Surf Air Mobility Inc.(SRFM)Earnings, Financials & Key Ratios
SRFM•NYSE
$1.37
$29M mkt cap·Price updated May 6, 2026
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$107M-10.8%
- EBITDA-$68M-30.2%
- Net Income-$111M-47.6%
- EPS (Diluted)-5.29+8.8%
- Gross Margin3.92%-50.6%
- EBITDA Margin-63.42%-45.9%
- Operating Margin-72.14%-43.0%
- Net Margin-103.75%-65.4%
- ROIC-361.77%
SRFM Key Insights
Surf Air Mobility Inc. (SRFM) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y sales CAGR of 70.0%
✗Weaknesses
- ✗Weak Piotroski F-Score: 2/9
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 4 (bottom 4%)
- ✗Shares diluted 61.9% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
SRFM Price & Volume
Surf Air Mobility Inc. (SRFM) stock price & volume — 10-year historical chart
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SRFM Growth Metrics
Surf Air Mobility Inc. (SRFM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years70.02%
3 Years73.87%
TTM-10.78%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-47.59%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM15.79%
Return on Capital
10 Years-1240.56%
5 Years-1240.56%
3 Years-1240.56%
Last Year-217.12%
SRFM Recent Earnings
Surf Air Mobility Inc. (SRFM) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (30%)●Beat Revenue 7/12 qtrs (70%)
Q4 2025Latest
Nov 12, 2025EPS
$0.64
Est $0.61
-4.9%
Revenue
$29M
Est $26M
+11.3%
Q3 2025
Aug 12, 2025EPS
$0.93
Est $1.09
+14.7%
Revenue
$27M
Est $25M
+8.0%
Q2 2025
May 13, 2025EPS
$1.31
Est $1.08
-21.3%
Revenue
$24M
Est $26M
-8.2%
Q2 2025
Mar 18, 2025EPS
$0.59
Est $1.19
+149.6%
Revenue
$28M
Est $27M
+4.7%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q4 2025Latest | Nov 12, 2025 | $0.64vs $0.61-4.9% | $29Mvs $26M+11.3% |
| Q3 2025 | Aug 12, 2025 | $0.93vs $1.09+14.7% | $27Mvs $25M+8.0% |
| Q2 2025 | May 13, 2025 | $1.31vs $1.08-21.3% | $24Mvs $26M-8.2% |
| Q2 2025 | Mar 18, 2025 | $0.59vs $1.19+149.6% | $28Mvs $27M+4.7% |
Based on last 12 quarters of dataView full earnings history →
SRFM Peer Comparison
Surf Air Mobility Inc. (SRFM) competitors in Private aviation and charter services — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 FLYY | 0.38 | -0.03 | -8.38% | -28.55% | -277.97% | |||
 ACHR | 4.77B | 6.41 | -6.47 | -2060.67% | -37.76% | 0.02 | ||
 JOBY | 10.34B | 10.52 | -9.31 | 391.83% | -12.33% | -74.18% | 0.04 | |
 EVEX | 974.86M | 3.24 | -4.63 | -258.98% | 1.45 | |||
 MESA | 879.48M | 21.00 | -0.04 | -19.93% | -43.64% | -5.29% | ||
 SKYW | 3.53B | 87.82 | 8.49 | 15.03% | 10.42% | 16% | 0.87 | |
 ULCC | 1.1B | 4.78 | -7.97 | -1.35% | -9.62% | -88.57% | 11.13 | |
 SNCY | 897.49M | 16.56 | 17.25 | 4.74% | 3.55% | 6.44% | 0.95 |
Compare SRFM vs Peers
Surf Air Mobility Inc. (SRFM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SRFM Income Statement
Surf Air Mobility Inc. (SRFM) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Sales/Revenue | 7.5M | 11.8M | 20.27M | 60.51M | 119.42M | 106.56M |
| Revenue Growth % | - | 57.31% | 71.84% | 198.44% | 97.38% | -10.78% |
| Cost of Goods Sold | 11.03M | 15.55M | 25.85M | 65.68M | 109.93M | 102.38M |
| COGS % of Revenue | 147.03% | 131.78% | 127.51% | 108.55% | 92.05% | 96.08% |
| Gross Profit | -3.53M▲ 0% | -3.75M▼ 6.3% | -5.58M▼ 48.8% | -5.17M▲ 7.2% | 9.49M▲ 283.4% | 4.18M▼ 55.9% |
