flyExclusive (FLYX) AI Stock Analysis

• Market Cap: $225.02M
• Dividend Yield: N/A
• Average Volume (3M): 15.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 750
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -0.20
• Shares Outstanding: 33,440,376
• 10 Day Avg. Volume: 17,152
• 30 Day Avg. Volume: 15,067
• PEG Ratio: 1.13
• Price to Book (P/B): -0.37
• Price to Sales (P/S): 0.30
• P/FCF Ratio: -4.62
• Enterprise Value/Market Cap: 1.81
• Enterprise Value/Revenue: 1.09
• Enterprise Value/Gross Profit: 12.50
• Enterprise Value/Ebitda: -15.50
• 1Y Price Target: $7.00
• Price Target Upside: 105.28% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.2
• Revenue Forecast (FY): $403.03M

• Rating: 46 Neutral
• Price Target: $2.50 ▼(-26.69% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held down primarily by weak financial performance (deep losses, negative free cash flow, and negative equity) and bearish technical trend signals. The main offset is a constructive earnings-call outlook driven by operational improvements and guidance for positive adjusted EBITDA into 2026, while valuation remains difficult to assess favorably due to ongoing losses.

Positive Factors

Fleet modernization & utilization

Replacing 26 non-performing aircraft with Challenger 350s, XLSs and CJ3 Plus models materially raises fleet reliability and utilization. Higher-quality assets reduce maintenance downtime, raise dispatch availability and support sustainably higher revenue per flight hour and margins over quarters.

Growing contracted recurring demand

A shift to ~45% contracted flight revenue and 30% growth in contracted hours creates more predictable utilization and cash flow. Structural recurring demand reduces revenue volatility, improves forward visibility for capacity planning and supports sustained margin recovery over the medium term.

Expanded MRO services

Rapid MRO growth diversifies revenue and leverages in-house technical capabilities to improve aircraft uptime. Higher internal maintenance throughput cuts third-party spend, yields higher margin service revenue and strengthens competitive positioning and cash generation over coming quarters.

Negative Factors

Strained balance sheet / negative equity

Negative shareholders' equity and roughly $243M of debt materially constrain financial flexibility in a capital-intensive, cyclical industry. This increases refinancing and liquidity risk, limits ability to invest opportunistically, and can pressure operations if cash needs rise or credit tightens.

Persistent negative free cash flow

Although operating cash flow improved, sustained negative free cash flow (~-$24M) implies the business still requires external funding for reinvestment or debt service. Continued FCF deficits could force dilutive raises or higher leverage, hindering long-term financial resilience.

Deep net losses & weak profitability

Material negative net margins and widening losses signal limited operating leverage despite topline gains. Until sustained positive profitability and stable EBITDA are achieved, cash needs and erosion of equity remain structural headwinds to durable financial health and investor confidence.

flyExclusive Business Overview & Revenue Model

Company Description

flyExclusive, Inc. owns and operates private jets worldwide. The company also offers jet charter services; ownership and leaseback programs for aircraft buyers; and aircraft maintenance, repair, interior, and paint services. In addition, it provides jet cards. The company is headquartered in Kinston, North Carolina. flyExclusive, Inc.operates as a subsidiary of LGM Enterprises, LLC.

How the Company Makes Money

flyExclusive generates revenue through multiple streams, primarily focusing on private jet charters, aircraft management services, and fractional ownership programs. The charter service is a significant revenue source, allowing customers to book flights on-demand and pay based on flight hours and distance traveled. Additionally, the company earns income through managing aircraft on behalf of owners, charging management fees and taking a percentage of charter revenue generated by those aircraft. The fractional ownership model allows customers to purchase shares in a jet, providing them with access to the aircraft for a set number of hours per year, thereby creating another steady stream of income. Partnerships with other aviation service providers and strategic marketing initiatives further enhance its earnings potential by broadening its customer base and service offerings.

flyExclusive Financial Statement Overview

Summary

Fundamentals are weak despite some improvement: modest revenue growth and better gross margin/operating cash flow are outweighed by widening net losses, still-negative free cash flow, and a highly stressed balance sheet with negative equity and sizable debt—raising solvency and funding risk.

Income Statement

Revenue has grown modestly into 2025 (annual growth of 3.56%), but profitability has weakened sharply. Gross margin improved versus 2024 (about 15.0% vs. 11.3%), yet the company remains deeply unprofitable with a materially negative net margin in 2025 (about -17.9%) and negative EBITDA margin. Losses widened meaningfully from 2024 to 2025, indicating cost pressure and limited operating leverage despite some top-line growth.

Balance Sheet

The balance sheet is strained by negative stockholders’ equity in 2024 and 2025, which is a key financial risk signal and limits flexibility. Total debt remains sizable (about $243M in 2025), and the shift from positive equity in 2023 to deeply negative equity later suggests cumulative losses and/or balance sheet deterioration. While total assets are substantial, the capital structure increases refinancing and liquidity risk in a cyclical, capital-intensive industry.

Cash Flow

Cash generation is mixed. Operating cash flow turned positive in 2025 (~$6.7M) after being negative in 2024, but it remains small relative to the company’s scale and debt load. Free cash flow is still meaningfully negative in 2025 (~-$24.3M), though improved versus 2024 (~-$68.1M), suggesting ongoing reinvestment and/or cash burn that may require external funding if sustained.

Breakdown	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	375.88M	327.27M	315.36M	320.04M	208.28M
Gross Profit	32.66M	37.06M	24.20M	41.49M	31.69M
EBITDA	-26.33M	-54.56M	-5.53M	27.25M	23.81M
Net Income	-17.59M	-21.07M	-46.84M	6.05M	8.09M
Balance Sheet
Total Assets	440.00M	538.29M	521.03M	494.22M	225.97M
Cash, Cash Equivalents and Short-Term Investments	29.34M	97.23M	82.86M	92.63M	319.22K
Total Debt	243.17M	315.66M	312.63M	300.46M	71.94K
Total Liabilities	524.27M	549.96M	485.70M	446.80M	15.62M
Stockholders Equity	-298.79M	-195.74M	46.46M	-5.12M	210.36M
Cash Flow
Free Cash Flow	-24.25M	-68.09M	-75.77M	-100.85M	-8.74M
Operating Cash Flow	6.69M	-10.93M	8.66M	45.64M	57.21M
Investing Cash Flow	115.55M	-7.87M	-62.03M	-167.27M	-70.79M
Financing Cash Flow	-124.59M	38.87M	41.81M	123.67M	21.21M

flyExclusive Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.41
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLYX, the sentiment is Negative. The current price of 3.41 is above the 20-day moving average (MA) of 2.36, above the 50-day MA of 3.16, and above the 200-day MA of 3.34, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 46.06 is Neutral, neither overbought nor oversold. The STOCH value of 72.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLYX.

flyExclusive 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%
SNCY	55 Neutral	$898.03M	14.47	8.62%	―	4.27%	28.47%
ASLE	52 Neutral	$303.87M	39.13	2.06%	―	-1.64%	1966.67%
ULCC	52 Neutral	$831.19M	-7.87	-27.87%	―	1.77%	-1964.48%
FLYX	46 Neutral	$225.02M	-6.36	6.23%	―	―	―
SRFM	46 Neutral	$117.05M	-0.82	62.47%	―	-8.51%	82.15%

flyExclusive Corporate Events

flyExclusive Announces Underwritten Public Offering to Raise Capital

On January 8, 2026, flyExclusive announced it was commencing an underwritten public offering of shares of its common stock (or common stock equivalents), with Lucid Capital Markets acting as the sole book-running manager. The proposed offering, conducted under an effective shelf registration with the U.S. Securities and Exchange Commission, is subject to market conditions and may influence the company’s capital structure and potential shareholder dilution, while underscoring its efforts to secure funding and maintain its position in the competitive private aviation sector.

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

flyExclusive shareholders approve expanded equity incentive plans

At its annual meeting of stockholders held on December 30, 2025, flyExclusive, Inc. secured shareholder approval to substantially expand its equity-based compensation capacity by increasing the share pool under its 2023 Equity Incentive Plan from 6 million to 15 million shares and boosting the share reserve under its Employee Stock Purchase Plan from 1.5 million to 2.5 million shares, amendments that had previously been approved by the board in September 2025. Shareholders also re-elected seven directors to serve until the 2026 annual meeting and ratified the appointment of Elliott Davis PLLC as the independent registered public accounting firm for the 2025 fiscal year, reinforcing the company’s existing governance structure while enabling greater flexibility in attracting, retaining, and incentivizing talent through stock-based compensation.

The most recent analyst rating on (FLYX) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on flyExclusive stock, see the FLYX Stock Forecast page.