Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE N/A. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $32M | $41M | $70M | $118M | — | — | — |
| Enterprise Value | $103M | $111M | $141M | $164M | — | — | — |
| P/E Ratio → | -0.17 | — | — | — | — | — | — |
| P/S Ratio | 0.30 | 0.38 | 0.58 | 1.95 | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.04 | 1.18 | 2.71 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 3.9% | 3.9% | 7.9% | -8.6% | -27.5% | -31.8% | -47.0% |
| Operating Margin | -72.1% | -72.1% | -50.5% | -325.2% | -251.1% | -282.7% | -276.8% |
| Net Profit Margin | -103.8% | -103.8% | -62.7% | -414.3% | -366.8% | -303.3% | -312.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — |
| ROA | -86.5% | -86.5% | -63.7% | -402.1% | -699.7% | -371.5% | -200.2% |
| ROIC | -361.8% | -361.8% | — | — | — | — | — |
| ROCE | -217.1% | -217.1% | -2264.0% | — | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -5.82 | -5.82 | -7.73 | -84.55 | -123.77 | -15.72 | -13.98 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.32 | 0.32 | 0.38 | 0.13 | 0.14 | 0.03 | 0.19 |
| Quick Ratio | 0.32 | 0.32 | 0.38 | 0.13 | 0.14 | 0.03 | 0.19 |
| Cash Ratio | 0.13 | 0.13 | 0.24 | 0.01 | 0.00 | 0.01 | 0.17 |
| Asset Turnover | — | 0.81 | 0.96 | 0.55 | 1.48 | 1.56 | 0.64 |
| Inventory Turnover | — | — | 2818.82 | — | — | — | — |
| Days Sales Outstanding | — | 13.46 | 13.01 | 29.95 | 2.90 | 0.46 | 7.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 1.2% | 0.9% | 0.0% | 1.1% | — | — | — |
| Total Shareholder Yield | 1.2% | 0.9% | 0.0% | 1.1% | — | — | — |
| Shares Outstanding | — | $21M | $13M | $11M | $10M | $10M | $10M |
Liquidity and insolvency risk
As reported in recent financial filings, Surf Air Mobility's gross margin has frequently dipped into negative territory, reaching -11.3% in 2026Q1, which underscores the extreme difficulty of maintaining profitability within the high-cost, low-margin environment of regional aviation services and early-stage technology development.
The company's operating margin of -52.1% in the most recent quarter highlights a structural inability to cover corporate overhead with current revenue levels. Investors should monitor whether the transition to electric powertrains can eventually offset these legacy operational inefficiencies, as current margins suggest a business model that is fundamentally challenged.
Based on historical data, the company's ROIC has plummeted to -43.9% in 2026Q1, reflecting a severe decay in the efficiency of invested capital as the firm struggles to scale its regional flight operations while simultaneously funding intensive research and development for electric airframe retrofits.
The deeply negative return on capital metrics suggest that every dollar deployed into the business is currently eroding shareholder value rather than compounding it. This trend warrants further investigation into whether the company's capital allocation strategy is sustainable without significant, potentially dilutive, external financing.
According to the most recent quarterly filings, SRFM's current ratio has plummeted to 0.16, indicating a severe inability to cover short-term obligations with existing liquid assets, which leaves the company with a precarious cash buffer that appears insufficient for sustained operations under current burn rates.
The lack of adequate liquidity suggests that the company is highly dependent on external capital markets to maintain its day-to-day operations. This vulnerability is exacerbated by the absence of a clear path to positive cash flow, making the firm susceptible to sudden shifts in investor sentiment or credit availability.
As evidenced by the quarterly financial data, the company's asset turnover ratio remains stagnant at approximately 0.20, indicating that the firm is failing to generate sufficient revenue from its existing asset base, which is heavily weighted toward legacy aircraft and regional infrastructure.
The low asset turnover suggests that the company's fleet is underutilized, which is a critical concern given the high fixed costs associated with aviation. Without a significant improvement in revenue-generating block hours, the company may continue to struggle with operational inefficiencies that prevent it from reaching a break-even point.
Investors frequently misapply the P/S ratio to Surf Air Mobility, failing to account for the fact that the company's revenue is derived from low-margin regional flight operations rather than high-margin software or technology platforms, which obscures the underlying structural deficits in the firm's business model.
Using a P/S multiple for a company with negative gross margins and high capital intensity is misleading, as it ignores the reality that revenue growth in this context may actually accelerate cash burn. A more appropriate focus would be on unit economics and the path to positive contribution margins per flight hour.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SRFM stock.
Surf Air Mobility Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
Based on historical data, Surf Air Mobility Inc. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Surf Air Mobility Inc. has 3.9% gross margin and -72.1% operating margin.