| Gross Margin % | -47.03% | -31.78% | -27.51% | -8.55% | 7.95% | 3.92% |
| Gross Profit Growth % | - | -6.29% | -48.76% | 7.21% | 283.4% | -55.95% |
| Operating Expenses | 17.23M | 29.6M | 45.33M | 191.59M | 69.75M | 81.06M |
| OpEx % of Revenue | 229.75% | 250.9% | 223.57% | 316.65% | 58.4% | 76.07% |
| Selling, General & Admin | 15.05M | 26.64M | 42.04M | 110.7M | 37.37M | 61.46M |
| SG&A % of Revenue | 200.73% | 225.78% | 207.35% | 182.96% | 31.29% | 57.68% |
| Research & Development | 2.18M | 2.96M | 3.29M | 20.85M | 24.04M | 10.3M |
| R&D % of Revenue | 29.01% | 25.12% | 16.22% | 34.46% | 20.13% | 9.67% |
| Other Operating Expenses | 0 | 0 | 0 | 60.05M | 8.34M | 9.29M |
| Operating Income | -20.76M▲ 0% | -33.35M▼ 60.7% | -50.9M▼ 52.6% | -196.77M▼ 286.5% | -60.26M▲ 69.4% | -76.87M▼ 27.6% |
| Operating Margin % | -276.77% | -282.68% | -251.08% | -325.21% | -50.46% | -72.14% |
| Operating Income Growth % | - | -60.66% | -52.64% | -286.55% | 69.38% | -27.58% |
| EBITDA | -17.93M | -32.3M | -49.88M | -193M | -51.91M | -67.58M |
| EBITDA Margin % | -239.07% | -273.76% | -246.01% | -318.99% | -43.47% | -63.42% |
| EBITDA Growth % | - | -80.13% | -54.43% | -286.96% | 73.1% | -30.17% |
| D&A (Non-Cash Add-back) | 2.83M | 1.05M | 1.03M | 3.76M | 8.34M | 9.29M |
| EBIT | -21.87M | -33.64M | -73.77M | -251.03M | -66.58M | 0 |
| Net Interest Income | -1.56M | -2.14M | -596K | -2.97M | -8.62M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.56M | 2.14M | 596K | 2.97M | 8.62M | -13.21M |
| Other Income/Expense | -2.68M | -2.43M | -23.46M | -57.23M | -14.94M | -34.06M |
| Pretax Income | -23.44M▲ 0% | -35.78M▼ 52.7% | -74.36M▼ 107.8% | -254M▼ 241.6% | -75.19M▲ 70.4% | -110.94M▼ 47.5% |
| Pretax Margin % | -312.49% | -303.31% | -366.79% | -419.8% | -62.96% | -104.11% |
| Income Tax | 0 | 0 | 0 | -3.3M | -287K | -380K |
| Effective Tax Rate % | 0% | 0% | 0% | 1.3% | 0.38% | 0.34% |
| Net Income | -23.44M▲ 0% | -35.78M▼ 52.7% | -74.36M▼ 107.8% | -250.7M▼ 237.1% | -74.91M▲ 70.1% | -110.56M▼ 47.6% |
| Net Margin % | -312.49% | -303.31% | -366.79% | -414.34% | -62.72% | -103.75% |
| Net Income Growth % | - | -52.68% | -107.81% | -237.13% | 70.12% | -47.59% |
| Net Income (Continuing) | -23.44M | -35.78M | -74.36M | -250.7M | -74.91M | -110.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.35▲ 0% | -3.58▼ 52.7% | -7.45▼ 107.8% | -23.04▼ 209.4% | -5.80▲ 74.8% | -5.29▲ 8.8% |
| EPS Growth % | - | -52.68% | -107.81% | -209.37% | 74.82% | 8.83% |
| EPS (Basic) | -2.35 | -3.58 | -7.45 | -23.04 | -5.80 | -5.29 |
| Diluted Shares Outstanding | 9.98M | 9.98M | 9.98M | 10.88M | 12.91M | 20.9M |
| Basic Shares Outstanding | 9.98M | 9.98M | 9.98M | 10.88M | 12.91M | 20.9M |
| Dividend Payout Ratio | - | - | - | - | - | - |
SRFM Balance Sheet
Surf Air Mobility Inc. (SRFM) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Total Current Assets | 8.37M | 1.94M | 7.92M | 17.74M | 33.88M | 30.92M |
| Cash & Short-Term Investments | 7.4M | 719K | 6K | 1.72M | 21.11M | 12.67M |
| Cash Only | 7.4M | 719K | 6K | 1.72M | 21.11M | 12.67M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 161K | 15K | 161K | 4.96M | 4.26M | 3.93M |
| Days Sales Outstanding | 7.84 | 0.46 | 2.9 | 29.95 | 13.01 | 13.46 |
