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Firefly Aerospace Inc.(FLY)Earnings, Financials & Key Ratios
FLY•NASDAQ
$31.52
$5.05B mkt cap·Price updated May 6, 2026
AboutFirefly Aerospace Inc. operates as a space and defense technology company and provides mission solutions for national security, government, and commercial customers. It offers integrated launch and space services technology that is committed to enabling launch, transit, and operations in space. The company also provides Alpha, a responsive small launch service; Eclipse, a medium-lift launch vehicle; Blue Ghost, a lunar delivery and operation service; Elytra, which offers space maneuverability and servicing; and Ocula, a lunar imaging service. The company was incorporated in 2017 and is headquartered in Cedar Park, Texas.Show more
- Revenue$160M+163.0%
- EBITDA-$222M-12.8%
- Net Income-$298M-29.1%
- EPS (Diluted)-4.83-161.0%
- Gross Margin15.56%+183.2%
- EBITDA Margin-138.89%+57.1%
- Operating Margin-154.25%+55.2%
- Net Margin-186.63%+50.9%
- ROE-141.29%
- ROIC-26.21%
- Debt/Equity0.26
- Interest Coverage-11.44-10.5%
FLY Key Insights
Firefly Aerospace Inc. (FLY) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Momentum leader: RS Rating 87 (top 13%)
- ✓Share count reduced 51.8% through buybacks
✗Weaknesses
- ✗Negative free cash flow
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
FLY Price & Volume
Firefly Aerospace Inc. (FLY) stock price & volume — 10-year historical chart
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FLY Growth Metrics
Firefly Aerospace Inc. (FLY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-
Return on Capital
10 Years-66.63%
5 Years-66.63%
3 Years-66.63%
Last Year-26.81%
FLY Recent Earnings
Firefly Aerospace Inc. (FLY) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/4 qtrs (75%)●Beat Revenue 3/4 qtrs (75%)
Q2 2026Latest
May 4, 2026EPS
$0.46
Est $0.50
+8.0%
Revenue
$81M
Est $77M
+4.9%
Q2 2026
Mar 19, 2026EPS
$0.38
Est $0.48
+20.8%
Revenue
$58M
Est $52M
+10.0%
Q4 2025
Nov 12, 2025EPS
$0.33
Est $0.41
+19.4%
Revenue
$31M
Est $28M
+11.1%
Q4 2025
Sep 22, 2025EPS
$5.30
Est $0.42
-1161.9%
Revenue
$16M
Est $29M
-47.0%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $0.46vs $0.50+8.0% | $81Mvs $77M+4.9% |
| Q2 2026 | Mar 19, 2026 | $0.38vs $0.48+20.8% | $58Mvs $52M+10.0% |
| Q4 2025 | Nov 12, 2025 | $0.33vs $0.41+19.4% | $31Mvs $28M+11.1% |
| Q4 2025 | Sep 22, 2025 | $5.30vs $0.42-1161.9% | $16Mvs $29M-47.0% |
Based on last 4 quarters of dataView full earnings history →
FLY Peer Comparison
Firefly Aerospace Inc. (FLY) competitors in Space Systems and Launch — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 RKT | 1.99B | 14.09 | 67.10 | 34.84% | 0.54% | -1.15% | 1.55 | |
 MNTS | 2.87M | 4.74 | -0.12 | -31.56% | -34.45% | |||
 ASTS | 18.69B | 63.87 | -47.66 | 15.05% | -482.16% | -21.06% | 0.01 | |
 SPCE | 154.77M | 2.45 | -0.18 | 3.47% | -176.16% | -129.53% | 1.30 | |
 BA | 176.88B | 224.38 | 90.48 | 34.49% | 2.46% | 289.7% | 9.97 | |
