Via Transportation, Inc. Class A (VIA) AI Stock Analysis

• Market Cap: $1.88B
• Dividend Yield: N/A
• Average Volume (3M): 488.13K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: 28.86%
• EPS Growth: 4.34%
• Country: US
• Employees: 973
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.12
• Shares Outstanding: 77,144,640
• 10 Day Avg. Volume: 436,522
• 30 Day Avg. Volume: 488,127
• PEG Ratio: 1.68
• Price to Book (P/B): -3.60
• Price to Sales (P/S): 10.53
• P/FCF Ratio: -47.77
• Enterprise Value/Market Cap: 0.77
• Enterprise Value/Revenue: 4.56
• Enterprise Value/Gross Profit: 11.68
• Enterprise Value/Ebitda: -24.06
• 1Y Price Target: $46.33
• Price Target Upside: 99.28% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.06
• Revenue Forecast (FY): $530.52M

• Rating: 47 Neutral
• Price Target: $26.00 ▲(11.83% Upside)

The score is held back primarily by weak financial performance (losses, negative cash flow, and negative equity), reinforced by bearish technicals. This is partially offset by a more positive earnings outlook with strong growth guidance and improving EBITDA margins, plus a supportive acquisition, but the company is still not profitable.

Positive Factors

Improving revenue & adjusted EBITDA guidance

Management projects sustained platform revenue growth (~30% FY) alongside a materially improved adjusted EBITDA margin (~-8% vs -16.1% prior). This suggests scalable unit economics and operating leverage that, if realized, can durably reduce cash burn and move the business toward positive profitability.

Acquisition expands AI & transit capabilities

The Downtowner acquisition adds domain expertise for managing seasonal demand and complex destination-city environments, accelerating Via's AI capabilities. This strategically strengthens product differentiation in public transit, supporting longer-term market expansion and higher switching costs for customers.

Customer base & government revenue growth

Growth in customer count and a 34% increase in government revenue point to expanding, contract-based demand from municipalities. Public-sector contracts tend to be recurring and sticky, improving revenue durability and predictability versus purely spot ride volumes and supporting a larger addressable market over time.

Negative Factors

Negative shareholders' equity

Negative stockholders' equity signals past losses have eroded capital, leaving the company reliant on external financing or creditor support. This structural balance-sheet weakness reduces financial flexibility, raises refinancing and covenant risks, and constrains the firm's ability to invest in growth initiatives long term.

Consistent negative operating & free cash flow

Persistent negative operating and free cash flows imply the business currently consumes cash to run growth, necessitating ongoing capital raises or debt. Even with margin improvement, durable cash burn undermines resilience and increases dilution risk, complicating long-term planning and capital allocation.

Prior revenue decline and persistent net losses

A recent year-over-year revenue decline and large negative net margins indicate inconsistent top-line performance and difficulty converting gross profit into operating profit. Structural cost base and ongoing losses make sustainable profitability uncertain without durable revenue recovery or structural expense reductions.

Via Transportation, Inc. Class A Business Overview & Revenue Model

Company Description

Via Transportation, Inc. provides a digital public transportation system platform in the United States, Germany, and internationally. It develops and operates TransitTech, a public mobility platform that enables partners to create end-to-end transit networks, planning and scheduling for the integration of multiple transportation modes into a single unified network. It offers solutions in the areas of microtransit/on-demand public transit, paratransit, student transportation, non-emergency medical transport (NEMT), corporate/university shuttles, and health transportation. It serves cities, transit authorities, transit operators, paratransit operators, school districts and departments of education, universities, corporations, healthcare providers and payers, riders, and drivers. The company was incorporated in 2012 and is based in New York, New York.

How the Company Makes Money

Via Transportation generates revenue primarily through its ride-sharing services, which charge customers per ride. The company also earns income by partnering with municipalities and transit agencies to provide software solutions and operational support for public transit systems. These partnerships often involve contracts that include fees for technology deployment and ongoing service agreements. Additionally, Via may explore opportunities for advertising and data analytics services, providing insights to partners based on ridership patterns and trends, further contributing to its earnings.

