Latest Ratios: P/E Ratio -4.6x · EV/EBITDA 10.4x · ROE 7.0%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $107M | $99M | $108M | $536M | $408M | $392M | — |
| Enterprise Value | $321M | $313M | $281M | $727M | $587M | $439M | — |
| P/E Ratio → | -4.57 | — | — | — | — | — | — |
| P/S Ratio | 0.87 | 0.81 | 1.09 | 8.03 | 8.80 | 9.94 | — |
| P/B Ratio | 1.61 | 1.54 | 2.01 | 19.89 | 5.41 | 6.33 | — |
| P/FCF | — | — | 20.42 | — | — | — | — |
| P/OCF | 6.42 | 5.94 | 11.50 | — | — | 65.04 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.55 | 2.85 | 10.90 | 12.65 | 11.14 | — |
| EV / EBITDA | 10.39 | 10.13 | 12.33 | — | — | 53.10 | — |
| EV / EBIT | 20.83 | 20.31 | 38.03 | — | — | 159.38 | — |
| EV / FCF | — | — | 53.28 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 42.1% | 42.1% | 41.7% | 38.0% | 27.0% | 32.5% | 4.2% |
| Operating Margin | 12.5% | 12.5% | 5.4% | -86.2% | -48.8% | 4.0% | -66.0% |
| Net Profit Margin | 3.4% | 3.4% | -15.8% | -116.0% | -90.8% | -16.6% | -91.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 7.0% | 7.0% | -38.7% | -151.2% | -61.4% | -10.6% | — |
| ROA | 1.3% | 1.3% | -5.5% | -26.7% | -16.8% | -4.0% | -9.3% |
| ROIC | 4.6% | 4.6% | 1.8% | -18.3% | -9.3% | 1.0% | — |
| ROCE | 5.3% | 5.3% | 2.1% | -21.7% | -11.2% | 1.3% | -6.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.79 | 3.79 | 3.97 | 7.97 | 2.77 | 0.98 | — |
| Debt / EBITDA | 7.93 | 7.93 | 9.34 | — | — | 7.37 | — |
| Net Debt / Equity | — | 3.30 | 3.24 | 7.12 | 2.37 | 0.76 | — |
| Net Debt / EBITDA | 6.91 | 6.91 | 7.61 | — | — | 5.71 | — |
| Debt / FCF | — | — | 32.86 | — | — | — | — |
| Interest Coverage | 0.66 | 0.66 | 0.31 | -2.34 | -1.10 | 0.30 | -6.64 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.43 | 2.43 | 2.73 | 1.78 | 4.40 | 0.30 | 2.37 |
| Quick Ratio | 2.43 | 2.43 | 2.69 | 1.78 | 4.40 | 0.30 | 2.18 |
| Cash Ratio | 1.90 | 1.90 | 1.68 | 0.94 | 3.50 | 0.19 | 1.34 |
| Asset Turnover | — | 0.37 | 0.34 | 0.24 | 0.15 | 0.20 | 0.10 |
| Inventory Turnover | — | — | 67.07 | — | — | — | 17.15 |
| Days Sales Outstanding | — | 9.48 | 22.00 | 22.50 | 0.23 | 0.32 | 61.57 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | 4.9% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $54M | $51M | $78M | $40M | $40M | $43M |
Extreme Seasonal Revenue Concentration
Based on reported financial data, Bridger Aerospace currently trades at a price-to-sales ratio of 0.79, yet the negative TTM P/E of -4.12 suggests that investors are pricing the company on speculative future fleet utilization rather than current bottom-line profitability or consistent earnings growth.
The absence of a forward P/E or PEG ratio indicates that the market may be struggling to anchor a valuation for a business model that is fundamentally tied to seasonal government contract cycles. Investors should monitor whether the current EV/EBITDA of 10.05 reflects a realistic assessment of the company's ability to scale its specialized fleet without further dilutive capital raises.
As reported in recent financial statements, ROIC has fluctuated significantly from a peak of 12.4% in 2025Q3 to a trough of -8.3% in 2023Q4, illustrating that the company's ability to generate returns on its capital-intensive fleet is entirely dependent on peak-season operational performance.
The wide variance in ROIC suggests that the company is currently failing to compound capital efficiently across the full fiscal year. This volatility implies that the business model requires a structural shift toward year-round revenue generation to stabilize returns and justify the heavy investment in specialized aerial assets.
According to quarterly filings, the cash conversion cycle remains erratic, with DSO reaching 113 days in 2025Q4, which suggests that the company faces significant delays in collecting payments from government entities during the off-season, thereby straining its short-term liquidity and operational flexibility.
The high DSO figures relative to the company's own history indicate that Bridger Aerospace lacks leverage in its payment terms with public sector clients. This inefficiency forces the company to maintain higher cash buffers or rely on debt, which may further compress margins during periods of low flight activity.
Based on the company's reported figures, the debt-to-equity ratio surged to 7.38 in 2026Q1 from 3.79 in 2025Q4, indicating that the company's reliance on debt to finance its specialized aircraft fleet is increasing at a rate that warrants significant concern regarding long-term solvency.
The negative interest coverage ratio of -4.11 in 2026Q1 suggests that the company is currently unable to service its debt obligations from operating income alone. Investors should monitor whether management can secure more favorable financing terms or if the current leverage profile will necessitate further equity dilution to maintain operations.
The price-to-earnings ratio is a fundamentally flawed metric for evaluating Bridger Aerospace, as the company's extreme seasonal earnings volatility and heavy reliance on non-cash depreciation charges render net income an unreliable proxy for the underlying economic health of the aerial firefighting business model.
Analysts should instead focus on EV/Fleet Capacity or adjusted EBITDA, which better account for the scarcity value of the specialized airframes and the recurring nature of standby contracts. Relying on P/E obscures the reality that the company is currently in a capital-intensive growth phase where accounting losses are expected.
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Quick answers to the most common questions about buying BAER stock.
Bridger Aerospace Group Holdings, Inc. Common Stock's current P/E ratio is -4.6x. This places it at the 50th percentile of its historical range.
Bridger Aerospace Group Holdings, Inc. Common Stock's current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.2x.
Bridger Aerospace Group Holdings, Inc. Common Stock's return on equity (ROE) is 7.0%. The historical average is -51.0%.
Based on historical data, Bridger Aerospace Group Holdings, Inc. Common Stock is trading at a P/E of -4.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bridger Aerospace Group Holdings, Inc. Common Stock has 42.1% gross margin and 12.5% operating margin. Operating margin between 10-20% is typical for established companies.
Bridger Aerospace Group Holdings, Inc. Common Stock's Debt/EBITDA ratio is 7.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.