Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) 10-Year Financial Performance & Capital Metrics

VLRS • • Industrial / General

IndustrialsAirlines & AirportsLow-Cost & Ultra-Low-Cost CarriersInternational Low-Cost Carriers

AboutControladora Vuela Compañía de Aviación, S.A.B. de C.V., through its subsidiaries, Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V., provides air transportation services for passengers, cargo, and mail in Mexico and internationally. The company operates approximately 410 daily flights on routes connecting 43 cities in Mexico, 22 cities in the United States, and 3 cities in Central America. As of December 31, 2020, it operated through a fleet of 86 aircraft. The company also offers merchandising, recruitment and payroll, travel agency, and loyalty program services. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. was incorporated in 2005 and is headquartered in Mexico City, Mexico.Show more

Revenue $3.14B -3.6%
EBITDA $1.01B +39.9%
Net Income $126M +1511.5%
EPS (Diluted) 1.10 +1541.8%
Gross Margin 35.3% +127.7%
EBITDA Margin 32.02% +45.1%
Operating Margin 13.14% +92.3%
Net Margin 4.01% +1571.6%
ROE 41.49% +1166.4%
ROIC 9.74% +61.2%
Debt/Equity 10.61 -27.4%
Interest Coverage 1.40 +38.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 16.1% free cash flow margin
✓Momentum leader: RS Rating 92 (top 8%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.7%

✗Weaknesses

✗High debt to equity ratio of 10.6x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.67%

5Y11.68%

3Y12.61%

TTM-6.74%

Profit (Net Income) CAGR

10Y11.86%

5Y-1.67%

3Y5.78%

TTM-132.32%

EPS CAGR

10Y10.37%

5Y-4.71%

3Y7.32%

TTM-132.41%

ROCE

10Y Avg9.51%

5Y Avg5.87%

3Y Avg6.45%

Latest11.08%

Peer Comparison

International Low-Cost Carriers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RYAAYRyanair Holdings plc	36.22B	69.00	9.45	3.75%	15.65%	26.3%	5.14%	0.38
VLRSControladora Vuela Compañía de Aviación, S.A.B. de C.V.	1.02B	8.88	8.07	-3.59%	-2.07%	-23.66%	49.66%	10.61

