Overview Dividends

(SRFM) Surf Air Mobility - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US8689272032

Scheduled Flights, Charter Flights, Air-Mobility Platform

Passenger Airlines
Market Cap in USD: 145m
IPO / Inception: 2023-07-27
Return 12m vs S&P 500: -51.9%

Dividends

Currently no dividends paid
Risk via 10d forecast
Volatility 137%
Value at Risk 5%th 183%
Relative Tail Risk -18.97%
Reward TTM
Sharpe Ratio 0.39
Alpha -68.40
CAGR/Max DD -0.66
Character TTM
Hurst Exponent 0.791
Beta 2.355
Beta Downside 2.093
Drawdowns 3y
Max DD 95.69%
Mean DD 77.98%
Median DD 81.81%

Description: SRFM Surf Air Mobility October 29, 2025

Surf Air Mobility Inc. (NYSE: SRFM) operates an air-mobility platform that offers both scheduled commercial flights and on-demand, point-to-point services across the United States and select international routes. Founded in 2011 and based in Hawthorne, California, the company positions itself as a hybrid airline, blending subscription-style scheduled service with ad-hoc charter bookings.

Key operational metrics as of the latest quarterly filing show a fleet of roughly 30 aircraft-including turboprops and light jets-with an average load factor of 68 % on scheduled routes, well below the industry benchmark of ~80 % for legacy carriers. The business is highly sensitive to fuel price volatility and the broader macro-trend toward regional connectivity, which the International Air Transport Association (IATA) estimates could grow at a 5-6 % CAGR through 2030. Additionally, Surf Air’s recent partnership with a leading eVTOL developer aims to pilot electric vertical-takeoff-and-landing services in 2025, a move that could diversify revenue streams but also introduces regulatory and technology-adoption risk.

For a data-driven deep-dive into Surf Air’s valuation assumptions and scenario analysis, you may find the research tools on ValueRay worth exploring.

Piotroski VR‑10 (Strict, 0-10) 0.0

Net Income (-72.4m TTM) > 0 and > 6% of Revenue (6% = 6.49m TTM)
FCFTA -0.79 (>2.0%) and ΔFCFTA -26.99pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue -61.13% (prev -100.6%; Δ 39.48pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA -0.65 (>3.0%) and CFO -69.4m > Net Income -72.4m (YES >=105%, WARN >=100%)
NO Net Debt/EBITDA fails (EBITDA <= 0)
Current Ratio 0.25 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (20.9m) change vs 12m ago 61.15% (target <= -2.0% for YES)
Gross Margin 3.08% (prev 2.41%; Δ 0.67pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 105.7% (prev 120.8%; Δ -15.08pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio -4.25 (EBITDA TTM -49.7m / Interest Expense TTM 13.9m) >= 6 (WARN >= 3)

Altman Z'' -34.82

(A) -0.62 = (Total Current Assets 22.0m - Total Current Liabilities 88.1m) / Total Assets 106.8m
(B) -7.03 = Retained Earnings (Balance) -751.1m / Total Assets 106.8m
warn (B) unusual magnitude: -7.03 — check mapping/units
(C) -0.58 = EBIT TTM -58.9m / Avg Total Assets 102.3m
(D) -3.77 = Book Value of Equity -751.1m / Total Liabilities 199.3m
Total Rating: -34.82 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 50.11

1. Piotroski 0.0pt
2. FCF Yield -51.79%
3. FCF Margin -77.57%
4. Debt/Equity -0.26
5. Debt/Ebitda -0.33
6. ROIC - WACC (= 130.1)%
7. RoE 62.47%
8. Rev. Trend 66.74%
9. EPS Trend 52.07%

What is the price of SRFM shares?

As of December 14, 2025, the stock is trading at USD 2.10 with a total of 2,064,060 shares traded.
Over the past week, the price has changed by -6.67%, over one month by -28.57%, over three months by -52.16% and over the past year by -45.03%.

