One-glance verdict
Undervalued
$13.48 our estimate vs market $2.33
83% below our estimate, below the bear case
Fundamentals snapshot
Fly-E Group, Inc.
FLYE · NCM · Consumer Cyclical · Auto Manufacturers
Current price
$2.33
52-week range
$1.22 - $21.80
Market cap
$3.81M
Balance sheet
Distressed
-3.56x Concerning
Net debt $10.06M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
3 Risks
1 rewards · 3 risks
- Reward Free cash flow was positive in 2/10 years.
- Risk Return on equity was -82.2% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from 10.6% to -48.0% over 3 years.
- Risk Insider ownership is only 4.7% (peer median: 8.3%).
What this company does
Fly-E Group, Inc.
Fly-E Group, Inc. sells electric bikes and scooters, along with accessories and repair services, mainly to food delivery workers in the US. The money mostly comes from selling these vehicles and their parts, which helps show how profitable their business is before certain expenses (their operating margin, which is the percent of each sales dollar left after day-to-day business costs). This focus on delivery workers is important because it targets a specific and consistent customer group for their products.
How the company got here
Fly-E Group, Inc. was founded in 2018 by Zhou Ou, starting its journey in the electric vehicle market. [1, 2, 3, 8, 10, 15] The company has experienced rapid growth since its inception, focusing on the design, installation, and sale of electric vehicles. [6] Over time, Fly-E Group has expanded its business model to include not only direct sales but also a rental program and an online store, broadening its reach. [6, 7, 11] The company has also undergone corporate restructuring, including share exchanges and mergers, to optimize its operational structure. [6] Fly-E Group became a publicly traded company through an Initial Public Offering (IPO) on June 6, 2024. [7, 13]
What it actually does
Fly-E Group, Inc. operates as an electric vehicle company, primarily designing, installing, selling, and renting smart electric motorcycles, electric bikes, and electric scooters under its "Fly E-Bike" brand. [1, 2, 7, 8, 11, 12, 13, 14, 15] Their product lineup includes a variety of electric two- and three-wheeled vehicles, such as e-mopeds, e-motorcycles, e-tricycles, and e-scooters, alongside different types of e-bikes. [2, 10] Beyond the vehicles themselves, the company also offers a range of accessories and spare parts, from protective gear to upgrade components. [2, 5] Fly-E Group provides after-sales support, including repair and maintenance services, to enhance the customer ownership experience. [2, 5, 10] The company's main customer base includes food delivery workers and urban commuters. [2, 7, 9, 10]
Fly E-Bike Vehicles
This is the core of Fly-E Group's business, involving the creation and distribution of electric mobility solutions. [1, 2, 7, 8, 11, 15] The company offers a diverse selection of electric vehicles, including e-mopeds, e-motorcycles, e-scooters, and various e-bike models designed for different urban travel needs. [2, 10] These vehicles are made available to customers through a network that includes distributors, physical retail stores, and their online store. [2, 10] Fly-E Group boasts an extensive catalog of electric vehicle products, with numerous models of e-motorcycles, e-bikes, and e-scooters. [4, 7, 11]
Accessories and Spare Parts
Complementing their electric vehicle sales, Fly-E Group offers a wide array of accessories and spare parts. [2, 5] This category includes items for rider safety and convenience, such as raincoats, gloves, knee pads, storage baskets, tail boxes, and smartphone holders. [2, 5] Additionally, they provide branded apparel and components for upgrading vehicle parts like wheels and shock absorbers. [2, 5] These products are sold through the same channels as the vehicles, including their retail and online stores. [2, 10]
After-Sales Services
