Vertical Aerospace Ltd. key statistics and ratios

In fiscal 2021, Vertical Aerospace Ltd. had an operating margin of -210029.5%, debt equal to 0.0% of equity and a current ratio of 4.39. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Vertical Aerospace Ltd.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021
Gross margin	5.7%	49.4%	51.5%
Operating margin	<−999%	<−999%	<−999%
Net margin	<−999%	<−999%	<−999%
Free-cash-flow margin	<−999%	<−999%	<−999%
Return on equity	−173.0%	—	—
Return on assets	—	−130.3%	−206.4%
Asset turnover	—	0.01	0.00
Current ratio	—	0.49	4.39
Debt to equity	0.0%	—	0.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m
R&D as % of revenue	>999%	>999%	>999%
Capital spending as % of revenue	>999%	178.2%	598.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 3 checks passed · December 31, 2025

What it owns · $141m

Short-term assets $134mLonger-term assets $7m

What it owes, and who funded it · $305m

Short-term liabilities $300mLonger-term liabilities $5mShareholders' equity $-163m

Short-term assets cover short-term liabilities $134m of assets due within a year against $300m of liabilities due within a year.
Short-term assets cover long-term liabilities $134m short-term assets against $5m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$168m against $253,284 of interest.

From Vertical Aerospace Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Vertical Aerospace Ltd.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vertical Aerospace Ltd.