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Friday 6 November 2026
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Surf Air Mobility Inc.
SRFM Industrials Airlines
Surf Air Mobility Inc.’s revenue for fiscal 2025 (year ended December 2025) was $106.6 million, down 10.8% from fiscal 2024.
- Revenue
- +25.0%
- EPS
- +75.0%
- Free cash flow
- −5.77%
- Total debt
- −71.5%
Quarter to September 2026, against a year earlier
0.69
0.05
−6.76%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 8 | 12 | 20 | 61 | 119 | 107 | 118 | +70.0% | 130 | 164 | 221 | +27.5% | |
| Gross margin, % | — | — | — | — | (47.03) | (31.78) | (22.44) | (2.34) | 7.95 | 3.92 | 2.71 | +50.9 pt | ||||||
| EBT | — | — | — | — | (23) | (36) | (74) | (254) | (75) | (111) | (106) | +36.5% | ||||||
| EBT margin, % | — | — | — | — | (312.49) | (303.31) | (366.79) | (419.80) | (62.96) | (104.11) | (89.79) | +208.4 pt | ||||||
| Net income | — | — | — | — | (23) | (36) | (74) | (251) | (75) | (111) | (106) | +36.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.11 | 0.17 | 10.52 | 10.73 | 9.25 | 3.04 | 0.94 | +95.1% | |||||
| Earnings | — | — | — | — | (0.34) | (0.51) | (38.57) | (44.44) | (5.80) | (3.15) | (1.32) | +56.1% | ||||||
| Cash flow | — | — | — | — | (0.12) | (0.34) | (14.54) | (11.42) | (4.21) | (1.83) | (0.42) | +71.0% | ||||||
| Capex | — | — | — | — | 0.00 | 0.00 | (0.15) | (1.38) | (0.28) | (0.16) | (0.04) | n/m | ||||||
| Free cash flow | — | — | — | — | (0.12) | (0.34) | (14.70) | (12.80) | (4.49) | (1.99) | (0.46) | +73.9% | ||||||
| Book value | — | — | — | — | (0.54) | (0.78) | (115.19) | (13.74) | (9.29) | (1.56) | (0.36) | +23.5% | ||||||
| Shares, m | — | — | — | — | 70 | 70 | 2 | 6 | 13 | 35 | 90 | (12.9%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | 2.10 | 2.10 | 2.10 | 1.81 | 0.72 | 1.10 | 0.73 | 1.7 | ||||||
| P/B | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | ||||||
| EV/Sales | — | — | — | — | 6.93 | 6.93 | 6.93 | 2.25 | 1.56 | 1.38 | 0.97 | 4.3 | ||||||
| EV/FCF | — | — | — | — | (4.36) | (4.36) | (4.36) | (1.89) | (3.21) | (2.11) | (1.63) | (3.4) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (9) | (24) | (28) | (64) | (54) | (64) | (53) | +49.0% | |||||
| Capex | — | — | — | — | 0 | 0 | 0 | (8) | (4) | (6) | (5) | +80.6% | ||||||
| Free cash flow | — | — | — | — | (9) | (24) | (28) | (72) | (58) | (70) | (58) | +51.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | (35) | (54) | (49) | (122) | (56) | (103) | (97) | +23.9% | |||||
| Net debt | — | — | — | — | 13 | 23 | 60 | 27 | 100 | 30 | 14 | +18.2% | ||||||
| Shareholders’ equity | — | — | — | — | (38) | (54) | (222) | (77) | (120) | (55) | (45) | +7.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | (371.49) | (699.71) | (402.12) | (63.74) | (86.46) | (87.50) | (86.5) pt | |||||
| ROIC | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | — | — | 0.00 | 22.29 | 37.01 | 165.48 | 75.86 | 126.46 | 153.08 | +126.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 833 | 703 | 573 | — | (17.1%) | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.07 | 0.17 | 0.19 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Surf Air Mobility Inc. vs peers in Airlines (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| AERO Grupo Aeromexico SAB DE CV - Sponsored ADR | $2.1B | 9.3× | 71.2× | +8.67% (above 0%: growing) | −44.00% (below 0%: shrinking) | −77.90% (below 0%: shrinking) | 71.03% | 11.74% | Compare |
| ULCC Frontier Group Holdings, Inc. | $1.6B | — (loss-making) | — (loss-making) | +52.93% (above 0%: growing) | n/m | +76.50% (above 0%: growing) | 23.76% | (7.97%) | Compare |
| JBLU JetBlue Airways Corporation | $1.3B | — (loss-making) | — (loss-making) | +21.10% (above 0%: growing) | n/m | −28.53% (below 0%: shrinking) | 54.13% | (5.12%) | Compare |
| RJET Republic Airways Holdings Inc. | $928.9M | 9.3× | 1.3× | +34.34% (above 0%: growing) | +345.63% (above 0%: growing) | +244.29% (above 0%: growing) | 75.59% | 11.42% | Compare |
| AZUL Azul S.A. - Sponsored ADR | $881.8M | — (loss-making) | — | +23.24% (above 0%: growing) | n/m | −179.01% (below 0%: shrinking) | 41.18% | (3.19%) | Compare |
| VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. | $841.4M | — (loss-making) | — | +32.40% (above 0%: growing) | n/m | +14.15% (above 0%: growing) | 63.68% | 3.28% | Compare |
| FLYX flyExclusive, Inc. | $104.1M | — (loss-making) | — (loss-making) | +21.67% (above 0%: growing) | n/m | −62.48% (below 0%: shrinking) | 20.42% | (5.18%) | Compare |
| SRFM Surf Air Mobility Inc. | $91.7M | — (loss-making) | — (loss-making) | +24.97% (above 0%: growing) | n/m | −5.77% (below 0%: shrinking) | 8.15% | (43.78%) | |
| FLYYQ Spirit Aviation Holdings, Inc. | $13.2M | — | — | — | — | — | — | — | Compare |
| Median of peers | $905.4M | — | — | +23.24% | — | −28.53% | 54.13% | (3.19%) |