Firefly Aerospace, Inc. (FLY) vs V2X, Inc. (VVX)

Firefly Aerospace, Inc. and V2X, Inc. are both Aerospace & Defense companies. Firefly Aerospace, Inc. and V2X, Inc. are of similar size ($2.5B and $2.3B). Firefly Aerospace, Inc. has negative trailing earnings, so its P/E is not meaningful; V2X, Inc. trades at 23.4×. Firefly Aerospace, Inc. grew revenue faster over the last twelve months: 179.2% against 13.2%. V2X, Inc. has the higher net margin (1.98% vs −129.1%) and the higher return on invested capital (6.73% vs −34.8%). Across the 17 metrics below, V2X, Inc. leads on 13 and Firefly Aerospace, Inc. on 4.

Valuation

Metric FLY VVX Aerospace & Defense median
P/E n/m 23.39 28.48
P/S 8.63 0.46 2.95
P/B 2.03 1.99 2.68
Price to free cash flow n/m 13.92 31.70
EV/EBITDA n/m 9.43 16.85
EV/Sales 6.49 0.62 2.74
Earnings yield (19.20%) 4.28% 0.89%
Free cash flow yield (13.17%) 7.19% 0.00%

Profitability

Metric FLY VVX Aerospace & Defense median
Gross margin 22.92% 8.47% 26.41%
Operating margin (117.99%) 4.17% 3.69%
Net margin (129.06%) 1.98% 2.74%
Free cash flow margin (113.66%) 3.34% 0.00%
Return on equity (242.95%) 8.82% 4.44%
Return on assets (35.18%) 3.10% 1.90%
Return on invested capital (34.77%) 6.73% 0.26%

Growth

Metric FLY VVX Aerospace & Defense median
Revenue growth (TTM) 179.17% 13.16% 18.03%
EPS growth (last fiscal year) 76.71% 126.85% 24.80%
Revenue growth, 5-year CAGR — 26.27% 9.73%
Net income growth, 5-year CAGR — 16.08% 0.00%

Health

Metric FLY VVX Aerospace & Defense median
Debt to equity 0.02 0.88 0.20
Current ratio 2.73 1.36 2.85
Net debt to EBITDA 2.57 2.28 1.29

Dividend

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

Size

Metric FLY VVX Aerospace & Defense median
Market cap 2.54b 2.32b 1.78b

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