The company's capital structure has stabilized with $1.1B in equity, though this is supported by $453.4M in goodwill rather than organic retained earnings.
| Total Current Assets | 673.55M | 963.17M | 180.72M | 149.94M |
| Cash & Short-Term Investments | 551.63M | 892.97M | 123.43M | 81.94M |
| Cash Only | 326.18M | 792.97M | 123.43M | 81.94M |
| Short-Term Investments | 225.45M | 100.01M | 0 | 0 |
| Accounts Receivable | 44.8M | 46.13M | 1M | 2.7M |
| Days Sales Outstanding | 51.43 | 105.33 | 6.03 | 17.87 |
| Inventory | 0 | 0 | 0 | 247K |
| Days Inventory Outstanding | - | - | - | 3.15 |
| Other Current Assets | 77.12M | 24.07M | 1.94M | 7.51M |
| Total Non-Current Assets | 818.44M | 861.76M | 226.62M | 171.26M |
| Property, Plant & Equipment | 190.74M | 181.41M | 153.89M | 138.26M |
| Fixed Asset Turnover | 1.08x | 0.88x | 0.40x | 0.40x |
| Goodwill | 453.44M | 450.12M | 17.1M | 17.1M |
| Intangible Assets | 160.21M | 165.71M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 14.05M | 64.52M | 55.63M | 15.91M |
| Total Assets | 1.49B | 1.82B | 407.33M | 321.21M |
| Asset Turnover | 0.15x | 0.09x | 0.15x | 0.17x |
| Asset Growth % | 239.73% | 348.02% | 26.81% | - |
| Total Current Liabilities | 266.25M | 213.58M | 179.38M | 136.77M |
| Accounts Payable | 41.08M | 35.96M | 37.72M | 27.62M |
| Days Payables Outstanding | 89.23 | 97.22 | 190.8 | 352.11 |
| Short-Term Debt | 10.23M | 9.32M | 6.35M | 965K |
| Deferred Revenue (Current) | 440.28M | 116.14M | 108.07M | 89.4M |
| Other Current Liabilities | 68.69M | 52.17M | 10.84M | 452K |
| Current Ratio | 2.53x | 4.51x | 1.01x | 1.10x |
| Quick Ratio | 2.53x | 4.51x | 1.01x | 1.09x |
| Cash Conversion Cycle | -37.81 | - | - | -331.1 |
| Total Non-Current Liabilities | 120.86M | 421.41M | 995.58M | 688.92M |
| Long-Term Debt | 42.76M | 281.44M | 141.6M | 95.61M |
| Capital Lease Obligations | 48.4M | 17.84M | 18.46M | 22.52M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 78.1M | 29.57M | 789.61M | 537.04M |
| Total Liabilities | 387.11M | 635M | 1.17B | 825.69M |
| Total Debt | 52.99M | 308.59M | 168.4M | 120.95M |
| Net Debt | -273.19M | -484.37M | 44.97M | 39M |
| Debt / Equity | 0.05x | 0.26x | - | - |
| Debt / EBITDA | -0.20x | - | - | - |
| Net Debt / EBITDA | 1.04x | - | - | - |
| Interest Coverage | -36.78x | -11.44x | -10.35x | -33.18x |
| Total Equity | 1.1B | 1.19B | -767.62M | -504.49M |
| Equity Growth % | 231.73% | 255.02% | -52.16% | - |
| Book Value per Share | 6.92 | 17.19 | -5.34 | -3.51 |
| Total Shareholders' Equity | 1.1B | 1.19B | -767.62M | -504.49M |
| Common Stock | 17K | 17K | 1K | 1K |
| Retained Earnings | -1.12B | -1.02B | -767.62M | -504.49M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
High cash burn rate
As reported in recent financial statements, Firefly's total assets fluctuated significantly from $439.2M in 2025Q1 to $1.5B in 2026Q1, a trend driven largely by inorganic expansion and capital injections that mask the underlying instability of the company's core operational asset base during this high-growth phase.
The dramatic shift in total assets and equity suggests a period of aggressive corporate restructuring and potential acquisition activity rather than organic growth. Investors should monitor whether this asset expansion translates into improved launch cadence or if it merely reflects the accumulation of goodwill and intangible assets that may require future impairment testing.
Based on the company's reported figures, cash reserves dropped from $996.0M in 2025Q3 to $326.2M in 2026Q1, indicating a rapid depletion of liquidity that necessitates careful management of the current 2.53 current ratio to ensure operational continuity through upcoming mission milestones.
While the current ratio appears adequate, the rapid decline in cash balances highlights the high-burn nature of the business model. The company's liquidity position remains highly sensitive to the timing of milestone payments, leaving little room for error should launch schedules face further regulatory or technical delays.
According to recent SEC filings, goodwill surged to $453.4M by 2026Q1, representing a substantial portion of the $1.5B total asset base, which warrants further investigation into the valuation of acquired entities and the potential for future write-downs if expected synergies fail to materialize.
The heavy reliance on goodwill and intangibles suggests that a significant portion of the balance sheet is not tied to tangible, revenue-generating infrastructure like launch pads or manufacturing equipment. This composition increases the risk profile, as the book value of these assets may not be easily recoverable in a liquidation scenario.
As disclosed in financial statements, Firefly successfully reversed a negative equity position of -$918.0M in 2025Q2 to a positive $1.1B by 2026Q1, a turnaround that appears to be driven by significant capital raises rather than the accumulation of retained earnings.
The transition to positive equity is a positive signal for solvency, yet the persistent negative retained earnings of -$1.1B underscore the company's ongoing struggle to achieve profitability. This capital structure suggests that the firm remains heavily reliant on external financing to sustain its operations, which may lead to further dilution for existing shareholders.
Based on reported figures, deferred revenue of $146.2M in 2026Q1 represents a critical liability that must be fulfilled through future launch performance, creating a potential mismatch between cash received and the actual costs incurred to execute these complex, high-stakes aerospace missions.
The reliance on deferred revenue as a primary indicator of future performance may be misleading if the cost to fulfill these obligations exceeds initial estimates. Investors should be wary of the potential for margin compression if technical challenges force the company to spend more than anticipated to meet its contractual delivery requirements.
Quick answers to the most common questions about buying FLY stock.
As of 2025, Firefly Aerospace Inc. (FLY) had total assets of $1.82B including $963.2M in current assets.
Firefly Aerospace Inc. (FLY) carries total debt of $308.6M, offset by $893.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Firefly Aerospace Inc. (FLY) has total shareholders' equity (book value) of $1.19B ($17.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Firefly Aerospace Inc. (FLY) reported a current ratio of 4.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.