
5-Year Change	76.75%
10-Year Change	-75.98%
Growth Volatility	511.97

Qantas Airways Ltd - Net Assets Trend (1994–2025)

This chart illustrates how Qantas Airways Ltd's net assets have evolved over time, based on quarterly financial data. See Qantas Airways Ltd liquidity coverage in days to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Qantas Airways Ltd (1994–2025)

The table below shows the annual net assets of Qantas Airways Ltd from 1994 to 2025. For live valuation and market cap data, see Qantas Airways Ltd market cap and net worth.

Year	Net Assets	Change
2025-06-30	AU$783.00 Million ≈ $554.02 Million	+166.33%
2024-06-30	AU$294.00 Million ≈ $208.02 Million	+2840.00%
2023-06-30	AU$10.00 Million ≈ $7.08 Million	+105.26%
2022-06-30	AU$-190.00 Million ≈ $-134.44 Million	-142.89%
2021-06-30	AU$443.00 Million ≈ $313.45 Million	-70.97%
2020-06-30	AU$1.53 Billion ≈ $1.08 Billion	-49.37%
2019-06-30	AU$3.01 Billion ≈ $2.13 Billion	-23.79%
2018-06-30	AU$3.96 Billion ≈ $2.80 Billion	+11.72%
2017-06-30	AU$3.54 Billion ≈ $2.50 Billion	+8.59%
2016-06-30	AU$3.26 Billion ≈ $2.31 Billion	-5.43%
2015-06-30	AU$3.45 Billion ≈ $2.44 Billion	+20.27%
2014-06-30	AU$2.87 Billion ≈ $2.03 Billion	-50.92%
2013-06-30	AU$5.84 Billion ≈ $4.13 Billion	-0.83%
2012-06-30	AU$5.89 Billion ≈ $4.17 Billion	-4.26%
2011-06-30	AU$6.15 Billion ≈ $4.35 Billion	+2.84%
2010-06-30	AU$5.98 Billion ≈ $4.23 Billion	+3.75%
2009-06-30	AU$5.76 Billion ≈ $4.08 Billion	+0.52%
2008-06-30	AU$5.73 Billion ≈ $4.06 Billion	-7.43%
2007-06-30	AU$6.20 Billion ≈ $4.38 Billion	+1.87%
2006-06-30	AU$6.08 Billion ≈ $4.30 Billion	-5.38%
2005-06-30	AU$6.43 Billion ≈ $4.55 Billion	+10.04%
2004-06-30	AU$5.84 Billion ≈ $4.13 Billion	+10.99%
2003-06-30	AU$5.26 Billion ≈ $3.72 Billion	+23.71%
2002-06-30	AU$4.25 Billion ≈ $3.01 Billion	+28.28%
2001-06-30	AU$3.32 Billion ≈ $2.35 Billion	+15.76%
2000-06-30	AU$2.86 Billion ≈ $2.03 Billion	-6.39%
1999-06-30	AU$3.06 Billion ≈ $2.17 Billion	+3.29%
1998-06-30	AU$2.96 Billion ≈ $2.10 Billion	+10.91%
1997-06-30	AU$2.67 Billion ≈ $1.89 Billion	+9.62%
1996-06-30	AU$2.44 Billion ≈ $1.72 Billion	+6.97%
1995-06-30	AU$2.28 Billion ≈ $1.61 Billion	+5.15%
1994-06-30	AU$2.17 Billion ≈ $1.53 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to Qantas Airways Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 113.7% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (June 2025)

Component	Amount	Percentage
Common Stock	AU$886.00 Million	113.88%
Other Comprehensive Income	AU$117.00 Million	15.04%
Total Equity	AU$778.00 Million	100.00%

Qantas Airways Ltd Competitors by Market Cap

The table below lists competitors of Qantas Airways Ltd ranked by their market capitalization.

Company	Market Cap
Aegon NV AS:AGN	$10.02 Billion
Banque Cantonale Vaudoise SW:BCVN	$10.02 Billion
Eastroc Beverage Group Co Ltd SHG:605499	$10.03 Billion
CSPC Pharmaceutical Group Limited F:CVG	$10.04 Billion
Guangdong Fenghua Advanced Technology Holding Co Ltd SHE:000636	$10.01 Billion
Fresenius Medical Care AG & Co. KGaA XETRA:FME	$10.01 Billion
CHINA RE.PO.HO.UNS.ADR/15 F:CRP0	$10.01 Billion
United Spirits Limited NSE:MCDOWELL-N	$10.01 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Qantas Airways Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 289,000,000 to 778,000,000, a change of 489,000,000 (169.2%).
Net income of 1,605,000,000 contributed positively to equity growth.
Dividend payments of 400,000,000 reduced retained earnings.
Share repurchases of 581,000,000 reduced equity.
Other comprehensive income decreased equity by 207,000,000.
Other factors increased equity by 72,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	AU$1.60 Billion	+206.3%
Dividends Paid	AU$400.00 Million	-51.41%
Share Repurchases	AU$581.00 Million	-74.68%
Other Comprehensive Income	AU$-207.00 Million	-26.61%
Other Changes	AU$72.00 Million	+9.25%
Total Change	AU$-	169.20%