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.05B	1.13B	1.27B	1.39B	1.81B	1.07B	2.2B	2.85B	3.26B	3.14B
Revenue Growth %	0.1%	0.08%	0.11%	0.1%	0.3%	-0.41%	1.05%	0.29%	0.14%	-0.04%
Cost of Goods Sold+	817.9M	916.22M	1.13B	1.34B	1.46B	1.1B	1.65B	2.6B	2.75B	2.03B
COGS % of Revenue	0.78%	0.81%	0.89%	0.96%	0.81%	1.02%	0.75%	0.91%	0.84%	0.65%
Gross Profit+	234.79M	218.64M	133M	51.99M	346.01M	-26.02M	548.84M	245.5M	505.2M	1.11B
Gross Margin %	0.22%	0.19%	0.11%	0.04%	0.19%	-0.02%	0.25%	0.09%	0.16%	0.35%
Gross Profit Growth %	1.33%	-0.07%	-0.39%	-0.61%	5.66%	-1.08%	22.09%	-0.55%	1.06%	1.2%
Operating Expenses+	907.33M	1B	1.26B	1.43B	133M	107.5M	151.81M	201.81M	282.5M	696M
OpEx % of Revenue	0.86%	0.88%	1%	1.03%	0.07%	0.1%	0.07%	0.07%	0.09%	0.22%
Selling, General & Admin	98.46M	109.54M	133.98M	126.39M	133M	137.01M	158.8M	206M	313.28M	169M
SG&A % of Revenue	0.09%	0.1%	0.11%	0.09%	0.07%	0.13%	0.07%	0.07%	0.1%	0.05%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.46M	-192.73K	215.02K	-468.73K	0	-29.51M	-6.99M	-4.19M	-30.78M	527M
Operating Income+	145.36M	132.23M	949.18K	-44.8M	213.02M	-133.52M	397.03M	43.69M	222.71M	413M
Operating Margin %	0.14%	0.12%	0%	-0.03%	0.12%	-0.12%	0.18%	0.02%	0.07%	0.13%
Operating Income Growth %	9.5%	-0.09%	-0.99%	-48.2%	5.75%	-1.63%	3.97%	-0.89%	4.1%	0.85%
EBITDA+	171.81M	158.13M	28.89M	-19.33M	492.38M	145M	723.43M	461.62M	719.02M	1.01B
EBITDA Margin %	0.16%	0.14%	0.02%	-0.01%	0.27%	0.13%	0.33%	0.16%	0.22%	0.32%
EBITDA Growth %	3.63%	-0.08%	-0.82%	-1.67%	26.47%	-0.71%	3.99%	-0.36%	0.56%	0.4%
D&A (Non-Cash Add-back)	26.45M	25.9M	27.94M	25.47M	279.36M	278.51M	326.4M	417.93M	496.31M	593M
EBIT	203.85M	239.65M	103.11M	29.38M	311.84M	-134.92M	274.58M	59.12M	224.71M	476M
Net Interest Income+	1.47M	3.26M	994.07K	-89.61M	-107.11M	-114.9M	-135.84M	-179.47M	-185.15M	-245M
Interest Income	2.72M	109.67M	5.56M	7.92M	10.79M	4.63M	3.52M	13M	33.61M	49M
Interest Expense	1.26M	1.69M	4.57M	97.54M	117.9M	119.52M	138.38M	193M	218.76M	294M
Other Income/Expense	57.43M	107.97M	-36.99M	-92.99M	-19.08M	-119.94M	-260M	-176.05M	-215.27M	-231M
Pretax Income+	202.79M	240.21M	-38.48M	-46.85M	193.94M	-253.45M	137.03M	-132.36M	7.44M	182M
Pretax Margin %	0.19%	0.21%	-0.03%	-0.03%	0.11%	-0.24%	0.06%	-0.05%	0%	0.06%
Income Tax+	60.13M	70.33M	-8.21M	-11.87M	56.87M	-61.73M	30.57M	-52.14M	-377K	56M
Effective Tax Rate %	0.7%	0.71%	0.79%	0.75%	0.71%	0.76%	0.78%	0.61%	1.05%	0.69%
Net Income+	142.67M	169.87M	-30.27M	-34.98M	137.07M	-191.72M	106.45M	-80.22M	7.82M	126M
Net Margin %	0.14%	0.15%	-0.02%	-0.03%	0.08%	-0.18%	0.05%	-0.03%	0%	0.04%
Net Income Growth %	2.47%	0.19%	-1.18%	-0.16%	4.92%	-2.4%	1.56%	-1.75%	1.1%	15.11%
Net Income (Continuing)	142.67M	167.9M	14.19M	-47.98M	137.07M	-191.72M	106.45M	-80.22M	7.82M	126M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.40	1.70	-0.30	-0.35	1.40	-2.10	0.89	-0.26	0.07	1.10
EPS Growth %	2.41%	0.21%	-1.18%	-0.17%	5%	-2.5%	1.42%	-1.29%	1.26%	15.42%
EPS (Basic)	1.40	1.70	-0.30	-0.35	1.40	-2.10	0.89	-0.26	0.07	1.10
