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. In the quarter to June 2026, revenue grew 656.9%, EPS grew 90.1%, free cash flow fell 185.3% and total debt fell 85.4%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Firefly Aerospace, Inc. (FLY) Beneish M-score
Firefly Aerospace, Inc.'s Beneish M-score for fiscal 2025 is 13.36; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 13.36 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 17.47 | — | 16.07 | |
| Gross margin index | (0.97) | — | −0.51 | |
| Asset quality index | 1.71 | — | 0.69 | |
| Sales growth index | 2.63 | — | 2.35 | |
| Depreciation index | 0.68 | — | 0.08 | |
| SG&A index | 0.74 | — | −0.13 | |
| Total accruals to total assets | (0.05) | — | −0.24 | |
| Leverage index | 0.34 | — | −0.11 | |
| Beneish M-score | Flagged by the model | 13.36 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LUNR Intuitive Machines, Inc. compare | −4.7× |
| ATRO Astronics Corporation compare | −2.8× |
| DCO Ducommun Incorporated compare | −2.5× |
| MOG.B Moog Inc. compare | −2.4× |
| AIR AAR Corp. compare | −2.2× |
| KRMN Karman Holdings Inc. compare | −1.9× |
| RDW Redwire Corporation compare | −0.8× |
| FLY Firefly Aerospace, Inc. | 13.4× |
| ACHR Archer Aviation Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI