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BETA Technologies

BETA
25
Aerospace & Defense · Industrials
Price
$17.76
+0.12 (+0.68%)
Market Cap
$3.95B
Winston Score
25
Winston is worried
Below-average fundamentals — multiple weak pillars.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Share count rising — dilution

+2.4% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 223.8M (2023) → 229.2M (2025)

BETA Technologies builds electric aircraft and the charging systems needed to power them. The company focuses on two main products: the ALIA, a fixed-wing electric aircraft designed for cargo and passenger transport, and a network of charging stations called CHARGE. Its main customers include UPS, United Therapeutics, and other companies looking to move goods or people by air without burning jet fuel.

BETA makes money by selling aircraft and charging infrastructure, and it also earns revenue through service and support contracts. The company is based in Vermont and operates primarily in the United States, though it is expanding its charging network across North America. Its integrated approach — building both the plane and the charger — gives it some advantage over competitors who only focus on one side of the equation. The biggest risk is that BETA is spending far more money than it earns right now, and it will need continued outside funding until electric aviation reaches commercial scale.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+30.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-32.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$260M/ year

Rising (+26% vs prior year)

729.7% of revenue

182.4x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

47.6%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$1.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$1.6B cash & investments at current burn rate

Strong grower

BETA Technologies is growing revenue at 30% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
72.2%
Premium pricing power — 72.2% gross margin
Operating Margin
-1046.3%
Losing money on operations — -1046.3%
ROCE
-18.6%
Weak — -18.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
+136.0%
Fast-growing sales (136.0% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
N/A
Data not available

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-879.5%
Burning cash (-879.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.10
Conservative — low debt load (0.10)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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