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Firefly Aerospace (FLY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Firefly Aerospace
NasdaqGM•Industrials•Aerospace & Defense
$20.58-1.14(-0.05%)Market open
Market Cap
$3.33B
P/S
9.7x
P/B
2.7x

Firefly Aerospace Inc. operates as a space and defense technology company and provides mission solutions for national security, government, and commercial customers in United States. The company offers integrated launch and space services technology that is committed to enabling launch, transit, and operations in space. It also provides Launch solutions, such as Alpha, a responsive launch services; and Eclipse, a medium-lift launch vehicles. In addition, the company offers spacecraft solutions platforms, including Blue Ghost, a lunar delivery and operation service; and Elytra, which provides space maneuverability and servicing. Further, it provides software and sensor solutions; national security software and big data processing capabilities; and responsive space services, as well as Ocula, a lunar imaging service. Firefly Aerospace Inc. was incorporated in 2017 and is headquartered in Leander, Texas.

C

How this company scores

AverageMetricSide Score: 44/100

Strongest: Balance Sheet & Red Flags (19/25); weakest: Cash & Earnings Quality (6/25).

Profitability9/25
Growth10/25
Balance Sheet & Red Flags19/25
Cash & Earnings Quality6/25
Strengths
Low leverageConsistent growthNet cash positionImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 9.7x5y range 9.7x – 15.7x
P/S 9.7x
P/B · 2.7x5y range 1.3x – 3.7x
P/B 2.7x · near its 4-quarter median

Currently near its 4-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 5 quarters — earnings are not translating to cash.

Price & Volume
Market Cap $3.33B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$342.87M
2Q
Q. Revenue
$117.68M
657%
TTM EBITDA
$-352.07M
2Q
TTM Op. Income
$-397.20M
2Q
Q. Op. Income
$-95.20M
2Q
TTM Net Income
$-423.56M
2Q
Q. Net Income
$-92.32M
3Q
EPS
$-0.57
2Q
Shares Out.
$161.78M
2Q
$342.87M in TTM revenue grew from zero YoY, reaching $117.68M last quarter. TTM EBITDA of $-352.07M and TTM operating income of $-397.20M show growth is flowing through to the bottom line. However, net income is negative at $423.56M — growth is not yet reaching the bottom line. Across the last 5 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
20.3%
21%
EBITDA Margin
-69.0%
4Q
Op. Margin
-80.9%
4Q
Net Margin
-78.4%
81%
Op. margin of -80.9% is up 268.6% YoY — cost efficiency is improving. Net margin at -78.4% and gross margin of 20.3% show how much of each revenue dollar survives to profit. Across the last 5 quarters, operating margin has risen for 4 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
9.7x
P/B Ratio
2.7x
P/S of 9.7x and P/B of 2.7x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$1.64B
251%
Cash
$459.82M
124%
Long-Term Debt
$19.59M
2Q
Book Value
$1.22B
233%
D/E Ratio
0.0
2Q
Debt/EBITDA
N/A
With $1.64B in assets and $19.59M in long-term debt, D/E is 0.0and book value is $1.22B — a conservative capital structure with a cushion to weather downturns. Across the last 4 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-81.56M
4%
TTM Free Cash Flow
$-326.49M
2Q
FCF Margin
-95.2%
FCF / Net Income
0.8
TTM FCF of $-326.49M on $-81.56M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Across the last 5 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.

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Cash Burn

Red Flag

The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 1065.8% — significant dilution, likely from stock compensation or capital raises.