Diluted Shares Outstanding	101.19M	101.19M	101.19M	101.19M	101.19M	102.13M	116.6M	116.6M	116.57M	115.1M
Basic Shares Outstanding	101.19M	101.19M	101.19M	101.19M	101.19M	100.5M	116.6M	115.5M	115.25M	115.07M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	419.31M	581.11M	576.02M	471.87M	639.8M	725.46M	984.65M	1.07B	1.25B	1.38B
Cash & Short-Term Investments	298.63M	367.54M	379.24M	301.5M	428.4M	507.82M	745.41M	711.85M	776.48M	945.18M
Cash Only	298.63M	341.3M	353.91M	298.32M	421.35M	507.81M	745.41M	711.85M	761.22M	899.45M
Short-Term Investments	0	26.23M	25.33M	3.18M	7.05M	10.35K	0	0	15.27M	45.74M
Accounts Receivable	25.19M	46.47M	73.79M	74.63M	122.52M	101.63M	112.75M	243.65M	250.6M	138.81M
Days Sales Outstanding	8.73	14.94	21.29	19.61	24.72	34.51	18.7	31.23	28.07	16.13
Inventory	9.44M	11.77M	15.01M	15.13M	15.94M	14.02M	23.07M	22.2M	16.12M	16.63M
Days Inventory Outstanding	4.21	4.69	4.84	4.13	3.98	4.65	5.1	3.12	2.14	2.99
Other Current Assets	176.44K	147.07K	25.33M	3.18M	11.86M	10K	88.73M	74.19M	17.3M	14.78M
Total Non-Current Assets+	464.37M	494.48M	578.07M	663.85M	2.7B	2.7B	3.02B	3.4B	3.9B	4.32B
Property, Plant & Equipment	147.64M	121.87M	222.8M	294.21M	2.2B	2.09B	2.39B	2.66B	3.14B	3.54B
Fixed Asset Turnover	7.13x	9.31x	5.68x	4.72x	0.82x	0.51x	0.92x	1.07x	1.04x	0.89x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	5.48M	5.5M	9.7M	9.11M	8.84M	9.63M	12.71M	12.72M	16.22M	25.96M
Long-Term Investments	3.97M	15.65M	0	0	142.3K	16.39K	1.41M	1.58M	1.68M	0
Other Non-Current Assets	275.74M	324.47M	316.94M	330.34M	419.83M	445.77M	481.22M	519.55M	503.08M	469.85M
Total Assets+	883.68M	1.08B	1.15B	1.14B	3.34B	3.43B	4.01B	4.47B	5.15B	5.7B
Asset Turnover	1.19x	1.06x	1.10x	1.22x	0.54x	0.31x	0.55x	0.64x	0.63x	0.55x
Asset Growth %	0.31%	0.22%	0.07%	-0.02%	1.94%	0.03%	0.17%	0.11%	0.15%	0.11%
Total Current Liabilities+	411.29M	404.98M	477.18M	470.32M	916.06M	1.07B	1.26B	1.42B	1.62B	1.77B
Accounts Payable	45.23M	41.6M	54.86M	55.23M	84.33M	112.28M	119.4M	209.47M	233.86M	161.24M
Days Payables Outstanding	20.18	16.57	17.69	15.07	21.04	37.22	26.39	29.39	31	28.95
Short-Term Debt	79.4M	50.74M	122.38M	61.68M	110.14M	78.14M	483.53M	447.77M	220.29M	283.62M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	18.3M	35.07M	11.82M	263.84M	22.85M	26.42M	321.08M	386.19M	2.3M	62.8M
Current Ratio	1.02x	1.43x	1.21x	1.00x	0.70x	0.68x	0.78x	0.75x	0.77x	0.78x
Quick Ratio	1.00x	1.41x	1.18x	0.97x	0.68x	0.66x	0.76x	0.74x	0.76x	0.77x
Cash Conversion Cycle	-7.24	3.06	8.44	8.66	7.66	1.93	-2.59	4.96	-0.79	-9.84
Total Non-Current Liabilities+	77.2M	149.62M	159.43M	198.19M	2.14B	2.22B	2.43B	2.81B	3.28B	3.57B
Long-Term Debt	12.73M	45.52M	54.95M	117.59M	152.59M	190.28M	108.66M	160.89M	432.78M	526.36M
Capital Lease Obligations	0	0	1.5B	0	1.89B	1.89B	2.14B	2.37B	2.52B	2.67B
Deferred Tax Liabilities	51.27M	88.66M	82.3M	56.01M	8.24M	10.04M	11.26M	10.46M	15.71M	17.93M
Other Non-Current Liabilities	9.77M	6.59M	1.51B	6.98M	86.35M	129.02M	173.37M	268.72M	314.56M	353.97M
