Surf Air Mobility Inc. (SRFM) intrinsic value & 10-year financials
Surf Air Mobility Inc. (SRFM) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 5 fiscal years revenue grew 73.9% a year to $106.6M, with an average return on invested capital of 106.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.88
- Market cap
- $30.9M
- Revenue (FY2025)
- $106.6M
- Revenue growth (5-yr CAGR)
- 73.9%
- ROIC (10-yr avg)
- 106.8%
- Free cash flow (FY2025)
- -$70.1M
SRFM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $106.6M | -$110.6M | -$3.15 | -$70.1M | -72.1% | 142.9% |
| FY2024 | $119.4M | -$74.9M | -$5.80 | -$66.1M | -50.5% | 106.3% |
| FY2023 | $60.5M | -$250.7M | -$6.35 | -$72.0M | -325.2% | 144.6% |
| FY2022 | $20.3M | -$74.4M | -$1.84 | -$28.1M | -251.1% | 33.5% |
| FY2021 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SURF AIR MOBILITY INC. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
SURF AIR MOBILITY INC. has earned high returns on invested capital, averaging 106.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
SURF AIR MOBILITY INC. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SURF AIR MOBILITY INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-104.63 per share.