Forensic Analysis · Transportation / Logistics · as of Jul 15, 2026
Jet.AI Inc. (JTAI)
A forensic read on Jet.AI Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-2.9
Altman Z-score
Watch
Earnings quality
4
Forensic signals
Jet.AI Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -2.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+187.7%Accruals ratio.Net operating assets grew +187.7% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 123% of net operating assets.
-39%Return on invested capital.Return on invested capital is -39% in the latest fiscal year and rising from -826% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+46.2%/yrShare-count dilution.Diluted share count changed +212% over the last 3 years to FY2025 (+46.2%/yr). The count is GROWING — existing holders are being diluted. That's ~46.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~68%.
18% of revStock-based comp load.Stock-based compensation ran 18% of revenue in FY2025 — about $0.12 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin50.0%
Free Cash Flow$-9.1M
Latest Revenue$9.2M
Return on Equity20.9%
Revenue CAGR (3yr)-25.1%
Revenue Growth YoY-34.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Jet.AI Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about JTAI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown