sorry LHC,
but if you buy your shiney new 800s at a discount then do a sale and lease back deal on a few each year (several million cash back on each) then count said payments as profit / revenue (it actually is technically - and cleverish too ) then your figures can look very healthy.
unfortunately you're then in the position that you have to keep doing the same thing over and over again. eventually the bubble will burst.
head to head I don't think easy could compete with FR route for route. however I don't think they ever want to as the model is different.
at it's most basic EZY pay through to nose for it's choice of airports. FR doesn't. If it was my toy box and I ran easy I'd keep the CDG's and LGW's etc but put some focus on the wee airports like FR has done.
But as far a solvency goes the best indicator will be if the new buses stop arriving. each one is subject to some kind of finance agreement. the big lessors are far to clever to let them keep coming if there's any doubt about the money being there to pay for them.