The company's financial position appears increasingly vulnerable, evidenced by a current ratio of 0.24 and a total debt burden of $236.8 million as of 2026Q1.
flyExclusive, Inc. (FLYX) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 63.49M | 74.37M | 143.97M | 116.79M | 131.35M | 48.36M |
| Cash & Short-Term Investments | 14.24M | 29.34M | 97.23M | 82.86M | 92.63M | 31.49M |
| Cash Only | 14.24M | 29.34M | 31.69M | 11.63M | 23.18M | 21.13M |
| Short-Term Investments | 0 | 0 | 65.54M | 71.23M | 69.45M | 10.36M |
| Accounts Receivable | 13.67M | 10.59M | 12.13M | 3.34M | 22.27M | 3.2M |
| Days Sales Outstanding | 11.59 | 10.28 | 13.53 | 3.87 | 25.4 | 5.6 |
| Inventory | 6.5M | 5.07M | 5.66M | 5.14M | 5.87M | 1.98M |
| Days Inventory Outstanding | 6.01 | 5.39 | 7.12 | 6.45 | 7.69 | 4.09 |
| Other Current Assets | 29.09M | 6.5M | 8.71M | 5.28M | 1.52M | 6.16M |
| Total Non-Current Assets | 375.89M | 365.62M | 394.32M | 404.24M | 362.87M | 258.31M |
| Property, Plant & Equipment | 316.86M | 310.82M | 330.36M | 338.63M | 303.74M | 0 |
| Fixed Asset Turnover | 1.27x | 1.21x | 0.99x | 0.93x | 1.05x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 1.6M | 2.23M | 2.43M | 2.69M |
| Long-Term Investments | 17.86M | 7.73M | 19.38M | 21.18M | 7.49M | 0 |
| Other Non-Current Assets | 51.95M | 47.08M | 42.98M | 42.2M | 49.21M | 255.62M |
| Total Assets | 439.38M | 440M | 538.29M | 521.03M | 494.22M | 306.66M |
| Asset Turnover | 0.91x | 0.85x | 0.61x | 0.61x | 0.65x | 0.68x |
| Asset Growth % | -30.93% | -18.26% | 3.31% | 5.43% | 61.16% | - |
| Total Current Liabilities | 278.06M | 269.95M | 294.75M | 221.54M | 138.69M | 94.52M |
| Accounts Payable | 40.44M | 30.67M | 20.3M | 30.17M | 21.76M | 18.05M |
| Days Payables Outstanding | 37.28 | 32.62 | 25.52 | 37.82 | 28.51 | 37.3 |
| Short-Term Debt | 72.28M | 47.48M | 97.52M | 59.81M | 27.29M | 25.52M |
| Deferred Revenue (Current) | 526.74M | 135.89M | 128.91M | 83.91M | 58.02M | 32.36M |
| Other Current Liabilities | 33.92M | 12.4M | 10.21M | 19.47M | 14.78M | 3.42M |
| Current Ratio | 0.23x | 0.28x | 0.49x | 0.53x | 0.95x | 0.51x |
| Quick Ratio | 0.20x | 0.26x | 0.47x | 0.50x | 0.90x | 0.49x |
| Cash Conversion Cycle | -19.67 | -16.95 | -4.88 | -27.51 | 4.58 | -27.61 |
| Total Non-Current Liabilities | 244.66M | 254.32M | 255.21M | 264.16M | 308.1M | 162.46M |
| Long-Term Debt | 157.48M | 109.65M | 140.92M | 166.82M | 222.66M | 102.67M |
| Capital Lease Obligations | 203.44M | 66.65M | 60.32M | 68.1M | 40.73M | 34.34M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 58.75M | 51.58M | 33.36M | 19.22M | 42.13M | 25M |
| Total Liabilities | 655.46M | 524.27M | 549.96M | 485.7M | 446.8M | 256.97M |
| Total Debt | 229.76M | 243.17M | 315.66M | 312.63M | 300.46M | 172.18M |
| Net Debt | 215.53M | 213.83M | 283.97M | 301M | 277.28M | 151.05M |
| Debt / Equity | -1.06x | - | - | 8.85x | 6.34x | 3.47x |
| Debt / EBITDA | -12.25x | - | - | - | 27.80x | 11.75x |
| Net Debt / EBITDA | -11.49x | - | - | - | 25.66x | 10.31x |
| Interest Coverage | -1.74x | -2.14x | -3.79x | -1.46x | 0.50x | 1.53x |
| Total Equity | -216.08M | -84.27M | -11.67M | 35.33M | 47.42M | 49.69M |
| Equity Growth % | -1854.75% | -621.98% | -133.04% | -25.49% | -4.57% | - |
| Book Value per Share | -4.01 | -3.09 | -0.49 | 2.12 | 1.69 | 1.77 |
| Total Shareholders' Equity | -220.04M | -298.79M | -195.74M | 46.46M | -5.12M | 210.36M |
| Common Stock | 10K | 9K | 8K | 8K | -4.64M | 225.01M |
| Retained Earnings | -456.98M | -440.38M | -244.18M | -80.46M | 0 | -14.65M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -56K | -69K | -476K | 22K |
| Minority Interest | 3.96M | 214.52M | 184.06M | -11.13M | 52.53M | 61.4M |
Quick answers to the most common questions about buying FLYX stock.
