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Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%
Weak multi-year price returns
2Y Excs Rtn is -82%, 3Y Excs Rtn is -113%
Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1 Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space. Themes include Advanced Air Mobility.
  Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -198 Mil
2   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -20%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -19%
1 Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space. Themes include Advanced Air Mobility.
2 Weak multi-year price returns
2Y Excs Rtn is -82%, 3Y Excs Rtn is -113%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -198 Mil
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -20%

Valuation, Metrics & Events

EVEX Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback

**1. Partnership with BETA Technologies and Supply Chain Strengthening**

On December 3, 2025, Eve Air Mobility announced the selection of BETA Technologies to supply electric pusher motors for its conforming prototypes and production aircraft. This agreement, valued at up to $1 billion over a potential 10-year period for BETA, reinforces Eve's supply chain and was followed by a 14.8% surge in EVEX stock. This collaboration is key to supporting Eve's backlog of 2,800 electric vertical takeoff and landing (eVTOL) aircraft. **2. Positive Analyst Sentiment and Catalyst Watch**

JPMorgan placed Eve Holding (EVEX) on a "Positive Catalyst Watch" on December 1, 2025, in anticipation of its prototype's first flight, which is projected for late 2025 or early 2026. This milestone is considered pivotal, as similar events have historically led to significant stock rallies for industry peers. As of November 28, 2025, analysts maintained a "Buy" consensus rating for EVEX, with price targets indicating potential upside. **3. Third Quarter 2025 Earnings Performance**

Eve Holding, Inc. reported its Third Quarter 2025 results on November 4, 2025. The company slightly exceeded analyst expectations for earnings per share (EPS), reporting ($0.14) compared to a consensus estimate of ($0.15). **4. Substantial eVTOL Backlog and Comprehensive Business Model**

Eve Holding boasts a robust order book of approximately 2,800 eVTOL aircraft, representing an estimated value of around $14 billion. The company is strategically focused on developing the Urban Air Mobility (UAM) ecosystem through an advanced eVTOL project, a global services and support network, and a unique air traffic management solution. **5. Progress Towards Certification and Commercialization**

Eve is demonstrating a strong commitment to growth by anticipating annual increases in research and development (R&D) and benefiting from a significant financial investment of approximately $90 million from Brazil's National Development Bank. These efforts are aimed at accelerating its certification and commercialization processes. The first flight of its prototype, expected between late 2024 and early 2026, is a crucial step in de-risking engineering validation.

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Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
EVEX Return---2%-26%-14%-35%
Peers Return-13%-2%-3%14%-2%47%36%
S&P 500 Return16%27%-19%24%23%16%112%

Monthly Win Rates [3]
EVEX Win Rate--43%50%25%40% 
Peers Win Rate17%8%10%12%5%31% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
EVEX Max Drawdown----24%-67%-43% 
Peers Max Drawdown-28%-5%-7%-0%-2%-0% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: FLY, ATRO, APEX, BETA, DFSC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique KeyEventEVEXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-55.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven126.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days

Compare to FLY, ATRO, APEX, BETA, DFSC


In The Past

Eve's stock fell -55.9% during the 2022 Inflation Shock from a high on 9/21/2022. A -55.9% loss requires a 126.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Eve (EVEX)

Better Bets than Eve (EVEX)

Trade Ideas

Select past ideas related to EVEX. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CNM_11212025_Dip_Buyer_FCFYield11212025CNMCore & MainDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
7.3%7.3%-1.6%
VRRM_11212025_Dip_Buyer_FCFYield11212025VRRMVerra MobilityDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
2.3%2.3%-1.2%
LII_11212025_Dip_Buyer_ValueBuy11212025LIILennox InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
4.8%4.8%0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ADPAutomatic Data ProcessingMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.6%1.6%-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%11212025CWCurtiss-WrightQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
2.2%2.2%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CNM_11212025_Dip_Buyer_FCFYield11212025CNMCore & MainDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
7.3%7.3%-1.6%
VRRM_11212025_Dip_Buyer_FCFYield11212025VRRMVerra MobilityDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
2.3%2.3%-1.2%
LII_11212025_Dip_Buyer_ValueBuy11212025LIILennox InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
4.8%4.8%0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025ADPAutomatic Data ProcessingMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.6%1.6%-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%11212025CWCurtiss-WrightQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
2.2%2.2%0.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Eve

