Qantas Airways Ltd (QAN) — Working Capital to Net Assets Ratio
Qantas Airways Ltd (QAN) has a Working Capital to Net Assets ratio of -622.5% as of December 2025. Working capital of AU$-8.40 Billion (current assets of AU$3.95 Billion minus current liabilities of AU$12.35 Billion) is measured against net assets of AU$1.35 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Qantas Airways Ltd (QAN) financial flexibility to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Qantas Airways Ltd Working Capital to Net Assets (1994–2025)
This chart shows how Qantas Airways Ltd's Working Capital to Net Assets ratio has evolved across 32 annual periods from 1994 to 2025. As of December 2025, the ratio stands at -622.5%, reflecting working capital of AU$-8.40 Billion against net assets of AU$1.35 Billion AUD. See defensive interval ratio of Qantas Airways Ltd to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Qantas Airways Ltd (1994–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Qantas Airways Ltd from 1994 to 2025, covering 32 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Qantas Airways Ltd stock valuation.
| Year | WC/NA Ratio | Working Capital (AUD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -1047.4% | AU$-8.20 Billion | AU$783.00 Million | AU$4.51 Billion | AU$12.72 Billion | ▲ +1593.8 pp |
| 2024 | -2641.2% | AU$-7.76 Billion | AU$294.00 Million | AU$3.98 Billion | AU$11.74 Billion | ▲ +67278.8 pp |
| 2023 | -69920.0% | AU$-6.99 Billion | AU$10.00 Million | AU$5.11 Billion | AU$12.10 Billion | ▼ -72512.1 pp |
| 2022 | 2592.1% | AU$-4.92 Billion | AU$-190.00 Million | AU$5.63 Billion | AU$10.56 Billion | ▲ +3532.3 pp |
| 2021 | -940.2% | AU$-4.17 Billion | AU$443.00 Million | AU$3.43 Billion | AU$7.59 Billion | ▼ -720.5 pp |
| 2020 | -219.7% | AU$-3.35 Billion | AU$1.53 Billion | AU$4.95 Billion | AU$8.30 Billion | ▼ -59.4 pp |
| 2019 | -160.3% | AU$-4.83 Billion | AU$3.01 Billion | AU$4.19 Billion | AU$9.02 Billion | ▼ -60.1 pp |
| 2018 | -100.2% | AU$-3.96 Billion | AU$3.96 Billion | AU$3.64 Billion | AU$7.60 Billion | ▲ +12.1 pp |
| 2017 | -112.3% | AU$-3.98 Billion | AU$3.54 Billion | AU$3.12 Billion | AU$7.09 Billion | ▼ -2.8 pp |
| 2016 | -109.5% | AU$-3.57 Billion | AU$3.26 Billion | AU$3.46 Billion | AU$7.03 Billion | ▼ -39.3 pp |
| 2015 | -70.2% | AU$-2.42 Billion | AU$3.45 Billion | AU$5.05 Billion | AU$7.47 Billion | ▲ +20.2 pp |
| 2014 | -90.5% | AU$-2.59 Billion | AU$2.87 Billion | AU$4.93 Billion | AU$7.53 Billion | ▼ -61.6 pp |
| 2013 | -28.9% | AU$-1.69 Billion | AU$5.84 Billion | AU$4.96 Billion | AU$6.65 Billion | ▼ -0.7 pp |
| 2012 | -28.2% | AU$-1.66 Billion | AU$5.89 Billion | AU$5.46 Billion | AU$7.12 Billion | ▼ -18.5 pp |
| 2011 | -9.7% | AU$-594.00 Million | AU$6.15 Billion | AU$5.64 Billion | AU$6.24 Billion | ▼ -2.8 pp |
| 2010 | -6.8% | AU$-409.00 Million | AU$5.98 Billion | AU$5.83 Billion | AU$6.24 Billion | ▲ +6.1 pp |
| 2009 | -13.0% | AU$-748.00 Million | AU$5.76 Billion | AU$5.97 Billion | AU$6.71 Billion | ▲ +21.7 pp |
| 2008 | -34.7% | AU$-1.99 Billion | AU$5.73 Billion | AU$5.62 Billion | AU$7.60 Billion | ▼ -20.6 pp |
| 2007 | -14.0% | AU$-870.00 Million | AU$6.20 Billion | AU$5.63 Billion | AU$6.50 Billion | ▼ -7.8 pp |
| 2006 | -6.2% | AU$-376.90 Million | AU$6.08 Billion | AU$5.05 Billion | AU$5.43 Billion | ▲ +8.2 pp |
| 2005 | -14.4% | AU$-925.10 Million | AU$6.43 Billion | AU$3.71 Billion | AU$4.63 Billion | ▲ +17.6 pp |
| 2004 | -32.0% | AU$-1.87 Billion | AU$5.84 Billion | AU$3.32 Billion | AU$5.19 Billion | ▼ -16.5 pp |
| 2003 | -15.4% | AU$-812.60 Million | AU$5.26 Billion | AU$3.95 Billion | AU$4.77 Billion | ▲ +27.5 pp |
| 2002 | -42.9% | AU$-1.83 Billion | AU$4.25 Billion | AU$3.76 Billion | AU$5.58 Billion | ▲ +37.1 pp |
| 2001 | -80.1% | AU$-2.65 Billion | AU$3.32 Billion | AU$2.36 Billion | AU$5.01 Billion | ▲ +7.8 pp |
| 2000 | -87.9% | AU$-2.52 Billion | AU$2.86 Billion | AU$2.44 Billion | AU$4.95 Billion | ▼ -32.5 pp |
| 1999 | -55.4% | AU$-1.70 Billion | AU$3.06 Billion | AU$2.38 Billion | AU$4.08 Billion | ▼ -18.3 pp |
| 1998 | -37.1% | AU$-1.10 Billion | AU$2.96 Billion | AU$2.11 Billion | AU$3.21 Billion | ▲ +2.2 pp |
| 1997 | -39.3% | AU$-1.05 Billion | AU$2.67 Billion | AU$2.07 Billion | AU$3.12 Billion | ▼ -10.0 pp |
| 1996 | -29.3% | AU$-714.50 Million | AU$2.44 Billion | AU$1.65 Billion | AU$2.37 Billion | ▼ -5.1 pp |
| 1995 | -24.2% | AU$-552.10 Million | AU$2.28 Billion | AU$1.61 Billion | AU$2.16 Billion | ▲ +2.8 pp |
| 1994 | -27.1% | AU$-586.20 Million | AU$2.17 Billion | AU$1.41 Billion | AU$2.00 Billion | — |