BETA Technologies BETA
NYSE · Aircraft · $1.9B$24.05−4.98%Nov 5 close · Databento
BETA Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $24.051D −4.98%3M +1.22%SMA20 $20.07SMA50 $20.87RSI(14) 63.1
24.05
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 63.1
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$1.9B
Enterprise value$373.5M
Revenue$35.6M +136.0%
True FCF (ex-SBC)$-348.0M −5.8%
Rule of 40-743.5%
ROIC-127.0%
True FCF Yield-18.3%
EPS, diluted$-12.85 −89.8%
Modern Valuation (EOD)
Market Cap$1.9B
Enterprise Value$373.5M
EV / True FCF—
EV / FCF—
EV / Gross Profit14.52
EV / EBIT—
EV / Sales10.49
P / E (GAAP)—
P / FCF—
P / Oper. CF—
P / Book1.04
Owner & Cash Yields
True FCF Yield-18.3%
FCF Yield-16.5%
Owner Earn. Yield-42.4%
Earnings Yield-39.3%
Shareholder Yield−1.8%
Buyback Yield0.0%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh—
EPS (diluted)$-12.85
Compounder & Returns
Rule of 40-743.5%
ROIC-127.0%
Cash ROIC (CROIC)-106.6%
GP / Assets1.2%
ROE-41.0%
ROA-35.4%
Gross Margin72.2%
Oper. Margin-1046.3%
Net Margin-2094.2%
FCF Margin-879.5%
True FCF Margin-977.1%
Quality & Dilution
Cash Conversion—
Accrual Ratio−22.7%
SBC % of FCF—
SBC % of Rev97.6%
Reinvest. Rate—
Sales Growth Y/Y+136.0%
Sales 3Y CAGR—
EPS Growth Y/Y−89.8%
FCF Growth Y/Y−5.8%
FCF 3Y CAGR—
Share Change Y/Y+65.7%
Balance Sheet & Scale
Revenue (FY)$35.6M
Gross Profit (FY)$25.7M
Oper. Income (FY)$-372.7M
GAAP Net Income$-745.9M
True FCF (ex-SBC)$-348.0M
Cash & Equiv$1.7B
Total Debt$191.2M
Net Cash (Debt)$1.5B
Net Cash % MCap+80.3%
Debt / FCF (yrs)—
Current Ratio22.77
Price & Technicals (EOD)
Perf Week+16.92%
Perf Month+18.71%
Perf Quarter+2.30%
Perf Half Y+33.69%
Perf YTD+41.72%
SMA 20 Dist+19.85%$20.07
SMA 50 Dist+15.23%$20.87
SMA 100 Dist+18.45%$20.30
Window High−10.13%$26.76
Window Low+65.29%$14.55
RSI (14) · Vol63.186%v
Income Distribution & Cash Flow ConversionHow every dollar of BETA revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$9.9M ($27.8 / $100)
R&D Reinvestment$259.9M ($100.0 / $100)
Operating Expenses$138.5M ($100.0 / $100)
Tax & Non-Operating$373.2M ($100.0 / $100)
Net Profit Kept$-745.9M ($0.0 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$-745.9M (-2094.2% margin)
Operating Cash Flow (OCF)$-267.8M(-751.9% of rev)
Less: Capital Expenditures−$45.4M(127.6% of rev)
Standard Free Cash Flow (FCF)$-313.2M(-879.5% margin)
Less: Stock-Based Comp (SBC)−$34.8M
True FCF (Owner Cash ex-SBC)$-348.0M(-977.1% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2023 | FY2024 | FY2025 | YoY Δ | CAGR | Trend |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | $15.4M | $15.1M | $35.6M | +136.0% | +52.3% | |
| Cost of Revenue (COGS) | $2.0M | $4.5M | $9.9M | +119.1% | +121.1% | |
| Gross Profit | $13.3M | $10.6M | $25.7M | +143.2% | +38.9% | |
| Research & Development (R&D) | $138.3M | $206.9M | $259.9M | +25.6% | +37.1% | |
| Total Operating Expenses | $199.9M | $282.8M | $398.4M | +40.9% | +41.2% | |
| Operating Income (EBIT) | $-186.6M | $-272.2M | $-372.7M | −36.9% | — | |
| Interest Expense | $352,000 | $11.4M | $13.0M | +13.5% | +507.1% | |
| Income Tax Expense | $1.0M | $514,000 | $756,000 | +47.1% | −14.3% | |
| GAAP Net Income | $-175.6M | $-275.6M | $-745.9M | −170.6% | — | |
| Diluted EPS | $-4.50 | $-6.77 | $-12.85 | −89.8% | — | |
| Diluted Shares | 44.9M | 45.2M | 75.0M | +65.7% | +29.2% | |
| Balance Sheet | ||||||
| Cash & Equivalents | $254.1M | $302.0M | $1.7B | +467.9% | +159.8% | |
| Total Current Assets | $1.4B | $327.3M | $1.7B | +431.4% | +12.8% | |
| Total Assets | $1.9B | $666.4M | $2.1B | +216.1% | +6.5% | |
| Total Current Liabilities | $118.8M | $56.6M | $76.4M | +35.1% | −19.8% | |
| Total Debt (Short + Long Term) | $184.0M | $152.1M | $191.2M | +25.7% | +1.9% | |
| Total Liabilities | $339.8M | $230.4M | $288.4M | +25.2% | −7.9% | |
| Stockholders' Equity | $385.4M | $435.9M | $1.8B | +317.0% | +117.2% | |
| Net Cash / (Net Debt) | $70.1M | $150.0M | $1.5B | +916.3% | +366.2% | |
| Invested Capital | $315.3M | $286.0M | $293.8M | +2.7% | −3.5% | |
| Cash Flow & Capital Allocation | ||||||
| Operating Cash Flow (OCF) | $-158.0M | $-222.7M | $-267.8M | −20.3% | — | |
| Depreciation & Amortization (D&A) | $8.6M | $16.5M | $22.0M | +33.8% | +59.9% | |
| Stock-Based Compensation (SBC) | $9.0M | $12.1M | $34.8M | +187.2% | +97.0% | |
| Capital Expenditures (CapEx) | $153.2M | $73.5M | $45.4M | −38.2% | −45.5% | |
| Free Cash Flow (FCF) | $-311.3M | $-296.2M | $-313.2M | −5.8% | — | |
| True FCF (ex-SBC Owner Cash) | $-320.2M | $-308.3M | $-348.0M | −12.9% | — | |
| Share Repurchases (Buybacks) | $0 | $530,000 | $0 | −100.0% | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
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