Eve Holding (EVEX) AI Stock Analysis

• Market Cap: $835.93M
• Dividend Yield: N/A
• Average Volume (3M): 1.12M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.75
• Revenue Growth: N/A
• EPS Growth: -33.69%
• Country: US
• Employees: 174
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): -0.19
• Shares Outstanding: 348,304,600
• 10 Day Avg. Volume: 1,324,512
• 30 Day Avg. Volume: 1,115,647
• PEG Ratio: -0.12
• Price to Book (P/B): 10.36
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.41
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.09K
• Enterprise Value/Ebitda: -3.72
• 1Y Price Target: $7.17
• Price Target Upside: 198.75% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -0.61
• Revenue Forecast (FY): $3.57M

• Rating: 46 Neutral
• Price Target: $2.50 ▲(4.17% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held down primarily by weak financial performance (no revenue, widening losses, and significant free-cash-flow burn) and bearish technicals (price below key moving averages with negative MACD). The earnings call provides partial support via documented development milestones, sizable stated backlog, and improved runway from funding, but profitability and cash burn remain the central risks.

Positive Factors

Strategic partnership with Embraer

Eve’s strategic relationship with Embraer supplies engineering, certification and industrialization expertise and access to customer channels. This durable alliance lowers technical and go-to-market risk, accelerating certification and reducing independent development overhead over the next several years.

Large pre-order backlog and binding orders

A sizable commercial pipeline (2,800 aircraft and recent binding orders) demonstrates structural demand and provides a potential future revenue base and aftermarket opportunity. Even with many nonbinding LOIs, a deep backlog supports commercialization planning, supplier commitments, and long-term revenue visibility.

Improved liquidity and committed credit

The $230M registered offering, resulting in a $412M cash balance and ~2.5 years runway, plus a $150M syndicated facility, materially strengthens near-term liquidity. This durable funding reduces immediate refinancing pressure and supports flight testing, certification and supplier prepayments needed to reach entry-into-service milestones.

Negative Factors

Pre-revenue with widening net losses

Eve remains pre-revenue and recorded materially larger net losses in 2025, reflecting heavy program spending. Without product revenues, profitability depends on successful certification and deliveries years away, leaving sustained losses until commercialization and creating ongoing financing and execution risk.

Persistent negative operating and free cash flow

Negative operating and free cash flow indicate operations do not self-fund development or capital needs. Continued annual cash burn requires repeated external financing to sustain flight testing, certification and industrialization, increasing dilution risk and exposing the company to capital markets or lender conditions.

Rising leverage and dependence on external funding

Leverage has risen sharply, reflecting new debt and credit facilities. Higher debt increases fixed obligations and interest exposure, reduces balance-sheet flexibility, and amplifies risk if certification timelines slip or cash burn continues, making long-term program funding and supplier commitments more contingent on markets.

Eve Holding Business Overview & Revenue Model

Company Description

Eve Holding, Inc. develops urban air mobility solutions. It is involved in the design and production of eVTOLs; provision of eVTOL service and support capabilities, including material services, maintenance, technical support, training, ground handling, and data services; and development of urban air traffic management systems. The company is based in Melbourne, Florida.

How the Company Makes Money

Eve Holding’s business model is centered on generating revenue from the commercialization of eVTOL aircraft and associated support offerings. Primary intended revenue streams include (1) aircraft-related revenue from the sale of eVTOL aircraft to customers (including orders and pre-orders reflected in its commercial pipeline) once the aircraft is certified and enters service, and (2) services and support revenue tied to aircraft operations, such as maintenance, parts, training, and other aftermarket/support services that typically follow aircraft deliveries. The company has also positioned a software/solutions component for urban air mobility operations (e.g., solutions to help enable and manage eVTOL operations), which is intended to become an additional revenue stream through licensing, subscriptions, or service contracts; specific pricing and contribution levels are null. A significant factor supporting commercialization is Eve’s strategic relationship with Embraer and its broader aerospace ecosystem (engineering, certification experience, industrialization, and customer relationships), which can de-risk development and support sales efforts; however, the precise financial terms, intercompany arrangements, or revenue-sharing details are null.

Eve Holding Financial Statement Overview

Summary

Pre-revenue profile with sizable and worsening losses in the latest year (2025 net loss -$224.3M vs. -$138.2M in 2024) and sustained cash burn (2025 operating cash flow and free cash flow both -$160.4M). Asset growth and still-positive equity help, but rising leverage (debt-to-equity ~1.45 in 2025) and dependency on external funding materially pressure the score.

Income Statement

Across the annual periods provided, the company reports no revenue, while losses remain sizable and generally worsening in the most recent year (net loss of -$224.3M in 2025 vs. -$138.2M in 2024). Profitability is consistently negative (EBITDA and EBIT are losses where provided), indicating the business is still in a heavy investment/burn phase with limited near-term earnings visibility. A modest positive is that losses improved from 2022 to 2023–2024 before re-widening in 2025, but the lack of revenue materially pressures the score.

Balance Sheet

The balance sheet shows meaningful asset growth (total assets $434.9M in 2025 vs. $318.2M in 2024), but leverage has increased substantially, with debt-to-equity rising to ~1.45 in 2025 (from ~1.07 in 2024 and ~0.16 in 2023). Equity is still positive in 2025 ($123.8M), which provides some cushion, but returns on equity are deeply negative given persistent net losses. Overall, improving scale is outweighed by rising leverage and weak earnings quality.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow consistently negative each year (2025 operating cash flow -$160.4M; free cash flow -$160.4M). Free cash flow burn worsened in 2025 versus 2024, and cash flow remains dependent on external funding rather than being supported by operating performance. While free cash flow tracks net losses closely (free cash flow roughly in line with net income), the absolute level of ongoing cash burn is the key concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-930.00K	0.00	0.00	0.00	0.00
EBITDA	-224.46M	-133.75M	-125.66M	-173.07M	-18.15M
Net Income	-224.25M	-138.17M	-127.66M	-174.03M	-18.26M
Balance Sheet
Total Assets	434.88M	318.24M	245.34M	312.88M	21.57M
Cash, Cash Equivalents and Short-Term Investments	103.23M	303.38M	158.10M	227.93M	14.38M
Total Debt	179.79M	132.01M	25.76M	0.00	0.00
Total Liabilities	311.12M	194.32M	80.29M	25.95M	10.87M
Stockholders Equity	123.76M	123.92M	165.05M	286.92M	10.70M
Cash Flow
Free Cash Flow	-172.99M	-141.18M	-94.68M	-59.93M	-14.89M
Operating Cash Flow	-160.43M	-135.97M	-94.51M	-59.46M	-14.89M
Investing Cash Flow	-46.73M	-56.22M	66.83M	-258.48M	0.00
Financing Cash Flow	263.12M	203.02M	24.93M	352.70M	29.26M

Eve Holding Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVEX, the sentiment is Negative. The current price of 2.4 is below the 20-day moving average (MA) of 2.87, below the 50-day MA of 3.46, and below the 200-day MA of 4.57, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 23.86 is Positive, neither overbought nor oversold. The STOCH value of 7.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EVEX.

Eve Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
KITT	49 Neutral	$16.76M	-0.42	―	―	95.38%	45.87%
SPCE	48 Neutral	$177.70M	-0.89	-108.00%	―	-82.36%	56.88%
ACHR	47 Neutral	$4.29B	-7.59	-37.76%	―	―	11.14%
EVEX	46 Neutral	$835.93M	―	-225.72%	―	―	-33.69%
EVTL	45 Neutral	$353.71M	―	1730.37%	―	―	―
EH	43 Neutral	$780.22M	―	-22.42%	―	23.58%	20.74%

Eve Holding Corporate Events

Eve Holding appoints independent director to strengthen board

On January 27, 2026, Eve Holding’s board appointed Uallace Moreira Lima, an independent director designated by BNDES Participações S.A. – BNDESPAR under a prior agreement with the company and Embraer Aircraft Holding, to fill the Class I board vacancy created by the resignation of Maria Cordón, with the appointment effective February 1, 2026. Moreira, who has been deemed independent and financially literate under New York Stock Exchange and SEC rules, will also join the audit committee on February 1, 2026 and, as a non-employee director, will receive annual compensation of R$260,000 in cash and R$605,000 in equity awards, reinforcing Eve Holding’s board governance structure and audit oversight capabilities.

The most recent analyst rating on (EVEX) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Eve Holding stock, see the EVEX Stock Forecast page.

Eve Holding Secures $150 Million Syndicated Credit Facility

On January 13, 2026, Eve Holding’s subsidiary EVE UAM, LLC entered into a syndicated credit agreement with a group of international lenders for a US$150 million advance, which was funded on January 15, 2026 after all conditions were satisfied. The company-guaranteed facility, bearing interest at Term SOFR plus 3.10% per annum, will support EVE UAM’s core business activities, including payments to suppliers and financing the prepayment of production and sales costs, with mandatory repayments scheduled in two tranches: half due four years after closing and the remainder five years after signing, bolstering liquidity for its ongoing operations and growth plans in urban air mobility.

The most recent analyst rating on (EVEX) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Eve Holding stock, see the EVEX Stock Forecast page.

Eve Holding Completes First Flight of Full-Scale eVTOL Prototype

On December 19, 2025, Eve Holding announced it had completed the first flight of its uncrewed full-scale eVTOL aircraft prototype at Embraer’s test facility in Gavião Peixoto, São Paulo, marking the start of its flight test phase and validating integration of key systems such as fifth-generation fly-by-wire controls and fixed-pitch lifter rotors. The company plans a series of additional test flights through 2026, including six conforming prototypes, as part of its certification campaign, while continuing to work with Brazil’s ANAC as the primary certifying authority, alongside the FAA and EASA, underscoring a critical milestone in advancing its technology toward regulatory approval and eventual commercial deployment in the emerging urban air mobility market.

The most recent analyst rating on (EVEX) stock is a Hold with a $4.84 price target. To see the full list of analyst forecasts on Eve Holding stock, see the EVEX Stock Forecast page.