flyExclusive (FLYX) AI Stock Analysis

• Market Cap: $250.03M
• Dividend Yield: N/A
• Average Volume (3M): 15.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.39
• 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: 44,422,030
• 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: 1.62
• Enterprise Value/Revenue: 1.07
• Enterprise Value/Gross Profit: 12.36
• Enterprise Value/Ebitda: -15.34
• 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: 47 Neutral
• Price Target: $2.50 ▼(-26.69% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held down primarily by weak financial performance—negative equity, sizable debt, widening losses, and negative free cash flow—despite improving gross margin and operating cash flow. Technicals are mixed (near-term stabilization but longer-term downtrend), valuation is difficult to support due to negative earnings, and the earnings call provides an offset with improving operating metrics and guidance for sustained positive adjusted EBITDA.

Positive Factors

Fleet Modernization

A deliberate fleet refresh reduces maintenance tail, boosts dispatch reliability and utilization, and aligns capacity with demand. Over a multi-quarter horizon this improves unit economics, lowers per-hour operating costs, and supports sustainable margin gains through better aircraft mix and reliability.

Contracted / Recurring Revenue

Growing contracted and recurring demand raises revenue visibility and utilization predictability. With a larger recurring revenue base the company can plan fleet deployment, reduce seasonality exposure, and convert higher utilization into durable margin improvement and more stable cash flows.

MRO & Service Diversification

Rapid MRO growth shows successful vertical expansion that leverages maintenance capabilities into higher-margin services. Scaling installations and third-party work (e.g., Starlink installs) diversifies revenue away from cyclical charter demand and creates a repeatable service business supporting long-term cash generation.

Negative Factors

Stressed Balance Sheet

Deeply negative equity and sizable debt constrain flexibility and raise refinancing risk in a capital-intensive industry. Sustained leverage limits ability to invest opportunistically, increases cost of capital, and makes the firm more vulnerable to demand shocks and credit market tightening.

Negative Free Cash Flow

Small positive operating cash flow but persistent negative free cash flow indicates the business still consumes cash after reinvestment. Continued FCF deficits will require ongoing external funding or asset sales, limiting the company's ability to delever and risking constrained investment in growth initiatives.

Reliance on External Capital

An active equity raise signals dependence on capital markets to fund operations or growth. Recurrent equity financing risks shareholder dilution, can increase governance scrutiny, and leaves strategic plans contingent on market access, which is a structural vulnerability if credit or equity markets tighten.

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 makes money primarily by selling private aviation flight services and related offerings. Its key revenue stream is private jet charter: customers pay for on-demand flights, typically priced based on factors such as aircraft type, flight time, routing, and trip-specific operating costs. The company can also generate revenue from contracted or recurring flying arrangements (e.g., customers committing to a defined amount of flying and paying under agreed terms), which helps create more predictable utilization versus purely ad-hoc charter demand. In addition, flyExclusive can earn revenue from aircraft and fleet-related services tied to operating and managing business aircraft (for example, services associated with managing aircraft operations and support for aircraft used in its platform), where applicable. Factors that contribute to earnings include fleet availability and utilization (more occupied flight hours generally drive higher revenue), pricing power in private aviation markets, and the company’s ability to efficiently operate and maintain its fleet. Specific details on material partnerships, precise revenue mix, or product-level breakdowns are null.

flyExclusive Financial Statement Overview

Summary

Financials are the primary drag: widening losses and a deeply negative net margin in 2025, persistently negative free cash flow (though improved), and a highly stressed balance sheet with negative stockholders’ equity and sizable debt. Positives include modest revenue growth, better gross margin versus 2024, and operating cash flow turning positive, but overall solvency/financing risk remains elevated.

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: Neutral
• 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 Neutral. The current price of 3.41 is above the 20-day moving average (MA) of 2.32, above the 50-day MA of 3.00, and above the 200-day MA of 3.32, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 53.04 is Neutral, neither overbought nor oversold. The STOCH value of 59.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	53 Neutral	$878.78M	14.47	8.62%	―	4.27%	28.47%
ASLE	52 Neutral	$299.04M	39.13	2.06%	―	-1.64%	1966.67%
FLYX	47 Neutral	$250.03M	-6.36	6.23%	―	―	―
ULCC	45 Neutral	$764.60M	-7.87	-27.87%	―	1.77%	-1964.48%
SRFM	44 Neutral	$111.64M	-0.37	110.96%	―	-8.51%	82.15%

flyExclusive Corporate Events

flyExclusive Issues Equity to Acquire Volato Tech Assets

On March 6, 2025, flyExclusive and Volato Group executed a fifth amendment to their Aircraft Management Services Agreement, refining reciprocal asset options that allow either party to trigger the purchase and sale of designated “Vaunt” and “Non‑Vaunt” aviation assets. The amendment caps Volato’s aggregate asset sale option at $2 million, payable in cash, Class A common stock or a mix at flyExclusive’s discretion, and includes registration rights if stock is used as consideration.

On March 6, 2026, Volato exercised part of its option, and flyExclusive agreed to acquire Volato’s designated Non‑Vaunt assets, including the Mission Control private aviation operations software, related intellectual property, permits and goodwill. The $1,333,333 purchase price was paid in 451,901 shares of flyExclusive Class A common stock, leaving $666,667 of remaining option capacity for further asset transfers and expanding flyExclusive’s technology and operational capabilities within private aviation.

The most recent analyst rating on (FLYX) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on flyExclusive stock, see the FLYX Stock Forecast page.

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.