Vertical Aerospace Ltd. (EVTL)
NYSE:EVTL
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Vertical Aerospace
(NYSE:EVTL)
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Rating:44Neutral
Price Target:
$2.50
▼(-16.39% Downside)
Action:Reiterated
Date:05/07/26
The score is held down primarily by very weak financial performance (minimal revenue, ongoing losses, sustained cash burn, negative equity and higher leverage). Technicals also indicate a weak longer-term trend with negative MACD. Offsetting these, the latest earnings call highlighted credible operational milestones, but they are tempered by a pronounced near-term funding gap and schedule uncertainty.
Positive Factors
Flight test & certification progress
Near-complete piloted transition testing and an anticipated mid-2026 Critical Design Review materially reduce technical and product-development risk. Locking the design enables supplier freezes, preproduction builds and a clearer certification pathway, improving the company’s ability to convert engineering progress into certificated aircraft over the coming 12–24 months.
Negative Factors
Stressed balance sheet and leverage
Negative equity paired with a sharp rise in debt constrains financial flexibility and increases solvency and covenant risk. With liabilities exceeding assets, the company faces higher creditor priority, limited ability to fund delays organically, and elevated probability of dilutive or restrictive financing structures to sustain certification and preproduction activities.
Read all positive and negative factors
Positive Factors
Negative Factors
Flight test & certification progress
Near-complete piloted transition testing and an anticipated mid-2026 Critical Design Review materially reduce technical and product-development risk. Locking the design enables supplier freezes, preproduction builds and a clearer certification pathway, improving the company’s ability to convert engineering progress into certificated aircraft over the coming 12–24 months.
Read all positive factors
Vertical Aerospace (EVTL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$303.04M
Dividend YieldN/A
Average Volume (3M)3.57M
Price to Earnings (P/E)0.5
Beta (1Y)3.24
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees350
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-3.07
Shares Outstanding127,328,000
10 Day Avg. Volume2,526,038
30 Day Avg. Volume3,566,595
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 Cap0.71
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-18.54
Enterprise Value/Ebitda-0.50
Forecast
1Y Price Target
$12.17Price Target Upside306.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.27
Revenue Forecast (FY)N/A
Vertical Aerospace Business Overview & Revenue Model
Company Description
Vertical Aerospace Ltd. engages in designing, manufacturing, and selling electric aircraft. It offers VX4, an electric vertical take-off and landing vehicle. The company was founded in 2016 and is headquartered in Bristol, the United Kingdom....
How the Company Makes Money
Vertical Aerospace’s monetization is primarily intended to come from selling eVTOL aircraft (and potentially associated support/services) to commercial operators, with demand supported by conditional pre-orders and reservation agreements announced...
Vertical Aerospace Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 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 | -11.53M | 0.00 | -3.45M | -3.37M | -2.69M | 68.00K |
| EBITDA | -423.84M | 204.74M | -60.08M | -63.53M | -77.15M | -243.71M |
| Net Income | -231.13M | 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 | -105.06M | -78.40M | -46.72M | -76.96M | -105.72M | -28.34M |
| Operating Cash Flow | -104.50M | -78.11M | -46.29M | -74.70M | -103.71M | -27.55M |
| Investing Cash Flow | 47.57K | -283.64K | 1.73M | 61.38M | -62.96M | -3.35M |
| Financing Cash Flow | 119.15M | 125.01M | 18.77M | 169.00K | 7.25M | 244.71M |
Vertical Aerospace Technical Analysis
Neutral
2.99
Price Trends
2.70
Negative
3.84
Negative
4.47
Negative
Market Momentum
-0.06
Negative
50.50
Neutral
30.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVTL, the sentiment is Neutral. The current price of 2.99 is above the 20-day moving average (MA) of 2.49, above the 50-day MA of 2.70, and below the 200-day MA of 4.47, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 50.50 is Neutral, neither overbought nor oversold. The STOCH value of 30.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
53 Neutral | $4.39B | -4.55 | -38.99% | ― | ― | 11.41% | |
52 Neutral | $992.67M | -3.14 | -258.98% | ― | ― | -33.98% | |
52 Neutral | $188.04M | -3.87 | -2.44% | ― | ― | ― | |
48 Neutral | $248.69M | -0.75 | -105.02% | ― | -76.23% | 63.55% | |
48 Neutral | $695.91M | -12.23 | -26.96% | ― | 12.35% | 32.54% | |
44 Neutral | $303.04M | 0.51 | 230.18% | ― | ― | ― |
* Industrials Sector Average
EVTL
Vertical Aerospace
2.61
-2.77
-51.49%
SPCE
Virgin Galactic Holdings
2.75
-0.97
-26.08%
EH
Ehang Holdings
9.45
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-44.28%
EVEX
Eve Holding
2.94
-1.44
-32.88%
ACHR
Archer Aviation
6.12
-4.47
-42.21%
AIRO
Airo Group Holdings, Inc.
6.26
-24.74
-79.81%
Vertical Aerospace Corporate Events
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...
Vertical Aerospace Reshapes Capital Structure With New Notes and $250 Million Preferred Equity Deal
Apr 20, 2026
Vertical Aerospace Ltd. is a U.K.-based aerospace company developing electric vertical take-off and landing (eVTOL) aircraft for the emerging urban air mobility and regional air transport markets. The company is listed in the United States and fun...
Vertical Aerospace Completes Pivotal Two-Way Piloted Transition Flight Under CAA Oversight
Apr 16, 2026
Vertical Aerospace has completed a landmark two-way piloted transition flight for its full-scale tiltrotor eVTOL prototype, moving seamlessly from vertical take-off to wingborne cruise and back to vertical landing in a single continuous flight. Co...
Vertical Aerospace Secures $50 Million Equity Raise and Unveils Up to $850 Million Financing Package for Valo eVTOL Program
Mar 30, 2026
Vertical Aerospace on March 30, 2026 announced it had raised $50 million through an at-the-market issuance of ordinary shares and assembled a broader financing package in principle of up to $850 million with Mudrick Capital and Yorkville Advisors....
Vertical Aerospace Agrees Non-Binding Financing Package of Up to $800 Million to Fund eVTOL Development
Mar 30, 2026
On March 30, 2026, Vertical Aerospace Ltd. said it had agreed in principle a non-binding, multi-pronged financing package that could provide up to $800 million through a mix of senior secured convertible notes, convertible preferred equity and an ...
Vertical Aerospace Rejects Archer Aviation Patent Claims and Vows Vigorous Defense
Feb 25, 2026
Vertical Aerospace and its subsidiary were named on 23 February 2026 as defendants in a patent infringement lawsuit filed by rival Archer Aviation in the U.S. District Court for the Eastern District of Texas, alleging design and utility patent vio...
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.