Volato Group (SOAR) AI Stock Analysis

• Market Cap: $2.42M
• Dividend Yield: N/A
• Average Volume (3M): 1.93M
• Price to Earnings (P/E): 0.5
• Beta (1Y): 2.54
• Revenue Growth: -63.27%
• EPS Growth: N/A
• Country: US
• Employees: 12
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): N/A
• Shares Outstanding: 7,444,273
• 10 Day Avg. Volume: 3,780,205
• 30 Day Avg. Volume: 1,929,762
• PEG Ratio: >-0.01
• Price to Book (P/B): -1.52
• Price to Sales (P/S): 0.04
• P/FCF Ratio: 0.34
• Enterprise Value/Market Cap: 0.60
• Enterprise Value/Revenue: 0.02
• Enterprise Value/Gross Profit: 0.10
• Enterprise Value/Ebitda: 0.37
• 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: 52 Neutral
• Price Target: $0.35 ▼(-68.45% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily held back by elevated financial risk (negative equity and a volatile multi-year record) and weak technicals (price below key moving averages with negative MACD). These are partly offset by the strong 2025 profitability/free-cash-flow rebound, a very low P/E, and generally positive corporate updates (NYSE compliance and merger progress).

Positive Factors

Free cash flow recovery

Volato generated positive operating and free cash flow in 2025 roughly matching net income, indicating the company can convert earnings into real cash. Durable cash generation supports reinvestment, reduces near-term financing needs, and improves ability to fund strategic shifts if sustained.

Material debt reduction

A large decline in reported debt materially lowers leverage and interest burden, increasing financial flexibility in a capital-intensive industry. Reduced nominal debt improves resilience to cyclical pressures and makes future investments or integration activities less constrained by fixed financing obligations.

Strategic pivot into critical minerals

The pending M2i merger and collaboration agreements shift Volato toward software and digital infrastructure for critical-minerals supply chains, a structural market with strong secular demand. Partnerships and early shipments validate the model and create diversification away from legacy aviation services.

Negative Factors

Negative shareholders' equity

Persistently negative equity signals accumulated losses and a thin capital cushion, which constrains strategic optionality. Negative book equity can limit access to debt/equity markets, elevate refinancing risk, and amplify vulnerability to operational setbacks in a cyclical, capital-intensive environment.

Multi-year volatility and past cash burn

Although 2025 shows a turnaround, the company's prior years of large losses and cash burn reduce confidence in durability of current profitability. This historical volatility complicates forecasting, weakens stakeholder trust, and raises the bar the company must clear to demonstrate sustainable margins.

Execution risk from merger dependence

Volato’s strategic repositioning depends materially on closing and integrating the M2i transaction. Extensions and dependency on consummation create execution, timing, and integration risks; failure or delays could derail the pivot and leave legacy liabilities and transition costs unresolved.

Volato Group Business Overview & Revenue Model

Company Description

Volato Group (SOAR) is an innovative aviation company specializing in private jet services, including fractional ownership, private jet charter, and aircraft management. The company operates within the luxury travel and aviation sector, focusing on providing efficient, customer-centric solutions that cater to high-net-worth individuals and businesses seeking personalized air travel experiences. Volato Group's core offerings include a fleet of modern aircraft, tailored travel solutions, and exceptional customer service aimed at enhancing the flying experience for its clientele.

How the Company Makes Money

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Volato Group Financial Statement Overview

Summary

Operational results improved sharply in 2025 with strong revenue growth, a return to profitability, and positive free cash flow. However, balance sheet risk is the main drag: stockholders’ equity remains negative, and the multi-year history includes extreme losses and cash burn, reducing confidence in durability.

Income Statement

The income statement shows a sharp turnaround in 2025 with revenue up strongly (to ~$78.6M) and a swing to positive profitability (net income ~$5.2M; net margin ~6.6%) after very large losses in 2023–2024. Gross margin improved to ~18.7% in 2025 versus mid-teens previously, suggesting better unit economics. The key weakness is high volatility and an uneven multi-year track record (notably extreme losses in 2023–2024), which lowers confidence that the improved profitability is durable.

Balance Sheet

Balance sheet risk remains elevated. Stockholders’ equity is negative in 2025 (~-$1.8M), and it was also negative in 2024 and 2022, pointing to a thin capital cushion and accumulated losses. While total debt fell materially from 2024 (~$33.1M) to 2025 (~$4.4M), negative equity still constrains financial flexibility and can amplify risk in a cyclical, capital-intensive industry.

