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

VLRS

Controladora Vuela Compañía de Aviación, S.A.B. de C.V., through its subsidiary, 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 550 daily flights on routes connecting 44 cities in Mexico, 22 cities in the United States, 4 cities in Central America, and 2 cities in South America.

About the company

Price: $7.99Market Cap: $918.5M

Investment snapshot

12%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 10

NEUTRAL / FAIL

Median fair value

$0.90

-88.8% vs price

Models with upside

5 / 17

Positive margin of safety

Strongest signal

9 of 10 pass — Buffett objects

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	NEUTRAL	FAIL	PASS	NEUTRAL	FAIL	FAIL	PASS	FAIL	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)			N/A		N/A						N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	+9.2%	+12.2%	N/A	+48.8%	N/A	-247.4%	+82.1%	-135.0%	+52.4%	-63.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-30 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-30 Score computed: 2026-11-14

Where It Passes

Cash Flow90% pass✓ 11✗ 1▾
9 of 10 pass — Buffett objects
Free Cash Flow Proxy$126.4M
✗BuffettPositive and growing
FCF Positive and Growing$506.7M
✓LynchPositive and growing
Operating Cash Flow$1.1B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=19.11%, ROA=2.22%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)0.8x
✓Dreman< 8x
P/E or FCF YieldP/E=7.4x, FCF Yield=55.2%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive7/10 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap55.1%
✓Ackman>= 4%
Price / FCF per Share1.8x
✓Ackman<= 25
Positive Operating Cash Flow frequency10/10 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$506.7M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+55.16%; #94/4519 (top 2.1%)
✓OshaughnessyTop 10% of eligible cross-section
Valuation models63% pass✓ 5✗ 3▾
Models split on VLRS at $7.99 — fair values range $0.23–$4.47
Graham fair value$0.88
✓Graham+9.2% margin vs $7.99
Buffett fair value$0.91
✓Buffett+12.2% margin vs $7.99
Greenblatt fair value$1.56
✓Greenblatt+48.8% margin vs $7.99
Dreman fair value$0.23
✗Dreman-247.4% margin vs $7.99
Munger fair value$4.47
✓Munger+82.1% margin vs $7.99
Pabrai fair value$0.34
✗Pabrai-135.0% margin vs $7.99
Akre fair value$1.68
✓Akre+52.4% margin vs $7.99
Marks fair value$0.49
✗Marks-63.1% margin vs $7.99

Where It Falls Short

Growth0% pass✓ 1✗ 12▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)-90.1%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)P/E 7.4x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-4.8%
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue Growth
✗LynchInventory growth < Revenue growth
EPS Growth Direction$0.14 (2015) -> $0.11 (2024)
✗DremanPositive over recent years
EPS CAGR-2.9% CAGR over 9 years
✗Dreman> 5% annualized
Positive Net Income Frequency6/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth
✗Ackman>= 5%
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR-4.8% CAGR over 5 years
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR-4.8% over 5 years
✗Neff7%-20% annualized
Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio0.78
✗Graham>= 2.0
ROIC (3-5 yr avg)6.4%
✗Buffett> 10%
ROIC - WACC-3.6%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
Current Ratio Change YoY0.77 -> 0.78
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY
✗PiotroskiImproved YoY
Current Assets / Current Liabilities0.78
✗Dreman> 1.5
Return on Invested Capital9.5%
✗Munger> 15%
ROIC (high and growing)FY2022: ROIC=1.2%; FY2023: ROIC=5.6%; FY2024: ROIC=9.5%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC9.5% (RR=100% x ROIC=9.5%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 9.5%)
✗SleepROIC > 12% in a majority of years
Debt & Leverage8% pass✓ 1✗ 14▾
11 of 12 flag VLRS's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 8.39, IC: 1.4x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity8.39
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities0.78
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity8.39
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels8.39
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=1.4x, D/EBITDA=5.1x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity8.39
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-8.3921; #4138/4210 (top 98.3%)
✗AsnessTop 30% of eligible cross-section
Profitability13% pass✓ 11✗ 24▾
14 of 16 flag VLRS's profitability — Graham, Buffett, Lynch +11 more
Positive EPS (10 years)6/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)-90.1%
✗Graham>= 33% growth
Net Income Positive (10+ years)6/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-19.8%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$126.4M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)3.71
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)P/E 7.4x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-4.8%
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE34.6%
✓Lynch> 15%
EBIT / Enterprise Value13.5%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=13.5%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets2.22%
✓PiotroskiROA > 0
ROA Change YoY0.15% -> 2.22% (delta: +2.06%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=19.11%, ROA=2.22%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue
✗Dreman>= 8%
Net Income / Shareholders' Equity34.6%
✓Dreman> 12%
Margin of SafetyP/E=7.4x, P/B=2.5x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity1.2% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-247.4% (IV=$0.23 vs Price=$0.80)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency6/10 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity34.6%
✓Ackman>= 15%
5-Year EPS CAGR-4.8% CAGR over 5 years
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+13.76%; #416/6340 (top 6.6%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+34.64%; #371/5226 (top 7.1%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0302; #1922/5884 (top 32.7%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR-4.8% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years6/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts17% pass✓ 2✗ 10▾
Split decision: 10 FAIL · 4 NEUTRAL · 2 PASS
Overall verdict
✗GrahamFAIL (0/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (3/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)✗TempletonFAIL (2/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
Valuation23% pass✓ 13✗ 15▾
10 of 13 flag VLRS's valuation — Graham, Lynch, Greenblatt +7 more
Price / 3-yr avg EPS52.1x
✗Graham<= 15x
Price-to-Book Ratio2.5x
✗Graham<= 1.5x
P/E x P/B131.30
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)P/E 7.4x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value13.5%
✓Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=13.5%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS7.4x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)0.8x
✓Dreman< 8x
Price / Book Value per Share2.5x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=7.4x, OE Yield=-29.8%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=7.4x, FCF Yield=55.2%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=7.4x, P/B=2.5x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-247.4% (IV=$0.23 vs Price=$0.80)
✗Marks>= 20% below intrinsic value
Price / FCF per Share1.8x
✓Ackman<= 25
Price vs. Trailing Low
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+13.76%; #416/6340 (top 6.6%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.3972; #3296/6449 (top 51.1%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS7.4x
✓NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share2.71x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+9.3%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+55.16%; #94/4519 (top 2.1%)
✓OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Transportation

SIC Sector: Air Transportation

Size: Small Cap($918.5M)

Revenue: N/A

Net Income: $126.4M+1516.3% YoY

Financial Snapshot

Operating Margin--

Return on Equity34.6%

Debt / Equity8.39

Current Ratio0.78

EPS (Diluted)$0.11+1442.9% 1y

Buybacks (1y)$5.1M

Buybacks (2y)$9.1M

Shares Retired0.2% / 0.4% 2y

Similar Companies

UNPUNION PACIFIC CORP

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CSXCSX CORP

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RCLROYAL CARIBBEAN CRUISES LTD

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CNICANADIAN NATIONAL RAILWAY CO

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Shareholder Return

Fiscal 2024

Retired 0.2% of shares last year, 0.4% over two.

Buybacks: $5.1M
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY24

1442.9% = 1516.3% + −4.5%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2024 Sources 20-F · 2025-04-30	FY 2023 Sources 20-F · 2024-04-29	FY 2022 Sources 20-F · 2023-05-01	FY 2021 Sources 20-F · 2022-04-27	FY 2020 Sources 20-F · 2021-04-30
Market Cap	$918.5Mcurrent	$9.1Best.	$12.8Best.	$20.8Best.	$11.5Best.
Revenue	--	--	--	--	--
Operating Income	$413.2M↑86%	$222.7M↑410%	$43.7M↓89%	$397.0M↑397%	-$133.5M
Net Income	$126.4M↑1516%	$7.8M↑110%	-$80.2M↓175%	$106.5M↑156%	-$191.7M
EPS (Diluted)	$0.11↑1443%	$0.01↑110%	$-0.07↓178%	$0.09↑142%	$-0.21
Gross Margin	—	—	—	—	—
Operating Margin	—	—	—	—	—
ROE	34.6%↑975%	3.2%↑109%	-34.2%↓201%	34.0%↑125%	-136.8%
Total Debt	$3.1B↑6%	$2.9B↑7%	$2.7B↑12%	$2.4B↑9%	$2.2B
Shareholders' Equity	$364.8M↑50%	$242.6M↑3%	$234.7M↓25%	$313.1M↑123%	$140.2M
Current Ratio	0.78↑1%	0.77↑2%	0.75↓4%	0.78↑14%	0.69
Debt / Equity	8.39↓30%	11.92↑3%	11.54↑50%	7.70↓51%	15.78
Operating Cash Flow	$1.1B↑49%	$729.8M↑19%	$613.6M↓22%	$785.4M↑267%	$213.7M
Free Cash Flow	$506.7M↑103%	$249.1M↓7%	$266.5M↓56%	$599.2M↑958%	$56.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Transportation

VLRS vs Peers — Financial Grading

RevenueN/A

Net Income$126.4MBottom 25%

ROE34.6%Median

D/E8.39Bottom 25%

Op. Margin—

Curr. Ratio0.78Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
UNION PACIFIC CORPUNP	$179.7B	$302.44	$24.5B	$7.1B	38.7%	1.72	40.2%	0.91	2/9	4/9	4/7	0/3	F-Score 7	3/11
CSX CORPCSX	$95.9B	$52.05	$14.1B	$2.9B	22.0%	1.43	32.1%	0.81	2/9	4/9	3/7	0/3	F-Score 5	3/11
ROYAL CARIBBEAN CRUISES LTDRCL	$86.5B	$323.27	$17.9B	$4.3B	42.5%	2.13	27.4%	0.18	1/9	1/9	1/7	0/3	F-Score 7	3/11
CANADIAN NATIONAL RAILWAY COCNI	$76.3B	$127.18	—	—	—	—	—	—	—	—	—	—	—	—
NORFOLK SOUTHERN CORPNSC	$73.6B	$327.88	$12.2B	$2.9B	18.5%	1.10	35.8%	0.85	3/9	6/9	3/7	0/3	F-Score 6	5/11
MPLX LPMPLX	$58.0B	$57.25	$13.0B	$5.0B	34.6%	1.79	45.7%	1.23	2/9	4/9	4/7	1/3	F-Score 6	8/11
Carnival Corp Ltd.CCL	$39.3B	$29.23	$26.6B	$2.8B	22.5%	2.17	16.8%	0.32	1/9	1/9	2/7	0/3	F-Score 7	4/11
OLD DOMINION FREIGHT LINE, INC.ODFL	$36.0B	$174.54	$5.5B	$1.0B	23.7%	0.01	24.8%	1.44	3/9	7/9	5/7	1/3	F-Score 6	5/11