Air France-KLM SA (AF) — Working Capital to Net Assets Ratio
Air France-KLM SA (AF) has a Working Capital to Net Assets ratio of -298.9% as of March 2026. Working capital of €-5.51 Billion (current assets of €13.87 Billion minus current liabilities of €19.39 Billion) is measured against net assets of €1.84 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Air France-KLM SA (AF) 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
Air France-KLM SA Working Capital to Net Assets (2002–2025)
This chart shows how Air France-KLM SA's Working Capital to Net Assets ratio has evolved across 24 annual periods from 2002 to 2025. As of March 2026, the ratio stands at -298.9%, reflecting working capital of €-5.51 Billion against net assets of €1.84 Billion EUR. See Air France-KLM SA liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Air France-KLM SA (2002–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Air France-KLM SA from 2002 to 2025, covering 24 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 Air France-KLM SA market cap and net worth.
| Year | WC/NA Ratio | Working Capital (EUR) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -604.9% | €-6.55 Billion | €1.08 Billion | €10.56 Billion | €17.11 Billion | ▲ +106.7 pp |
| 2024 | -711.6% | €-5.69 Billion | €799.00 Million | €10.59 Billion | €16.27 Billion | ▼ -1429.3 pp |
| 2023 | 717.7% | €-4.13 Billion | €-576.00 Million | €11.81 Billion | €15.95 Billion | ▲ +610.7 pp |
| 2022 | 107.1% | €-2.65 Billion | €-2.48 Billion | €11.01 Billion | €13.66 Billion | ▲ +80.9 pp |
| 2021 | 26.1% | €-997.00 Million | €-3.82 Billion | €10.73 Billion | €11.73 Billion | ▼ -8.6 pp |
| 2020 | 34.8% | €-1.88 Billion | €-5.42 Billion | €9.89 Billion | €11.78 Billion | ▲ +213.5 pp |
| 2019 | -178.8% | €-4.11 Billion | €2.30 Billion | €8.54 Billion | €12.65 Billion | ▲ +63.6 pp |
| 2018 | -242.4% | €-4.52 Billion | €1.86 Billion | €7.80 Billion | €12.32 Billion | ▼ -176.3 pp |
| 2017 | -66.1% | €-1.99 Billion | €3.02 Billion | €9.05 Billion | €11.04 Billion | ▲ +129.4 pp |
| 2016 | -195.5% | €-2.53 Billion | €1.30 Billion | €7.61 Billion | €10.14 Billion | ▲ +1436.0 pp |
| 2015 | -1631.5% | €-4.45 Billion | €273.00 Million | €7.54 Billion | €12.00 Billion | ▼ -2367.4 pp |
| 2014 | 735.9% | €-4.65 Billion | €-632.00 Million | €7.18 Billion | €11.83 Billion | ▲ +863.6 pp |
| 2013 | -127.6% | €-2.92 Billion | €2.29 Billion | €7.94 Billion | €10.86 Billion | ▼ -82.5 pp |
| 2012 | -45.1% | €-2.25 Billion | €4.98 Billion | €7.58 Billion | €9.83 Billion | ▼ -0.2 pp |
| 2011 | -44.9% | €-2.74 Billion | €6.09 Billion | €6.41 Billion | €9.15 Billion | ▼ -18.5 pp |
| 2010 | -26.5% | €-1.83 Billion | €6.91 Billion | €8.54 Billion | €10.37 Billion | ▲ +18.7 pp |
| 2009 | -45.2% | €-2.45 Billion | €5.42 Billion | €8.02 Billion | €10.47 Billion | ▲ +13.6 pp |
| 2008 | -58.8% | €-3.34 Billion | €5.68 Billion | €8.05 Billion | €11.39 Billion | ▼ -67.8 pp |
| 2007 | 9.0% | €957.00 Million | €10.61 Billion | €10.15 Billion | €9.19 Billion | ▲ +5.8 pp |
| 2006 | 3.3% | €274.00 Million | €8.41 Billion | €8.43 Billion | €8.16 Billion | ▼ -1.9 pp |
| 2005 | 5.1% | €402.00 Million | €7.85 Billion | €8.49 Billion | €8.09 Billion | ▼ -26.5 pp |
| 2004 | 31.6% | €1.65 Billion | €5.23 Billion | €7.40 Billion | €5.75 Billion | ▲ +13.2 pp |
| 2003 | 18.4% | €750.00 Million | €4.08 Billion | €4.21 Billion | €3.46 Billion | ▲ +12.2 pp |
| 2002 | 6.2% | €247.43 Million | €4.02 Billion | €3.58 Billion | €3.33 Billion | — |