Firefly Aerospace, Inc. (FLY) vs VSE Corporation (VSEC)

Firefly Aerospace, Inc. and VSE Corporation are both Aerospace & Defense companies. VSE Corporation is the larger, with a market value of $5.1B against $3.9B — 1.3× the size. Firefly Aerospace, Inc. has negative trailing earnings, so its P/E is not meaningful; VSE Corporation trades at 57.6×. Firefly Aerospace, Inc. grew revenue faster over the last twelve months: 179.2% against 41.6%. VSE Corporation has the higher net margin (5.53% vs −129.1%) and the higher return on invested capital (2.04% vs −34.8%). Across the 17 metrics below, VSE Corporation leads on 13 and Firefly Aerospace, Inc. on 4.

Valuation

Metric FLY VSEC Aerospace & Defense median
P/E n/m 57.59 33.00
P/S 13.73 4.13 3.63
P/B 3.22 1.91 3.24
Price to free cash flow n/m n/m 34.01
EV/EBITDA n/m 35.43 18.69
EV/Sales 11.59 4.78 3.94
Earnings yield (12.07%) 1.74% 1.31%
Free cash flow yield (8.28%) (0.02%) 0.00%

Profitability

Metric FLY VSEC Aerospace & Defense median
Gross margin 22.92% 15.62% 25.48%
Operating margin (117.99%) 9.15% 4.54%
Net margin (129.06%) 5.53% 2.22%
Free cash flow margin (113.66%) (0.08%) 0.00%
Return on equity (242.95%) 3.84% 6.43%
Return on assets (35.18%) 2.50% 2.70%
Return on invested capital (34.77%) 2.04% 1.56%

Growth

Metric FLY VSEC Aerospace & Defense median
Revenue growth (TTM) 179.17% 41.55% 18.43%
EPS growth (last fiscal year) 73.21% 24.14% —
Revenue growth, 5-year CAGR — 10.95% 9.62%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric FLY VSEC Aerospace & Defense median
Debt to equity 0.02 0.32 0.24
Current ratio 2.73 3.77 2.72
Net debt to EBITDA 2.57 1.71 1.12

Dividend

Metric FLY VSEC Aerospace & Defense median
Dividend yield — 0.59% 1.04%
Payout ratio — 0.15 0.00

Size

Metric FLY VSEC Aerospace & Defense median
Market cap 3.93b 5.06b 2.52b

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