Firefly Aerospace

FLY

Aerospace & Defense · Industrials

Price

$19.27

+0.24 (+1.26%)

Market Cap

$3.16B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Share count rising — dilution

+5.7% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 143.6M (2023) → 151.9M (2025)

Firefly Aerospace Inc. operates as a space and defense technology company and provides mission solutions for national security, government, and commercial customers. It offers integrated launch and space services technology that is committed to enabling launch, transit, and operations in space. The company also provides Alpha, a responsive small launch service; Eclipse, a medium-lift launch vehicle; Blue Ghost, a lunar delivery and operation service; Elytra, which offers space maneuverability an

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+44.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-21.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$200M/ year

↑ Rising (+34% vs prior year)

125.2% of revenue

31.3x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

13.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~21 months

$552M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

Firefly Aerospace is growing revenue at 45% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

15.6%

Thin — 15.6% gross margin

Operating Margin

-154.3%

Losing money on operations — -154.3%

ROCE

-16.7%

Weak — -16.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+163.0%

Fast-growing sales (163.0% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-148.7%

Burning cash (-148.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.24

Conservative — low debt load (0.24)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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