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 $3.9B against $3.0B — 1.3× the size. Firefly Aerospace, Inc. has negative trailing earnings, so its P/E is not meaningful; Astronics Corporation trades at 37.5×. 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 37.52 n/m 33.00
P/S 3.16 13.73 3.63
P/B 15.02 3.22 3.24
Price to free cash flow 49.06 n/m 34.01
EV/EBITDA 21.52 n/m 18.69
EV/Sales 3.48 11.59 3.94
Earnings yield 2.67% (12.07%) 1.31%
Free cash flow yield 2.04% (8.28%) 0.00%

Profitability

Metric ATRO FLY Aerospace & Defense median
Gross margin 32.54% 22.92% 25.48%
Operating margin 13.40% (117.99%) 4.54%
Net margin 8.40% (129.06%) 2.22%
Free cash flow margin 6.44% (113.66%) 0.00%
Return on equity 33.68% (242.95%) 6.43%
Return on assets 11.24% (35.18%) 2.70%
Return on invested capital 15.79% (34.77%) 1.56%

Growth

Metric ATRO FLY Aerospace & Defense median
Revenue growth (TTM) 14.49% 179.17% 18.43%
EPS growth (last fiscal year) 276.10% 73.21% —
Revenue growth, 5-year CAGR 11.40% — 9.62%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric ATRO FLY Aerospace & Defense median
Debt to equity 1.57 0.02 0.24
Current ratio 2.97 2.73 2.72
Net debt to EBITDA 3.12 2.57 1.12

Dividend

Metric ATRO FLY Aerospace & Defense median
Dividend yield — — 1.04%
Payout ratio 0.00 — 0.00

Size

Metric ATRO FLY Aerospace & Defense median
Market cap 2.99b 3.93b 2.52b

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