Total Liabilities	488.49M	554.6M	636.61M	668.51M	3.05B	3.29B	3.69B	4.23B	4.9B	5.34B
Total Debt+	91.7M	96.94M	177.33M	185.52M	2.25B	2.49B	2.73B	2.98B	3.54B	3.87B
Net Debt	-206.93M	-244.36M	-176.59M	-112.79M	1.83B	1.98B	1.99B	2.27B	2.78B	2.97B
Debt / Equity	0.23x	0.19x	0.34x	0.40x	7.82x	17.71x	8.68x	12.70x	14.61x	10.61x
Debt / EBITDA	0.53x	0.61x	6.14x	-	4.57x	17.16x	3.78x	6.46x	4.93x	3.85x
Net Debt / EBITDA	-1.20x	-1.55x	-6.11x	-	3.71x	13.66x	2.75x	4.92x	3.87x	2.95x
Interest Coverage	115.67x	78.02x	0.21x	-0.46x	1.81x	-1.12x	2.87x	0.23x	1.02x	1.40x
Total Equity+	395.19M	520.99M	517.47M	467.22M	287.74M	140.54M	314.95M	234.74M	242.59M	364.81M
Equity Growth %	0.3%	0.32%	-0.01%	-0.1%	-0.38%	-0.51%	1.24%	-0.25%	0.03%	0.5%
Book Value per Share	3.91	5.15	5.11	4.62	2.84	1.38	2.70	2.01	2.08	3.17
Total Shareholders' Equity	395.19M	520.99M	517.47M	467.22M	287.74M	140.54M	314.95M	234.74M	242.59M	364.81M
Common Stock	172.18M	143.52M	151.4M	151.3M	157.01M	172.22M	167.43M	248.28M	248.28M	248.28M
Retained Earnings	139.44M	286.1M	258.66M	216.8M	18.92M	-193.78M	-84.77M	-155.9M	-148.08M	-21.71M
Treasury Stock	-5.29M	-4.02M	-4.33M	-6.24M	-8.96M	-9.41M	-10.23M	-12.87M	-11.55M	-12.79M
Accumulated OCI	-14.85M	8.48M	19.86M	11.08M	21.51M	-63.9M	15.09M	-127.95M	-128.09M	-132.33M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	177.74M	47.24M	50.2M	28.79M	500M	213.75M	785.36M	613.6M	729.83M	1.09B
Operating CF Margin %	0.17%	0.04%	0.04%	0.02%	0.28%	0.2%	0.36%	0.22%	0.22%	0.35%
Operating CF Growth %	6.84%	-0.73%	0.06%	-0.43%	16.37%	-0.57%	2.67%	-0.22%	0.19%	0.49%
Net Income	202.79M	169.87M	-30.27M	-34.98M	139.35M	-253.45M	106.45M	-80.22M	7.82M	126M
Depreciation & Amortization	26.45M	25.9M	27.94M	25.47M	286.67M	278.51M	326.4M	417.93M	496.31M	593M
Stock-Based Compensation	246.09K	232.93K	447.2K	657.34K	1.7M	2.29M	-1.27M	709K	5.93M	0
Deferred Taxes	-26.66M	70.33M	-8.21M	-11.87M	57.81M	-1.41B	0	-52.14M	-377K	0
Other Non-Cash Items	-1.44M	-224.45M	51.39M	21.05M	21.55M	1.51B	239.03M	121.44M	198.98M	296.11M
Working Capital Changes	-23.65M	5.35M	8.9M	28.45M	-7.08M	79.58M	114.75M	205.89M	21.16M	74.89M
Change in Receivables	-83.78M	-5.58M	650.2K	937.6K	-16.07M	35.88M	1.13M	16.38M	69.61M	47.72M
Change in Inventory	-1.35M	-3.9M	-2.6M	-123.19K	-244.84K	1.07M	-857K	-1.36M	-359K	-516K
Change in Payables	17.4M	6.57M	9.98M	713.47K	27.36M	41.52M	6.17M	86.63M	36.62M	-70.07M
Cash from Investing+	-34.82M	-1.35M	-115.09M	-70.7M	-99.23M	-3.15M	-134.65M	-130.69M	-462.04M	-472M
Capital Expenditures	-84.31M	-109.06M	-135.06M	-143.19M	-188.01M	-157.13M	-186.12M	-347.15M	-480.75M	0
CapEx % of Revenue	0.08%	0.1%	0.11%	0.1%	0.1%	0.15%	0.08%	0.12%	0.15%	0.19%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	49.5M	107.71M	19.97M	72.49M	88.78M	153.98M	51.55M	216.45M	35.72M	-472M
Cash from Financing+	3.77M	519.59K	71.2M	-11.97M	-274.49M	-129.57M	-435.18M	-513.09M	-214.39M	-472M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-3.37M	-7.58M	-5.33M	-9.82M	-11.77M	-13.61M	-9.62M	-17.64M	-41.21M	-60.69M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	93.43M	-61.82M	-84.87M	-114.4M	311.99M	50.81M	589.17M	259.67M	238.69M	506.65M