 LMT | 117.31B | 509.03 | 23.69 | 5.65% | 6.38% | 74.53% | 5.89% | 3.23 |
 NOC | 79.34B | 558.60 | 19.21 | 2.24% | 10.8% | 28.05% | 4.17% | 1.18 |
 KTOS | 10.02B | 59.31 | 456.23 | 18.52% | 1.63% | 1.1% | 0.09 |
Compare FLY vs Peers
Firefly Aerospace Inc. (FLY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FLY Income Statement
Firefly Aerospace Inc. (FLY) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
| Sales/Revenue | 55.23M | 60.79M | 159.85M | 184.88M |
| Revenue Growth % | - | 10.06% | 162.95% | - |
| Cost of Goods Sold | 28.64M | 72.16M | 134.99M | 144.77M |
| COGS % of Revenue | 51.84% | 118.69% | 84.44% | - |
| Gross Profit | 26.6M▲ 0% | -11.37M▼ 142.7% | 24.87M▲ 318.8% | 40.11M▲ 0% |
| Gross Margin % | 48.16% | -18.69% | 15.56% | 21.69% |
| Gross Profit Growth % | - | -142.73% | 318.79% | - |
| Operating Expenses | 158.47M | 198.09M | 271.45M | 323.81M |
| OpEx % of Revenue | 286.91% | 325.85% | 169.81% | - |
| Selling, General & Admin | 40.6M | 46.85M | 91.25M | 124.11M |
| SG&A % of Revenue | 73.51% | 77.06% | 57.08% | - |
| Research & Development | 117.87M | 149.5M | 200.12M | 219.62M |
| R&D % of Revenue | 213.4% | 245.92% | 125.19% | - |
| Other Operating Expenses | -1K | 1.74M | -19.91M | -1000K |
| Operating Income | -131.88M▲ 0% | -209.45M▼ 58.8% | -246.58M▼ 17.7% | -283.71M▲ 0% |
| Operating Margin % | -238.75% | -344.54% | -154.25% | -153.46% |
| Operating Income Growth % | - | -58.83% | -17.73% | - |
| EBITDA | -127.17M | -196.91M | -222.03M | -263.15M |
| EBITDA Margin % | -230.23% | -323.9% | -138.89% | -142.34% |
| EBITDA Growth % | - | -54.84% | -12.76% | - |
| D&A (Non-Cash Add-back) | 4.71M | 12.54M | 24.55M | 20.56M |
| EBIT | -131.49M | -210.76M | -246.58M | -271.65M |
| Net Interest Income | -3.96M | -20.37M | -3.38M | -881K |
| Interest Income | 0 | 0 | 18.19M | 16.08M |
| Interest Expense | 3.96M | 20.37M | 21.56M | 7.38M |
| Other Income/Expense | -3.58M | -21.68M | -88.89M | -88.28M |
| Pretax Income | -135.46M▲ 0% | -231.13M▼ 70.6% | -335.47M▼ 45.1% | -371.98M▲ 0% |
| Pretax Margin % | -245.24% | -380.2% | -209.86% | -201.2% |
| Income Tax | 0 | 0 | -37.13M | -37.2M |
| Effective Tax Rate % | 0% | 0% | 11.07% | 10% |
| Net Income | -135.46M▲ 0% | -231.13M▼ 70.6% | -298.34M▼ 29.1% | -334.79M▲ 0% |
| Net Margin % | -245.24% | -380.2% | -186.63% | -181.09% |
| Net Income Growth % | - | -70.63% | -29.08% | - |
| Net Income (Continuing) | -135.46M | -231.13M | -298.34M | -334.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.09▲ 0% | -1.85▼ 70.1% | -4.83▼ 161.0% | -2.10▲ 0% |
| EPS Growth % | - | -70.09% | -161.02% | - |
| EPS (Basic) | -1.09 | -1.85 | -4.83 | - |
| Diluted Shares Outstanding | 143.65M | 143.65M | 69.2M | 159.64M |
| Basic Shares Outstanding | 143.65M | 143.65M | 69.2M | 159.64M |
| Dividend Payout Ratio | - | - | - | - |
FLY Balance Sheet
Firefly Aerospace Inc. (FLY) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
| Total Current Assets | 149.94M | 180.72M | 963.17M | 673.55M |
| Cash & Short-Term Investments | 81.94M | 123.43M | 892.97M | 551.63M |
