Saturday 17 October 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. 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.
0.88
0.05
−5.38%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | — | — | 4.55 | 0.90 | 1.77 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | — | — | 35.00 | 10.85 | 9.91 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 833 | 703 | 573 | ||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.07 | 0.17 | 0.19 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | 8 | 12 | 20 | 61 | 119 | 107 | ||||
| Gross margin, % | — | — | — | — | (47.03) | (31.78) | (22.44) | (2.34) | 7.95 | 3.92 | |||||
| EBT | — | — | — | — | (23) | (36) | (74) | (254) | (75) | (111) | |||||
| EBT margin, % | — | — | — | — | (312.49) | (303.31) | (366.79) | (419.80) | (62.96) | (104.11) | |||||
| Net income | — | — | — | — | (23) | (36) | (74) | (251) | (75) | (111) | |||||
| Depreciation | — | — | — | — | 3 | 1 | 1 | 64 | 9 | 11 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.11 | 0.17 | 10.52 | 10.73 | 9.25 | 3.04 | ||||
| Earnings | — | — | — | — | (0.34) | (0.51) | (38.57) | (44.44) | (5.80) | (3.15) | |||||
| Cash flow | — | — | — | — | (0.12) | (0.34) | (14.54) | (11.42) | (4.21) | (1.83) | |||||
| Capex | — | — | — | — | 0.00 | 0.00 | (0.15) | (1.38) | (0.28) | (0.16) | |||||
| Free cash flow | — | — | — | — | (0.12) | (0.34) | (14.70) | (12.80) | (4.49) | (1.99) | |||||
| Book value | — | — | — | — | (0.54) | (0.78) | (115.19) | (13.74) | (9.29) | (1.56) | |||||
| Shares, m | — | — | — | — | 70 | 70 | 2 | 6 | 13 | 35 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| P/S | — | — | — | — | 2.10 | 2.10 | 2.10 | 0.95 | 0.58 | 0.64 | |||||
| P/B | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| EV/Sales | — | — | — | — | 6.93 | 6.93 | 6.93 | 1.40 | 1.42 | 0.92 | |||||
| EV/FCF | — | — | — | — | (4.36) | (4.36) | (4.36) | (1.17) | (2.93) | (1.41) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (9) | (24) | (28) | (64) | (54) | (64) | ||||
| Capex | — | — | — | — | 0 | 0 | 0 | (8) | (4) | (6) | |||||
| Free cash flow | — | — | — | — | (9) | (24) | (28) | (72) | (58) | (70) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | (35) | (54) | (49) | (122) | (56) | (103) | ||||
| Total debt | — | — | — | — | 21 | 24 | 60 | 29 | 121 | 43 | |||||
| Net debt | — | — | — | — | 13 | 23 | 60 | 27 | 100 | 30 | |||||
| Shareholders’ equity | — | — | — | — | (38) | (54) | (222) | (77) | (120) | (55) | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | (371.49) | (699.71) | (402.12) | (63.74) | (86.46) | ||||
| ROIC | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| ROE | — | — | — | — | 0.00 | 22.29 | 37.01 | 165.48 | 75.86 | 126.46 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 | $2.2B | 8.4× | 9.1× | +6.26% (above 0%: growing) | n/m | +81.61% (above 0%: growing) | 66.60% | 4.53% | Compare |
| ALGT Allegiant Travel Company | $1.9B | 47.2× | 32.8× | +36.86% (above 0%: growing) | n/m | −610.56% (below 0%: shrinking) | 24.77% | 2.24% | Compare |
| JBLU JetBlue Airways Corporation | $1.2B | — (loss-making) | — (loss-making) | +14.47% (above 0%: growing) | n/m | −4.95% (below 0%: shrinking) | 51.32% | (5.23%) | Compare |
| ULCC Frontier Group Holdings, Inc. | $1.2B | — (loss-making) | — (loss-making) | +37.67% (above 0%: growing) | n/m | +183.13% (above 0%: growing) | 24.71% | (7.58%) | Compare |
| RJET Republic Airways Holdings Inc. | $762.7M | 10.5× | 1.3× | +40.80% (above 0%: growing) | −9.33% (below 0%: shrinking) | +184.09% (above 0%: growing) | 76.12% | 10.28% | Compare |
| VLRS Controladora Vuela Compania de Aviacion, S.A.B. de C.V. | $688.6M | — (loss-making) | — | +23.95% (above 0%: growing) | n/m | +100.00% (above 0%: growing) | 59.60% | (11.53%) | Compare |
| SRFM Surf Air Mobility Inc. | $124.2M | — (loss-making) | — (loss-making) | +7.58% (above 0%: growing) | n/m | +28.64% (above 0%: growing) | 0.21% | (63.70%) | |
| FLYX flyExclusive, Inc. | $120.5M | — (loss-making) | — (loss-making) | +21.67% (above 0%: growing) | n/m | −62.48% (below 0%: shrinking) | 20.42% | (5.18%) | Compare |
| FLYYQ Spirit Aviation Holdings, Inc. | $13.2M | — | — | — | — | — | — | — | Compare |
| Median of peers | $961.3M | 10.5× | 9.1× | +23.95% | — | +81.61% | 51.32% | (5.18%) |
Surf Air Mobility Inc. (SRFM) key facts
- Concern: Surf Air Mobility Inc.’s revenue for fiscal 2025 (year ended December 2025) was $106.6 million, down 10.8% from fiscal 2024.
- Surf Air Mobility Inc. (SRFM) is an Airlines company in the Industrials sector, listed on the New York Stock Exchange.
- As of October 16, 2026, SRFM traded at $0.88, a market capitalization of $124.2 million.
- Return on equity was 126.5% and debt-to-equity -0.62.
- Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −10.21 (distress zone) for fiscal 2025.