Astronics Corporation (ATRO) vs Firefly Aerospace, Inc. (FLY)

Astronics Corporation and Firefly Aerospace, Inc. are both Aerospace & Defense companies. Firefly Aerospace, Inc. is the larger, with a market value of $2.5B against $2.3B — 1.1× the size. Firefly Aerospace, Inc. has negative trailing earnings, so its P/E is not meaningful; Astronics Corporation trades at 28.7×. Firefly Aerospace, Inc. grew revenue faster over the last twelve months: 179.2% against 14.5%. Astronics Corporation has the higher net margin (8.40% vs −129.1%) and the higher return on invested capital (15.8% vs −34.8%). Across the 17 metrics below, Astronics Corporation leads on 13 and Firefly Aerospace, Inc. on 4.

Valuation

Metric ATRO FLY Aerospace & Defense median
P/E 28.68 n/m 28.48
P/S 2.42 8.63 2.95
P/B 11.48 2.03 2.68
Price to free cash flow 37.50 n/m 31.70
EV/EBITDA 16.92 n/m 16.85
EV/Sales 2.74 6.49 2.74
Earnings yield 3.49% (19.20%) 0.89%
Free cash flow yield 2.67% (13.17%) 0.00%

Profitability

Metric ATRO FLY Aerospace & Defense median
Gross margin 32.54% 22.92% 26.41%
Operating margin 13.40% (117.99%) 3.69%
Net margin 8.40% (129.06%) 2.74%
Free cash flow margin 6.44% (113.66%) 0.00%
Return on equity 33.68% (242.95%) 4.44%
Return on assets 11.24% (35.18%) 1.90%
Return on invested capital 15.79% (34.77%) 0.26%

Growth

Metric ATRO FLY Aerospace & Defense median
Revenue growth (TTM) 14.49% 179.17% 18.03%
EPS growth (last fiscal year) 276.10% 76.71% 24.80%
Revenue growth, 5-year CAGR 11.40% — 9.73%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric ATRO FLY Aerospace & Defense median
Debt to equity 1.57 0.02 0.20
Current ratio 2.97 2.73 2.85
Net debt to EBITDA 3.12 2.57 1.29

Dividend

Metric ATRO FLY Aerospace & Defense median
Dividend yield — — 0.91%
Payout ratio — — 0.30

Size

Metric ATRO FLY Aerospace & Defense median
Market cap 2.28b 2.54b 1.78b

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