Vertical Aerospace Ltd. (EVTL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the EVTL SEC filings page.
This page shows Vertical Aerospace Ltd. (EVTL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Vertical Aerospace Ltd. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Vertical Aerospace Ltd. passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 3 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, Vertical Aerospace Ltd. used $0.36 of operating cash (-$111.3M OCF vs $313.2M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Vertical Aerospace Ltd. reported an operating loss of $171.4M against $258K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Vertical Aerospace Ltd.'s EBITDA was -$169.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
Vertical Aerospace Ltd. reported $313.2M in net income in fiscal year 2025.
Vertical Aerospace Ltd. earned -$0.77 per diluted share (EPS) in fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Vertical Aerospace Ltd. recorded an outflow of $111.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Vertical Aerospace Ltd. held $92.9M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
None of these metrics is reported for fiscal year 2025.
Capital Allocation
Vertical Aerospace Ltd. invested $96.8M in research and development in fiscal year 2025. This represents an increase of 29.1% from the prior year.
Vertical Aerospace Ltd. invested $390K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 27.2% from the prior year.
Not reported for fiscal year 2025.
EVTL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | $178K+49.9% | $119K+28.0% | $93K |
| Cost of Revenue | N/A | N/A | N/A | N/A | $86K+43.7% | $60K-31.4% | $88K |
| Gross Profit | N/A | N/A | N/A | N/A | $92K+56.3% | $59K+1006.8% | $5K |
| R&D Expenses | $96.8M+29.1% | $75.0M-10.0% | $83.3M+40.4% | $59.3M+80.9% | $32.8M+140.7% | $13.6M+99.2% | $6.8M |
| Operating Income | -$171.4Mn/m | -$76.6Mn/m | -$129.9Mn/m | -$118.5Mn/m | -$374.3Mn/m | -$15.7Mn/m | -$9.9M |
| EBITDA | -$169.9Mn/m | -$74.1Mn/m | -$127.3Mn/m | -$116.3Mn/m | -$373.2Mn/m | -$15.0Mn/m | -$9.7M |
| Interest Expense | $258K+32.2% | $195K-99.1% | $21.0M-39.0% | $34.4M+4333.1% | $776K-29.6% | $1.1M+1158.9% | $88K |
| Income Tax | -$40.8M-72510.9% | $56Kn/m | -$28.9M | N/A | N/A | $5Kn/m | -$40K |
| Net Income | $313.2M | N/A | -$76.4Mn/m | -$114.0Mn/m | -$331.1Mn/m | -$16.8Mn/m | -$9.9M |
| EPS (Basic) | $3.54 | -$48.16 | -$3.99n/m | -$6.35 | -$2.67n/m | -$0.16n/m | -$0.09 |
| EPS (Diluted) | -$0.77 | -$48.16 | -$3.99n/m | -$6.35 | -$2.67n/m | -$0.16n/m | -$0.09 |
| Diluted Shares (Avg) | 127M | 20M | 19M+6.6% | 18M | 124M+24.2% | 100M0.0% | 100M |
Not reported in any period shown, so not listed: SG&A Expenses.
EVTL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Total Assets | $141.4M+136.6% | $59.8M-44.2% | $107.1M-41.3% | $182.6M-42.0% | $315.0M+2495.0% | $12.1M | N/A |
| Current Assets | $134.2M+151.8% | $53.3M-45.6% | $97.9M-43.5% | $173.2M-43.1% | $304.2M+4993.7% | $6.0M | N/A |
| Cash & Equivalents | $92.9M+228.9% | $28.2M-54.5% | $62.0M-18.4% | $76.0M-73.5% | $287.1M+24946.3% | $1.1M-16.0% | $1.4M |
| Accounts Receivable | $39.6M+72.9% | $22.9M-31.9% | $33.7M+47.7% | $22.8M+33.3% | $17.1M+254.1% | $4.8M | N/A |
| Goodwill | N/A | N/A | $1.3M-47.6% | $2.5M-56.5% | $5.7M+104.8% | $2.8M | N/A |
| Total Liabilities | $304.7M-55.5% | $685.0M+301.6% | $170.6M-1.9% | $173.8M-25.0% | $231.9M+1627.9% | $13.4M | N/A |
| Current Liabilities | $300.1M-55.7% | $677.2M+316.1% | $162.7M-1.5% | $165.2M+138.4% | $69.3M+470.5% | $12.1M | N/A |
| Non-Current Liabilities | $4.6M-40.6% | $7.8M-0.5% | $7.8M-9.3% | $8.7M-94.7% | $162.6M+12643.1% | $1.3M | N/A |
| Total Equity | -$163.3Mn/m | -$625.2Mn/m | -$63.4M-817.7% | $8.8M-89.4% | $83.1Mn/m | -$1.3M-123.2% | $5.5M |
| Retained Earnings | -$1.2Bn/m | -$1.4Bn/m | -$502.4Mn/m | -$416.4Mn/m | -$337.7Mn/m | -$6.9M | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Long-Term Debt.
