XTI Aerospace, Inc. (NASDAQ: XTIA)

Sector: Industrials Industry: Aerospace & Defense CIK: 0001529113
Market Cap 39.02 Mn
P/B 3.73
P/E -0.64
P/S 8.48
ROIC (Qtr) -394.87
Div Yield % 0.00
Rev 1y % (Qtr) 170.59
Total Debt (Qtr) 253,000.00
Debt/Equity (Qtr) 0.02

About

XTI Aerospace, Inc. (XTIA), a company operating in the aerospace industry, focuses on the design, development, and manufacturing of aircraft, with an emphasis on electric and hybrid-electric propulsion systems. The company's main business activities are divided into two segments: the Aircraft Segment and the Real-Time Location System (RTLS) Segment. The Aircraft Segment, led by Michael Hinderberger, CEO of XTI Aircraft Company, is responsible for the development of the TriFan 600, a hybrid-electric aircraft designed for short-range flights. This...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 32.20M provide 328.55x coverage of short-term debt 98000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 37.60M provides 148.62x coverage of total debt 253000, indicating robust asset backing and low credit risk.
  • Tangible assets of 37.60M provide exceptional 51.02x coverage of deferred revenue 737000, showing strong service capability backing.
  • Operating cash flow of (38.36M) fully covers other non-current liabilities (737000) by 52.05x, showing strong long-term stability.
  • Robust tangible asset base of 37.60M provides 34.06x coverage of working capital 1.10M, indicating strong operational backing.

Bear case

  • Investment activities of (148000) provide weak support for R&D spending of 6.80M, which is -0.02x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (38.36M) provides insufficient coverage of deferred revenue obligations of 737000, which is -52.05x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (38.36M) shows concerning coverage of stock compensation expenses of 7.80M, with a -4.92 ratio indicating potential earnings quality issues.
  • Free cash flow of (38.51M) provides weak coverage of capital expenditures of 148000, with a -260.18 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (60.23M) show weak coverage of depreciation charges of 692000, with a -87.03 ratio indicating high capital intensity and potential reinvestment needs.

Timing of Transfer of Good or Service Breakdown of Revenue (2024)

Contract with Customer, Duration Breakdown of Revenue (2024)

Peer comparison

Companies in the Aerospace & Defense
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GE General Electric Co 342.94 Bn 42.54 7.80 20.84 Bn
2 RTX RTX Corp 252.05 Bn 38.24 2.93 40.71 Bn
3 BA Boeing Co 174.43 Bn -17.16 2.16 53.35 Bn
4 LMT Lockheed Martin Corp 126.61 Bn 30.15 1.73 22.19 Bn
5 GD General Dynamics Corp 95.62 Bn 22.69 1.86 8.01 Bn
6 NOC Northrop Grumman Corp /De/ 89.30 Bn 22.22 2.18 16.96 Bn
7 HWM Howmet Aerospace Inc. 88.16 Bn 60.80 11.05 3.19 Bn
8 TDG TransDigm Group INC 80.97 Bn 43.39 9.17 30.02 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.40 3.58
EV to Cash from Ops. EV/CFO -0.50 58.38
EV to Debt EV to Debt 76.33 98.04
EV to EBIT EV/EBIT -0.32 19.42
EV to EBITDA EV/EBITDA -0.42 33.60
EV to Free Cash Flow [EV/FCF] EV/FCF -0.50 91.66
EV to Market Cap EV to Market Cap 0.49 1.13
EV to Revenue EV/Rev 4.20 11.27
Price to Book Value [P/B] P/B 3.73 4.81
Price to Earnings [P/E] P/E -0.64 31.79
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) -154.73 -3.75
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 22.95
Dividend per Basic Share Div per Share (Qtr) 0.00 0.70
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 14.15
Interest Coverage Int. cover (Qtr) -74.17 -18.00
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -38.32 -50.32
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 6,200.98 1,609.43
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.75
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -62.64 -30.98
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -74.03 10.65
EBIT Growth (1y) % EBIT 1y % (Qtr) -62.72 -26.90
EBT Growth (1y) % EBT 1y % (Qtr) -61.05 -27.25
EPS Growth (1y) % EPS 1y % (Qtr) 109.64 -99.21
FCF Growth (1y) % FCF 1y % (Qtr) -146.72 6.61
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 85.94 -5.55
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.10 0.51
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.90 1.76
Current Ratio Curr Ratio (Qtr) 1.03 3.72
Debt to Equity Ratio Debt/Equity (Qtr) 0.02 0.07
Interest Cover Ratio Int Coverage (Qtr) -74.17 -18.00
Times Interest Earned Times Interest Earned (Qtr) -74.17 -18.00
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -1,293.90 -345.84
EBIT Margin % EBIT Margin % (Qtr) -1,308.95 -382.63
EBT Margin % EBT Margin % (Qtr) -1,326.60 -387.93
Gross Margin % Gross Margin % (Qtr) 53.50 -33.31
Net Profit Margin % Net Margin % (Qtr) -1,335.10 -389.13