Via Transportation, Inc. Class A Financial Statement Overview

Summary

Weak fundamentals driven by declining revenue (latest year down 12.14%), persistent losses (net margin -26.74%), negative operating/free cash flow, and a highly concerning balance sheet with negative stockholders’ equity indicating elevated solvency risk.

Income Statement

Via Transportation, Inc. has experienced declining revenue over recent years, with a notable revenue decrease of 12.14% in the latest year. The company has struggled with profitability, reflected in negative net profit and EBIT margins. Despite a reasonable gross profit margin of 38.75%, the negative net profit margin of -26.74% indicates significant challenges in managing operating expenses and achieving profitability.

Balance Sheet

The balance sheet reveals a concerning financial position with negative stockholders' equity, indicating potential solvency issues. The debt-to-equity ratio is negative due to negative equity, and the return on equity is not meaningful in this context. The equity ratio is also negative, highlighting the company's reliance on debt financing and the risk of financial instability.

Cash Flow

Cash flow analysis shows significant challenges, with negative operating and free cash flows. The free cash flow growth rate is highly negative, and the operating cash flow to net income ratio is below 1, indicating inefficiencies in converting income into cash. The free cash flow to net income ratio is slightly above 1, suggesting some ability to generate cash relative to net income, but overall cash flow management remains a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	319.67M	337.63M	248.85M	460.49M	393.49M	554.89M
Gross Profit	124.72M	130.84M	99.41M	103.40M	70.27M	210.30M
EBITDA	-60.55M	-75.27M	-106.50M	41.59M	26.36M	119.99M
Net Income	-76.88M	-90.28M	-116.69M	11.20M	-3.95M	68.22M
Balance Sheet
Total Assets	702.06M	387.83M	367.94M	330.95M	355.28M	366.67M
Cash, Cash Equivalents and Short-Term Investments	378.16M	77.91M	71.74M	33.66M	68.90M	71.68M
Total Debt	41.52M	1.28B	17.83M	120.00M	135.00M	100.00M
Total Liabilities	127.47M	1.38B	1.29B	214.90M	217.64M	190.92M
Stockholders Equity	574.59M	-987.09M	-918.08M	130.28M	140.64M	152.14M
Cash Flow
Free Cash Flow	-12.11M	-74.41M	-97.42M	9.34M	6.19M	89.68M
Operating Cash Flow	-8.53M	-69.96M	-92.62M	16.21M	12.70M	91.83M
Investing Cash Flow	-1.46M	-4.45M	-43.33M	-6.87M	-6.51M	-2.15M
Financing Cash Flow	309.72M	80.28M	113.93M	-49.30M	-2.56M	-75.66M

Via Transportation, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DAVE	72 Outperform	$2.21B	16.22	65.63%	―	53.82%	227.54%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SPT	61 Neutral	$535.84M	-11.19	-26.69%	―	13.09%	32.34%
PRCH	57 Neutral	$831.38M	32.34	―	―	-2.13%	―
VIA	47 Neutral	$1.88B	-19.84	―	―	28.86%	4.34%
ULY	47 Neutral	$4.51M	-0.10	―	―	-17.95%	-124.63%
SWVL	44 Neutral	$19.40M	-3.35	-218.42%	―	-2.39%	-3.11%

Via Transportation, Inc. Class A Corporate Events

Via Transportation Acquires Downtowner to Boost AI Solutions

On December 15, 2025, Via Transportation, Inc. announced the acquisition of Downtowner Transportation LLC, a company known for its innovative public transit solutions in Destination Cities. This strategic acquisition aims to enhance Via’s public transit platform by integrating Downtowner’s expertise in managing seasonal demand and complex environments, thus accelerating the development of Via’s AI solutions and expanding its market reach.

The most recent analyst rating on (VIA) stock is a Sell with a $32.00 price target. To see the full list of analyst forecasts on Via Transportation, Inc. Class A stock, see the VIA Stock Forecast page.