The firm's financial position appears increasingly precarious, with a negative equity balance of $12.3 million and a current ratio of 0.88 as of 2026Q1, indicating limited liquidity to absorb potential development delays.
Vertical Aerospace Ltd. (EVTL) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 93.34M | 99.6M | 42.55M | 76.79M | 143.38M | 225.32M | 4.37M | 2.5M |
| Cash & Short-Term Investments | 49.71M | 70.18M | 22.56M | 48.68M | 122.81M | 212.66M | 839K | 1.03M |
| Cash Only | 49.71M | 70.18M | 22.56M | 48.68M | 62.93M | 212.66M | 839K | 1.03M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 59.89M | 0 | 0 | 0 |
| Accounts Receivable | 32.58M | 21.07M | 17.18M | 4.93M | 18.86M | 6.09M | 2.8M | 1.14M |
| Days Sales Outstanding | - | - | - | - | - | 16.83K | 11.74K | 5.92K |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | -1.76M | 18.12M | -5.47M | 0 | 0 | 0 |
| Total Non-Current Assets | 6.85M | 5.39M | 5.18M | 7.29M | 7.86M | 8.01M | 4.51M | 4.81M |
| Property, Plant & Equipment | 5.96M | 5.39M | 5.05M | 6.27M | 5.81M | 3.8M | 2.48M | 2.75M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | 0.03x | 0.04x | 0.03x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 1.47M | 1.47M | 1.47M |
| Intangible Assets | 0 | 0 | 132K | 1.02M | 2.05M | 2.73M | 557K | 587K |
| Long-Term Investments | 1.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K |
| Total Assets | 100.18M | 104.99M | 47.73M | 84.08M | 151.24M | 233.33M | 8.88M | 7.31M |
| Asset Turnover | 0.00x | - | - | - | - | 0.00x | 0.01x | 0.01x |
| Asset Growth % | 121.06% | 119.95% | -43.23% | -44.4% | -35.18% | 2526.1% | 21.61% | - |
| Total Current Liabilities | 131.54M | 222.78M | 16.6M | 18.42M | 136.75M | 51.32M | 8.89M | 1.59M |
| Accounts Payable | 0 | 0 | 5.44M | 3.73M | 16.03M | 6.71M | 846K | 703K |
| Days Payables Outstanding | - | - | - | - | - | 38.3K | 7.02K | 3.89K |
| Short-Term Debt | 93.71M | 189.09M | 0 | 0 | 115.25M | 490.31K | 6.31M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 37.35M | 33.26M | 2.33M | -74K | -5.54M | 10.25M | 70K | 0 |
| Current Ratio | 0.71x | 0.45x | 2.56x | 4.17x | 1.05x | 4.39x | 0.49x | 1.57x |
| Quick Ratio | 0.71x | 0.45x | 2.56x | 4.17x | 1.05x | 4.39x | 0.49x | 1.57x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.82M | 3.44M | 530.47M | 115.45M | 7.16M | 120.45M | 934K | 1.55M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 115.25M | 112.8M | 0 | 0 |
| Capital Lease Obligations | 9.09M | 2.3M | 1.62M | 1.98M | 2.65M | 1.58M | 846K | 947K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 710.68K | 1.14M | 528.85M | 113.47M | -110.73M | 6.07M | 88K | 607K |
| Total Liabilities | 134.36M | 226.22M | 547.07M | 133.86M | 143.92M | 171.77M | 9.82M | 3.14M |
| Total Debt | 95.82M | 191.39M | 2.2M | 2.62M | 233.66M | 114.74M | 7.33M | 1.17M |
| Net Debt | 46.11M | 121.21M | -20.36M | -46.06M | 170.73M | -97.92M | 6.49M | 137K |
| Debt / Equity | -2.80x | - | - | - | 31.93x | 1.86x | - | 0.28x |
| Debt / EBITDA | -0.68x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.33x | - | - | - | - | - | - | - |
| Interest Coverage | 12.21x | 1056.14x | -0.11x | -4.05x | -5.27x | -436.90x | -11.40x | -162.35x |
| Total Equity | -34.18M | -121.23M | -499.34M | -49.78M | 7.32M | 61.56M | -938K | 4.16M |
| Equity Growth % | 231.89% | 75.72% | -903.12% | -780.23% | -88.11% | 6663.01% | -122.54% | - |
| Book Value per Share | -0.26 | -0.95 | -24.58 | -2.60 | 0.41 | 0.50 | -0.25 | 0.42 |
| Total Shareholders' Equity | -34.18M | -121.23M | -499.34M | -49.78M | 7.32M | 61.56M | -938K | 4.16M |
| Common Stock | 106.35K | 78.86K | 55K | 17K | 16K | 16K | 0 | 0 |
| Retained Earnings | -837.93M | -915.96M | -1.15B | -394.26M | -344.75M | -250.12M | -5.05M | 0 |
| Treasury Stock | -798.15K | -801.59K | -803K | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 87.5M | 136.59M | 99.3M | 86.76M | 94.86M | 63.31M | 4.12M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EVTL stock.
As of 2025, Vertical Aerospace Ltd. (EVTL) had total assets of $105.0M including $99.6M in current assets.
Vertical Aerospace Ltd. (EVTL) carries total debt of $191.4M, offset by $70.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vertical Aerospace Ltd. (EVTL) has total shareholders' equity (book value) of $-121.2M ($-0.95 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vertical Aerospace Ltd. (EVTL) reported a current ratio of 0.45x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and Certification Delays
Eroding Equity and Capital Base
As reported in financial statements, EVTL's equity position has deteriorated into a deficit of $12.3 million as of 2026Q1, reflecting a persistent inability to generate internal capital while the company remains entirely dependent on external funding to sustain its long-term aircraft development and certification programs.
The shift from a positive equity position in 2022 to a deficit indicates that cumulative losses have now fully eroded the company's initial capital base. This trajectory suggests that the business model is currently unsustainable without continuous, dilutive capital injections from external sources or insiders.
High Leverage Amidst Revenue Absence
Based on the company's reported figures, total debt has fluctuated significantly, reaching $90.0 million in 2026Q1, which creates a precarious financial structure for a pre-revenue entity that lacks the operational cash flow necessary to service these obligations without relying on further dilutive financing rounds.
The reliance on debt to fund R&D and prototype testing in the absence of commercial revenue introduces substantial refinancing risk. Investors should monitor whether these debt levels are manageable or if they will necessitate further equity dilution to satisfy creditors as certification milestones approach.
Tightening Runway and Liquidity Constraints
According to recent quarterly filings, the current ratio has compressed to 0.88 as of 2026Q1, signaling a tightening liquidity buffer that leaves the company with limited flexibility to absorb potential technical setbacks or delays in the critical VX4 aircraft certification timeline over the coming fiscal year.
A current ratio below 1.0 suggests that current liabilities are outpacing liquid assets, which is a concerning indicator for a firm in the capital-intensive aerospace development phase. This liquidity profile implies that the company may face operational bottlenecks if it cannot secure additional funding on favorable terms.
Hidden Risks in Capital Structure
As indicated by the provided financial data, the company's reliance on founder-led funding, such as the recent $50 million commitment, masks the underlying difficulty of attracting broad-based institutional capital, which may suggest that the market remains skeptical of the current certification path and long-term commercial viability.
The reliance on insider support rather than public market financing warrants further investigation into the company's true cost of capital and potential future dilution. This structure may obscure the true market-clearing price for the company's equity and could lead to significant valuation adjustments if external funding sources dry up.