| Cash Only | 81.94M | 123.43M | 792.97M | 326.18M |
| Short-Term Investments | 0 | 0 | 100.01M | 225.45M |
| Accounts Receivable | 2.7M | 1M | 46.13M | 44.8M |
| Days Sales Outstanding | 17.87 | 6.03 | 105.33 | 51.43 |
| Inventory | 247K | 0 | 0 | 0 |
| Days Inventory Outstanding | 3.15 | - | - | - |
| Other Current Assets | 7.51M | 1.94M | 24.07M | 77.12M |
| Total Non-Current Assets | 171.26M | 226.62M | 861.76M | 818.44M |
| Property, Plant & Equipment | 138.26M | 153.89M | 181.41M | 190.74M |
| Fixed Asset Turnover | 0.40x | 0.40x | 0.88x | 1.08x |
| Goodwill | 17.1M | 17.1M | 450.12M | 453.44M |
| Intangible Assets | 0 | 0 | 165.71M | 160.21M |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 15.91M | 55.63M | 64.52M | 196.21M |
| Total Assets | 321.21M▲ 0% | 407.33M▲ 26.8% | 1.82B▲ 348.0% | 1.49B▲ 0% |
| Asset Turnover | 0.17x | 0.15x | 0.09x | 0.15x |
| Asset Growth % | - | 26.81% | 348.02% | 239.73% |
| Total Current Liabilities | 136.77M | 179.38M | 213.58M | 266.25M |
| Accounts Payable | 27.62M | 37.72M | 35.96M | 41.08M |
| Days Payables Outstanding | 352.11 | 190.8 | 97.22 | 89.23 |
| Short-Term Debt | 965K | 6.35M | 9.32M | 10.23M |
| Deferred Revenue (Current) | 89.4M | 108.07M | 116.14M | 440.28M |
| Other Current Liabilities | 452K | 10.84M | 52.17M | 109.77M |
| Current Ratio | 1.10x | 1.01x | 4.51x | 4.51x |
| Quick Ratio | 1.09x | 1.01x | 4.51x | 4.51x |
| Cash Conversion Cycle | -331.1 | - | - | -37.81 |
| Total Non-Current Liabilities | 688.92M | 995.58M | 421.41M | 120.86M |
| Long-Term Debt | 95.61M | 141.6M | 281.44M | 42.76M |
| Capital Lease Obligations | 22.52M | 18.46M | 17.84M | 48.4M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 537.04M | 789.61M | 29.57M | 1.14B |
| Total Liabilities | 825.69M | 1.17B | 635M | 387.11M |
| Total Debt | 120.95M | 168.4M | 308.59M | 52.99M |
| Net Debt | 39M | 44.97M | -484.37M | -273.19M |
| Debt / Equity | - | - | 0.26x | 0.26x |
| Debt / EBITDA | - | - | - | -0.20x |
| Net Debt / EBITDA | - | - | - | 1.04x |
| Interest Coverage | -33.18x | -10.35x | -11.44x | -36.78x |
| Total Equity | -504.49M▲ 0% | -767.62M▼ 52.2% | 1.19B▲ 255.0% | 1.1B▲ 0% |
| Equity Growth % | - | -52.16% | 255.02% | 231.73% |
| Book Value per Share | -3.51 | -5.34 | 17.19 | 6.92 |
| Total Shareholders' Equity | -504.49M | -767.62M | 1.19B | 1.1B |
| Common Stock | 1K | 1K | 17K | 17K |
| Retained Earnings | -504.49M | -767.62M | -1.02B | -1.12B |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
FLY Cash Flow Statement
Firefly Aerospace Inc. (FLY) cash flow — operating, investing & free cash flow history
| Line item | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
| Cash from Operations | -93.43M | -157.65M | -204.92M | -204.92M |
| Operating CF Margin % | -169.16% | -259.33% | -128.19% | - |
| Operating CF Growth % | - | -68.73% | -29.99% | -10.63% |
| Net Income | -135.46M | -231.13M | -298.34M | -334.79M |
| Depreciation & Amortization | 4.71M | 12.54M | 23.16M | 35.08M |