FCF Margin %	0.09%	-0.05%	-0.07%	-0.08%	0.17%	0.05%	0.27%	0.09%	0.07%	0.16%
FCF Growth %	2.09%	-1.66%	-0.37%	-0.35%	3.73%	-0.84%	10.6%	-0.56%	-0.08%	1.12%
FCF per Share	0.92	-0.61	-0.84	-1.13	3.08	0.50	5.05	2.23	2.05	4.40
FCF Conversion (FCF/Net Income)	1.25x	0.28x	-1.66x	-0.82x	3.65x	-1.11x	7.38x	-7.65x	93.34x	8.65x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	40.84%	37.08%	-5.83%	-7.1%	36.31%	-89.53%	46.74%	-29.19%	3.28%	41.49%
Return on Invested Capital (ROIC)	51.63%	42.67%	0.23%	-9.67%	12.93%	-4.73%	13.46%	1.36%	6.04%	9.74%
Gross Margin	22.3%	19.27%	10.51%	3.74%	19.13%	-2.42%	24.94%	8.62%	15.5%	35.3%
Net Margin	13.55%	14.97%	-2.39%	-2.52%	7.58%	-17.83%	4.84%	-2.82%	0.24%	4.01%
Debt / Equity	0.23x	0.19x	0.34x	0.40x	7.82x	17.71x	8.68x	12.70x	14.61x	10.61x
Interest Coverage	115.67x	78.02x	0.21x	-0.46x	1.81x	-1.12x	2.87x	0.23x	1.02x	1.40x
FCF Conversion	1.25x	0.28x	-1.66x	-0.82x	3.65x	-1.11x	7.38x	-7.65x	93.34x	8.65x
Revenue Growth	10.49%	7.81%	11.47%	9.83%	30.2%	-40.57%	104.68%	29.4%	14.46%	-3.59%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	965.68M
UNITED STATES Growth	-	-	-	-	-	-	-	-
Central America And South America	-	-	-	-	-	-	-	219.64M
Central America And South America Growth	-	-	-	-	-	-	-	-
Domestic	-	-	-	-	-	1.91B	2.06B	-
Domestic Growth	-	-	-	-	-	-	7.91%	-
United States of America	-	-	-	-	5.34B	758.61M	931.18M	-
United States of America Growth	-	-	-	-	-	-85.80%	22.75%	-
Central America and South America	-	-	-	-	-	178.84M	267.05M	-
Central America and South America Growth	-	-	-	-	-	-	49.32%	-
Domestic (Mexico)	-	-	-	-	33.75B	-	-	-
Domestic (Mexico) Growth	-	-	-	-	-	-	-	-
United States of America and Central America	-	-	-	-	11.34B	-	-	-
United States of America and Central America Growth	-	-	-	-	-	-	-	-
Country Of Domicile	17.31B	-	24.59B	16.57B	-	-	-	-
Country Of Domicile Growth	-	-	-	-32.62%	-	-	-	-
United States And Central America	7.53B	8.81B	10.23B	6B	-	-	-	-
United States And Central America Growth	-	17.00%	16.11%	-41.37%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) has a price-to-earnings (P/E) ratio of 8.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) reported $2.99B in revenue for fiscal year 2024. This represents a 369% increase from $637.7M in 2011.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) saw revenue decline by 3.6% over the past year.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) reported a net loss of $62.0M for fiscal year 2024.

Dividend & Returns

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) has a return on equity (ROE) of 41.5%. This is excellent, indicating efficient use of shareholder capital.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) generated $531.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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