Firefly Aerospace Inc. (FLY) AI Stock Analysis

Firefly Aerospace Inc. operates as a space and defense technology company providing mission solutions for national security, government, and commercial customers in the United States. Incorporated in 2017 and headquartered in Leander, Texas, the company offers integrated launch and space services technology to support launch, transit, and operations in space. Its launch solutions include Alpha responsive launch services and Eclipse medium-lift launch vehicles. Spacecraft solution platforms comprise Blue Ghost lunar delivery and operation services, alongside Elytra for space maneuverability and servicing. Additionally, Firefly provides software, sensor solutions, big data processing, responsive space capabilities, and Ocula lunar imaging.

Annual revenue increased from $55.2M in FY2023 to $60.8M in FY2024, before accelerating 163.0% to $159.9M in FY2025, delivering a two-year revenue CAGR of 70.1%. Gross margin shifted from 48.2% in FY2023 to -18.7% in FY2024 and recovered to 15.6% in FY2025. Operating margins remained deeply negative across this span, recording -238.8% in FY2023, -344.5% in FY2024, and -154.3% in FY2025 as R&D expenses expanded to $200.1M. Net income dropped to -$298.3M, or -$1.48 per share, in FY2025. For the trailing twelve months ended June 30, 2026, revenue reached $287.0M, boosted by quarterly revenue growth of 656.9% year-over-year, while trailing net profit margin was -129.1% and operating margin was -80.9%.

As of June 30, 2026, Firefly Aerospace held $635.3M in cash and short-term investments compared to $53.4M in total debt, yielding net cash of $581.9M. The company maintains a current ratio of 2.73 and a debt-to-equity ratio of 0.04 against shareholders' equity of $1.22B and total assets of $1.64B. In FY2025, operating cash flow was -$204.9M and capital expenditures reached $32.8M, resulting in free cash flow of -$237.8M. Cash flow use in FY2025 also included $5.0M in dividends paid.

Firefly Aerospace trades at a price-to-sales multiple of 9.8x and an enterprise value to revenue ratio of 10.7x, both representing a significant premium to the median of its US-listed Industrials peers at 1.5x sales. The company has a price-to-book ratio of 3.0x, while its market capitalization stands at $2.80B and enterprise value is $3.08B. Trailing and forward price-to-earnings multiples are not meaningful due to losses, compared to the peer medians of 24.8x and 17.2x. Over the past year, FLY shares fell 40.3%, trailing the S&P 500 return of 16.8%.

Wall Street coverage consists of 6 Strong Buy, 1 Buy, and 4 Hold ratings, with zero Sell or Strong Sell recommendations. The mean price target of $38.00 implies an upside of 126.9% compared to the last close of $16.75 on October 16, 2026. For FY2026 ending December 31, 2026, consensus estimates anticipate revenue of $438.5M and an EPS of -$1.87. For the following fiscal year, 6 analysts project revenue reaching $686.1M, representing 56.5% growth, and an EPS of -$1.80. The company beat EPS estimates in 2 of the last 4 quarters, with next earnings scheduled for November 10, 2026.

This page is an AI-written research summary of Firefly Aerospace Inc. (FLY). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: FLY income statement, FLY balance sheet, FLY key metrics, FLY analyst forecast, FLY chart. See the FLY stock overview for the latest quote and news.