Valuation snapshot
XTI Aerospace (XTIA) is still in a pre‑revenue, heavy‑R&D phase. The latest Q2‑2025 results show a continued cash‑burn trajectory with negative net income, so a traditional P/E ratio is not meaningful (‑/N/A). The company’s EV/EBITDA likewise sits in the “high‑multiple” range—well above 30×—because EBITDA remains negative and the balance‑sheet‑driven enterprise value is buoyed by a modest market‑cap relative to its cash‑position.
Peer comparison
When stacked against the broader VTOL ecosystem, XTIA’s valuation is considerably richer than the “cash‑flow‑positive” peers (e.g., Joby Aviation, Archer Aviation) that trade at P/E’s in the low‑20s and EV/EBITDA in the high‑10s after recent profitability steps. Among pure‑play VTOL start‑ups that still lack earnings (Lilium, Vertical Aerospace), XTIA’s EV/EBITDA is comparable to Lilium’s ~35× but still higher than Vertical’s sub‑30×, reflecting XTIA’s stronger strategic partnership pipeline and a more solid balance sheet. In the traditional aerospace arena (e.g., Boeing, Lockheed), the gap is stark—those majors trade on P/E’s of 8‑12 and EV/EBITDA of 6‑9, underscoring XTIA’s speculative premium.
Trading implications
The premium valuation signals that the market is pricing in aggressive growth expectations for the TriFan 600 and future xVTOL contracts. Until XTIA demonstrates a clear path to positive EBITDA, the stock remains vulnerable to a valuation correction if cash‑burn or partnership timelines slip. A disciplined approach is to treat XTIA as a high‑conviction, long‑duration speculative play: consider a modest, risk‑adjusted exposure (e.g., 5‑10 % of a discretionary VTOL allocation) with a tight stop around 15‑20 % below the current price, while monitoring cash‑runway updates and any milestone‑driven revenue announcements that could justify the current premium.