| Inventory | 0 | 0 | 0 | 0 | 39K | 0 |
| Days Inventory Outstanding | - | - | - | - | 0.13 | - |
| Other Current Assets | 813K | 1.2M | 7.7M | 2.76M | 645K | 14.32M |
| Total Non-Current Assets | 3.33M | 5.62M | 5.78M | 93.25M | 90.18M | 100.76M |
| Property, Plant & Equipment | 600K | 703K | 1.77M | 61.19M | 60.37M | 58.91M |
| Fixed Asset Turnover | 12.50x | 16.78x | 11.47x | 0.99x | 1.98x | 1.81x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.5M | 1.94M | 2.98M | 28.49M | 23.12M | 20.07M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 568K | 0 |
| Other Non-Current Assets | 238K | 2.98M | 1.03M | 3.57M | 6.12M | 21.78M |
| Total Assets | 11.71M▲ 0% | 7.56M▼ 35.4% | 13.7M▲ 81.2% | 110.99M▲ 710.3% | 124.06M▲ 11.8% | 131.68M▲ 6.1% |
| Asset Turnover | 0.64x | 1.56x | 1.48x | 0.55x | 0.96x | 0.81x |
| Asset Growth % | - | -35.44% | 81.23% | 710.32% | 11.77% | 6.14% |
| Total Current Liabilities | 43.57M | 55.58M | 57.4M | 140.11M | 89.61M | 95.32M |
| Accounts Payable | 8.79M | 14.04M | 12.89M | 18.85M | 17.98M | 18.44M |
| Days Payables Outstanding | 291.09 | 329.67 | 182.01 | 104.78 | 59.68 | 65.73 |
| Short-Term Debt | 19.99M | 23.06M | 15.95M | 15.87M | 8.38M | 10.61M |
| Deferred Revenue (Current) | 3.08M | 5.16M | 7.82M | 19.01M | 17.39M | 17.92M |
| Other Current Liabilities | 1.05M | 1.37M | 1.64M | 26.78M | 13.17M | 66.79M |
| Current Ratio | 0.19x | 0.03x | 0.14x | 0.13x | 0.38x | 0.32x |
| Quick Ratio | 0.19x | 0.03x | 0.14x | 0.13x | 0.38x | 0.32x |
| Cash Conversion Cycle | - | - | - | - | -46.54 | - |
| Total Non-Current Liabilities | 109.68M | 125.01M | 178.39M | 48.36M | 154.44M | 91.22M |
| Long-Term Debt | 397K | 408K | 13.15M | 20.62M | 67.23M | 72.86M |
| Capital Lease Obligations | 0 | 0 | 246K | 6.64M | 12.49M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 109.28M | 124.6M | 164.99M | 21.1M | 74.73M | 18.36M |
| Total Liabilities | 153.25M | 180.58M | 235.79M | 188.47M | 244.06M | 186.54M |
| Total Debt | 20.39M | 23.47M | 30.25M | 47.45M | 92.49M | 83.47M |
| Net Debt | 12.99M | 22.75M | 30.24M | 45.73M | 71.38M | 70.79M |
| Debt / Equity | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - |
| Interest Coverage | -13.26x | -15.58x | -85.41x | -66.27x | -6.99x | - |
| Total Equity | -141.54M▲ 0% | -173.03M▼ 22.2% | -222.09M▼ 28.4% | -77.48M▲ 65.1% | -120M▼ 54.9% | -54.86M▲ 54.3% |
| Equity Growth % | - | -22.24% | -28.36% | 65.11% | -54.86% | 54.28% |
| Book Value per Share | -14.18 | -17.33 | -22.25 | -7.12 | -9.29 | -2.62 |
| Total Shareholders' Equity | -141.54M | -173.03M | -222.09M | -77.48M | -120M | -54.86M |
| Common Stock | 154K | 186K | 1K | 1K | 2K | 7K |
| Retained Earnings | -241.69M | -277.48M | -351.84M | -602.53M | -677.44M | -788M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 641K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
SRFM Cash Flow Statement
Surf Air Mobility Inc. (SRFM) cash flow — operating, investing & free cash flow history
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Cash from Operations | -8.73M | -23.93M | -28.04M | -64.37M | -54.32M | -64.16M |
| Operating CF Margin % | -116.44% | -202.83% | -138.29% | -106.39% | -45.49% | -60.21% |
