Thales S.A. (HO) — Working Capital to Net Assets Ratio
Thales S.A. (HO) has a Working Capital to Net Assets ratio of -62.9% as of June 2025. Working capital of €-4.51 Billion (current assets of €21.03 Billion minus current liabilities of €25.54 Billion) is measured against net assets of €7.17 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Thales S.A. financial flexibility index to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Thales S.A. Working Capital to Net Assets (2001–2024)
This chart shows how Thales S.A.'s Working Capital to Net Assets ratio has evolved across 24 annual periods from 2001 to 2024. As of June 2025, the ratio stands at -62.9%, reflecting working capital of €-4.51 Billion against net assets of €7.17 Billion EUR. See operational self-sufficiency of Thales S.A. to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Thales S.A. (2001–2024)
The table below presents the year-by-year Working Capital to Net Assets ratio for Thales S.A. from 2001 to 2024, 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 market value of Thales S.A..
| Year | WC/NA Ratio | Working Capital (EUR) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2024 | -62.9% | €-4.76 Billion | €7.56 Billion | €20.90 Billion | €25.66 Billion | ▼ -19.4 pp |
| 2023 | -43.5% | €-3.03 Billion | €6.97 Billion | €21.19 Billion | €24.22 Billion | ▼ -47.2 pp |
| 2022 | 3.7% | €270.90 Million | €7.38 Billion | €21.01 Billion | €20.74 Billion | ▼ -13.2 pp |
| 2021 | 16.9% | €1.14 Billion | €6.72 Billion | €19.70 Billion | €18.57 Billion | ▲ +12.2 pp |
| 2020 | 4.7% | €250.80 Million | €5.31 Billion | €17.43 Billion | €17.18 Billion | ▲ +33.1 pp |
| 2019 | -28.4% | €-1.61 Billion | €5.68 Billion | €15.88 Billion | €17.49 Billion | ▼ -68.2 pp |
| 2018 | 39.8% | €2.36 Billion | €5.92 Billion | €16.97 Billion | €14.62 Billion | ▲ +23.4 pp |
| 2017 | 16.4% | €912.50 Million | €5.56 Billion | €14.82 Billion | €13.91 Billion | ▲ +0.9 pp |
| 2016 | 15.6% | €756.70 Million | €4.87 Billion | €14.07 Billion | €13.31 Billion | ▲ +17.8 pp |
| 2015 | -2.2% | €-110.70 Million | €4.94 Billion | €13.09 Billion | €13.20 Billion | ▼ -1.4 pp |
| 2014 | -0.9% | €-35.10 Million | €4.07 Billion | €11.60 Billion | €11.63 Billion | ▼ -2.1 pp |
| 2013 | 1.3% | €49.50 Million | €3.94 Billion | €13.82 Billion | €13.77 Billion | ▲ +23.3 pp |
| 2012 | -22.0% | €-1.01 Billion | €4.59 Billion | €13.60 Billion | €14.61 Billion | ▲ +3.9 pp |
| 2011 | -25.9% | €-1.07 Billion | €4.13 Billion | €13.31 Billion | €14.38 Billion | ▲ +1.8 pp |
| 2010 | -27.6% | €-1.02 Billion | €3.68 Billion | €11.80 Billion | €12.82 Billion | ▼ -14.8 pp |
| 2009 | -12.9% | €-483.40 Million | €3.75 Billion | €11.00 Billion | €11.49 Billion | ▲ +11.8 pp |
| 2008 | -24.6% | €-973.40 Million | €3.95 Billion | €11.13 Billion | €12.11 Billion | ▼ -22.9 pp |
| 2007 | -1.7% | €-66.50 Million | €3.88 Billion | €10.88 Billion | €10.95 Billion | ▼ -38.8 pp |
| 2006 | 37.0% | €849.80 Million | €2.29 Billion | €10.86 Billion | €10.01 Billion | ▲ +15.1 pp |
| 2005 | 22.0% | €461.70 Million | €2.10 Billion | €9.66 Billion | €9.20 Billion | ▲ +27.2 pp |
| 2004 | -5.3% | €-84.10 Million | €1.60 Billion | €9.26 Billion | €9.35 Billion | ▼ -69.9 pp |
| 2003 | 64.6% | €1.33 Billion | €2.06 Billion | €14.07 Billion | €12.74 Billion | ▼ -1.8 pp |
| 2002 | 66.4% | €1.44 Billion | €2.17 Billion | €13.53 Billion | €12.09 Billion | ▼ -20.6 pp |
| 2001 | 87.1% | €1.89 Billion | €2.17 Billion | €14.24 Billion | €12.34 Billion | — |