Firefly Aerospace, Inc. (FLY) vs Redwire Corporation (RDW)

Firefly Aerospace, Inc. and Redwire Corporation 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. grew revenue faster over the last twelve months: 179.2% against 63.1%. Redwire Corporation has the higher net margin (−60.7% vs −129.1%) and the higher return on invested capital (−12.0% vs −34.8%). Across the 17 metrics below, Redwire Corporation leads on 12 and Firefly Aerospace, Inc. on 5.

Valuation

Metric FLY RDW Aerospace & Defense median
P/E n/m n/m 33.00
P/S 13.73 6.01 3.63
P/B 3.22 1.57 3.24
Price to free cash flow n/m n/m 34.01
EV/EBITDA n/m n/m 18.69
EV/Sales 11.59 4.82 3.94
Earnings yield (12.07%) (12.56%) 1.31%
Free cash flow yield (8.28%) (4.14%) 0.00%

Profitability

Metric FLY RDW Aerospace & Defense median
Gross margin 22.92% 20.10% 25.48%
Operating margin (117.99%) (50.50%) 4.54%
Net margin (129.06%) (60.67%) 2.22%
Free cash flow margin (113.66%) (24.86%) 0.00%
Return on equity (242.95%) (20.38%) 6.43%
Return on assets (35.18%) (14.99%) 2.70%
Return on invested capital (34.77%) (12.00%) 1.56%

Growth

Metric FLY RDW Aerospace & Defense median
Revenue growth (TTM) 179.17% 63.10% 18.43%
EPS growth (last fiscal year) 73.21% 2.98% —
Revenue growth, 5-year CAGR — 42.32% 9.62%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric FLY RDW Aerospace & Defense median
Debt to equity 0.02 0.03 0.24
Current ratio 2.73 3.92 2.72
Net debt to EBITDA 2.57 0.04 1.12

Dividend

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

Size

Metric FLY RDW Aerospace & Defense median
Market cap 3.93b 2.96b 2.52b

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