Firefly Aerospace Inc. (FLY) Balance Sheet
FLY balance sheet, 2025
December 31, 2025 · U.S. dollars$1.82B assets = $635.0M liabilities + $1.19B equity
Both columns are drawn to the same scale: what FLY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FLY financial health
Descriptive bands, not a rating. Fiscal 2025.
FLY balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $321.2M2023 | $1.82B2025 | +138.4%/yr | |
| Total liabilities | $825.7M2023 | $635.0M2025 | −12.3%/yr | |
| Shareholders’ equity | −$504.5M2023 | $1.19B2025 | — | |
| Cash & short-term investments | $81.9M2023 | $893.0M2025 | +230.1%/yr | |
| Total debt | $120.9M2023 | $308.6M2025 | +59.7%/yr | |
| Net cash (debt) | −$39.0M2023 | $584.4M2025 | +$623.4M | |
| Working capital | $13.2M2023 | $749.6M2025 | +$736.4M | |
| Book value per share | −$3.512023 | $7.832025 | — | |
| Current ratio | 1.102023 | 4.512025 | +3.41 | |
| Shares outstanding | 143.6M2023 | 151.9M2025 | +2.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FLY assets
FLY liabilities and equity
FLY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FLY balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $893.0M | $123.4M | $81.9M |
| Cash & equivalents | $793.0M | $123.4M | $81.9M |
| Short-term investments | $100.0M | $0 | — |
| Receivables | $46.1M | $1.0M | $2.7M |
| Inventory | $0 | $0 | $247,000 |
| Other current assets | $24.1M | $56.3M | $65.0M |
| Total current assets | $963.2M | $180.7M | $149.9M |
| Property, plant & equipment (net) | $181.4M | $153.9M | $138.3M |
| Goodwill & intangible assets | $615.8M | $17.1M | $17.1M |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $64.5M | $55.6M | $15.9M |
| Total assets | $1.82B | $407.3M | $321.2M |
| Liabilities | |||
| Accounts payable | $36.0M | $37.7M | $27.6M |
| Short-term debt | $9.3M | $8.3M | $2.8M |
| Deferred revenue | $116.1M | $108.1M | $89.4M |
| Total current liabilities | $213.6M | $179.4M | $136.8M |
| Long-term debt | $281.4M | $141.6M | $95.6M |
| Lease obligations | $20.1M | $20.4M | $24.4M |
| Other long-term liabilities | $140.0M | $854.0M | $593.3M |
| Total liabilities | $635.0M | $1.17B | $825.7M |
| Shareholders' equity | |||
| Common stock & paid-in capital | $17,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$1.02B | −$767.6M | −$504.5M |
| Total shareholders' equity | $1.19B | −$767.6M | −$504.5M |
| Key figures | |||
| Total debt | $308.6M | $168.4M | $120.9M |
| Net cash (debt) | $584.4M | −$45.0M | −$39.0M |
| Working capital | $749.6M | $1.3M | $13.2M |
| Tangible book value | $574.1M | −$784.7M | −$521.6M |
| Book value per share | $7.83 | −$5.34 | −$3.51 |
| Shares outstanding | 151.9M | 143.6M | 143.6M |
| Current ratio | 4.51 | 1.01 | 1.10 |
| Quick ratio | 4.40 | 0.69 | 0.62 |
| Debt / equity | 0.26 | — | — |
| Equity / assets | 65.2% | −188.5% | −157.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $635.3M | $551.6M | $893.0M | $996.0M | $205.3M | $176.9M | $123.4M |
| Cash & equivalents | $459.8M | $326.2M | $793.0M | $996.0M | $205.3M | $176.9M | $123.4M |
| Short-term investments | $175.4M | $225.4M | $100.0M | — | — | — | $0 |
| Receivables | $78.1M | $44.8M | $46.1M | $7.6M | $5.6M | $14.9M | $1.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $86.0M | $77.1M | $24.1M | $19.2M | $23.2M | $17.8M | $56.3M |
| Total current assets | $799.3M | $673.5M | $963.2M | $1.02B | $234.1M | $209.6M | $180.7M |
| Property, plant & equipment (net) | $207.8M | $190.7M | $181.4M | $156.6M | $157.6M | $156.0M | $153.9M |
| Goodwill & intangible assets | $619.3M | $613.6M | $615.8M | $17.1M | $17.1M | $17.1M | $17.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $12.8M | $14.1M | $64.5M | $59.7M | $58.0M | $56.5M | $55.6M |
