Controladora Vuela Compania de Aviacion SAB de CV VLRS

IndustrialsPassenger Transportation ServicesMexico

Last close 6.41 USD on Nov 1, 2026, −27.8% year to date

Quant rating

Quant rating C Rank 237 of 418 in Industrials

Growth B 69 of 418
Valuation B 84 of 418
Quality C 181 of 418
Revisions D 333 of 418
Momentum D 303 of 418

Wall Street consensus Hold (2.58)Average target 8.63 USD +34.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 738M
Enterprise value: 3.7B
52-week range: 5.46 – 10.78
3-year range: 3.59 – 10.78
Dividend yield: –
Beta (5 years): 1.95
Shares outstanding: 1,166M
Next earnings: Feb 25, 2027

About the company

Controladora Vuela Compania de Aviacion SAB de CV is a Mexico-based company engaged in the airline passenger transportation sector. The Company operates as an ultra-low-cost carrier (ULCC). Its activities are divided into two geographical regions: Mexico (national operations), as well as the Unites States and Central America (international operations). The Company offers direct, point-to-point flights. The Company serves through secondary, lower cost airports and provides a single class of service. Its fleet includes a number of Airbus aircrafts, such as A319, A320 and A321. The Company operates through Comercializadora Volaris SA de CV, Servicios Corporativos Volaris SA de CV and Servicios Operativos Terrestres Volaris SA de CV, among others.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,038	3,142	3,259	2,847	2,200	–
Revenue growth	−3.3%	−3.6%	14.5%	29.4%	113.2%	24.1%
EPS (basic, normalized)	−0.90	1.08	0.07	−0.30	0.88	–
EPS growth	–	1,442.9%	–	–	–	–
Gross margin	42.2%	48.4%	42.6%	33.2%	50.6%	43.4%
Net margin	−3.4%	4.0%	0.2%	−2.8%	4.8%	0.6%
ROE	−33.0%	41.6%	3.3%	−29.3%	46.9%	5.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	824
Current ratio	0.67x
Long-term debt (mil)	3,172
Net debt (mil)	2,971
Total equity (mil)	42.0
Net debt / equity	70.74x
Net debt / EBITDA	3.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,038	−3.3%	1.2x	988	−4.1%	3.8x	−0.90	−183.3%	−7.1x
2026	3,631	+19.5%	1.0x	661	−33.1%	5.6x	−2.13	−136.6%	−3.0x
2027	3,927	+8.1%	0.9x	981	+48.3%	3.8x	−0.43	+79.8%	−14.9x
2028	4,290	+9.2%	0.9x	1,190	+21.3%	3.1x	0.85	+297.4%	7.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,631	+1.0%	+2.4%	+3.7%	−2.13	−6.1%	−39.2%	−79.0%
2027	3,927	+0.9%	+2.1%	+4.0%	−0.43	−43.8%	−166.9%	−403.6%
2028	4,290	+0.8%	+0.8%	+3.9%	0.85	−9.1%	−13.8%	−30.8%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	768	726	813	835	678	693	784	882	770	859
Sales mean (mil)	694	742	806	840	707	679	789	891	762	852
Surprise	+10.7%	−2.1%	+0.9%	−0.6%	−4.2%	+2.2%	−0.6%	−1.0%	+1.0%	+0.8%
EPS reported	0.29	0.10	0.32	0.39	−0.45	−0.54	0.05	0.04	−0.60	−1.11
EPS mean	−0.07	0.06	0.21	0.49	−0.32	−0.70	−0.06	0.23	−0.38	−1.11
Surprise	−514.3%	+67.6%	+54.7%	−21.1%	−40.1%	+22.8%	−189.6%	−82.8%	−58.9%	+0.4%

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VLRS Controladora Vuela Compania de Aviacion SAB de CV	738M	3.01x	−3.4%	3.56x	−3.0x	−14.9x	5.6x	3.8x
RENT3 Localiza Rent a Car S.A.	5.8B	2.58x	4.5%	1.07x	6.6x	6.2x	4.3x	4.0x
DAL Delta Air Lines, Inc.	52.7B	1.10x	7.9%	2.34x	15.0x	11.3x	7.8x	6.4x
UAL United Airlines Holdings, Inc.	33.9B	1.44x	5.7%	1.91x	14.9x	8.9x	7.0x	5.2x
LUV Southwest Airlines Co	20.8B	1.08x	1.6%	2.83x	15.4x	10.1x	6.7x	5.4x
LTM LATAM Airlines Group S.A.	11.9B	1.67x	10.2%	6.08x	8.3x	6.0x	4.4x	3.6x
Mean		1.81x	4.4%	2.97x	9.5x	4.6x	6.0x	4.7x
Median		1.55x	5.1%	2.59x	11.6x	7.6x	6.2x	4.6x

Technical analysis

1M−5.2%
3M−19.1%
1Y−7.1%
3Y+7.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Controladora Vuela Compania de Aviacion SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,038	3,142	3,259	2,847	2,200	1,032
Cost of revenue	1,756	1,622	1,871	1,901	1,086	640
Gross profit	1,282	1,520	1,388	947	1,114	392
Selling, general & administrative expenses	638	653	665	407	336	276
Research & development	–	–	–	–	–	–
Depreciation/amortization	657	593	496	418	326	277
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−36.1	−33.6	−11.8	−19.5	−9.5	−33.0
Other operating expenses	−112	−106	16.4	97.1	64.6	23.4
Operating income	135	413	223	43.7	397	−152
Net interest income (expense)	−244	−222	−208	−171	−255	−110
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−9.1	−8.6	−7.0	−5.0	−4.8	−4.1
Net income before taxes	−118	183	7.4	−132	137	−266
Provision for taxes	−14.4	56.3	−0.4	−52.1	30.6	−65.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−104	126	7.8	−80.2	106	−200
Extraordinary items	–	–	–	–	–	–
Net income	−104	126	7.8	−80.2	106	−200
EBIT, normalized	98.9	380	211	24.1	387	−185
EBITDA, normalized	756	973	707	442	664	92.5
Basic EPS, normalized	−0.90	1.08	0.07	−0.30	0.88	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Controladora Vuela Compania de Aviacion SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	766	945	776	705	734	504
Receivables	166	91.0	181	146	70.2	55.6
Total inventory	16.7	16.6	16.1	15.8	14.4	14.0
Prepaid expenses	62.4	45.2	43.7	33.2	38.4	42.8
Other current assets	382	284	230	166	122	108
Total current assets	1,393	1,382	1,248	1,066	979	725
Property, plant & equipment	3,479	3,540	3,143	2,660	2,372	2,093
Goodwill	–	–	–	–	–	–
Intangibles	38.3	26.0	16.2	12.7	12.6	9.6
Long-term investments	–	–	–	–	1.4	0
Note receivable	–	–	–	–	–	–
Other long-term assets	726	756	739	729	620	604
Total assets	5,637	5,704	5,146	4,468	3,985	3,432
Liabilities
Accounts payable	192	164	250	209	119	113
Payable/accrued	–	–	–	–	–	–
Accrued expenses	510	477	421	405	309	119
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	671	675	593	448	481	405
Other current liabilities	543	455	358	358	343	419
Total current liabilities	1,916	1,770	1,622	1,420	1,252	1,055
Long-term debt	3,185	3,197	2,952	2,534	2,236	2,086
Minority interest	–	–	–	–	–	–
Other liabilities	271	372	330	279	184	150
Total liabilities	5,373	5,339	4,903	4,233	3,671	3,291
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	248	248	248	248	248	172
Additional paid-in capital	283	283	282	283	281	238
Retained earnings (accumulated deficit)	−108	−4.3	−131	−139	−58.3	−179
Treasury stock	−12.7	−12.8	−11.6	−12.9	−8.7	−11.3
Other equity	−147	−150	−145	−145	−149	−78.6
Total equity	264	365	243	235	313	141
Total liabilities & shareholders' equity	5,637	5,704	5,146	4,468	3,985	3,432

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Controladora Vuela Compania de Aviacion SAB de CV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−104	126	7.8	−132	137	−266
Depreciation, depletion & amortization	657	593	496	418	326	277
Deferred taxes	–	–	–	–	–	–
Non-cash items	194	264	204	160	207	119
Changes in working capital	3.4	106	21.7	168	115	72.5
Cash from operations	750	1,090	730	614	785	203
Investing activities
Capital expenditures	−316	−601	−491	−354	−196	−163
Other investing cash flows	227	128	29.1	223	61.5	160
Cash from investing	−88.8	−473	−462	−131	−135	−3.2
Financing activities
Financing cash flow items	−72.3	−60.3	−41.2	−17.6	−12.5	−13.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−747	−411	−173	−495	−423	−128
Cash from financing	−819	−472	−214	−513	−435	−142
Foreign exchange effects	3.7	−11.8	8.9	0.9	19.1	40.6
Net change in cash	−154	134	62.3	−29.3	235	98.9
Free cash flow	434	489	239	260	589	40.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.