Présentation de l'entreprise
Surf Air Mobility Inc. operates as an air mobility provider offering scheduled commercial air service flights alongside on-demand flights established for customers on an ad-hoc, by request basis across the United States and internationally. This positioning places the entity within the Industrials sector, specifically the Airlines industry, where it competes by leveraging specialized aircraft to serve routes that may be inaccessible to major legacy carriers. The company currently maintains a market capitalization of $94.70M and employs 467 individuals, generating annual revenue of $106.56M over the trailing twelve months. These financial figures indicate that Surf Air Mobility is a small-cap enterprise with a revenue scale that, while positive, is significantly outweighed by its operational costs, as evidenced by the negative net income reported in the same period. The market capitalization relative to the revenue suggests the market is pricing in high-risk expectations for future profitability rather than valuing current cash flow generation.
Santé financière
The company reported a revenue of $106.56M for the trailing twelve months, yet it recorded a net income of $-110,556,000 and an EBITDA of $-67,580,000. The substantial gap between the positive revenue and the deeply negative net income reveals a highly leveraged cost structure where operating expenses, likely driven by fuel, maintenance, and labor, exceed total sales by a significant margin. Furthermore, the generation of negative free cash flow totaling $-42,716,376 indicates that the company's operational cash outflows consistently exceed its cash inflows, severely limiting its financial flexibility and capacity to fund organic expansion without external financing. Profitability metrics are severely strained, with a gross margin of only 3.9%, an operating margin of -97.8%, and a profit margin of -103.8%, signaling that the business model currently fails to cover its fixed and variable costs at the present price points. On the balance sheet, the firm holds $12.67M in cash against $100.58M in debt, while the debt-to-equity ratio is listed as N/A due to the equity position being effectively wiped out by losses. This capital structure is highly leveraged and precarious, as the company relies on external capital to service its obligations given its inability to generate positive earnings. Liquidity is critically constrained by a current ratio of 0.23, indicating that current assets are less than 25% of current liabilities, which suggests an inability to meet short-term obligations without refinancing or asset liquidation. Return on Equity is N/A because there is no positive equity base to generate returns on, and the Return on Assets stands at -37.6%, demonstrating that management is destroying value relative to the asset base employed in the business.
Évaluation de la valorisation
Valuation multiples for Surf Air Mobility reflect its lack of profitability, with a P/E Ratio (TTM) listed as N/A and a Forward P/E of -0.21. The discrepancy between the missing trailing P/E and the negative forward P/E implies that the market is unable to value the stock based on current earnings but is attempting to price in a hypothetical recovery, though the negative forward multiple confirms that future earnings are also projected or realized as negative in the near term. The Price to Book ratio is -1.64, indicating that the company trades at a significant discount to its book value, which is typical for firms with substantial accumulated losses that have eroded shareholder equity. Alternative valuation metrics such as the Price to Sales ratio of 0.89 and an EV/EBITDA of -2.70 suggest that the market is valuing the company primarily on its revenue generation potential rather than profitability or cash flow, a common practice for distressed airlines. The stock's price range over the last year has been volatile, with a 52-Week High of $9.91 and a 52-Week Low of $1.04, meaning the current valuation sits in the lower half of its historical trading range relative to these extremes. The Beta of 3.37 indicates that the stock's price volatility is more than three times that of the broader market, exposing investors to extreme price swings that are not correlated with general market movements.
Growth & Income
Revenue growth for the trailing twelve months was -5.7%, while earnings growth is listed as N/A due to the company's negative earnings position. The contraction in revenue suggests a challenging operating environment or loss of market share, and without positive earnings, the comparison between revenue and earnings growth rates is moot, as the firm is simultaneously shrinking its top line and burning cash. The company does not pay dividends, evidenced by a Dividend Yield of N/A and a Payout Ratio of 0.0%, which necessitates that all available cash flow be reinvested into operations or used to service debt rather than distributed to shareholders. Consequently, the overall growth and income profile is characterized by negative revenue momentum and a complete absence of income distribution, forcing the company to rely entirely on capital markets for survival and future growth initiatives.