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Vertical Aerospace
(NYSE:EVTL)
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Rating:39Underperform
Price Target:
$1.00
▼(-27.54% Downside)
Action:Downgraded
Date:07/17/26
EVTL scores low primarily due to very weak financial performance (near-zero revenue, ongoing operating losses, negative equity, rising leverage, and continued cash burn). Technicals are also negative with the price below key moving averages and bearish MACD, though oversold readings modestly temper the downside. Valuation offers little support given the negative P/E and no dividend yield.
Positive Factors
Supply‑chain partnerships
Formal long-term supplier agreements with Astronics (power systems) and Hyundai WIA (landing gear) materially de‑risk key aircraft subsystems. Secured, aerospace‑grade suppliers improve manufacturability, certification readiness and increase likelihood of scaled production once type design is frozen.
Negative Factors
Zero operating revenue base
With virtually no recognized revenue over multiple years and continued heavy operating losses, the company remains pre‑commercial. Long‑term value depends entirely on achieving certification and converting preorders; delays or demand shortfalls would leave the business without a sustainable revenue stream and reliant on external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Supply‑chain partnerships
Formal long-term supplier agreements with Astronics (power systems) and Hyundai WIA (landing gear) materially de‑risk key aircraft subsystems. Secured, aerospace‑grade suppliers improve manufacturability, certification readiness and increase likelihood of scaled production once type design is frozen.
Read all positive factors
Vertical Aerospace (EVTL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$157.89M
Dividend YieldN/A
Average Volume (3M)2.12M
Price to Earnings (P/E)―
Beta (1Y)3.44
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees454
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-3.08
Shares Outstanding127,328,000
10 Day Avg. Volume2,386,355
30 Day Avg. Volume2,115,410
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)-2.89
Price to Sales (P/S)0.00
P/FCF Ratio-4.47
Enterprise Value/Market Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$12.17Price Target Upside781.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-1.12
Revenue Forecast (FY)N/A
Vertical Aerospace Business Overview & Revenue Model
Company Description
Vertical Aerospace Ltd. is a company dedicated to the creation, manufacturing, and distribution of electrically powered aerial vehicles. Their primary product is the VX4, an innovative aircraft designed for electric vertical take-off and landing (...
How the Company Makes Money
Vertical Aerospace’s business model is centered on monetizing the VX4 eVTOL program primarily through aircraft sales and related aviation services once the aircraft is certified and enters commercial service. Key revenue streams are expected to in...
Vertical Aerospace Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Neutral
The call conveyed substantial technical and product progress — operational milestones on flight testing, a live battery pilot line, supplier partnerships, new facilities and strong customer/industry interest. However, execution risk remains in the near term due to weather- and regulation-driven delays in completing the final transition tests and a pronounced funding gap relative to the company’s planned ~$190–$200 million cash outlay over the next 12 months. Management emphasizes they have optionality and are actively engaging financing channels, but the need to raise additional capital and some schedule uncertainty balance the positive operational momentum.Positive Updates
Flight Test Progress Nearing Completion
Piloted full-scale prototype flight testing has been underway for ~20 months and the pilot transition phase is in its tail end; company estimates less than 10% of transition test points remain. Prototype #3 completed commissioning and the team recently had both prototypes running simultaneously. Critical Design Review (CDR) is expected by mid-2026, which will enable full-rate work on preproduction aircraft and support certification credit.
Negative Updates
Pilot Transition Delays and Weather-Driven Interruptions
Transition testing took longer than previously suggested (management amended expectations from 'weeks' to 'months'). Severe winter weather created extended no-fly periods (company referenced ~45–46 consecutive days with rain and other adverse conditions), contributing materially to schedule slippage and uncertainty in precise timing for completing the last test points (management expects completion in the coming weeks but will not commit to a firm date).
Read all updates
Q4-2025 Updates
Positive
Negative
Flight Test Progress Nearing Completion
Piloted full-scale prototype flight testing has been underway for ~20 months and the pilot transition phase is in its tail end; company estimates less than 10% of transition test points remain. Prototype #3 completed commissioning and the team recently had both prototypes running simultaneously. Critical Design Review (CDR) is expected by mid-2026, which will enable full-rate work on preproduction aircraft and support certification credit.
Read all positive updates
Company Guidance
Management reiterated that FY2025 spend was in line with prior guidance of $110–$125M and that cash & cash equivalents were $93M at 31 Dec 2025, with short‑term liquidity ~ $85M and remaining ATM capacity ~ $78M; they expect to spend circa $190–$200M over the next 12 months (rolling from end‑March) and have line‑of‑sight to ~ $150–$160M of financing. Key operational milestones: critical design review (CDR) is expected by mid‑2026 (freezing the final ~25% of suppliers and enabling the build of seven preproduction aircraft), two new manufacturing facilities and a 30,000 sq ft Vertical Energy Center will open later this year, and the battery pilot production line is now operational. Flight‑test guidance: full piloted transition (piloted transition began in November after ~20 months of prototype testing) is in the “final innings” with under ~10% of transition testing remaining (winter weather caused ~45 days of rain-related delays); prototype #3 is commissioned and both prototypes ran together last week. Product/revenue metrics: Valo at launch will carry 1 pilot + 4 passengers with ~70 lb luggage per person; batteries are expected to be replaced ~1× per year over a ~20‑year aircraft life (Battery‑as‑a‑Service target margin ~40%, batteries removed for second‑life when below ~93% SOH), and the hybrid variant is targeted for certification around 2029 with Valo certification planning aligned to FlightPath 2030.Vertical Aerospace Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
8
Very Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 132.00K |
| Gross Profit | -15.22M | -1.91M | -3.45M | -3.37M | -2.69M | 68.00K |
| EBITDA | -325.37M | 204.74M | -60.08M | -63.53M | -77.15M | -243.71M |
| Net Income | -252.25M | 232.93M | -781.24M | -59.95M | -94.38M | -245.22M |
Balance Sheet | ||||||
| Total Assets | 116.03M | 104.99M | 47.73M | 84.08M | 151.24M | 233.33M |
| Cash, Cash Equivalents and Short-Term Investments | 73.38M | 70.18M | 22.56M | 48.68M | 122.81M | 212.66M |
| Total Debt | 90.05M | 191.39M | 2.20M | 2.62M | 233.66M | 114.74M |
| Total Liabilities | 128.35M | 226.22M | 547.07M | 133.86M | 143.92M | 171.77M |
| Stockholders Equity | -12.31M | -121.23M | -499.34M | -49.78M | 7.32M | 61.56M |
Cash Flow | ||||||
| Free Cash Flow | -106.88M | -78.40M | -46.72M | -76.96M | -105.72M | -28.34M |
| Operating Cash Flow | -106.32M | -78.11M | -46.29M | -74.70M | -103.71M | -27.55M |
| Investing Cash Flow | 774.56K | -283.64K | 1.73M | 61.38M | -62.96M | -3.35M |
| Financing Cash Flow | 120.92M | 125.01M | 18.77M | 169.00K | 7.25M | 244.71M |
Vertical Aerospace Technical Analysis
Negative
1.38
Price Trends
1.95
Negative
2.35
Negative
3.67
Negative
Market Momentum
-0.16
Negative
30.64
Neutral
32.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVTL, the sentiment is Negative. The current price of 1.38 is below the 20-day moving average (MA) of 1.54, below the 50-day MA of 1.95, and below the 200-day MA of 3.67, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 30.64 is Neutral, neither overbought nor oversold. The STOCH value of 32.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EVTL.
Vertical Aerospace Risk Analysis
Vertical Aerospace disclosed 79 risk factors in its most recent earnings report. Vertical Aerospace reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vertical Aerospace Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $211.94M | -12.23 | -2.44% | ― | ― | ― | |
50 Neutral | $3.52B | -4.22 | -38.99% | ― | ― | 11.41% | |
47 Neutral | $808.07M | -3.18 | -258.98% | ― | ― | -33.98% | |
46 Neutral | $341.76M | -0.59 | -105.02% | ― | -76.23% | 63.55% | |
46 Neutral | $385.11M | -4.61 | -31.15% | ― | 22.18% | 15.10% | |
39 Underperform | $157.89M | -0.30 | 251.21% | ― | ― | ― |
* Industrials Sector Average
EVTL
Vertical Aerospace
1.24
-4.92
-79.87%
SPCE
Virgin Galactic Holdings
2.55
-1.33
-34.28%
EH
Ehang Holdings
5.13
-12.19
-70.38%
EVEX
Eve Holding
2.32
-4.31
-65.01%
ACHR
Archer Aviation
4.64
-5.79
-55.51%
AIRO
Airo Group Holdings, Inc.
6.74
-16.08
-70.46%
Vertical Aerospace Corporate Events
Vertical Aerospace Secures Expanded UK Flight Permit and Pushes Valo Certification Target to 2029
Jul 13, 2026
Vertical Aerospace announced on July 13, 2026 that it has achieved key technical and regulatory milestones in the development of its Valo electric aircraft programme, including multiple successful piloted transition flights completed since April 2...
Vertical Aerospace Signs Long-Term Astronics Deal for Valo Power Systems
Jun 29, 2026
Vertical Aerospace, the Bristol-based electric aviation specialist behind the Valo eVTOL, has deepened its industrial ecosystem with a long-term supply agreement for critical electrical systems as it progresses toward certification. The company, w...
Vertical Aerospace Taps Hyundai WIA for Valo Landing Gear as Certification Push Accelerates
May 21, 2026
Vertical Aerospace has entered a long-term partnership with Hyundai WIA under which the Korean mobility and manufacturing specialist will design, develop and manufacture a bespoke landing gear system for Valo, the UK company’s electric verti...
Vertical Aerospace names Ben Story interim chair as Dómhnal Slattery steps down
May 12, 2026
Vertical Aerospace announced changes to its board leadership, with Chairman Dómhnal Slattery resigning effective May 12, 2026, after overseeing key milestones including a historic two-way piloted transition flight and securing up to $850 mill...
Vertical Aerospace Hits Key Flight Milestone and Secures Funding in Q1 2026 Update
May 6, 2026
Vertical Aerospace, a developer of electric vertical take-off and landing aircraft, reported on May 6, 2026 that it has completed the full envelope expansion prototype flight test campaign for its Valo eVTOL, including a two-way piloted transition...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.