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$1.35 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Qantas Airways Ltd balance sheet independence to measure how much of total assets are equity-financed.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Qantas Airways Ltd Working Capital to Net Assets (1994–2025)
This chart shows how Qantas Airways Ltd's Working Capital to Net Assets ratio has evolved across 32 annual periods from 1994 to 2025. As of December 2025, the ratio stands at -622.5%, reflecting working capital of AU$-8.40 Billion against net assets of AU$1.35 Billion AUD. Check Qantas Airways Ltd (QAN) tangible equity ratio to evaluate the tangible quality of the company's equity base.
Annual Working Capital to Net Assets for Qantas Airways Ltd (1994–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Qantas Airways Ltd from 1994 to 2025, covering 32 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Qantas Airways Ltd (QAN) total market value.
| Year | WC/NA Ratio | Working Capital (AUD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -1047.4% | AU$-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 | — |