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Wednesday 4 November 2026
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Firefly Aerospace, Inc.
FLY Industrials Aerospace & Defense
Firefly Aerospace, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $159.9 million, up 163.0% from fiscal 2024.
- Revenue
- +656.9%
- EPS
- +90.1%
- Free cash flow
- −185.3%
- Total debt
- −85.4%
Quarter to June 2026, against a year earlier
17.43
0.41
+2.41%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 55 | 61 | 160 | 287 | +70.1% | 439 | 686 | 1,060 | +87.9% | |
| Gross margin, % | — | — | — | — | — | — | — | 48.16 | (18.69) | 19.18 | 22.92 | (29.0) pt | ||||||
| EBT | — | — | — | — | — | — | — | (135) | (231) | (335) | (401) | +57.4% | ||||||
| EBT margin, % | — | — | — | — | — | — | — | (245.24) | (380.20) | (209.86) | (139.56) | +35.4 pt | ||||||
| Net income | — | — | — | — | — | — | — | (135) | (231) | (298) | (363) | +48.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 4.61 | 4.74 | 2.31 | 1.77 | (29.2%) | |||||
| Earnings | — | — | — | — | — | — | — | (13.05) | (20.74) | (4.83) | (2.94) | (39.2%) | ||||||
| Cash flow | — | — | — | — | — | — | — | (7.80) | (12.30) | (2.96) | (1.63) | (38.4%) | ||||||
| Capex | — | — | — | — | — | — | — | (6.45) | (2.55) | (0.47) | (0.38) | (73.0%) | ||||||
| Free cash flow | — | — | — | — | — | — | — | (14.25) | (14.85) | (3.43) | (2.02) | (50.9%) | ||||||
| Book value | — | — | — | — | — | — | — | (42.12) | (59.88) | 17.19 | 7.56 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | — | 12 | 13 | 69 | 121 | +140.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | 8.15 | 8.15 | 9.68 | 9.58 | 8.7 | ||||||
| P/B | — | — | — | — | — | — | — | 0.00 | 0.00 | 1.30 | 2.25 | 0.4 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 7.54 | 7.54 | 5.87 | 7.44 | 7.0 | ||||||
| EV/FCF | — | — | — | — | — | — | — | (4.21) | (4.21) | (3.95) | (6.55) | (4.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | (93) | (158) | (205) | (264) | +48.1% | |||||
| Capex | — | — | — | — | — | — | — | (77) | (33) | (33) | (62) | (35.1%) | ||||||
| Free cash flow | — | — | — | — | — | — | — | (171) | (190) | (237) | (326) | +18.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | 13 | 1 | 750 | 506 | +654.3% | |||||
| Net debt | — | — | — | — | — | — | — | 13 | 20 | (610) | (614) | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | (504) | (768) | 1,190 | 1,223 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | (72.97) | (29.92) | (35.18) | (29.9) pt | |||||
| ROIC | — | — | — | — | — | — | — | 0.00 | 0.00 | (28.07) | (34.77) | (28.1) pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 41.79 | (158.16) | (242.95) | (158.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 780 | 1,409 | — | +80.6% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 0.08 | 0.11 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
Firefly Aerospace, Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MOG.B Moog Inc. | $3.7B | 29.4× | — | +15.16% (above 0%: growing) | +153.97% (above 0%: growing) | +67.52% (above 0%: growing) | 31.10% | 14.41% | Compare |
| ACHR Archer Aviation Inc. | $3.2B | — (loss-making) | — (loss-making) | — | n/m | −51.76% (below 0%: shrinking) | 14.00% | (5,584.00%) | Compare |
| FLY Firefly Aerospace, Inc. | $2.9B | — (loss-making) | — (loss-making) | +656.85% (above 0%: growing) | n/m | −185.28% (below 0%: shrinking) | 20.29% | (80.89%) | |
| ATRO Astronics Corporation | $2.6B | 33.0× | 22.5× | +27.01% (above 0%: growing) | +2,362.46% (above 0%: growing) | +299.44% (above 0%: growing) | 33.43% | 15.57% | Compare |
| VVX V2X, Inc. | $2.5B | 25.6× | 24.7× | +8.94% (above 0%: growing) | +30.77% (above 0%: growing) | +81.15% (above 0%: growing) | 8.13% | 4.68% | Compare |
| DCO Ducommun Incorporated | $2.5B | — (loss-making) | 38.2× | +11.80% (above 0%: growing) | +58.82% (above 0%: growing) | +48.47% (above 0%: growing) | 28.02% | 12.62% | Compare |
| LUNR Intuitive Machines, Inc. | $2.4B | — (loss-making) | — (loss-making) | +309.77% (above 0%: growing) | n/m | −197.16% (below 0%: shrinking) | 17.40% | (22.86%) | Compare |
| RDW Redwire Corporation | $2.0B | — (loss-making) | — (loss-making) | +89.56% (above 0%: growing) | n/m | +62.22% (above 0%: growing) | 27.80% | (18.87%) | Compare |
| AADX Applied Aerospace & Defense, Inc. | $1.9B | — (loss-making) | — (loss-making) | — | n/m | — | 22.22% | (57.51%) | Compare |
| Median of peers | $2.5B | 29.4× | 24.7× | +21.09% | +106.40% | +62.22% | 25.01% | (7.09%) |
Pay and ownership Proxy statement filed 17 April 2026
Ownership
Directors and executive officers, together
7.50%
AE Industrial Partners
36.70%
Astera Institute
8.20%
Thomas Markusic
7.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Firefly Aerospace, Inc. (FLY) Latest News
29 Oct
21 Oct
30 Sep
25 Sep
9 Sep
29 Aug
13 Aug
FLY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share