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Surf Air Mobility Inc.

SRFM NYSE Categories PDF
Industrials · Airlines, Airports & Air Services · United States · Updated May 11, 1:58pm
$1.45
Price
$50.7M
Market Cap
556
Employees
2.73
Beta
Deanna White
CEO
Business Description

Surf 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.

Business History
Price Overview
Last updated: May 11, 2026 3:06pm (just now)
$1.43
+0.08 (+5.93%)
Day Range
$1.30 – $1.50
52-Week Range
$1.01 – $9.91
50-Day MA
$1.36
200-Day MA
$2.86
Volume
4,456,428.00
Analyst Price Targets
Low $2.75
Consensus $2.75
High $2.75
(5 analysts)
Share Structure
Outstanding 35,097,826.00
Float 19,884,146.00
Free Float 56.7%
Normal free float — 56.7% of shares trade freely, ~43.3% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-0.27
Stock Price: $1.45
EPS (Diluted): -5.29
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
-0.74
Stock Price: $1.45
Total Equity: -$54.86M
Shares: 20,902,901
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-1.80
Market Cap: $50.72M
Total Debt: $83.47M
Cash: $12.67M
EBITDA: -$67.58M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$111.3M
Market Cap: $50.72M
Total Debt: $83.47M
Cash: $12.67M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
3.9%
Gross Profit: $4.18M
Revenue: $106.56M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-72.1%
Operating Income: -$76.87M
Revenue: $106.56M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-103.8%
Net Income: -$110.56M
Revenue: $106.56M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
111.0%
Net Income: -$110.56M
Total Equity: -$54.86M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-163.1%
Operating Income: -$76.87M
Tax Rate: 0.3%
Equity: -$54.86M
Total Debt: $83.47M
Cash: $12.67M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
0.32
Current Assets: $30.92M
Current Liabilities: $95.32M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
-1.52
Short-Term Debt: $10.61M
Long-Term Debt: $72.86M
Total Debt: $83.47M
Total Equity: -$54.86M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$5.10
Revenue: $106.56M
Shares: 20,902,901
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$-2.62
Total Equity: -$54.86M
Shares: 20,902,901
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$-3.47
Operating CF: -$64.16M
CapEx: -$8.39M
Shares: 20,902,901
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $1.45
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$110.56M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares SRFM against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $11.8M $20.3M $60.5M $119.4M $106.6M
Cost of Revenue $15.5M $25.9M $65.7M $109.9M $102.4M
Gross Profit -$3.7M -$5.6M -$5.2M $9.5M $4.2M
Operating Expenses $29.6M $45.3M $191.6M $69.7M $81.1M
Operating Income -$33.4M -$50.9M -$196.8M -$60.3M -$76.9M
Net Income -$35.8M -$74.4M -$250.7M -$74.9M -$110.6M
EBITDA -$32.6M -$72.7M -$247.3M -$58.2M -$67.6M
EPS $-3.58 $-7.45 $-23.04 $-5.80 $-5.29
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $719,000 $6,000 $1.7M $21.1M $12.7M
Total Current Assets $1.9M $7.9M $17.7M $33.9M $30.9M
Total Assets $7.6M $13.7M $111.0M $124.1M $131.7M
Current Liabilities $55.6M $57.4M $140.1M $89.6M $95.3M
Long-Term Debt $408,000 $13.1M $20.6M $67.2M $72.9M
Total Liabilities $180.6M $235.8M $188.5M $244.1M $186.5M
Total Equity -$173.0M -$222.1M -$77.5M -$120.0M -$54.9M
Retained Earnings -$277.5M -$351.8M -$602.5M -$677.4M -$788.0M
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow -$23.9M -$28.0M -$64.4M -$54.3M -$64.2M
Capital Expenditure $-261,000 $-99,000 -$7.8M -$14.1M -$8.4M
Free Cash Flow -$24.2M -$28.1M -$72.1M -$68.4M -$72.6M
Acquisitions (net) $0 $0 $678,000 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 -$1.3M $0 $-380,000
Net Change in Cash -$5.9M $-662,000 $1.5M $19.2M $1.1M
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $162.4M
$154.7M – $173.8M
 $221.3M
$213.4M – $231.2M
 $321.4M
$309.9M – $335.8M
 $418.6M
$403.6M – $437.3M
EBITDA -$133.9M
-$143.3M – -$127.5M
 -$182.4M
-$190.6M – -$175.9M
 -$265.0M
-$276.8M – -$255.5M
 -$345.1M
-$360.5M – -$332.7M
Net Income -$19.7M
-$32.9M – -$6.6M
 -$6.3M
-$12.1M – $-418,058
 $5.1M
$4.9M – $5.4M
 $16.8M
$16.0M – $17.8M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +71.8% +198.4% +97.4% -10.8%
Gross Profit Growth -48.8% +7.2% +283.4% -55.9%
Operating Income Growth -52.6% -286.5% +69.4% -27.6%
Net Income Growth -107.8% -237.1% +70.1% -47.6%
EBITDA Growth -123.2% -239.9% +76.4% -16.0%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-05-07 White Deanna Leigh A-Award 262,102.00 $0.00 $0
2026-05-08 White Deanna Leigh S-Sale 56,884.00 $1.31 $74,780
2026-05-07 Reeves Oliver A-Award 239,439.00 $0.00 $0
2026-05-08 Reeves Oliver S-Sale 76,569.00 $1.31 $100,642
2026-04-21 ALBERT CARL A A-Award 73,530.00 $1.36 $100,001
2026-04-21 D'AGOSTINO JOHN J. A-Award 18,382.00 $1.36 $25,000
2026-04-21 Shahani Sudhin A-Award 36,765.00 $1.36 $50,000
2026-04-21 Hack Bruce L. A-Award 18,382.00 $1.36 $25,000
2026-04-21 Reeves Oliver A-Award 18,382.00 $1.36 $25,000
2026-04-21 White Deanna Leigh A-Award 18,382.00 $1.36 $25,000
2026-04-16 White Deanna Leigh S-Sale 13,860.00 $1.31 $18,094
2026-04-16 White Deanna Leigh S-Sale 13,860.00 $1.31 $18,094
2026-04-16 Reeves Oliver S-Sale 14,437.00 $1.31 $18,848
2026-04-16 Reeves Oliver S-Sale 14,437.00 $1.31 $18,848
2026-04-10 Reeves Oliver A-Award 150,000.00 $0.00 $0
2026-04-10 White Deanna Leigh A-Award 200,000.00 $0.00 $0
2025-12-30 White Deanna Leigh A-Award 303,250.00 $0.00 $0
2025-10-08 Pelsinger Shawn Kirby A-Award 16,685.00 $0.00 $0
2025-10-08 Pelsinger Shawn Kirby A-Award 46,667.00 $0.00 $0
2025-10-08 Pelsinger Shawn Kirby 0.00 $0.00 $0
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27