Surf Air Mobility Inc. (SRFM) 10-Year Financial Performance & Capital Metrics

SRFM • • Industrial / General

IndustrialsAirlines & AirportsEmerging Air MobilityElectric & Advanced Air Mobility

AboutSurf Air Mobility Inc. operates as an electric aviation and air travel company in the United States. It offers an air mobility platform with scheduled routes and on demand charter flights operated by third parties; and air cargo services. The company is headquartered in Hawthorne, California.Show more

Revenue $119M +97.4%
EBITDA -$52M +73.1%
Net Income -$75M +70.1%
EPS (Diluted) -5.80 +74.8%
Gross Margin 7.95% +192.9%
EBITDA Margin -43.47% +86.4%
Operating Margin -50.46% +84.5%
Net Margin -62.72% +84.9%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -6.99 +89.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Shares diluted 18.7% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y116.32%

TTM-8.51%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM61.31%

EPS CAGR

10Y-

5Y-

3Y-

TTM78.23%

ROCE

10Y Avg-2263.99%

5Y Avg-2263.99%

3Y Avg-2263.99%

Latest-2263.99%

Peer Comparison

Electric & Advanced Air Mobility

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MATHMetalpha Technology Holding Limited	84.53M	2.14	5.22	165.85%	35.66%	-56.59%	0.03%	0.01
SRFMSurf Air Mobility Inc.	161.22M	2.55	-0.44	97.38%	-66.95%
JOBYJoby Aviation, Inc.	13.93B	15.28	-17.56	-86.82%	-46.57%	-117.64%		0.03

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.5M	11.8M	20.27M	60.51M	119.42M
Revenue Growth %	-	0.57%	0.72%	1.98%	0.97%
Cost of Goods Sold+	11.03M	15.55M	25.85M	65.68M	109.93M
COGS % of Revenue	1.47%	1.32%	1.28%	1.09%	0.92%
Gross Profit+	-3.53M	-3.75M	-5.58M	-5.17M	9.49M
Gross Margin %	-0.47%	-0.32%	-0.28%	-0.09%	0.08%
Gross Profit Growth %	-	-0.06%	-0.49%	0.07%	2.83%
Operating Expenses+	17.23M	29.6M	45.33M	191.59M	69.75M
OpEx % of Revenue	2.3%	2.51%	2.24%	3.17%	0.58%
Selling, General & Admin	15.05M	26.64M	42.04M	110.7M	37.37M
SG&A % of Revenue	2.01%	2.26%	2.07%	1.83%	0.31%
Research & Development	2.18M	2.96M	3.29M	20.85M	24.04M
R&D % of Revenue	0.29%	0.25%	0.16%	0.34%	0.2%
Other Operating Expenses	0	0	0	60.05M	8.34M
Operating Income+	-20.76M	-33.35M	-50.9M	-196.77M	-60.26M
Operating Margin %	-2.77%	-2.83%	-2.51%	-3.25%	-0.5%
Operating Income Growth %	-	-0.61%	-0.53%	-2.87%	0.69%
EBITDA+	-17.93M	-32.3M	-49.88M	-193M	-51.91M
EBITDA Margin %	-2.39%	-2.74%	-2.46%	-3.19%	-0.43%
EBITDA Growth %	-	-0.8%	-0.54%	-2.87%	0.73%
D&A (Non-Cash Add-back)	2.83M	1.05M	1.03M	3.76M	8.34M
EBIT	-21.87M	-33.64M	-73.77M	-251.03M	-66.58M
Net Interest Income+	-1.56M	-2.14M	-596K	-2.97M	-8.62M
Interest Income	0	0	0	0	0
Interest Expense	1.56M	2.14M	596K	2.97M	8.62M
Other Income/Expense	-2.68M	-2.43M	-23.46M	-57.23M	-14.94M
Pretax Income+	-23.44M	-35.78M	-74.36M	-254M	-75.19M
Pretax Margin %	-3.12%	-3.03%	-3.67%	-4.2%	-0.63%
Income Tax+	0	0	0	-3.3M	-287K
Effective Tax Rate %	1%	1%	1%	0.99%	1%
Net Income+	-23.44M	-35.78M	-74.36M	-250.7M	-74.91M
Net Margin %	-3.12%	-3.03%	-3.67%	-4.14%	-0.63%
Net Income Growth %	-	-0.53%	-1.08%	-2.37%	0.7%
Net Income (Continuing)	-23.44M	-35.78M	-74.36M	-250.7M	-74.91M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	-2.35	-3.58	-7.45	-23.04	-5.80
EPS Growth %	-	-0.53%	-1.08%	-2.09%	0.75%
EPS (Basic)	-2.35	-3.58	-7.45	-23.04	-5.80
Diluted Shares Outstanding	9.98M	9.98M	9.98M	10.88M	12.91M
Basic Shares Outstanding	9.98M	9.98M	9.98M	10.88M	12.91M
Dividend Payout Ratio	-	-	-	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.37M	1.94M	7.92M	17.74M	33.88M
Cash & Short-Term Investments	7.4M	719K	6K	1.72M	21.11M
Cash Only	7.4M	719K	6K	1.72M	21.11M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	161K	15K	161K	4.96M	4.26M
Days Sales Outstanding	7.84	0.46	2.9	29.95	13.01
Inventory	0	0	0	0	39K
Days Inventory Outstanding	-	-	-	-	0.13
Other Current Assets	813K	1.2M	7.7M	2.76M	645K
Total Non-Current Assets+	3.33M	5.62M	5.78M	93.25M	90.18M
Property, Plant & Equipment	600K	703K	1.77M	61.19M	60.37M
Fixed Asset Turnover	12.50x	16.78x	11.47x	0.99x	1.98x
Goodwill	0	0	0	0	0
Intangible Assets	2.5M	1.94M	2.98M	28.49M	23.12M
Long-Term Investments	0	0	0	0	568K
Other Non-Current Assets	238K	2.98M	1.03M	3.57M	6.12M
Total Assets+	11.71M	7.56M	13.7M	110.99M	124.06M
Asset Turnover	0.64x	1.56x	1.48x	0.55x	0.96x
Asset Growth %	-	-0.35%	0.81%	7.1%	0.12%
Total Current Liabilities+	43.57M	55.58M	57.4M	140.11M	89.61M
Accounts Payable	8.79M	14.04M	12.89M	18.85M	17.98M
Days Payables Outstanding	291.09	329.67	182.01	104.78	59.68
Short-Term Debt	19.99M	23.06M	15.95M	15.87M	8.38M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.05M	1.37M	1.64M	26.78M	13.17M
Current Ratio	0.19x	0.03x	0.14x	0.13x	0.38x
Quick Ratio	0.19x	0.03x	0.14x	0.13x	0.38x
Cash Conversion Cycle	-	-	-	-	-46.54
Total Non-Current Liabilities+	109.68M	125.01M	178.39M	48.36M	154.44M
Long-Term Debt	397K	408K	13.15M	20.62M	67.23M
Capital Lease Obligations	0	0	246K	6.64M	12.49M
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	109.28M	124.6M	164.99M	21.1M	74.73M
Total Liabilities	153.25M	180.58M	235.79M	188.47M	244.06M
Total Debt+	20.39M	23.47M	30.25M	47.45M	92.49M
Net Debt	12.99M	22.75M	30.24M	45.73M	71.38M
Debt / Equity	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-
Interest Coverage	-13.26x	-15.58x	-85.41x	-66.27x	-6.99x
Total Equity+	-141.54M	-173.03M	-222.09M	-77.48M	-120M
Equity Growth %	-	-0.22%	-0.28%	0.65%	-0.55%
Book Value per Share	-14.18	-17.33	-22.25	-7.12	-9.29
Total Shareholders' Equity	-141.54M	-173.03M	-222.09M	-77.48M	-120M
Common Stock	154K	186K	1K	1K	2K
Retained Earnings	-241.69M	-277.48M	-351.84M	-602.53M	-677.44M
Treasury Stock	0	0	0	0	0
Accumulated OCI	641K	0	0	0	0
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-8.73M	-23.93M	-28.04M	-64.37M	-54.32M
Operating CF Margin %	-1.16%	-2.03%	-1.38%	-1.06%	-0.45%
Operating CF Growth %	-	-1.74%	-0.17%	-1.3%	0.16%
Net Income	-23.44M	-35.78M	-74.36M	-250.7M	-74.91M
Depreciation & Amortization	2.83M	1.05M	1.07M	3.76M	8.34M
Stock-Based Compensation	6.19M	3.19M	12.45M	48.25M	-5.98M
Deferred Taxes	0	0	0	-3.32M	-287K
Other Non-Cash Items	880K	-638K	27.05M	112.84M	11.53M
Working Capital Changes	4.81M	8.25M	5.75M	24.79M	6.97M
Change in Receivables	143K	287K	-146K	-262K	708K
Change in Inventory	0	0	0	0	0
Change in Payables	2.82M	2.95M	0	2.66M	9.53M
Cash from Investing+	302K	-261K	-298K	-7.1M	-3.61M
Capital Expenditures	-178K	-137K	-99K	-7.59M	-11.76M
CapEx % of Revenue	0.02%	0.01%	0%	0.13%	0.1%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	-119K	-124K	-199K	-190K	8.15M
Cash from Financing+	14.18M	18.25M	27.67M	72.99M	77.17M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	0	0	0
Share Repurchases	-	-	-	-	-
Other Financing	0	0	1.47M	10.52M	2.43M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-9.03M	-24.19M	-28.14M	-72.15M	-68.43M
FCF Margin %	-1.2%	-2.05%	-1.39%	-1.19%	-0.57%
FCF Growth %	-	-1.68%	-0.16%	-1.56%	0.05%
FCF per Share	-0.90	-2.42	-2.82	-6.63	-5.30
FCF Conversion (FCF/Net Income)	0.37x	0.67x	0.38x	0.26x	0.73x
Interest Paid	0	0	0	577K	3.41M
Taxes Paid	0	0	0	0	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Gross Margin	-47.03%	-31.78%	-27.51%	-8.55%	7.95%
Net Margin	-312.49%	-303.31%	-366.79%	-414.34%	-62.72%
Interest Coverage	-13.26x	-15.58x	-85.41x	-66.27x	-6.99x
FCF Conversion	0.37x	0.67x	0.38x	0.26x	0.73x
Revenue Growth	-	57.31%	71.84%	198.44%	97.38%

Revenue by Segment

	2023	2024
Passenger	7.6M	15.5M
Passenger Growth	-	103.95%

Frequently Asked Questions

Growth & Financials

Surf Air Mobility Inc. (SRFM) reported $108.2M in revenue for fiscal year 2024. This represents a 1342% increase from $7.5M in 2020.

Surf Air Mobility Inc. (SRFM) grew revenue by 97.4% over the past year. This is strong growth.

Surf Air Mobility Inc. (SRFM) reported a net loss of $72.4M for fiscal year 2024.

Dividend & Returns

Surf Air Mobility Inc. (SRFM) had negative free cash flow of $83.9M in fiscal year 2024, likely due to heavy capital investments.

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