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. In the quarter to June 2026, revenue grew 7.58%, EPS grew 78.4%, free cash flow grew 28.6% and total debt fell 78.1%, each against the same quarter a year earlier.
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Surf Air Mobility Inc. (SRFM) Altman Z-score
Surf Air Mobility Inc.'s Altman Z-score for fiscal 2025 is −10.21, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −10.21 | (1.56) |
| FY2024 | −8.65 | 5.38 |
| FY2023 | −14.03 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.78) | — | −0.94 | |
| Retained earnings / total assets | (5.98) | — | −8.38 | |
| EBIT / total assets | (0.58) | — | −1.93 | |
| Market value of equity / total liabilities | 0.37 | — | 0.22 | |
| Sales / total assets | 0.81 | — | 0.81 | |
| Altman Z-score | Distress zone | −10.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −28.86 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ALGT Allegiant Travel Company compare | 1.2× |
| RJET Republic Airways Holdings Inc. compare | 1.2× |
| AERO Grupo Aeromexico SAB DE CV - Sponsored ADR compare | 0.8× |
| JBLU JetBlue Airways Corporation compare | 0.5× |
| ULCC Frontier Group Holdings, Inc. compare | 0.4× |
| VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. compare | 0.3× |
| FLYX flyExclusive, Inc. compare | −1.3× |
| SRFM Surf Air Mobility Inc. | −10.2× |
| FLYYQ Spirit Aviation Holdings, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets