Eve Holding (EVEX) AI Stock Analysis

• Market Cap: $1.45B
• Dividend Yield: N/A
• Average Volume (3M): 1.26M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: N/A
• EPS Growth: -33.69%
• Country: US
• Employees: 174
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): -0.14
• Shares Outstanding: 348,304,600
• 10 Day Avg. Volume: 962,770
• 30 Day Avg. Volume: 1,260,069
• PEG Ratio: -2.61
• Price to Book (P/B): 12.67
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -11.12
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -3.74K
• Enterprise Value/Ebitda: -6.91
• 1Y Price Target: $7.50
• Price Target Upside: 83.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -0.64
• Revenue Forecast (FY): $3.57M

• Rating: 49 Neutral
• Price Target: $4.00 ▼(-2.20% Downside)

The score is held back primarily by weak financial performance (no revenue, large losses, and substantial cash burn) and bearish technicals (below major moving averages with negative momentum). These are partly offset by a more positive earnings-call backdrop highlighting prototype progress and improved liquidity/runway from recent funding, while valuation is difficult to anchor due to negative earnings and no dividend support.

Positive Factors

Strategic partnership with Embraer

A formal relationship with Embraer provides engineering, certification experience, industrialization capacity and customer access. These capabilities materially reduce technical and go-to-market risk over the multi-year certification and production ramp, strengthening Eve's long-term commercialization prospects.

Prototype flight test progress

Achieving a first full-scale flight validates integration of key systems and starts the flight-test campaign. This milestone lowers technical uncertainty, is a prerequisite for certification, and meaningfully advances the timeline toward deliverable aircraft and eventual recurring revenue streams.

Improved liquidity via credit facility

A $150M syndicated facility provides committed multi-year liquidity to fund supplier payments and prepayments. Structural financing support reduces short-term refinancing risk, underpins supplier relationships and helps sustain program development and industrialization through certification and initial production phases.

Negative Factors

Pre-revenue with heavy cash burn

The company reports no revenue and a TTM net loss (~$201M) with negative operating and free cash flow. Sustained cash burn means Eve must secure external funding until certification and deliveries generate sales, increasing execution and dilution risk over the multi-year horizon.

Rising leverage and debt

Debt has risen materially, tightening the balance sheet. Higher leverage increases fixed obligations and reduces financial flexibility during a capital-intensive certification and production ramp, elevating refinancing and covenant risk if cash generation is delayed or market funding conditions worsen.

Backlog largely nonbinding; long timeline

A large LOI-heavy backlog and a 2027 entry target imply lengthy, uncertain conversion to revenue. Certification, supplier scale-up and customers firming orders are required; delays or cancellations would postpone cash generation and prolong reliance on external capital.

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 makes money through the development and sale of its eVTOL aircraft. The company generates revenue by partnering with urban mobility service providers and city planners to integrate its aircraft into existing transportation networks. Additionally, Eve may engage in direct sales of its eVTOL units to commercial operators and potentially gain recurring revenue through maintenance services and software solutions that enhance the operation and efficiency of its aircraft. Strategic partnerships with aerospace industry leaders and technology companies also play a crucial role in supporting its growth and expanding its market reach.

Eve Holding Financial Statement Overview

Summary

Financials reflect a pre-revenue profile with very large ongoing losses and cash burn (TTM net loss ~$201M; TTM operating cash flow about -$173M; TTM free cash flow about -$183M). The balance sheet provides some support via positive equity (~$184M) and a sizable asset base (~$440M), but leverage has risen (TTM total debt ~$168M; debt/equity ~0.91) and returns remain deeply negative (TTM ROE about -2.02).

Income Statement

Across annual periods and TTM (Trailing-Twelve-Months), the company reports no revenue, while losses remain very large (TTM net loss of ~$201M and negative EBIT/EBITDA). Profitability has not inflected toward breakeven, and reported margins are effectively non-existent due to the lack of sales. The only relative positive is that losses are not dramatically worse than the prior year, but the core issue remains: ongoing heavy expense base without revenue generation.

Balance Sheet

The balance sheet shows positive equity in the most recent periods (TTM equity ~$184M) and a larger asset base (TTM assets ~$440M), which provides some financial footing. However, leverage has risen meaningfully: total debt increased to ~$168M TTM and debt relative to equity is ~0.91 (up from low leverage in earlier years), while returns on equity are deeply negative (TTM ROE about -2.02), reflecting persistent losses and capital consumption risk.

Cash Flow

Cash generation is weak, with consistently negative operating cash flow and free cash flow (TTM operating cash flow about -$173M and free cash flow about -$183M). While TTM free cash flow shows a positive growth rate (improvement versus the prior period), the company is still burning substantial cash and would likely rely on external funding over time if this profile persists. Free cash flow moves roughly in line with net losses, indicating limited near-term self-funding capacity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-353.00K	0.00	0.00	0.00	0.00	0.00
EBITDA	-191.16M	-133.75M	-125.66M	-173.07M	-18.15M	-16.66M
Net Income	-201.03M	-138.17M	-127.66M	-174.03M	-18.26M	-16.66M
Balance Sheet
Total Assets	439.68M	318.24M	245.34M	312.88M	21.57M	72.99K
Cash, Cash Equivalents and Short-Term Investments	411.66M	303.38M	158.10M	227.93M	14.38M	0.00
Total Debt	168.09M	132.01M	25.76M	0.00	0.00	0.00
Total Liabilities	255.62M	194.32M	80.29M	25.95M	10.87M	1.09M
Stockholders Equity	184.06M	123.92M	165.05M	286.92M	10.70M	-1.01M
Cash Flow
Free Cash Flow	-182.84M	-141.18M	-94.68M	-59.93M	-14.89M	-9.03M
Operating Cash Flow	-173.18M	-135.97M	-94.51M	-59.46M	-14.89M	-9.03M
Investing Cash Flow	-98.67M	-56.22M	66.83M	-258.48M	0.00	0.00
Financing Cash Flow	315.59M	203.02M	24.93M	352.70M	29.26M	9.03M

Eve Holding Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• 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 4.09 is below the 20-day moving average (MA) of 4.39, below the 50-day MA of 4.38, and below the 200-day MA of 4.76, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 37.94 is Neutral, neither overbought nor oversold. The STOCH value of 11.42 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%
ACHR	55 Neutral	$5.93B	-6.53	-59.13%	―	―	11.14%
EVEX	49 Neutral	$1.45B	-6.25	-115.63%	―	―	-33.69%
KITT	49 Neutral	$38.16M	>-0.01	―	―	95.38%	45.87%
SPCE	48 Neutral	$230.36M	-0.41	-98.87%	―	-82.36%	56.88%
EVTL	45 Neutral	$527.12M	-0.56	―	―	―	―
EH	43 Neutral	$952.48M	-30.54	-24.59%	―	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.

Eve Holding Secures Financing for eVTOL Development

On November 18, 2025, Eve Brazil, a subsidiary of Eve Holding, entered into a financing agreement with Brazil’s National Development Bank (BNDES) to secure two lines of credit aimed at supporting the development of eVTOLs. The agreement includes a R$160 million credit from the Climate Fund Program and a R$40 million credit from foreign currency funds, with repayment terms extending from May 2028 to November 2040. This financing is expected to bolster Eve Brazil’s efforts in the electric motor development phase, potentially enhancing its position in the urban air mobility market.

The most recent analyst rating on (EVEX) stock is a Buy with a $7.50 price target. To see the full list of analyst forecasts on Eve Holding stock, see the EVEX Stock Forecast page.