Vertical Aerospace Ltd. (EVTL) Balance Sheet
EVTL balance sheet, 2025
December 31, 2025 · British pounds£105.0M assets = £226.2M liabilities + −£121.2M equity
Liabilities exceed assets: shareholders’ equity is negative (−£121.2M).
Both columns are drawn to the same scale: what EVTL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EVTL financial health
Descriptive bands, not a rating. Fiscal 2025.
EVTL balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | £7.3M2019 | £105.0M2025 | +55.9%/yr | |
| Total liabilities | £3.1M2019 | £226.2M2025 | +103.9%/yr | |
| Shareholders’ equity | £4.2M2019 | −£121.2M2025 | — | |
| Cash & short-term investments | £1.0M2019 | £70.2M2025 | +102.1%/yr | |
| Total debt | £1.2M2019 | £191.4M2025 | +134.0%/yr | |
| Net cash (debt) | −£137,0002019 | −£121.2M2025 | −£121.1M | |
| Working capital | £909,0002019 | −£123.2M2025 | −£124.1M | |
| Current ratio | 1.572019 | 0.452025 | −1.12 | |
| Debt / equity | 0.282019 | 31.932022 | +31.65 | |
| Shares outstanding | 10.0M2019 | 127.2M2025 | +52.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EVTL assets
EVTL liabilities and equity
EVTL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EVTL balance sheet in British pounds
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | £70.2M | £22.6M | £48.7M | £122.8M | £212.7M | £839,000 | £1.0M |
| Cash & equivalents | £70.2M | £22.6M | £48.7M | £62.9M | £212.7M | £839,000 | £1.0M |
| Short-term investments | — | £0 | £0 | £59.9M | £0 | — | — |
| Receivables | £21.1M | £17.2M | £4.9M | £18.9M | £6.1M | £2.8M | £1.1M |
| Inventory | £0 | £0 | £6.7M | −£71.6M | −£6.1M | −£2.8M | −£1.1M |
| Other current assets | £8.3M | £2.8M | £16.4M | £73.3M | £12.7M | £3.5M | £1.4M |
| Total current assets | £99.6M | £42.6M | £76.8M | £143.4M | £225.3M | £4.4M | £2.5M |
| Property, plant & equipment (net) | £5.4M | £5.0M | £6.3M | £5.8M | £3.8M | £2.5M | £2.7M |
| Goodwill & intangible assets | £0 | £132,000 | £1.0M | £2.0M | £4.2M | £2.0M | £2.1M |
| Long-term investments | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Other non-current assets | £1 | £0 | £0 | £0 | £0 | £0 | £0 |
| Total assets | £105.0M | £47.7M | £84.1M | £151.2M | £233.3M | £8.9M | £7.3M |
| Liabilities | |||||||
| Accounts payable | £9.6M | £5.4M | £3.7M | £16.0M | £6.7M | £846,000 | £703,000 |
| Short-term debt | £189.1M | £581,000 | £643,000 | £115.8M | £852,310 | £6.5M | £219,000 |
| Deferred revenue | — | — | £13.1M | — | £33.5M | — | — |
| Total current liabilities | £222.8M | £16.6M | £18.4M | £136.8M | £51.3M | £8.9M | £1.6M |
| Long-term debt | £0 | £0 | £109.3M | £115.2M | £112.8M | £0 | £0 |
| Lease obligations | £3.2M | £2.2M | £2.6M | £3.2M | £1.9M | £1.0M | £1.2M |
| Other long-term liabilities | £3.4M | £530.5M | £6.2M | £0 | £7.7M | £934,000 | £1.6M |
| Total liabilities | £226.2M | £547.1M | £133.9M | £143.9M | £171.8M | £9.8M | £3.1M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | £78,860 | £55,000 | £17,000 | £16,000 | £16,000 | — | £4.2M |
| Retained earnings (deficit) | −£916.0M | −£1.15B | −£394.3M | −£344.8M | −£250.1M | −£5.1M | £0 |
| Accumulated other comprehensive income | £136.6M | £99.3M | £86.8M | £94.9M | £63.3M | £4.1M | — |