| Total assets | $1.64B | $1.49B | $1.82B | $1.26B | $466.8M | $439.2M | $407.3M |
| Liabilities | |||||||
| Accounts payable | $59.3M | $41.1M | $36.0M | $31.2M | $33.3M | $36.9M | $37.7M |
| Short-term debt | $11.5M | $10.2M | $9.3M | $8.4M | $8.3M | $8.0M | — |
| Deferred revenue | $151.2M | $146.2M | $116.1M | $95.2M | $82.7M | $82.7M | — |
| Total current liabilities | $293.1M | $266.2M | $213.6M | $164.9M | $147.4M | $151.0M | $179.4M |
| Long-term debt | $19.6M | $19.7M | $281.4M | $23.2M | $141.6M | $141.1M | $141.6M |
| Lease obligations | $26.4M | $26.2M | $20.1M | $14.3M | $19.1M | $19.4M | $20.4M |
| Other long-term liabilities | $103.6M | $101.2M | $140.0M | $119.2M | $1.10B | $985.8M | $854.0M |
| Total liabilities | $416.3M | $387.1M | $635.0M | $307.4M | $1.38B | $1.28B | $1.17B |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $17,000 | $17,000 | $17,000 | $16,000 | $2,000 | $2,000 | — |
| Retained earnings (deficit) | −$1.21B | −$1.12B | −$1.02B | −$979.2M | −$918.0M | −$838.7M | −$767.6M |
| Total shareholders' equity | $1.22B | $1.10B | $1.19B | $948.8M | −$918.0M | −$838.7M | −$767.6M |
| Key figures | |||||||
| Total debt | $53.4M | $53.0M | $308.6M | $44.5M | $167.6M | $167.2M | $141.6M |
| Net cash (debt) | $581.9M | $498.6M | $584.4M | $951.5M | $37.7M | $9.7M | −$18.2M |
| Working capital | $506.2M | $407.3M | $749.6M | $857.9M | $86.7M | $58.6M | $1.3M |
| Tangible book value | $603.7M | $491.2M | $574.1M | $931.7M | −$935.1M | −$855.8M | −$784.7M |
| Book value per share | $7.56 | $6.92 | $7.65 | $6.40 | −$6.39 | −$5.84 | −$5.36 |
| Shares outstanding | 161.8M | 159.6M | 155.6M | 148.1M | 143.6M | 143.6M | 143.1M |
| Current ratio | 2.73 | 2.53 | 4.51 | 6.20 | 1.59 | 1.39 | 1.01 |
| Quick ratio | 2.43 | 2.24 | 4.40 | 6.09 | 1.43 | 1.27 | 0.69 |
| Debt / equity | 0.04 | 0.05 | 0.26 | 0.05 | — | — | — |
| Equity / assets | 74.6% | 74.1% | 65.2% | 75.5% | −196.7% | −191.0% | −188.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 20, 2026); data from EODHD.
FLY financial position
At the end of fiscal 2025 (December 31, 2025), Firefly Aerospace had total assets of $1.8 billion (up 348.0% from a year earlier), total liabilities of $635.0 million and shareholders' equity of $1.2 billion. It held $893.0 million in cash and short-term investments against $308.6 million of debt, a net cash position of $584.4 million. Its current ratio was 4.51. In the latest quarter (ended June 30, 2026) total assets were $1.6 billion and equity $1.2 billion.
Related: FLY income statement, FLY cash flow statement, FLY key metrics. See the FLY stock overview for the latest quote and news.
FLY balance sheet FAQ
What are Firefly Aerospace's total assets?
Firefly Aerospace reported total assets of $1.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $407.3 million a year earlier.
How much debt does Firefly Aerospace have?
Firefly Aerospace had $308.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.26.
How much cash does Firefly Aerospace have?
Firefly Aerospace held $893.0 million in cash and short-term investments at the end of fiscal 2025; with $308.6 million of debt that is net cash of $584.4 million.
What is Firefly Aerospace's book value?
Firefly Aerospace's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $7.83 per share.
What is Firefly Aerospace's current ratio?
Firefly Aerospace had current assets of $963.2 million and current liabilities of $213.6 million, a current ratio of 4.51 (it can cover its short-term obligations).
How much goodwill does Firefly Aerospace have?
Firefly Aerospace carried $615.8 million of goodwill and intangible assets, 33.7% of total assets, at the end of fiscal 2025.