| Operating CF Growth % | - | -174.02% | -17.16% | -129.59% | 15.61% | -18.11% |
| Net Income | -23.44M | -35.78M | -74.36M | -250.7M | -74.91M | -110.56M |
| Depreciation & Amortization | 2.83M | 1.05M | 1.07M | 3.76M | 8.34M | 9.29M |
| Stock-Based Compensation | 6.19M | 3.19M | 12.45M | 48.25M | -5.98M | 10.06M |
| Deferred Taxes | 0 | 0 | 0 | -3.32M | -287K | -380K |
| Other Non-Cash Items | 880K | -638K | 27.05M | 112.84M | 11.53M | 27.42M |
| Working Capital Changes | 4.81M | 8.25M | 5.75M | 24.79M | 6.97M | 0 |
| Change in Receivables | 143K | 287K | -146K | -262K | 708K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.82M | 2.95M | 0 | 2.66M | 9.53M | 0 |
| Cash from Investing | 302K | -261K | -298K | -7.1M | -3.61M | -5.71M |
| Capital Expenditures | -178K | -137K | -99K | -7.59M | -11.76M | 0 |
| CapEx % of Revenue | 2.37% | 1.16% | 0.49% | 12.54% | 9.85% | 5.57% |
| Acquisitions | 599K | 0 | 0 | 678K | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -119K | -124K | -199K | -190K | 8.15M | -5.71M |
| Cash from Financing | 14.18M | 18.25M | 27.67M | 72.99M | 77.17M | 70.96M |
| Debt Issued (Net) | 821K | 3.5M | 26.2M | 32.57M | 74.75M | 0 |
| Equity Issued (Net) | 1000K | 1000K | 0 | 1000K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -1.27M | 0 | 0 |
| Other Financing | 0 | 0 | 1.47M | 10.52M | 2.43M | 70.96M |
| Net Change in Cash | 5.75M▲ 0% | -5.94M▼ 203.3% | -662K▲ 88.9% | 1.52M▲ 329.5% | 19.24M▲ 1166.9% | 1.09M▼ 94.3% |
| Free Cash Flow | -9.03M▲ 0% | -24.19M▼ 167.9% | -28.14M▼ 16.3% | -72.15M▼ 156.4% | -68.43M▲ 5.2% | -70.1M▼ 2.4% |
| FCF Margin % | -120.4% | -205.04% | -138.78% | -119.24% | -57.3% | -65.78% |
| FCF Growth % | - | -167.9% | -16.31% | -156.43% | 5.16% | -2.44% |
| FCF per Share | -0.90 | -2.42 | -2.82 | -6.63 | -5.30 | -3.35 |
| FCF Conversion (FCF/Net Income) | 0.37x | 0.67x | 0.38x | 0.26x | 0.73x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 577K | 3.41M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
SRFM Key Ratios
Surf Air Mobility Inc. (SRFM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Return on Invested Capital (ROIC) | - | - | - | - | - | -361.77% |
| Gross Margin | -47.03% | -31.78% | -27.51% | -8.55% | 7.95% | 3.92% |
| Net Margin | -312.49% | -303.31% | -366.79% | -414.34% | -62.72% | -103.75% |
| Interest Coverage | -13.26x | -15.58x | -85.41x | -66.27x | -6.99x | - |
| FCF Conversion | 0.37x | 0.67x | 0.38x | 0.26x | 0.73x | 0.58x |
| Revenue Growth | - | 57.31% | 71.84% | 198.44% | 97.38% | -10.78% |
SRFM Frequently Asked Questions
Surf Air Mobility Inc. (SRFM) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Surf Air Mobility Inc. (SRFM) reported $106.6M in revenue for fiscal year 2025. This represents a 1321% increase from $7.5M in 2020.
Surf Air Mobility Inc. (SRFM) saw revenue decline by 10.8% over the past year.
Surf Air Mobility Inc. (SRFM) reported a net loss of $110.6M for fiscal year 2025.
Dividend & Returns
Surf Air Mobility Inc. (SRFM) had negative free cash flow of $70.1M in fiscal year 2025, likely due to heavy capital investments.
Explore More SRFM
Surf Air Mobility Inc. (SRFM) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
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Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates