What is FIREFLY AEROSPACE INC's earnings per share (EPS)?

FIREFLY AEROSPACE INC (FLY) reported diluted earnings per share of $-4.83 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

FIREFLY AEROSPACE INC Financials

FLY

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows FIREFLY AEROSPACE INC (FLY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FLY FY2025 2026-04-22

FY2025 was a balance-sheet recapitalization in which external funding built liquidity faster than operations built self-funding capacity or absorbed development spending.

FY2025's cash position of $793.0M and current ratio of 4.5x look conservative, but they were created by $1.26B of financing cash flow while operations still used $204.9M and free cash flow was -$237.8M. That mix says the stronger balance sheet came from a recapitalization rather than from revenue growth turning into cash.

Revenue reached $159.9M in FY2025 while gross margin improved to 19.2%, so direct delivery economics recovered from FY2024's loss-making level. But R&D and overhead still sat above the revenue base—R&D alone was $200.1M—which pushed operating loss to -$260.7M and shows commercialization is still trailing buildout despite a much better top-line year.

The jump in total assets to $1.82B against revenue of $159.9M means this is currently an asset-rich balance sheet relative to sales, not a mature revenue machine. And because investing cash outflow was $401.6M while capital expenditures were only $32.8M, FY2025 cash deployment was driven by more than routine equipment spending.

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of FIREFLY AEROSPACE INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

FIREFLY AEROSPACE INC has an operating margin of -163.1%, meaning the company retains $-163 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -344.5% the prior year.

Growth

100

FIREFLY AEROSPACE INC's revenue surged 163.0% year-over-year to $159.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

FIREFLY AEROSPACE INC carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.51, FIREFLY AEROSPACE INC holds $4.51 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 90/100.

Cash Flow

While FIREFLY AEROSPACE INC generated -$204.9M in operating cash flow, capex of $32.8M consumed most of it, leaving -$237.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

FIREFLY AEROSPACE INC generates a -25.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Neutral

5/9

FIREFLY AEROSPACE INC passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.69x

For every $1 of reported earnings, FIREFLY AEROSPACE INC generates $0.69 in operating cash flow (-$204.9M OCF vs -$298.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-16.4x

FIREFLY AEROSPACE INC earns $-16.4 in operating income for every $1 of interest expense (-$260.7M vs $15.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$159.9M

YoY+163.0%

FIREFLY AEROSPACE INC generated $159.9M in revenue in fiscal year 2025. This represents an increase of 163.0% from the prior year.

EBITDA

-$237.5M

YoY-20.6%

FIREFLY AEROSPACE INC's EBITDA was -$237.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.6% from the prior year.

Net Income

-$298.3M

YoY-29.1%

FIREFLY AEROSPACE INC reported -$298.3M in net income in fiscal year 2025. This represents a decrease of 29.1% from the prior year.

EPS (Diluted)

$-4.83

FIREFLY AEROSPACE INC earned $-4.83 per diluted share (EPS) in fiscal year 2025. This represents an increase of 76.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$237.8M

YoY-24.9%

FIREFLY AEROSPACE INC generated -$237.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 24.9% from the prior year.

Cash & Debt

$793.0M

YoY+542.4%

FIREFLY AEROSPACE INC held $793.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

159M

FIREFLY AEROSPACE INC had 159M shares outstanding in fiscal year 2025. This represents an increase of 1102.9% from the prior year.

Margins & Returns

Gross Margin

19.2%

YoY+37.9pp

FIREFLY AEROSPACE INC's gross margin was 19.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 37.9 percentage points from the prior year.

Operating Margin

-163.1%

YoY+181.5pp

FIREFLY AEROSPACE INC's operating margin was -163.1% in fiscal year 2025, reflecting core business profitability. This is up 181.5 percentage points from the prior year.

Net Margin

-186.6%

YoY+193.6pp

FIREFLY AEROSPACE INC's net profit margin was -186.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 193.6 percentage points from the prior year.

Return on Equity

-25.1%

FIREFLY AEROSPACE INC's ROE was -25.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

$200.1M

YoY+33.9%

FIREFLY AEROSPACE INC invested $200.1M in research and development in fiscal year 2025. This represents an increase of 33.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$32.8M

YoY+0.4%

FIREFLY AEROSPACE INC invested $32.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.4% from the prior year.

FLY Income Statement

Metric	FY25	FY24	FY23
Revenue	$159.9M+163.0%	$60.8M+10.1%	$55.2M
Cost of Revenue	$129.2M+79.0%	$72.2M+152.0%	$28.6M
Gross Profit	$30.7M+369.8%	-$11.4M-142.7%	$26.6M
R&D Expenses	$200.1M+33.9%	$149.5M+26.8%	$117.9M
SG&A Expenses	$91.2M+94.8%	$46.8M+15.4%	$40.6M
Operating Income	-$260.7M-24.5%	-$209.5M-58.8%	-$131.9M
Interest Expense	$15.9M-36.9%	$25.2M+175.9%	$9.2M
Income Tax	-$37.1M	$0-100.0%	$4K
Net Income	-$298.3M-29.1%	-$231.1M-70.6%	-$135.5M
EPS (Diluted)	$-4.83	$-20.74-58.9%	$-13.05

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	$30.8M+97.9%	$15.5M	N/A	N/A	$22.4M+6.2%	$21.1M	N/A
Cost of Revenue	N/A	$22.3M+92.9%	$11.6M	N/A	N/A	$14.6M-19.4%	$18.1M	N/A
Gross Profit	N/A	$8.5M+112.5%	$4.0M	N/A	N/A	$7.8M+163.3%	$3.0M	N/A
R&D Expenses	N/A	$48.8M+6.5%	$45.8M	N/A	N/A	$29.9M-24.5%	$39.5M	N/A
SG&A Expenses	N/A	$21.9M+74.4%	$12.6M	N/A	N/A	$10.3M-16.1%	$12.3M	N/A
Operating Income	N/A	-$62.2M-14.4%	-$54.4M	N/A	N/A	-$34.2M+30.1%	-$48.9M	N/A
Interest Expense	N/A	$2.8M-59.4%	$6.9M	N/A	N/A	$6.5M+9.4%	$5.9M	N/A
Income Tax	N/A	$0	$0	N/A	N/A	$0	$0	N/A
Net Income	N/A	-$133.4M-109.2%	-$63.8M-6.1%	-$60.1M	N/A	-$40.8M+23.7%	-$53.5M-1.3%	-$52.8M
EPS (Diluted)	N/A	$-1.50	$-5.78	N/A	N/A	$-3.57+22.4%	$-4.60	N/A

FLY Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$1.8B+348.0%	$407.3M	N/A
Current Assets	$963.2M+433.0%	$180.7M	N/A
Cash & Equivalents	$793.0M+542.4%	$123.4M+50.6%	$81.9M
Inventory	N/A	N/A	N/A
Accounts Receivable	$46.1M+4494.5%	$1.0M	N/A
Goodwill	$450.1M+2532.7%	$17.1M0.0%	$17.1M
Total Liabilities	$635.0M-46.0%	$1.2B	N/A
Current Liabilities	$213.6M+19.1%	$179.4M	N/A
Long-Term Debt	N/A	$113.0M	N/A
Total Equity	$1.2B+255.0%	-$767.6M-52.2%	-$504.5M
Retained Earnings	-$1.0B-32.9%	-$767.6M	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.8B+45.3%	$1.3B+169.1%	$466.8M	N/A	$407.3M	N/A	N/A	N/A
Current Assets	$963.2M-5.8%	$1.0B+336.9%	$234.1M	N/A	$180.7M	N/A	N/A	N/A
Cash & Equivalents	$793.0M-20.3%	$995.2M+384.8%	$205.3M	N/A	$123.4M+368.3%	$26.4M+20.6%	$21.9M	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$46.1M+799.7%	$5.1M-9.1%	$5.6M	N/A	$1.0M	N/A	N/A	N/A
Goodwill	$450.1M+2532.7%	$17.1M0.0%	$17.1M	N/A	$17.1M	N/A	N/A	N/A
Total Liabilities	$635.0M+106.6%	$307.4M-77.8%	$1.4B	N/A	$1.2B	N/A	N/A	N/A
Current Liabilities	$213.6M+29.5%	$164.9M+11.9%	$147.4M	N/A	$179.4M	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	$136.1M	N/A	$113.0M	N/A	N/A	N/A
Total Equity	$1.2B+25.4%	$948.8M+203.4%	-$918.0M-9.5%	-$838.7M-9.3%	-$767.6M-15.4%	-$665.5M-207.3%	$620.0M+210.3%	-$561.8M
Retained Earnings	-$1.0B-4.2%	-$979.2M-6.7%	-$918.0M	N/A	-$767.6M	N/A	N/A	N/A

