Vertical Aerospace Ltd. (EVTL) vs Merlin Inc (MRLN)

Vertical Aerospace Ltd. and Merlin Inc are both Aerospace & Defense companies. Merlin Inc is the larger, with a market value of $78.3M against $66.7M — 1.2× the size. Merlin Inc has negative trailing earnings, so its P/E is not meaningful; Vertical Aerospace Ltd. trades at 0.9×. Vertical Aerospace Ltd. has the higher net margin (0.00% vs −3,463.5%) and the higher return on invested capital (0.00% vs 0.00%). Across the 13 metrics below, Vertical Aerospace Ltd. leads on 8 and Merlin Inc on 5.

Valuation

Metric EVTL MRLN Aerospace & Defense median
P/E 0.91 n/m 28.48
P/S n/m 9.93 2.95
P/B n/m n/m 2.68
Price to free cash flow n/m n/m 31.70
EV/EBITDA 0.06 1.01 16.85
EV/Sales n/m (11.24) 2.74
Earnings yield 109.36% (394.76%) 0.89%
Free cash flow yield (363.74%) (94.27%) 0.00%

Profitability

Metric EVTL MRLN Aerospace & Defense median
Gross margin 0.00% 26.34% 26.41%
Operating margin 0.00% (1,156.90%) 3.69%
Net margin 0.00% (3,463.45%) 2.74%
Free cash flow margin 0.00% (936.31%) 0.00%
Return on equity (19.55%) 0.00% 4.44%
Return on assets 21.87% (239.99%) 1.90%
Return on invested capital 0.00% 0.00% 0.26%

Growth

Metric EVTL MRLN Aerospace & Defense median
Revenue growth (TTM) — — 18.03%
EPS growth (last fiscal year) 105.08% 85.03% 24.80%
Revenue growth, 5-year CAGR — — 9.73%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric EVTL MRLN Aerospace & Defense median
Debt to equity (0.06) 0.00 0.20
Current ratio 0.71 14.67 2.85
Net debt to EBITDA 0.54 0.24 1.29

Dividend

Metric EVTL MRLN Aerospace & Defense median
Dividend yield — — 0.91%
Payout ratio — — 0.30

Size

Metric EVTL MRLN Aerospace & Defense median
Market cap 66.66m 78.34m 1.78b

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