Peers to compare with:

Financials

EVEXFLYATROAPEXBETADFSCMedian
NameEve Firefly .AstronicsAPEX Glo.BETA Tec.DEFSEC T. 
Mkt Price4.8718.5551.72-29.503.5418.55
Mkt Cap1.6-1.8---1.7
Rev LTM0101831--452
Op Inc LTM-198-21150---9-103
FCF LTM-183-19951---9-96
FCF 3Y Avg-133-8---11-11
CFO LTM-173-16574---9-87
CFO 3Y Avg-129-22---10-10

Growth & Margins

EVEXFLYATROAPEXBETADFSCMedian
NameEve Firefly .AstronicsAPEX Glo.BETA Tec.DEFSEC T. 
Rev Chg LTM--6.2%--166.4%86.3%
Rev Chg 3Y Avg--19.5%--94.3%56.9%
Rev Chg Q--3.8%--330.2%167.0%
QoQ Delta Rev Chg LTM--0.9%--35.8%18.4%
Op Mgn LTM--209.3%6.0%---209.1%-209.1%
Op Mgn 3Y Avg--2.2%---699.5%-348.6%
QoQ Delta Op Mgn LTM--1.7%--86.7%44.2%
CFO/Rev LTM--164.1%8.9%---212.3%-164.1%
CFO/Rev 3Y Avg--2.5%---716.7%-357.1%
FCF/Rev LTM--197.5%6.1%---216.3%-197.5%
FCF/Rev 3Y Avg--0.8%---777.8%-388.5%

Valuation

EVEXFLYATROAPEXBETADFSCMedian
NameEve Firefly .AstronicsAPEX Glo.BETA Tec.DEFSEC T. 
Mkt Cap1.6-1.8---1.7
P/S--1.9---1.9
P/EBIT-6.5-32.3---12.9
P/E-6.2--523.2----264.7
P/CFO-7.2-22.0---7.4
Total Yield-16.2%--0.2%----8.2%
Dividend Yield0.0%-0.0%---0.0%
FCF Yield 3Y Avg-10.6%--0.5%----5.5%
D/E0.1-0.2---0.2
Net D/E-0.2-0.2---0.0

Returns

EVEXFLYATROAPEXBETADFSCMedian
NameEve Firefly .AstronicsAPEX Glo.BETA Tec.DEFSEC T. 
1M Rtn17.9%-22.0%6.1%---10.6%-2.2%
3M Rtn22.7%-58.2%40.5%--19.6%21.1%
6M Rtn-4.9%-61.1%---28.1%
12M Rtn21.1%-215.2%---118.2%
3Y Rtn-41.0%-466.5%---212.8%
1M Excs Rtn18.0%-22.0%6.1%---10.6%-2.2%
3M Excs Rtn22.1%-62.0%27.1%--13.0%17.6%
6M Excs Rtn-19.6%-46.4%---13.4%
12M Excs Rtn2.7%-206.7%---104.7%
3Y Excs Rtn-113.5%-493.7%---190.1%

Financials

Price Behavior

Short Interest

Short Interest: As Of Date11142025
Short Interest: Shares Quantity3,819,036
Short Interest: % Change Since 1031202510.7%
Average Daily Volume1,385,959
Days-to-Cover Short Interest2.76
Basic Shares Quantity326,215,000
Short % of Basic Shares1.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251104202510-Q 9/30/2025
6302025806202510-Q 6/30/2025
3312025512202510-Q 3/31/2025
12312024311202510-K 12/31/2024
93020241104202410-Q 9/30/2024
6302024806202410-Q 6/30/2024
3312024507202410-Q 3/31/2024
12312023308202410-K 12/31/2023
93020231107202310-Q 9/30/2023
6302023808202310-Q 6/30/2023
3312023509202310-Q 3/31/2023
12312022323202310-K 12/31/2022
93020221223202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
123120214132022DEFM14A 12/31/2021
63020211208202210-Q/A 6/30/2021