Is SRFM a buy, sell or hold?

Surf Air Mobility has received a consensus analysts rating of 3.67. Therefor, it is recommend to hold SRFM.
  • Strong Buy: 0
  • Buy: 2
  • Hold: 1
  • Sell: 0
  • Strong Sell: 0

What are the forecasts/targets for the SRFM price?

Issuer Target Up/Down from current
Wallstreet Target Price 7.8 269%
Analysts Target Price 7.8 269%
ValueRay Target Price 1.9 -11.9%

SRFM Fundamental Data Overview December 05, 2025

Market Cap USD = 145.4m (145.4m USD * 1.0 USD.USD)
P/S = 1.3445
P/B = 2.862
Beta = 2.881
Revenue TTM = 108.2m USD
EBIT TTM = -58.9m USD
EBITDA TTM = -49.7m USD
Long Term Debt = 67.8m USD (from longTermDebt, last quarter)
Short Term Debt = 6.63m USD (from shortTermDebt, last quarter)
Debt = 23.6m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 16.6m USD (from netDebt column, last quarter)
Enterprise Value = 162.0m USD (145.4m + Debt 23.6m - CCE 7.06m)
Interest Coverage Ratio = -4.25 (Ebit TTM -58.9m / Interest Expense TTM 13.9m)
FCF Yield = -51.79% (FCF TTM -83.9m / Enterprise Value 162.0m)
FCF Margin = -77.57% (FCF TTM -83.9m / Revenue TTM 108.2m)
Net Margin = -66.95% (Net Income TTM -72.4m / Revenue TTM 108.2m)
Gross Margin = 3.08% ((Revenue TTM 108.2m - Cost of Revenue TTM 104.8m) / Revenue TTM)
Gross Margin QoQ = 5.18% (prev 12.30%)
Tobins Q-Ratio = 1.52 (Enterprise Value 162.0m / Total Assets 106.8m)
Interest Expense / Debt = 13.78% (Interest Expense 3.25m / Debt 23.6m)
Taxrate = 0.23% (-62.0k / -27.3m)
NOPAT = -58.8m (EBIT -58.9m * (1 - 0.23%)) [loss with tax shield]
Current Ratio = 0.25 (Total Current Assets 22.0m / Total Current Liabilities 88.1m)
Debt / Equity = -0.26 (negative equity) (Debt 23.6m / totalStockholderEquity, last quarter -92.6m)
Debt / EBITDA = -0.33 (negative EBITDA) (Net Debt 16.6m / EBITDA -49.7m)
Debt / FCF = -0.20 (negative FCF - burning cash) (Net Debt 16.6m / FCF TTM -83.9m)
Total Stockholder Equity = -115.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -67.81% (Net Income -72.4m / Total Assets 106.8m)
RoE = 62.47% (negative equity) (Net Income TTM -72.4m / Total Stockholder Equity -115.9m)
RoCE = 122.4% (negative capital employed) (EBIT -58.9m / Capital Employed (Equity -115.9m + L.T.Debt 67.8m))
RoIC = 144.6% (negative operating profit) (NOPAT -58.8m / Invested Capital -40.6m)
WACC = 14.56% (E(145.4m)/V(169.0m) * Re(14.69%) + D(23.6m)/V(169.0m) * Rd(13.78%) * (1-Tc(0.00)))
Discount Rate = 14.69% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 38.62%
Fair Price DCF = unknown (Cash Flow -83.9m)
EPS Correlation: 52.07 | EPS CAGR: 5.00% | SUE: -0.01 | # QB: 0
Revenue Correlation: 66.74 | Revenue CAGR: 67.28% | SUE: 0.07 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.29 | Chg30d=+0.305 | Revisions Net=+1 | Analysts=2
EPS next Year (2026-12-31): EPS=-1.15 | Chg30d=+1.420 | Revisions Net=+2 | Growth EPS=+66.4% | Growth Revenue=+8.4%

Additional Sources for SRFM Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle