flyExclusive (FLYX)
XASE:FLYX
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flyExclusive
(NYSE MKT:FLYX)
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Rating:49Neutral
Price Target:
$2.00
▼(-41.35% Downside)
Action:ReiteratedDate:04/01/26
The score is held down primarily by stressed financials (negative equity, ongoing losses, and negative free cash flow) and weak technicals (below key moving averages with negative MACD). These are partially offset by a constructive earnings-call outlook that points to improving operations and a path toward EBITDA profitability in 2026, while valuation remains constrained by current unprofitability.
Positive Factors
Revenue Growth and Scale
Sustained top-line growth (15% y/y in 2025) indicates expanding market share in U.S. private aviation and supports scale advantages. Durable revenue expansion increases fleet utilization leverage, funds reinvestment in service offerings, and underpins medium-term path to profitability if trends continue.
Negative Factors
Strained Balance Sheet
Negative shareholders' equity and substantial debt raise refinancing and liquidity risks in a capital-intensive sector. This reduces strategic flexibility, increases cost of capital, and makes the firm more vulnerable to demand shocks, constraining durable investments and organic growth options.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Scale
Sustained top-line growth (15% y/y in 2025) indicates expanding market share in U.S. private aviation and supports scale advantages. Durable revenue expansion increases fleet utilization leverage, funds reinvestment in service offerings, and underpins medium-term path to profitability if trends continue.
Read all positive factors
flyExclusive (FLYX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$214.18M
Dividend YieldN/A
Average Volume (3M)15.07K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees120
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-0.20
Shares Outstanding44,422,030
10 Day Avg. Volume17,152
30 Day Avg. Volume15,067
Financial Highlights & Ratios
PEG Ratio1.13
Price to Book (P/B)-0.37
Price to Sales (P/S)0.30
P/FCF Ratio-4.62
Enterprise Value/Market Cap1.85
Enterprise Value/Revenue1.06
Enterprise Value/Gross Profit8.83
Enterprise Value/Ebitda-12.73
Forecast
1Y Price Target
$7.00Price Target Upside105.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.2
Revenue Forecast (FY)$403.03M
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 provid...
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, flig...
flyExclusive Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call emphasized a clear and substantial operational turnaround in 2025 with multiple structural improvements: revenue growth, higher utilization, margin expansion, significant debt reduction, the company’s first positive adjusted EBITDA quarter, and concrete plans to expand the fleet and integrate technology that could unlock incremental revenue. Challenges remain — full-year profitability was not yet achieved, some contribution in Q4 came from an acquisition, unmet daily demand and a few remaining breakeven aircraft, plus timing risks around the Jet.AI merger and execution bottlenecks for Starlink hardware. On balance, the highlights — many of them structural and recurring (fleet optimization, SG&A reductions, utilization gains, debt paydown, and technology integration plans) — significantly outweigh the lowlights, supporting a constructive outlook.Positive Updates
Revenue Growth and Scale
Q4 revenue of $104.3 million, up 14% year-over-year; full-year 2025 revenue of $375.9 million, up 15% year-over-year.
Negative Updates
Full-Year Profitability Not Yet Achieved
Despite Q4 positive adjusted EBITDA, full-year 2025 adjusted EBITDA remained a loss of approximately $7 million; company expects full-year EBITDA profitability in 2026 but has not provided formal long-term guidance.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth and Scale
Q4 revenue of $104.3 million, up 14% year-over-year; full-year 2025 revenue of $375.9 million, up 15% year-over-year.
Read all positive updates
Company Guidance
Management gave directional 2026 guidance that Q1 2026 will “soundly exceed” Q1 2025 (but not Q4 2025) and they expect to cut the Q1 loss by roughly 50% versus Q1 2025 (when adjusted EBITDA was -$12.5M and management adjusted EBITDA was -$6.4M), with every quarter of 2026 expected to meaningfully outperform the comparable 2025 quarter (building on an average improvement of ~$3.7M per quarter over the last eight quarters). Key targets include a 10% improvement in dispatch reliability in 2026 (≈$25M annualized benefit), a >15% increase in revenue per SG&A employee to well over $2.0M, flight hours growth of >15% and an annualized run rate above 100,000 hours by year‑end, adding ~20 CJ3/XLS/Challenger aircraft, doubling mobile service units from 12 to ~24 in six months, closing the second tranche of the Volato transaction by end of Q2 (bringing Mission Control and Vaunt, beta at NBAA), achieving full‑year EBITDA profitability in 2026, continuing to deleverage (already ~$10M of additional debt reduction in Q1) and installing high‑speed Internet (majority Starlink) fleetwide by year‑end.flyExclusive Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
18
Very Negative
Cash Flow
32
Negative
| 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
Negative
3.41
Price Trends
2.46
Negative
3.06
Negative
3.28
Negative
Market Momentum
-0.06
Negative
47.39
Neutral
43.51
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 2.31, above the 50-day MA of 2.46, and above the 200-day MA of 3.28, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 47.39 is Neutral, neither overbought nor oversold. The STOCH value of 43.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLYX.
flyExclusive Risk Analysis
flyExclusive disclosed 65 risk factors in its most recent earnings report. flyExclusive 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
flyExclusive 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 | $934.37M | 14.47 | 8.62% | ― | 4.27% | 28.47% | |
52 Neutral | $306.60M | 15.54 | 2.41% | ― | -1.64% | 1966.67% | |
49 Neutral | $214.18M | -6.36 | 6.23% | ― | ― | ― | |
45 Neutral | $870.22M | -7.87 | -27.39% | ― | 1.77% | -1964.48% | |
44 Neutral | $94.70M | -0.37 | 110.96% | ― | -8.51% | 82.15% |
* Industrials Sector Average
FLYX
flyExclusive
2.27
-0.73
-24.33%
ASLE
AerSale Corporation
6.49
-0.86
-11.70%
SNCY
Sun Country Airlines Holdings
17.48
5.83
50.04%
ULCC
Frontier Group Holdings
3.79
-0.29
-7.11%
SRFM
Surf Air Mobility, Inc.
1.23
-1.25
-50.40%
flyExclusive Corporate Events
Business Operations and StrategyM&A Transactions
flyExclusive Issues Equity to Acquire Volato Tech Assets
Positive
Mar 12, 2026
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”...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
flyExclusive Announces Underwritten Public Offering to Raise Capital
Neutral
Jan 9, 2026
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, co...
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.