| Total shareholders' equity | −£121.2M | −£499.3M | −£49.8M | £7.3M | £61.6M | −£938,000 | £4.2M |
| Key figures | |||||||
| Total debt | £191.4M | £2.2M | £2.6M | £233.7M | £114.7M | £7.3M | £1.2M |
| Net cash (debt) | −£121.2M | £20.4M | £46.1M | −£110.8M | £97.9M | −£6.5M | −£137,000 |
| Working capital | −£123.2M | £26.0M | £58.4M | £6.6M | £174.0M | −£4.5M | £909,000 |
| Tangible book value | −£121.2M | −£499.5M | −£50.8M | £5.3M | £57.4M | −£3.0M | £2.1M |
| Shares outstanding | 127.2M | 20.3M | 19.1M | 17.9M | 12.4M | 3.8M | 10.0M |
| Current ratio | 0.45 | 2.56 | 4.17 | 1.05 | 4.39 | 0.49 | 1.57 |
| Quick ratio | 0.41 | 2.39 | 2.91 | 1.04 | 4.26 | 0.41 | 1.36 |
| Debt / equity | — | — | — | 31.93 | 1.86 | — | 0.28 |
| Equity / assets | −115.5% | −1,046.1% | −59.2% | 4.8% | 26.4% | −10.6% | 57.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | £49.7M | £73.4M | £70.2M | £93.5M | £62.0M | £91.0M | £22.6M | £42.8M | £66.8M | £66.8M | £48.7M | £74.2M |
| Cash & equivalents | £49.7M | £73.4M | £70.2M | £93.5M | £62.0M | £91.0M | £22.6M | £42.8M | £66.8M | £66.8M | £48.7M | £74.2M |
| Short-term investments | — | — | — | — | — | — | £0 | — | — | — | £0 | £0 |
| Receivables | £32.6M | £28.3M | £21.1M | £13.1M | £10.4M | £29.0M | £17.2M | £865,000 | £13.9M | £0 | £4.9M | £14.8M |
| Inventory | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £6.7M | £7.0M |
| Other current assets | £11.0M | £8.2M | £8.3M | £5.9M | £9.7M | £8.2M | £2.8M | £22.0M | £7.9M | £21.8M | £16.4M | £21,846 |
| Total current assets | £93.3M | £109.9M | £99.6M | £112.5M | £82.1M | £128.2M | £42.6M | £65.7M | £88.5M | £88.5M | £76.8M | £96.0M |
| Property, plant & equipment (net) | £6.0M | £5.2M | £5.4M | £5.9M | £4.9M | £6.7M | £5.0M | £5.4M | £5.8M | £5.8M | £6.3M | £6.0M |
| Goodwill & intangible assets | £0 | £0 | £0 | £3,002 | £26,000 | £98,097 | £132,000 | £265,000 | £481,000 | £481,000 | £1.0M | £1.3M |
| Long-term investments | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £0 |
| Other non-current assets | £887,611 | £935,047 | £1 | £0 | £0 | £1 | £0 | £0 | £0 | £0 | £0 | £0 |
| Total assets | £100.2M | £116.0M | £105.0M | £118.4M | £87.0M | £135.0M | £47.7M | £71.3M | £94.8M | £94.8M | £84.1M | £103.3M |
| Liabilities | ||||||||||||
| Accounts payable | £9.7M | £10.6M | £9.6M | £5.4M | £7.8M | £6.7M | £5.4M | £3.6M | £4.6M | £4.6M | £3.7M | £7.2M |
| Short-term debt | £93.7M | £87.9M | £189.1M | £186.9M | £240.5M | £890,617 | £524.8M | £534,000 | £1.1M | £558,000 | £643,000 | £666,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | £13.1M | £7.1M |
| Total current liabilities | £131.5M | £125.4M | £222.8M | £203.4M | £257.1M | £177.7M | £16.6M | £12.3M | £18.1M | £18.1M | £18.4M | £16.5M |
| Long-term debt | £0 | £0 | £0 | £0 | £0 | £0 | £0 | £108.6M | £112.8M | £0 | £0 | £0 |
| Lease obligations | £3.0M | £3.0M | £3.2M | — | £2.2M | £2.4M | £2.2M | £2.1M | £2.3M | — | £2.6M | £2.8M |
| Other long-term liabilities | £2.8M | £3.0M | £3.4M | £7.2M | £6.0M | £7.7M | £530.5M | £5.7M | £6.0M | £118.8M | £115.4M | £112.6M |
| Total liabilities | £134.4M | £128.3M | £226.2M | £210.6M | £263.1M | £185.4M | £547.1M | £126.6M | £136.9M | £136.9M | £133.9M | £129.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | £106,353 | £99,004 | £78,860 | £78,057 | £67,000 | £86,480 | £55,000 | £17,000 | £17,000 | £17,000 | £17,000 | £17,000 |
| Retained earnings (deficit) | −£837.9M | −£856.6M | −£916.0M | −£822.0M | −£900.6M | −£976.5M | −£1.15B | −£440.2M | −£412.4M | −£412.4M | −£394.3M | −£377.7M |
| Accumulated other comprehensive income | £87.5M | £145.0M | £136.6M | £77.4M | £126.8M | £154.5M | £99.3M | £111.8M | £97.3M | £97.3M | £86.8M | £94.0M |
| Total shareholders' equity | −£34.2M | −£12.3M | −£121.2M | −£92.0M | −£176.1M | −£50.4M | −£499.3M | −£55.3M | −£42.1M | −£42.1M | −£49.8M | −£25.8M |
| Key figures | ||||||||||||
| Total debt | £95.8M | £90.0M | £191.4M | £189.4M | £242.0M | £3.0M | £526.4M | £110.8M | £115.1M | £112.8M | £2.6M | £2.8M |
| Net cash (debt) | −£46.1M | −£16.7M | −£121.2M | −£95.9M | −£180.0M | £88.0M | −£503.9M | −£68.0M | −£48.3M | −£46.0M | £46.1M | £71.4M |
| Working capital | −£38.2M | −£15.5M | −£123.2M | −£90.9M | −£175.0M | −£49.5M | £26.0M | £53.4M | £70.5M | £70.5M | £58.4M | £79.5M |
| Tangible book value | −£34.2M | −£12.3M | −£121.2M | −£92.0M | −£176.1M | −£50.5M | −£499.5M | −£55.6M | −£42.6M | −£42.6M | −£50.8M | −£27.1M |
| Shares outstanding | 133.0M | 142.5M | 101.6M | 135.5M | 82.3M | 115.0M | 23.6M | 19.3M | 19.3M | 19.2M | 19.7M | 19.2M |
| Current ratio | 0.71 | 0.88 | 0.45 | 0.55 | 0.32 | 0.72 | 2.56 | 5.33 | 4.90 | 4.90 | 4.17 | 5.83 |
| Quick ratio | 0.63 | 0.81 | 0.41 | 0.52 | 0.28 | 0.68 | 2.39 | 3.55 | 4.46 | 3.69 | 2.91 | 5.40 |
| Equity / assets | −34.1% | −10.6% | −115.5% | −77.7% | −202.4% | −37.3% | −1,046.1% | −77.6% | −44.4% | −44.4% | −59.2% | −24.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in British pounds as reported (latest annual report filed March 24, 2026); data from EODHD.
EVTL financial position
At the end of fiscal 2025 (December 31, 2025), Vertical Aerospace had total assets of £105.0 million (up 119.9% from a year earlier), total liabilities of £226.2 million and shareholders' equity of -£121.2 million. It held £70.2 million in cash and short-term investments against £191.4 million of debt, net debt of £121.2 million. Its current ratio was 0.45. In the latest quarter (ended June 30, 2026) total assets were £100.2 million and equity -£34.2 million.
Related: EVTL income statement, EVTL cash flow statement, EVTL key metrics. See the EVTL stock overview for the latest quote and news.
EVTL balance sheet FAQ
What are Vertical Aerospace's total assets?
Vertical Aerospace reported total assets of £105.0 million at the end of fiscal 2025 (December 31, 2025), compared with £47.7 million a year earlier.
How much debt does Vertical Aerospace have?
Vertical Aerospace had £191.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Vertical Aerospace have?
Vertical Aerospace held £70.2 million in cash and short-term investments at the end of fiscal 2025; with £191.4 million of debt that is net debt of £121.2 million.
What is Vertical Aerospace's book value?
Vertical Aerospace's shareholders' equity (book value) was -£121.2 million at the end of fiscal 2025.
What is Vertical Aerospace's current ratio?
Vertical Aerospace had current assets of £99.6 million and current liabilities of £222.8 million, a current ratio of 0.45 (current liabilities exceed current assets).