Cash Flow

Cash flow improved meaningfully in 2025 with positive operating cash flow and free cash flow (~$8.3M each), a major reversal from large cash burn in 2022–2024. Free cash flow roughly matches net income in 2025, which is supportive of earnings quality. The main weakness is instability: prior years show sizable negative operating and free cash flow, and the free cash flow growth rate is sharply negative in 2025 (reflecting volatility versus the prior period).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	78.56M	46.29M	35.57M	96.71M	1.06M
Gross Profit	14.69M	7.50M	4.79M	2.43M	202.56K
EBITDA	3.96M	-14.56M	-4.30M	-8.43M	-1.42M
Net Income	5.17M	-40.65M	-52.82M	-9.37M	-1.47M
Balance Sheet
Total Assets	11.95M	46.30M	71.71M	30.26M	14.99M
Cash, Cash Equivalents and Short-Term Investments	4.70M	2.16M	14.49M	5.78M	1.61M
Total Debt	4.36M	33.07M	29.68M	29.80M	6.00M
Total Liabilities	13.80M	62.63M	56.96M	35.93M	7.08M
Stockholders Equity	-1.85M	-16.33M	14.75M	-5.67M	3.61M
Cash Flow
Free Cash Flow	8.29M	-17.06M	-31.03M	-21.69M	-1.22M
Operating Cash Flow	8.29M	-16.92M	-30.39M	-21.43M	-1.22M
Investing Cash Flow	-8.08M	-115.00K	1.78M	5.14M	-281.52M
Financing Cash Flow	0.00	4.31M	37.46M	22.56M	285.32M

Volato Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.10
• 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 SOAR, the sentiment is Negative. The current price of 1.1 is above the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.47, and below the 200-day MA of 1.20, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 39.57 is Neutral, neither overbought nor oversold. The STOCH value of 26.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SOAR.

Volato Group 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	$830.67M	14.47	8.62%	―	4.27%	28.47%
SOAR	52 Neutral	$2.42M	0.54	-100.25%	―	-63.27%	―
FLYX	47 Neutral	$243.14M	-6.36	6.23%	―	―	―
ULCC	46 Neutral	$773.78M	-7.87	-27.87%	―	1.77%	-1964.48%
SRFM	44 Neutral	$112.41M	-0.37	110.96%	―	-8.51%	82.15%

Volato Group Corporate Events

Volato Group Extends M2i Global Merger Agreement Deadline

On July 28, 2025, Volato Group entered into a merger agreement under which its wholly owned subsidiary would merge with M2i Global, Inc., resulting in M2i Global becoming a wholly owned subsidiary focused on critical minerals supply chains. On January 19, 2026, Volato Group and M2i Global signed an amendment extending the merger agreement’s end date to March 31, 2026, a move the company characterized as a prudent adjustment designed to increase the likelihood of closing the transaction while preserving the original deal’s key terms and protections, underscoring both parties’ continued commitment to the strategic combination and its potential operational and strategic benefits.

The most recent analyst rating on (SOAR) stock is a Sell with a $0.50 price target. To see the full list of analyst forecasts on Volato Group stock, see the SOAR Stock Forecast page.

Volato Group Appoints Alan Gaines to Board, Committees

On December 22, 2025, Volato Group, Inc. announced that its Board of Directors elected Alan D. Gaines as a Class III director, effective December 19, 2025, to serve until the company’s 2026 annual meeting of stockholders or until a successor is chosen. Gaines was also named Chairman of the Audit Committee and appointed to the Audit, Nominating and Corporate Governance, and Compensation Committees, and will receive compensation in line with other non-employee independent directors, with the company noting there were no special arrangements or related-party transactions tied to his election, underscoring standard corporate governance practices for stakeholders.

The most recent analyst rating on (SOAR) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Volato Group stock, see the SOAR Stock Forecast page.

Volato Group Regains NYSE Compliance, Stabilizing Listing Status

On December 18, 2025, Volato Group received written notice from NYSE American that its consolidated shareholders’ equity again exceeds the minimum requirements of Section 1003(a), formally restoring the company to full compliance with the exchange’s continued listing standards and removing the “.BC” below‑compliance indicator from its Class A common stock. The regained listing status, which follows earlier deficiencies cited in June 2024, removes a structural overhang for investors and gives Volato a more stable platform to pursue its strategic priorities, notably the proposed merger with M2i Global expected to close in the first quarter of 2026, as the company pivots from divested aviation assets toward a software‑ and data‑driven model aligned with critical‑minerals supply chains.

The most recent analyst rating on (SOAR) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Volato Group stock, see the SOAR Stock Forecast page.

Volato Group Declares Stock Dividend of flyExclusive

On December 15, 2025, Volato Group‘s Board of Directors declared a stock dividend of flyExclusive shares to its shareholders, with distribution expected after December 26, 2025. This strategic move aims to enhance shareholder value by aligning with flyExclusive, a prominent private jet charter and aircraft management service provider, reflecting Volato’s commitment to innovation and growth in the private aviation sector.

The most recent analyst rating on (SOAR) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Volato Group stock, see the SOAR Stock Forecast page.