As of 2025, flyExclusive, Inc. (FLYX) had total assets of $440.0M including $74.4M in current assets.
flyExclusive, Inc. (FLYX) carries total debt of $243.2M, offset by $29.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
flyExclusive, Inc. (FLYX) has total shareholders' equity (book value) of $-298.8M ($-3.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
flyExclusive, Inc. (FLYX) reported a current ratio of 0.28x. 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 solvency pressure
Metrics are mathematically derived from official filings.
Eroding Equity and Structural Weakness
As reported in financial statements, FLYX's equity position has deteriorated significantly, shifting from a positive $46.5 million in 2023Q4 to a deficit of $192.4 million by 2026Q1, signaling a persistent erosion of shareholder value driven by recurring net losses and an inability to achieve operational scale.
The consistent decline in equity suggests that the company's business model is currently failing to generate sufficient returns to cover its capital-intensive operations. Investors should monitor whether this trend of negative equity continues, as it may eventually limit the company's ability to secure favorable financing terms for its fleet.
Leverage Burden Amidst Operational Losses
Based on the company's quarterly filings, total debt remains substantial at $236.8 million as of 2026Q1, which, when viewed alongside the company's negative equity and persistent operating losses, suggests a precarious leverage profile that leaves little room for error in managing its aircraft lease obligations.
The debt load appears to be a necessity-driven burden rather than a strategic tool for growth, given the lack of positive operating cash flow to service these obligations. The reliance on debt to maintain the fleet suggests that any disruption in charter demand could quickly exacerbate the company's solvency risks.
Tight Liquidity Constrains Operational Runway
According to recent SEC filings, the current ratio has plummeted to 0.24 as of 2026Q1, indicating that the company's liquid assets are severely insufficient to cover its short-term liabilities, thereby creating a heightened risk of a liquidity crunch if deferred revenue inflows do not remain robust.
The extremely low current ratio implies that the company is operating on a razor-thin margin of safety, relying heavily on the continuous inflow of customer deposits to fund daily operations. This dependency on deferred revenue creates a 'treadmill' effect where any slowdown in new bookings could immediately threaten the company's ability to meet its near-term obligations.
Asset Intensity and Capital Concentration
As indicated by the provided balance sheet data, PPE net assets of $323.2 million represent the vast majority of the company's $449.3 million total asset base, underscoring the highly asset-heavy nature of the business and the significant capital required to maintain its specialized Cessna Citation fleet.
The concentration of assets in PPE suggests that the company's competitive position is tied directly to the physical condition and availability of its aircraft. While this vertical integration at the Kinston hub is a strategic differentiator, it also locks up significant capital that could otherwise be used to improve the company's strained liquidity position.
Deferred Revenue as Liquidity Mask
Based on the reported figures, the $155.4 million in deferred revenue as of 2026Q1 acts as a critical, yet potentially misleading, liquidity buffer, as this liability represents future service obligations rather than free cash that can be used to permanently deleverage the balance sheet.
Investors should be cautious in interpreting this deferred revenue as a sign of financial strength, as it is essentially a prepayment for services that will incur future costs. If the company's operational costs rise, the actual cash value of these deposits may be lower than the liability recorded, potentially masking deeper underlying financial distress.