Turkish Airlines (THYAO) — Working Capital to Net Assets Ratio
Turkish Airlines (THYAO) has a Working Capital to Net Assets ratio of -0.5% as of December 2025. Working capital of TL-113.00 Million (current assets of TL10.19 Billion minus current liabilities of TL10.30 Billion) is measured against net assets of TL21.31 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Turkish Airlines balance sheet quality to measure how much of total assets are equity-financed.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Turkish Airlines Working Capital to Net Assets (2014–2025)
This chart shows how Turkish Airlines's Working Capital to Net Assets ratio has evolved across 12 annual periods from 2014 to 2025. As of December 2025, the ratio stands at -0.5%, reflecting working capital of TL-113.00 Million against net assets of TL21.31 Billion TRY. Check THYAO goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Annual Working Capital to Net Assets for Turkish Airlines (2014–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Turkish Airlines from 2014 to 2025, covering 12 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 THYAO market cap overview.
| Year | WC/NA Ratio | Working Capital (TRY) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -0.5% | TL-113.00 Million | TL21.31 Billion | TL10.19 Billion | TL10.30 Billion | ▼ -0.9 pp |
| 2024 | 0.3% | TL2.38 Billion | TL680.01 Billion | TL341.91 Billion | TL339.53 Billion | ▲ +3.6 pp |
| 2023 | -3.3% | TL-14.91 Billion | TL457.11 Billion | TL253.04 Billion | TL267.96 Billion | ▲ +7.2 pp |
| 2022 | -10.4% | TL-18.95 Billion | TL181.43 Billion | TL135.09 Billion | TL154.04 Billion | ▲ +350.0 pp |
| 2021 | -360.5% | TL-24.65 Billion | TL6.84 Billion | TL65.80 Billion | TL90.44 Billion | ▼ -318.2 pp |
| 2020 | -42.3% | TL-16.72 Billion | TL39.51 Billion | TL30.66 Billion | TL47.38 Billion | ▲ +60.9 pp |
| 2019 | -103.2% | TL-7.08 Billion | TL6.86 Billion | TL28.34 Billion | TL35.42 Billion | ▼ -43.4 pp |
| 2018 | -59.9% | TL-3.54 Billion | TL5.91 Billion | TL23.71 Billion | TL27.25 Billion | ▼ -12.6 pp |
| 2017 | -47.2% | TL-2.51 Billion | TL5.31 Billion | TL13.70 Billion | TL16.21 Billion | ▲ +15.0 pp |
| 2016 | -62.2% | TL-3.16 Billion | TL5.07 Billion | TL12.67 Billion | TL15.83 Billion | ▼ -47.3 pp |
| 2015 | -14.9% | TL-2.10 Billion | TL14.09 Billion | TL9.15 Billion | TL11.25 Billion | ▲ +6.3 pp |
| 2014 | -21.2% | TL-1.94 Billion | TL9.15 Billion | TL6.57 Billion | TL8.51 Billion | — |