MeritValue

Jet.AI Inc.

JTAIdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Jet.AI Inc. earns about -777% on invested capital, but has diluted owners by 212% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$21.9M1$12.2M2$14M3$9.18M3
Net income−$7.74M4−$12.6M5−$12.7M6$4.59M6
Operating cash flow−$96,0427−$3.78M8−$8.23M9−$8.23M9
Capital expenditure—$4,33910$12,92211—
Free cash flow (derived)—−$3.79M8−$8.24M9—
Total debt————
Cash & equivalents$1.53M12$2.1M13$5.87M14$1.82M14
Diluted shares4.4M28,119279,20113.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$15.96
your share of equity
Profit it earned you last year
$3.33
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $15.96 of net worth that earned you $3.33 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-777% avg · 4y
FY22 —FY23 —FY24 -1572%FY25 18%

It earned an average -777% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+212% shares · 4y

Share count is up 212% over 4 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$3.44
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-032622 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-000794 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-009165 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-032622 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-000794 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-009165 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-032622 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-000794 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-009165 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-000794 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-009165 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-032622 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-000794 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-009165 (CashAndCashEquivalentsAtCarryingValue)