Latest Ratios: P/E Ratio -11.6x · EV/EBITDA N/A · ROE -141.3%. (2023–2025 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 |
|---|---|---|---|---|
| Market Cap | $4.2B | $3.4B | — | — |
| Enterprise Value | $3.7B | $2.9B | — | — |
| P/E Ratio → | -11.61 | — | — | — |
| P/S Ratio | 26.36 | 21.26 | — | — |
| P/B Ratio | 3.28 | 2.86 | — | — |
| P/FCF | — | — | — | — |
| P/OCF | — | — | — | — |
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 |
|---|---|---|---|---|
| EV / Revenue | — | 18.23 | — | — |
| EV / EBITDA | — | — | — | — |
| EV / EBIT | — | — | — | — |
| EV / FCF | — | — | — | — |
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 |
|---|---|---|---|---|
| Gross Margin | 15.6% | 15.6% | -18.7% | 48.2% |
| Operating Margin | -154.3% | -154.3% | -344.5% | -238.8% |
| Net Profit Margin | -186.6% | -186.6% | -380.2% | -245.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -141.3% | -141.3% | — | — |
| ROA | -26.7% | -26.7% | -63.5% | -42.2% |
| ROIC | -26.2% | -26.2% | — | — |
| ROCE | -26.8% | -26.8% | -101.6% | -71.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | — | — |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | -0.41 | — | — |
| Net Debt / EBITDA | — | — | — | — |
| Debt / FCF | — | — | — | — |
| Interest Coverage | -14.56 | -14.56 | -10.35 | -33.18 |
Net cash position: cash ($793M) exceeds total debt ($309M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 4.51 | 4.51 | 1.01 | 1.10 |
| Quick Ratio | 4.51 | 4.51 | 1.01 | 1.09 |
| Cash Ratio | 4.18 | 4.18 | 0.69 | 0.60 |
| Asset Turnover | — | 0.09 | 0.15 | 0.17 |
| Inventory Turnover | — | — | — | 115.93 |
| Days Sales Outstanding | — | 105.33 | 6.03 | 17.87 |
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 |
|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | — | — |
| Shares Outstanding | — | $152M | $144M | $144M |
High cash burn rate
Based on reported figures, Firefly trades at a 25.60x price-to-sales multiple, a valuation that appears to price in significant future market share gains rather than current earnings, which remain deeply negative with a TTM P/E of -5.29 as of the most recent quarterly data.
The current valuation reflects a speculative growth premium typical of early-stage aerospace firms, yet it lacks the support of positive cash flow or earnings. Investors should monitor whether this multiple can be sustained as the company transitions from R&D-heavy development to a more predictable, high-cadence launch schedule.
As indicated by the -9.3% ROIC reported in 2026Q1, Firefly is currently destroying value on invested capital, a trend that is consistent with the massive, non-recurring R&D expenditures required to bring the Alpha and Medium Launch Vehicle programs to operational maturity.
The negative return on capital suggests that the company's current asset base is not yet generating sufficient returns to cover its cost of capital. This metric warrants further investigation as the company scales, as a sustained improvement in ROIC will be the primary indicator of successful industrialization.
According to financial statements, the company's cash conversion cycle remains erratic, with days sales outstanding reaching 51 days in 2026Q1, reflecting the lumpy nature of milestone-based government contracts that complicate the firm's ability to manage working capital efficiently compared to more mature aerospace peers.
The high variability in DPO and DSO suggests that Firefly's cash flow is heavily dependent on the timing of government payments rather than operational velocity. This lack of consistency in working capital management may pose risks to liquidity if milestone achievements face unexpected technical or regulatory delays.
Based on the company's reported figures, the current ratio of 2.53 in 2026Q1 provides a temporary liquidity cushion, yet the rapid decline in cash reserves from $996M to $326M over two quarters suggests that the current runway may be shorter than the headline ratio implies.
While the current ratio appears healthy, it masks the underlying reality of high cash burn rates that necessitate constant capital monitoring. The company's reliance on external financing to maintain this liquidity position warrants caution, as future capital raises may be required to bridge the gap to profitability.
Investors frequently misapply the price-to-sales ratio to Firefly, failing to account for the fact that revenue is often driven by milestone-based government contracts rather than recurring launch volume, which obscures the underlying unit economics and the true operational velocity of the company's core launch business.
Using P/S as a primary valuation metric for this business model is misleading because it treats all revenue as equal, ignoring the difference between high-margin, recurring launch services and lower-margin, one-off R&D milestones. Analysts should instead focus on launch cadence and backlog quality to better assess the company's long-term earning potential.
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Quick answers to the most common questions about buying FLY stock.
Firefly Aerospace Inc.'s current P/E ratio is -11.6x. This places it at the 50th percentile of its historical range.
Firefly Aerospace Inc.'s return on equity (ROE) is -141.3%. The historical average is -141.3%.
Based on historical data, Firefly Aerospace Inc. is trading at a P/E of -11.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Firefly Aerospace Inc.'s current dividend yield is 0.13%.
Firefly Aerospace Inc. has 15.6% gross margin and -154.3% operating margin.