Controladora Vuela Compania de Aviacion, S.A.B. de C.V. Financials

VLRS

Source SEC Filings (10-K/10-Q) Updated Apr 27, 2026 Currency USD FYE April

This page shows Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VLRS FY2024 2026-04-28

Large non-cash charges and stronger cash generation keep this asset-heavy operator functioning despite thin equity.

Between FY2022 and FY2024, operating cash flow moved from $614M to $1.09B, far ahead of the swing in net income. With depreciation and amortization reaching $593M and free cash flow still ending FY2024 at $507M, the earnings line looks more constrained by non-cash asset costs than by an inability to produce cash for operations and reinvestment.

The balance sheet is improving without becoming loose: debt to equity fell to 7.3x in FY2024 from 10.4x in FY2023. Yet the current ratio stayed below 1.0x in every reported year, pointing to a business that still relies on steady turnover and market access rather than an oversized working-capital cushion.

FY2024 shows a three-way balance between reinvestment and deleveraging. Operating cash flow of $1.09B covered both capital spending of $583M and nearly matching financing outflows, suggesting internally generated cash is doing more of the funding work than external capital.

Financial Health Signals

Financial Profile 2/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. has elevated debt relative to equity (D/E of 10.40), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s current ratio of 0.73 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. generates a -39.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 34.6% the prior year.

Piotroski F-Score Weak

2/9

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Mixed

-7.22x

For every $1 of reported earnings, Controladora Vuela Compania de Aviacion, S.A.B. de C.V. generates $-7.22 in operating cash flow ($749.8M OCF vs -$103.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$103.9M

YoY-182.2%

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. reported -$103.9M in net income in fiscal year 2025. This represents a decrease of 182.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$458.2M

YoY-9.6%

5Y CAGR+51.9%

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. generated $458.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 9.6% from the prior year.

Cash & Debt

$753.9M

YoY-17.0%

5Y CAGR+8.3%

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. held $753.9M in cash against $2.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

899M

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. had 899M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-39.4%

YoY-74.0pp

5Y CAGR+97.4pp

Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s ROE was -39.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 74.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$291.6M

YoY-50.0%

5Y CAGR+13.2%

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. invested $291.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 50.0% from the prior year.

VLRS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$266.0M+6.2%	$250.5M+30.5%	$192.0M+9.8%	$174.8M+36.4%	$128.2M+17.7%	$108.9M
Income Tax	-$14.4M-125.5%	$56.3M+15037.4%	-$377K+99.3%	-$52.1M-270.5%	$30.6M+149.5%	-$61.7M
Net Income	-$103.9M-182.2%	$126.4M+1516.3%	$7.8M+109.7%	-$80.2M-175.4%	$106.5M+155.5%	-$191.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VLRS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.6B-1.2%	$5.7B+10.8%	$5.1B+15.2%	$4.5B+12.1%	$4.0B+16.6%	$3.4B
Current Assets	$1.4B+0.8%	$1.4B+10.8%	$1.2B+17.0%	$1.1B+8.9%	$979.0M+35.6%	$722.0M
Cash & Equivalents	$753.9M-17.0%	$908.0M+17.3%	$774.2M+8.8%	$711.9M-3.9%	$741.1M+46.3%	$506.5M
Inventory	$16.7M+0.6%	$16.6M+3.2%	$16.1M+2.3%	$15.8M+9.5%	$14.4M+3.0%	$14.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.4B+0.6%	$5.3B+8.9%	$4.9B+15.8%	$4.2B+15.3%	$3.7B+12.0%	$3.3B
Current Liabilities	$1.9B+8.2%	$1.8B+9.2%	$1.6B+14.2%	$1.4B+13.4%	$1.3B+19.1%	$1.1B
Long-Term Debt	$2.7B+2.8%	$2.7B+6.0%	$2.5B+6.1%	$2.4B+11.5%	$2.1B+12.8%	$1.9B
Total Equity	$263.8M-27.7%	$364.8M+50.4%	$242.6M+3.3%	$234.7M-25.0%	$313.1M+123.4%	$140.2M
Retained Earnings	-$125.6M-478.5%	-$21.7M+85.3%	-$148.1M+5.0%	-$155.9M-106.0%	-$75.7M+60.8%	-$193.3M