Fly-E Group extends its services beyond the point of sale to support its customers. [2, 5, 10] This includes offering repair and bodywork services for damaged vehicles, as well as routine maintenance packages. [2, 5, 10] These maintenance services cover checks on the mechanical structure, motor system, and battery health, ensuring the longevity of the electric vehicles. [2, 5, 10] The company also provides value-added services like GPS installation and theft reporting, aiming to enhance the overall ownership experience for their customers. [2, 5, 10]
What management is betting on now
Fly-E Group is strategically shifting its focus towards a rental program, which was introduced in late 2024. [9] Management anticipates that this rental model will generate higher profit margins compared to their traditional retail and wholesale sales. [9, 14] To support this pivot, the company has been closing some of its physical retail stores. [9] The leadership team believes that ongoing investments in safety, customer service, and product innovation are crucial for achieving sustained long-term growth. [12] Furthermore, they are working to expand their network of dealers to increase wholesale revenue. [14]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$-6.11M
FY2025 Q3
$-44.20K
FY2025 Q4
$-661.36K
FY2026 Q1
$-5.43M
FY2026 Q2
$-2.52M
FY2026 Q3
$-6.29M
FY2026 Q4
$116.36K
FY2027 Q1
$-192.37K
Revenue
$2.75M
Net income
$-3.94M
Diluted EPS
-2.41
Operating cash flow
$-190.16K
Free cash flow
$-192.37K
Fetching…
Sources
Revenue
$7.18M
Net income
$-3.55M
Diluted EPS
-2.38
Operating cash flow
$121.13K
Free cash flow
$116.36K
Fetching…
Sources
Revenue
$2.65M
Net income
$-1.92M
Diluted EPS
-1.18
Operating cash flow
$-6.26M
Free cash flow
$-6.29M
Fetching…
Sources
Revenue
$3.91M
Net income
$-1.78M
Diluted EPS
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Operating cash flow
$-2.42M
Free cash flow
$-2.52M
Fetching…
Sources
Revenue
$5.33M
Net income
$-2.01M
Diluted EPS
-6.00
Operating cash flow
$-5.28M
Free cash flow
$-5.43M
Fetching…
Sources
Revenue
$5.05M
Net income
$-3.28M
Diluted EPS
-21.95
Operating cash flow
$-645.48K
Free cash flow
$-661.36K
Fetching…
Sources
Revenue
$5.68M
Net income
$-684.49K
Diluted EPS
-2.78
Operating cash flow
$-1.84K
Free cash flow
$-44.20K
Fetching…
Sources
Revenue
$6.82M
Net income
$-1.14M
Diluted EPS
—
Operating cash flow
$-4.89M
Free cash flow
$-6.11M
Fetching…
Sources
Is it cheap or expensive?
Fair value $13.48 vs current price $2.33
Our most-likely fair value is $13.48 a share — about 477.2% above today's price of $2.33, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $10.1M. Interest coverage -3.6x.
Net debt
$10.06M
Interest coverage
-3.56x
Fly-E Group, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
FLYE
BASELINE
Fly-E Group, Inc.
Total debt $10.12M Interest coverage -3.56x This is the baseline the peer rows are being compared against.
Total debt $2.40B Interest coverage 11.56x This peer still has a real interest-payment cushion, while FLYE does not.
Total debt $33.41M Interest coverage -14.39x Neither company has much profit cushion over interest right now.
Total debt $77.62M Interest coverage -296.02x Neither company has much profit cushion over interest right now.
Total debt $6.37M Interest coverage -2.32x Neither company has much profit cushion over interest right now.
Total debt $355.29M Interest coverage -3.85x Neither company has much profit cushion over interest right now.
What you should know
The case for and against FLYE
1 Reward
3 Risks
Rewards
-
Free cash flow was positive in 2/10 years.
Risks
-
Return on equity was -82.2% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from 10.6% to -48.0% over 3 years.
-
Insider ownership is only 4.7% (peer median: 8.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
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P/B
0.28x
P/S
0.23x
EV/EBITDA
-1.98x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
16.4%
Operating margin
-48.0%
Net margin
-67.9%
ROE
-82.2%
ROA
-16.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.75x
Current ratio
2.02x
Quick ratio
1.45x
Total debt
$10.12M
Total cash
$60.28K
Growth
How the business has been compounding
Revenue TTM
$16.48M
Revenue 5Y CAGR
-23.1%
EPS TTM
-8.02
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-8.76M
Free CF TTM
$-15.74M
FCF margin
-95.5%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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