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

Firefly Aerospace, Inc. and V2X, Inc. are both Aerospace & Defense companies. Firefly Aerospace, Inc. is the larger, with a market value of $3.0B against $2.2B — 1.4× the size. Firefly Aerospace, Inc. has negative trailing earnings, so its P/E is not meaningful; V2X, Inc. trades at 23.9×. Firefly Aerospace, Inc. grew revenue faster over the last twelve months: 179.2% against 13.0%. V2X, Inc. has the higher net margin (1.88% vs −129.1%) and the higher return on invested capital (6.51% 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 23.94 31.81
P/S 9.44 0.45 3.55
P/B 2.22 1.94 2.59
Price to free cash flow n/m 15.68 31.99
EV/EBITDA n/m 9.34 18.08
EV/Sales 7.30 0.62 3.37
Earnings yield (17.55%) 4.18% 1.38%
Free cash flow yield (12.04%) 6.38% 0.21%

Profitability

Metric FLY VVX Aerospace & Defense median
Gross margin 22.92% 8.47% 25.48%
Operating margin (117.99%) 4.19% 4.54%
Net margin (129.06%) 1.88% 2.22%
Free cash flow margin (113.66%) 2.86% 1.43%
Return on equity (242.95%) 8.35% 6.43%
Return on assets (35.18%) 2.90% 2.70%
Return on invested capital (34.77%) 6.51% 1.56%

Growth

Metric FLY VVX Aerospace & Defense median
Revenue growth (TTM) 179.17% 12.99% 18.43%
EPS growth (last fiscal year) 73.21% 126.85% 24.27%
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 0.92 0.24
Current ratio 2.73 1.32 2.72
Net debt to EBITDA 2.57 2.28 1.12

Dividend

Metric FLY VVX Aerospace & Defense median
Dividend yield — — 0.90%
Payout ratio — — 0.32

Size

Metric FLY VVX Aerospace & Defense median
Market cap 2.98b 2.15b 2.19b

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