Book Value vs Market Value Analysis

This analysis compares Qantas Airways Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 18.56x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has increased from 4.09x to 18.56x over the analyzed period, suggesting growing market confidence.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
1994-06-30	AU$2.29	AU$9.35	x
1995-06-30	AU$2.40	AU$9.35	x
1996-06-30	AU$2.53	AU$9.35	x
1997-06-30	AU$2.68	AU$9.35	x
1998-06-30	AU$2.65	AU$9.35	x
1999-06-30	AU$2.67	AU$9.35	x
2000-06-30	AU$2.50	AU$9.35	x
2001-06-30	AU$2.77	AU$9.35	x
2002-06-30	AU$3.05	AU$9.35	x
2003-06-30	AU$3.25	AU$9.35	x
2004-06-30	AU$3.42	AU$9.35	x
2005-06-30	AU$3.65	AU$9.35	x
2006-06-30	AU$3.36	AU$9.35	x
2007-06-30	AU$3.33	AU$9.35	x
2008-06-30	AU$3.16	AU$9.35	x
2009-06-30	AU$2.92	AU$9.35	x
2010-06-30	AU$2.79	AU$9.35	x
2011-06-30	AU$2.89	AU$9.35	x
2012-06-30	AU$2.77	AU$9.35	x
2013-06-30	AU$2.76	AU$9.35	x
2014-06-30	AU$1.38	AU$9.35	x
2015-06-30	AU$1.67	AU$9.35	x
2016-06-30	AU$1.56	AU$9.35	x
2017-06-30	AU$1.91	AU$9.35	x
2018-06-30	AU$2.24	AU$9.35	x
2019-06-30	AU$1.84	AU$9.35	x
2020-06-30	AU$1.00	AU$9.35	x
2021-06-30	AU$0.23	AU$9.35	x
2022-06-30	AU$-0.10	AU$9.35	x
2023-06-30	AU$0.00	AU$9.35	x
2024-06-30	AU$0.17	AU$9.35	x
2025-06-30	AU$0.50	AU$9.35	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Qantas Airways Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 206.30%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 6.74%
• Asset Turnover: 1.02x
• Equity Multiplier: 30.02x
Recent ROE (206.30%) is below the historical average (1097.58%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
1994	-0.01%	0.00%	0.79x	3.79x	AU$-216.72 Million
1995	-0.01%	0.00%	0.80x	3.92x	AU$-227.86 Million
1996	-0.02%	-0.01%	0.82x	3.79x	AU$-243.98 Million
1997	9.47%	3.04%	0.84x	3.71x	AU$-14.20 Million
1998	-0.01%	0.00%	0.00x	3.50x	AU$-296.24 Million
1999	0.02%	0.00%	0.00x	3.67x	AU$-305.19 Million
2000	-0.02%	-0.01%	0.76x	4.19x	AU$-286.88 Million
2001	-0.13%	-0.05%	0.73x	3.79x	AU$-334.83 Million
2002	-0.03%	-0.01%	0.73x	3.49x	AU$-425.50 Million
2003	-0.06%	-0.03%	0.63x	3.23x	AU$-527.88 Million
2004	-0.01%	0.00%	0.61x	3.02x	AU$-582.96 Million
2005	-0.01%	-0.01%	0.69x	2.82x	AU$-643.07 Million
2006	7.89%	3.81%	0.66x	3.16x	AU$-128.12 Million
2007	10.87%	4.80%	0.71x	3.17x	AU$53.69 Million
2008	16.91%	6.54%	0.75x	3.44x	AU$395.88 Million
2009	2.05%	0.90%	0.65x	3.50x	AU$-455.10 Million
2010	1.89%	0.88%	0.64x	3.35x	AU$-481.90 Million
2011	4.07%	1.75%	0.68x	3.39x	AU$-364.70 Million
2012	-4.16%	-1.61%	0.72x	3.60x	AU$-833.50 Million
2013	0.02%	0.01%	0.79x	3.43x	AU$-582.50 Million
2014	-99.34%	-18.76%	0.88x	6.05x	AU$-3.13 Billion
2015	16.18%	3.59%	0.89x	5.09x	AU$212.80 Million
2016	31.61%	6.52%	0.94x	5.13x	AU$703.50 Million
2017	24.09%	5.43%	0.91x	4.87x	AU$498.30 Million
2018	24.80%	5.83%	0.90x	4.72x	AU$584.80 Million
2019	29.59%	5.06%	0.86x	6.82x	AU$589.90 Million
2020	-128.96%	-13.97%	0.70x	13.15x	AU$-2.12 Billion
2021	-384.55%	-31.42%	0.30x	40.47x	AU$-1.74 Billion
2022	0.00%	-9.89%	0.44x	0.00x	AU$-840.30 Million
2023	34920.00%	8.94%	0.96x	4070.80x	AU$1.75 Billion
2024	434.26%	5.81%	1.05x	71.16x	AU$1.23 Billion
2025	206.30%	6.74%	1.02x	30.02x	AU$1.53 Billion

Industry Comparison

This section compares Qantas Airways Ltd's net assets metrics with peer companies in the Airlines industry.

Industry Context

Industry: Airlines
Average net assets among peers: $187,236,000
Average return on equity (ROE) among peers: 1.01%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Qantas Airways Ltd (QAN)	AU$1.35 Billion	-0.01%	16.71x	$10.01 Billion
Air New Zealand Ltd (AIZ)	$1.57 Billion	5.24%	1.94x	$800.78 Million
Regional Express Holdings Ltd (REX)	$174.41 Million	-2.21%	1.40x	$45.67 Million
Virgin Australia Holdings Ltd (VGN)	$-1.18 Billion	0.00%	0.00x	$1.42 Billion

About Qantas Airways Ltd

AU:QAN Australia Airlines

Market Cap

$10.01 Billion

AU$14.15 Billion AUD

Market Cap Rank

#2234 Global

#45 in Australia

Share Price

AU$9.35

Change (1 day)

+3.77%

52-Week Range

AU$8.15 - AU$12.12

All Time High

AU$12.12