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Vertical Aerospace Ltd.

EVTL NYSE Aircraft Financials FY2019โ€“FY2025

Revenue Total sales reported in the income statement.
โ€”
vs prior year
Operating margin Operating income as a share of revenue.
โ€”
Net income Profit after all expenses, interest and tax.
$307M
Free cash flow Cash from operations minus capital spending.
โˆ’$109M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
โ€”
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.75 EPS (TTM)

What Vertical Aerospace Ltd. does

No business description yet.

Legal name
Vertical Aerospace Ltd.
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Mar 24, 2026
Accession ยท CIK
0001104659-26-033487
0001867102

Revenue and margins

Vertical Aerospace Ltd. had โ€” of revenue in fiscal 2025.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$109M in fiscal 2025, โ€” of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Vertical Aerospace Ltd. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 526.0%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Vertical Aerospace Ltd. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $287M$75.7M$61.9M$28.3M$93.0M
Interest coverage โˆ’482.2xโˆ’3.4xโˆ’6.2xโ€”โ€”
Current ratio 4.4x1.0x0.6x0.1x0.4x
Quick ratio 4.4x1.0x0.6x0.1x0.4x
Total assets $315M$182M$107M$59.8M$142M
Total liabilities $232M$173M$170M$685M$305M
Shareholders' equity $83.0M$8.8Mโˆ’$63.3Mโˆ’$626Mโˆ’$164M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ“
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โ€” โœ“ โœ“ โœ• โœ• โœ“
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ• โœ• โœ“ โœ•
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โ€” โœ“ โœ• โœ• โœ• โœ“
Share count didn't rise โ€” โœ“ โœ• โœ“ โœ• โœ• โœ•
Gross margin rose โ€” โœ“ โœ“ โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โ€” โœ• โ€” โ€” โ€” โ€”
F-score โ€” / 3โ€” / 54 / 8โ€” / 6โ€” / 6โ€” / 6โ€” / 6
Accruals ratio โ€”โˆ’3.3%โˆ’183.4%4.6%12.7%โˆ’1,126.7%412.9%
Altman Z'' โ€”โˆ’13.47โˆ’6.38โˆ’11.56โˆ’27.61โˆ’156.92โˆ’44.67

7 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $0.1M $0.1M $0.2M โ€” โ€” โ€” โ€”
Gross profit $0.0M $0.1M $0.1M โ€” โ€” โ€” โ€”
Research and development $6.6M $12.8M $33.4M $60.5M $81.3M $76.5M $94.8M
Operating income โˆ’$9.5M โˆ’$14.8M โˆ’$381M โˆ’$121M โˆ’$127M โˆ’$78.2M โˆ’$168M
Interest expense $0.1M $1.0M $0.8M $35.1M $20.5M โ€” โ€”
Pretax income โˆ’$9.6M โˆ’$15.8M โˆ’$337M โˆ’$116M โˆ’$103M โˆ’$998M $267M
Income tax โˆ’$0.0M $0.0M โ€” โ€” โˆ’$28.2M $0.1M โˆ’$40.0M
Net income โˆ’$9.5M โˆ’$15.8M โˆ’$337M โˆ’$116M โˆ’$74.5M โˆ’$998M $307M
Diluted EPS โˆ’$0.09 โˆ’$0.15 โˆ’$2.72 โˆ’$6.48 โˆ’$3.89 โˆ’$49.15 โˆ’$0.75
Diluted shares 0.10B 0.10B 0.12B 0.02B 0.02B 0.02B 0.13B
Cash flow
Cash from operations โˆ’$9.3M โˆ’$15.4M โˆ’$37.9M โˆ’$128M โˆ’$92.9M โˆ’$59.2M โˆ’$109M
Capital expenditure $1.9M $0.2M $1.1M $1.8M $2.6M $0.5M $0.4M
Free cash flow โˆ’$11.2M โˆ’$15.6M โˆ’$39.0M โˆ’$130M โˆ’$95.5M โˆ’$59.7M โˆ’$109M
Depreciation and amortization $0.2M $0.7M $1.1M $2.2M $2.6M $2.5M $1.4M
Stock-based compensation โ€” $0.1M $140M $28.6M $11.0M $9.6M $12.7M
Acquisitions $0.9M โ€” โ€” โ€” โ€” โ€” โ€”
Balance sheet
Cash and short-term investments $1.4M $1.1M $287M $75.7M $61.9M $28.3M $93.0M
Current assets โ€” $6.0M $304M $172M $97.6M $53.3M $134M
Current liabilities โ€” $12.1M $69.2M $164M $162M $678M $301M
Property and equipment, net โ€” $1.9M $2.5M $3.2M $4.9M $3.9M $3.2M
Intangible assets โ€” โ€” โ€” $2.5M $1.3M $0.2M โ€”
Total assets โ€” $12.1M $315M $182M $107M $59.8M $142M
Total liabilities โ€” $13.4M $232M $173M $170M $685M $305M
Shareholders' equity $5.5M โˆ’$1.3M $83.0M $8.8M โˆ’$63.3M โˆ’$626M โˆ’$164M
Margins
Gross margin 5.7% 49.4% 51.5% โ€” โ€” โ€” โ€”
Operating margin โˆ’10,640.9% โˆ’13,230.8% โˆ’210,015.6% โ€” โ€” โ€” โ€”
EBITDA margin โˆ’10,413.7% โˆ’12,608.1% โˆ’209,436.1% โ€” โ€” โ€” โ€”
Net margin โˆ’10,692.4% โˆ’14,162.7% โˆ’185,763.4% โ€” โ€” โ€” โ€”
FCF margin โˆ’12,586.8% โˆ’13,980.0% โˆ’21,468.3% โ€” โ€” โ€” โ€”
Returns
Return on capital employed โ€” 273,437.0% โˆ’155.5% โˆ’694.0% 228.5% 12.7% 105.6%
Return on equity โˆ’173.7% โˆ’749.9% โˆ’825.8% โˆ’253.4% โ€” โ€” โ€”
Return on assets โ€” โˆ’130.3% โˆ’206.6% โˆ’46.8% โˆ’51.6% โˆ’1,197.7% 304.6%
Return on tangible equity โˆ’173.7% โ€” โˆ’406.6% โˆ’1,834.5% โ€” โ€” โ€”
Growth
Revenue growth โ€” 25.0% 62.7% โ€” โ€” โ€” โ€”
Share count change โ€” 0.0% 24.2% โˆ’85.5% 6.6% 6.2% 526.0%
Financial health
Interest coverage โˆ’112.9x โˆ’14.3x โˆ’482.2x โˆ’3.4x โˆ’6.2x โ€” โ€”
Current ratio โ€” 0.5x 4.4x 1.0x 0.6x 0.1x 0.4x
Quick ratio โ€” 0.5x 4.4x 1.0x 0.6x 0.1x 0.4x
Capital allocation
Capex / revenue 2,181.6% 178.1% 598.5% โ€” โ€” โ€” โ€”
Stock comp / revenue โ€” 110.3% 76,970.6% โ€” โ€” โ€” โ€”
Quality scores
Piotroski F-score โ€” โ€” 4.0 โ€” โ€” โ€” โ€”
Altman Z'' โ€” โˆ’13.5 โˆ’6.4 โˆ’11.6 โˆ’27.6 โˆ’156.9 โˆ’44.7
Accruals ratio โ€” โˆ’3.3% โˆ’183.4% 4.6% 12.7% โˆ’1,126.7% 412.9%

Source: SEC EDGAR XBRL filings (CIK 0001867102). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in GBP under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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