| Stock-Based Compensation | 1.61M | 1.84M | 17.84M | 25.92M |
| Deferred Taxes | 0 | 0 | -37.19M | -37.19M |
| Other Non-Cash Items | 2.3M | 13.47M | 85.95M | 94.12M |
| Working Capital Changes | 33.4M | 45.63M | 3.67M | 6.07M |
| Change in Receivables | -1.04M | 1.7M | 644K | 15.87M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 10.77M | 6.99M | -17.2M | -8.2M |
| Cash from Investing | -69.99M | -32.7M | -401.56M | -540.24M |
| Capital Expenditures | -77.25M | -32.7M | -32.83M | -46.52M |
| CapEx % of Revenue | 139.85% | 53.79% | 20.53% | - |
| Acquisitions | 7.25M | 0 | -277.42M | -277.42M |
| Investments | - | - | - | - |
| Other Investing | 0 | 0 | 280K | -124.72M |
| Cash from Financing | 240.73M | 232.76M | 1.26B | 885.08M |
| Debt Issued (Net) | 120.14M | 45.19M | 99.95M | 102.09M |
| Equity Issued (Net) | 149.83M | 189.04M | 1.17B | 1.05B |
| Dividends Paid | 0 | 0 | -4.99M | -4.99M |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | -29.24M | -1.47M | 601K | -262.46M |
| Net Change in Cash | 77.3M▲ 0% | 42.41M▼ 45.1% | 655.41M▲ 1445.3% | 149.33M▲ 0% |
| Free Cash Flow | -170.68M▲ 0% | -190.35M▼ 11.5% | -237.75M▼ 24.9% | -257.45M▲ 0% |
| FCF Margin % | -309.01% | -313.11% | -148.73% | -139.25% |
| FCF Growth % | - | -11.52% | -24.9% | - |
| FCF per Share | -1.19 | -1.33 | -3.44 | -3.44 |
| FCF Conversion (FCF/Net Income) | 0.69x | 0.68x | 0.69x | 0.77x |
| Interest Paid | 12.58M | 21.13M | 0 | 5.54M |
| Taxes Paid | 0 | 0 | 0 | 0 |
FLY Key Ratios
Firefly Aerospace Inc. (FLY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2024 | 2025 | TTM |
|---|---|---|---|
| Return on Equity (ROE) | - | -141.29% | -57.58% |
| Return on Invested Capital (ROIC) | - | -26.21% | -26.21% |
| Gross Margin | -18.69% | 15.56% | 21.69% |
| Net Margin | -380.2% | -186.63% | -181.09% |
| Debt / Equity | - | 0.26x | 0.26x |
| Interest Coverage | -10.35x | -11.44x | -36.78x |
| FCF Conversion | 0.68x | 0.69x | 0.77x |
| Revenue Growth | 10.06% | 162.95% | - |
FLY SEC Filings & Documents
Firefly Aerospace Inc. (FLY) SEC filings — annual & quarterly reports (10-K, 10-Q)
FLY Frequently Asked Questions
Firefly Aerospace Inc. (FLY) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Firefly Aerospace Inc. (FLY) reported $184.9M in revenue for fiscal year 2025. This represents a 235% increase from $55.2M in 2023.
Firefly Aerospace Inc. (FLY) grew revenue by 163.0% over the past year. This is strong growth.
Firefly Aerospace Inc. (FLY) reported a net loss of $334.8M for fiscal year 2025.
Dividend & Returns
Yes, Firefly Aerospace Inc. (FLY) pays a dividend with a yield of 0.23%. This makes it attractive for income-focused investors.
Firefly Aerospace Inc. (FLY) has a return on equity (ROE) of -141.3%. Negative ROE indicates the company is unprofitable.
Firefly Aerospace Inc. (FLY) had negative free cash flow of $257.4M in fiscal year 2025, likely due to heavy capital investments.
Explore More FLY
Firefly Aerospace Inc. (FLY) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates