flyExclusive (FLYX) AI Stock Analysis

• Market Cap: $349.21M
• Dividend Yield: N/A
• Average Volume (3M): 15.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 750
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -0.25
• Shares Outstanding: 33,440,376
• 10 Day Avg. Volume: 17,152
• 30 Day Avg. Volume: 15,067
• PEG Ratio: 0.06
• Price to Book (P/B): -0.38
• Price to Sales (P/S): 0.23
• P/FCF Ratio: -1.10
• Enterprise Value/Market Cap: 2.12
• Enterprise Value/Revenue: 2.04
• Enterprise Value/Gross Profit: 17.88
• Enterprise Value/Ebitda: -22.51
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $4.00 ▲(17.30% Upside)

The score is held back mainly by weak financial fundamentals—ongoing losses, negative free cash flow, and especially the negative equity/leverage risk. Offsetting this, the earnings call points to meaningful operational and margin progress with expectations for sustained positive adjusted EBITDA, while technicals are mixed and valuation offers limited support due to negative earnings and no dividend.

Positive Factors

Fleet Modernization

Removing 26 non-performing jets and adding higher-performing models materially raises long-term fleet reliability and utilization. Better aircraft mix reduces maintenance downtime and unit operating costs, supporting sustainably higher margins and more predictable service levels over multiple quarters.

Recurring/Contracted Revenue Mix

A shift to contracted and recurring revenue (about 45% of flight revenue) and 30% growth in contracted hours improves revenue predictability. This durable demand base smooths utilization planning, lowers revenue volatility, and supports long-term margin stability and investment planning.

In-house MRO Expansion

Rapid MRO growth builds a vertically integrated service line that both generates supplementary revenue and reduces outsourced maintenance spend. Higher internal throughput improves fleet uptime and lowers per-hour maintenance costs, supporting durable cash generation and margin resilience.

Negative Factors

Negative Equity & Leverage

Negative equity and a deeply negative debt/equity metric indicate structural balance-sheet weakness. This reduces financial flexibility, raises refinancing and covenant risk, and can increase cost of capital, constraining the firm's ability to fund fleet investment or absorb shocks over months ahead.

Negative Free Cash Flow

Positive operating cash flow alongside persistently negative free cash flow means capital spending and working-capital needs still outpace cash generation. Continued negative FCF forces reliance on external financing for fleet upgrades and debt reduction, limiting durable improvements to leverage absent new capital.

Merger & Capital-Access Delays

An extended merger timeline and prior delays have tangible implications for access to committed capital and planned ATM/finance facilities. Protracted closings raise execution risk for funding fleet modernization and deleveraging, increasing the probability of interim dilutive financings or constrained growth execution.

flyExclusive Business Overview & Revenue Model

Company Description

flyExclusive (FLYX) is a premier private aviation company specializing in providing private jet charter services, aircraft management, and fractional ownership solutions. Serving a diverse clientele ranging from corporate executives to leisure travelers, flyExclusive offers a fleet of modern jets that ensure luxury, comfort, and safety. The company operates primarily in the private aviation sector, catering to the needs of customers looking for bespoke travel experiences and efficient air transportation.

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

flyExclusive is experiencing revenue growth but faces significant profitability and leverage challenges. The negative equity position and high debt levels pose financial risks, despite some improvement in cash flow.

Income Statement

flyExclusive's income statement shows a mixed performance. The company has experienced revenue growth of 4.37% in the TTM, indicating a positive trajectory. However, profitability metrics such as the net profit margin (-5.04%) and EBIT margin (-15.60%) are negative, highlighting ongoing challenges in achieving profitability. The gross profit margin is relatively low at 11.39%, suggesting limited pricing power or high cost of goods sold.

Balance Sheet

The balance sheet reveals significant financial leverage with a negative stockholders' equity, resulting in a concerning debt-to-equity ratio of -0.69 in the TTM. This indicates potential financial instability. The return on equity is slightly positive at 7.10%, but this is primarily due to the negative equity base. The equity ratio is not calculable due to negative equity, further emphasizing the need for capital restructuring.

Cash Flow

Cash flow analysis shows some improvement with a positive operating cash flow of $33.2 million in the TTM. However, free cash flow remains negative at -$23.8 million, though it has improved by 18.23% compared to the previous period. The operating cash flow to net income ratio is 0.12, indicating some cash generation capability, but the negative free cash flow to net income ratio of -0.72 highlights ongoing cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	362.95M	327.27M	315.36M	320.04M	208.28M
Gross Profit	41.33M	37.06M	24.20M	41.49M	31.69M
EBITDA	-32.83M	-54.56M	-5.53M	27.25M	23.81M
Net Income	-18.29M	-21.07M	-46.84M	6.05M	8.09M
Balance Sheet
Total Assets	448.10M	538.29M	521.03M	494.22M	225.97M
Cash, Cash Equivalents and Short-Term Investments	18.70M	97.23M	82.86M	92.63M	319.22K
Total Debt	265.05M	315.66M	312.63M	300.46M	71.94K
Total Liabilities	526.82M	549.96M	485.70M	446.80M	15.62M
Stockholders Equity	-384.31M	-195.74M	46.46M	-5.12M	210.36M
Cash Flow
Free Cash Flow	-37.73M	-68.09M	-75.77M	-100.85M	-8.74M
Operating Cash Flow	33.57M	-10.93M	8.66M	45.64M	57.21M
Investing Cash Flow	48.76M	-7.87M	-62.03M	-167.27M	-70.79M
Financing Cash Flow	-82.28M	38.87M	41.81M	123.67M	21.21M

flyExclusive Technical Analysis

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

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 below the 20-day moving average (MA) of 4.05, below the 50-day MA of 3.68, and above the 200-day MA of 3.39, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 45.41 is Neutral, neither overbought nor oversold. The STOCH value of 9.25 is Positive, 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
SNCY	69 Neutral	$938.65M	16.87	9.99%	―	4.27%	28.47%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ASLE	57 Neutral	$364.27M	58.44	1.35%	―	-1.64%	1966.67%
FLYX	48 Neutral	$349.21M	-3.09	―	―	―	―
SRFM	48 Neutral	$159.61M	-0.92	―	―	-8.51%	82.15%
ULCC	47 Neutral	$1.16B	-8.77	-27.87%	―	1.77%	-1964.48%

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.