MeritValue

SURF AIR MOBILITY INC.

SRFMdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$20.3M1$60.5M2$119.4M3$106.6M3
Net income−$74.4M4−$250.7M5−$74.9M6−$110.6M6
Operating cash flow−$28M7−$64.4M8−$54.3M9−$64.2M9
Capital expenditure$99,00010$7.59M11$11.8M12$5.94M12
Free cash flow (derived)−$28.1M7−$72M8−$66.1M9−$70.1M9
Total debt—$51.6M13$124.9M14$34.2M14
Cash & equivalents$6,00015$1.72M16$21.1M17$12.7M17
Diluted shares13.5M5.6M12.9M35.1M

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
−$15.63
your share of equity
Profit it earned you last year
−$31.5
Free cash flow it threw off
−$19.97
Debt you’d be carrying
$9.74

10 shares is a claim on −$15.63 of net worth that earned you −$31.5 and generated −$19.97 of cash last year, against $9.74 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+160% shares · 4y

Share count is up 160% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 34% — deleveraging.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0000950170-24-038767 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-043326 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-104468 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-24-038767 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-043326 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-104468 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-24-038767 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-043326 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-104468 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038767 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-043326 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-104468 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-043326 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-104468 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-038767 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-043326 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-104468 (CashAndCashEquivalentsAtCarryingValue)