Surf AIR Mobility vs Wheels Up Experience
Wheels Up Experience is the larger business, with $736m of revenue in fiscal 2025 against $107m for Surf AIR Mobility (6.9 times as much). Wheels Up Experience grew faster (-7.0% against -10.8%). Wheels Up Experience kept more of each dollar of sales as profit: a net margin of -39.9% against -103.8%.
| Latest fiscal year | Surf AIR MobilitySRFM, 2025 | Wheels Up ExperienceUP, 2025 |
|---|---|---|
| Revenue | $107m | $736m |
| Revenue growth | -10.8% | -7.0% |
| Net income | −$111m | −$294m |
| Operating margin | -72.1% | -27.6% |
| Net margin | -103.8% | -39.9% |
| Return on equity | — | — |
| Free cash flow | −$70.1m | −$260m |
| Cash | $12.7m | $134m |
| Total debt | $17.1m | $671m |
| Debt to equity | — | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $1.6m |
| Employees | 573 | 1,250 |
| Market value | $84.5m | $120m |
| Price vs our value range | — | — |
| Moat score | — | 22 (Weak) |
| Insider trades, 12 months | 0 buys, 4 sales | 4 buys, 12 sales |