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Total Assets	$5.7B+10.8%	$5.1B+15.2%	$4.5B+12.1%	$4.0B+16.6%	$3.4B+1.8%	$3.4B+196.3%	$1.1B-1.3%	$1.1B
Current Assets	$1.4B+10.8%	$1.2B+17.0%	$1.1B+8.9%	$979.0M+35.6%	$722.0M+12.3%	$643.0M+37.7%	$466.9M-18.6%	$573.2M
Cash & Equivalents	$908.0M+17.3%	$774.2M+8.8%	$711.9M-3.9%	$741.1M+46.3%	$506.5M+26.6%	$400.0M-5.5%	$423.4M+19.9%	$353.1M
Inventory	$16.6M+3.2%	$16.1M+2.3%	$15.8M+9.5%	$14.4M+3.0%	$14.0M-12.7%	$16.0M+6.1%	$15.1M+1.1%	$14.9M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.3B+8.9%	$4.9B+15.8%	$4.2B+15.3%	$3.7B+12.0%	$3.3B+6.9%	$3.1B+359.2%	$667.5M+5.4%	$633.5M
Current Liabilities	$1.8B+9.2%	$1.6B+14.2%	$1.4B+13.4%	$1.3B+19.1%	$1.1B+14.3%	$919.3M+95.6%	$469.9M-1.0%	$474.9M
Long-Term Debt	$2.7B+6.0%	$2.5B+6.1%	$2.4B+11.5%	$2.1B+12.8%	$1.9B-0.6%	$1.9B	N/A	N/A
Total Equity	$364.8M+50.4%	$242.6M+3.3%	$234.7M-25.0%	$313.1M+123.4%	$140.2M-52.2%	$293.4M-37.0%	$466.0M-9.5%	$515.0M
Retained Earnings	-$21.7M+85.3%	-$148.1M+5.0%	-$155.9M-106.0%	-$75.7M+60.8%	-$193.3M-930.7%	$23.3M-89.3%	$216.7M-15.8%	$257.4M

VLRS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$749.8M-31.2%	$1.1B+49.3%	$729.8M+18.9%	$613.6M-21.9%	$785.4M+267.4%	$213.7M
Capital Expenditures	$291.6M-50.0%	$583.1M+21.3%	$480.8M+38.5%	$347.1M+86.5%	$186.1M+18.4%	$157.1M
Free Cash Flow	$458.2M-9.6%	$506.7M+103.4%	$249.1M-6.5%	$266.5M-55.5%	$599.2M+958.4%	$56.6M
Investing Cash Flow	-$88.8M+81.2%	-$472.5M-2.3%	-$462.0M-253.5%	-$130.7M+2.9%	-$134.6M-4171.7%	-$3.2M
Financing Cash Flow	-$818.9M-73.6%	-$471.6M-120.0%	-$214.4M+58.2%	-$513.1M-17.9%	-$435.2M-235.9%	-$129.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VLRS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-39.4%-74.0pp	34.6%+31.4pp	3.2%+37.4pp	-34.2%-68.2pp	34.0%+170.8pp	-136.8%
Return on Assets	-1.8%-4.1pp	2.2%+2.1pp	0.1%+1.9pp	-1.8%-4.5pp	2.7%+8.3pp	-5.6%
Current Ratio	0.73-0.1	0.78+0.0	0.77+0.0	0.75-0.0	0.78+0.1	0.69
Debt-to-Equity	10.40+3.1	7.32-3.1	10.38+0.3	10.11+3.3	6.80-6.7	13.46
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.78+0.0	0.77+0.0	0.75-0.0	0.78+0.1	0.69-0.0	0.70-0.3	0.99-0.2	1.21
Debt-to-Equity	7.32-3.1	10.38+0.3	10.11+3.3	6.80-6.7	13.46+7.0	6.47+5.0	1.43+0.2	1.23
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.73), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is Controladora Vuela Compania de Aviacion, S.A.B. de C.V. profitable?

No, Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) reported a net income of -$103.9M in fiscal year 2025.

How much debt does Controladora Vuela Compania de Aviacion, S.A.B. de C.V. have?

As of fiscal year 2025, Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) had $753.9M in cash and equivalents against $2.7B in long-term debt.

What is Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s return on equity (ROE)?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) has a return on equity of -39.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s free cash flow?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) generated $458.2M in free cash flow during fiscal year 2025. This represents a -9.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s operating cash flow?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) generated $749.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s total assets?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) had $5.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s capital expenditures?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) invested $291.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Controladora Vuela Compania de Aviacion, S.A.B. de C.V. have outstanding?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) had 899M shares outstanding as of fiscal year 2025.

What is Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s current ratio?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) had a current ratio of 0.73 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s debt-to-equity ratio?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) had a debt-to-equity ratio of 10.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s return on assets (ROA)?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) had a return on assets of -1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s Piotroski F-Score?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Controladora Vuela Compania de Aviacion, S.A.B. de C.V.'s earnings high quality?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) has an earnings quality ratio of -7.22x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Controladora Vuela Compania de Aviacion, S.A.B. de C.V.?

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) scores 2 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.