EVTL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$111.3Mn/m | -$58.0Mn/m | -$95.2Mn/m | -$125.3Mn/m | -$37.2Mn/m | -$16.4Mn/m | -$9.7M |
| Depreciation & Amortization | $1.5M-40.3% | $2.5M-5.7% | $2.6M+22.4% | $2.1M+107.2% | $1.0M+39.5% | $740K+251.0% | $211K |
| Capital Expenditures | $390K-27.2% | $536K-80.0% | $2.7M+54.5% | $1.7M+62.6% | $1.1M+403.6% | $212K-89.5% | $2.0M |
| Free Cash Flow | -$111.7Mn/m | -$58.5Mn/m | -$97.9Mn/m | -$127.0Mn/m | -$38.3Mn/m | -$16.6Mn/m | -$11.7M |
| Investing Cash Flow | $3.5M+61.6% | $2.2M-97.2% | $78.2Mn/m | -$76.0Mn/m | -$4.5Mn/m | -$940Kn/m | -$3.8M |
| Financing Cash Flow | $171.9M+631.5% | $23.5M+10810.1% | $215K-97.5% | $8.8M-97.3% | $330.4M+1832.9% | $17.1M+18.5% | $14.4M |
| Share Buybacks | N/A | $1.0M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.
EVTL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | 51.5%+2.1pp | 49.4%+43.7pp | 5.7% |
| Operating Margin | N/A | N/A | N/A | N/A | -210029.5% | -13235.6% | -10640.0% |
| Net Margin | N/A | N/A | N/A | N/A | -185775.8% | -14167.8% | -10691.4% |
| Return on Equity | N/A | N/A | N/A | -1289.6%-891.3pp | -398.3% | N/A | -179.8% |
| Return on Assets | 221.5% | N/A | -71.3%-8.9pp | -62.4%+42.7pp | -105.1%+33.6pp | -138.7% | N/A |
| Current Ratio | 0.45+0.4x | 0.08-0.5x | 0.60-0.4x | 1.05-3.3x | 4.39+3.9x | 0.49 | N/A |
| Liabilities-to-Equity | N/A | N/A | N/A | 19.67+16.9x | 2.79 | N/A | N/A |
| Asset Turnover | N/A | N/A | N/A | N/A | 0.000.0x | 0.01 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | -21469.7% | -13985.1% | -12585.7% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$163.3M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.45), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Vertical Aerospace Ltd. EVTL | FY2025 | N/A | $313.2M | N/A | $66.6M | — |
| TAT Technologies Ltd TATT | FY2025 | $178.0M | $16.8M | 9.4% | $409.7M | 66/100 |
| Byrna Technologies, Inc. BYRN | FY2025 | $118.1M | $9.7M | 8.2% | $113.3M | 60/100 |
| Satellogic Inc. SATL | FY2025 | $17.7M | -$4.8M | -27.0% | $575.0M | 61/100 |
| Park Aerospace Corp. PKE | FY2026 | $73.3M | $11.3M | 15.4% | $556.4M | 79/100 |
| Smith & Wesson Brands, Inc. SWBI | FY2026 | $523.8M | $18.5M | 3.5% | $643.4M | 54/100 |
Where Vertical Aerospace Ltd. Ranks
Frequently Asked Questions
Is Vertical Aerospace Ltd. profitable?
Yes, Vertical Aerospace Ltd. (EVTL) reported a net income of $313.2M in fiscal year 2025.
What is Vertical Aerospace Ltd.'s EBITDA?
Vertical Aerospace Ltd. (EVTL) had EBITDA of -$169.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Vertical Aerospace Ltd.'s free cash flow?
Vertical Aerospace Ltd. (EVTL) recorded an outflow of $111.7M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vertical Aerospace Ltd.'s operating cash flow?
Vertical Aerospace Ltd. (EVTL) recorded an outflow of $111.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Vertical Aerospace Ltd.'s total assets?
Vertical Aerospace Ltd. (EVTL) had $141.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vertical Aerospace Ltd.'s capital expenditures?
Vertical Aerospace Ltd. (EVTL) invested $390K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Vertical Aerospace Ltd. spend on research and development?
Vertical Aerospace Ltd. (EVTL) invested $96.8M in research and development during fiscal year 2025.
What is Vertical Aerospace Ltd.'s current ratio?
Vertical Aerospace Ltd. (EVTL) had a current ratio of 0.45 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Vertical Aerospace Ltd.'s return on assets (ROA)?
Vertical Aerospace Ltd. (EVTL) had a return on assets of 221.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vertical Aerospace Ltd.'s P/E ratio?
Vertical Aerospace Ltd. (EVTL) trades at 0.2x earnings, its market capitalization divided by $313.2M net income, FY2025. The market capitalization is $66.6M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Vertical Aerospace Ltd.'s price-to-sales ratio?
Vertical Aerospace Ltd. (EVTL) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $66.6M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Vertical Aerospace Ltd.'s debt-to-equity ratio negative or not reported?
Vertical Aerospace Ltd. (EVTL) has negative shareholder equity of -$163.3M as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Vertical Aerospace Ltd.'s Piotroski F-Score?
Vertical Aerospace Ltd. (EVTL) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vertical Aerospace Ltd.'s earnings high quality?
For every $1 of reported earnings, Vertical Aerospace Ltd. (EVTL) used $0.36 of operating cash (-$111.3M OCF vs $313.2M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Vertical Aerospace Ltd. cover its interest payments?
Vertical Aerospace Ltd. (EVTL) reported an operating loss of $171.4M against $258K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.