FLY Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	-$204.9M-30.0%	-$157.7M-68.7%	-$93.4M
Capital Expenditures	$32.8M+0.4%	$32.7M-57.7%	$77.2M
Free Cash Flow	-$237.8M-24.9%	-$190.3M-11.5%	-$170.7M
Investing Cash Flow	-$401.6M-1128.1%	-$32.7M+53.3%	-$70.0M
Financing Cash Flow	$1.3B+442.1%	$232.8M-3.3%	$240.7M
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$67.3M-26.8%	-$53.0M	N/A	N/A	-$40.3M-10.1%	-$36.6M	N/A	N/A
Capital Expenditures	$12.1M+35.3%	$8.9M	N/A	N/A	$2.7M-67.6%	$8.2M	N/A	N/A
Free Cash Flow	-$79.3M-28.0%	-$62.0M	N/A	N/A	-$42.9M+4.2%	-$44.8M	N/A	N/A
Investing Cash Flow	-$380.8M-4169.1%	-$8.9M	N/A	N/A	-$2.7M+67.6%	-$8.2M	N/A	N/A
Financing Cash Flow	$245.0M-70.7%	$836.4M	N/A	N/A	$141.0M+194.5%	$47.9M	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FLY Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	19.2%+37.9pp	-18.7%-66.8pp	48.2%
Operating Margin	-163.1%+181.5pp	-344.5%-105.8pp	-238.8%
Net Margin	-186.6%+193.6pp	-380.2%-135.0pp	-245.2%
Return on Equity	-25.1%	N/A	N/A
Return on Assets	-16.4%+40.4pp	-56.7%	N/A
Current Ratio	4.51+3.5	1.01	N/A
Debt-to-Equity	0.53+0.7	-0.15	N/A
FCF Margin	-148.7%+164.4pp	-313.1%-4.1pp	-309.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	27.6%+1.9pp	25.7%	N/A	N/A	34.7%+20.7pp	14.0%	N/A
Operating Margin	N/A	-202.1%+147.5pp	-349.5%	N/A	N/A	-152.9%+79.2pp	-232.1%	N/A
Net Margin	N/A	-433.5%-23.3pp	-410.2%	N/A	N/A	-182.3%+71.3pp	-253.7%	N/A
Return on Equity	N/A	-14.1%	N/A	N/A	N/A	N/A	-8.6%	N/A
Return on Assets	N/A	-10.6%+3.0pp	-13.7%	N/A	N/A	N/A	N/A	N/A
Current Ratio	4.51-1.7	6.20+4.6	1.59	N/A	1.01	N/A	N/A	N/A
Debt-to-Equity	0.53+0.2	0.32+0.5	-0.15	N/A	-0.15	N/A	N/A	N/A
FCF Margin	N/A	-201.3%	N/A	N/A	N/A	-200.2%	N/A	N/A

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Frequently Asked Questions

What is FIREFLY AEROSPACE INC's annual revenue?

FIREFLY AEROSPACE INC (FLY) reported $159.9M in total revenue for fiscal year 2025. This represents a 163.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is FIREFLY AEROSPACE INC's revenue growing?

FIREFLY AEROSPACE INC (FLY) revenue grew by 163% year-over-year, from $60.8M to $159.9M in fiscal year 2025.

Is FIREFLY AEROSPACE INC profitable?

No, FIREFLY AEROSPACE INC (FLY) reported a net income of -$298.3M in fiscal year 2025, with a net profit margin of -186.6%.

What is FIREFLY AEROSPACE INC's EBITDA?

FIREFLY AEROSPACE INC (FLY) had EBITDA of -$237.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is FIREFLY AEROSPACE INC's gross margin?

FIREFLY AEROSPACE INC (FLY) had a gross margin of 19.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is FIREFLY AEROSPACE INC's operating margin?

FIREFLY AEROSPACE INC (FLY) had an operating margin of -163.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is FIREFLY AEROSPACE INC's net profit margin?

FIREFLY AEROSPACE INC (FLY) had a net profit margin of -186.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is FIREFLY AEROSPACE INC's return on equity (ROE)?

FIREFLY AEROSPACE INC (FLY) has a return on equity of -25.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is FIREFLY AEROSPACE INC's free cash flow?

FIREFLY AEROSPACE INC (FLY) generated -$237.8M in free cash flow during fiscal year 2025. This represents a -24.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is FIREFLY AEROSPACE INC's operating cash flow?

FIREFLY AEROSPACE INC (FLY) generated -$204.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are FIREFLY AEROSPACE INC's total assets?

FIREFLY AEROSPACE INC (FLY) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are FIREFLY AEROSPACE INC's capital expenditures?

FIREFLY AEROSPACE INC (FLY) invested $32.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does FIREFLY AEROSPACE INC spend on research and development?

FIREFLY AEROSPACE INC (FLY) invested $200.1M in research and development during fiscal year 2025.

How many shares does FIREFLY AEROSPACE INC have outstanding?

FIREFLY AEROSPACE INC (FLY) had 159M shares outstanding as of fiscal year 2025.

What is FIREFLY AEROSPACE INC's current ratio?

FIREFLY AEROSPACE INC (FLY) had a current ratio of 4.51 as of fiscal year 2025, which is generally considered healthy.

What is FIREFLY AEROSPACE INC's debt-to-equity ratio?

FIREFLY AEROSPACE INC (FLY) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is FIREFLY AEROSPACE INC's return on assets (ROA)?

FIREFLY AEROSPACE INC (FLY) had a return on assets of -16.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is FIREFLY AEROSPACE INC's cash runway?

Based on fiscal year 2025 data, FIREFLY AEROSPACE INC (FLY) had $793.0M in cash against an annual operating cash burn of $204.9M. This gives an estimated cash runway of approximately 46 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is FIREFLY AEROSPACE INC's Piotroski F-Score?

FIREFLY AEROSPACE INC (FLY) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are FIREFLY AEROSPACE INC's earnings high quality?

FIREFLY AEROSPACE INC (FLY) has an earnings quality ratio of 0.69x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can FIREFLY AEROSPACE INC cover its interest payments?

FIREFLY AEROSPACE INC (FLY) has an interest coverage ratio of -16.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is FIREFLY AEROSPACE INC?

FIREFLY AEROSPACE INC (FLY) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.