Firefly Aerospace Inc. (FLY) Stock

Firefly Aerospace Inc. (FLY) is a Industrials stock trading at $19.67 (as of 2026-07-20), with a market capitalization of $3.15B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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 and servicing; and Ocula, a lunar imaging service. The company was incorporated in 2017 and is headquartered in Cedar Park, Texas.

Understand Firefly Aerospace Inc.: how it makes money

Firefly Aerospace provides integrated space and defense mission solutions, earning revenue from spacecraft solutions and launch services sold to national security, government, and commercial customers.

The company’s profit model hinges on turning mission and launch activity into revenue, but the latest quarter shows it is not yet generating operating profit (operating margin is deeply negative).

Revenue by segment (latest quarter)
Spacecraft$0.1B
Launch$0.0B
Other$0.0B

Business quality (Weak): Revenue in this quarter is concentrated in Spacecraft Solutions, but the company remains far from operating profitability (operating margin is negative), so investors should focus on whether mission contract value converts into sustained revenue.

Bull case

  • Mission solution revenue mix exists today: In the latest quarter, Spacecraft Solutions generated $0.07B of revenue, while Launch generated $0.01B.
  • Blue Ghost mission contract values provide visible demand signals: Blue Ghost Mission 4 Contract Value is $0.18B, and Blue Ghost Mission 1 Contract Addendum Value is $0.01B.
  • Engine testing progress is measurable: Miranda Engine Hot Fire Tests (Cumulative) are 95.0.

Bear case

  • Operating profitability is not achieved: The latest quarter operating margin is -118.3%, indicating operating losses despite positive gross margin of 21.6%.
  • Revenue base is small relative to the needs of a launch and space services business: Total revenue is about $0.1B in the latest quarter, with only $0.07B in Spacecraft Solutions and $0.01B in Launch.
Valuation — source: SEC EDGAR (first-party)
Price$19.67
Market Cap$3.15B
Price / Book2.85
Price / Sales17.22
FCF Yield-12.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$159.85M
Net Margin-186.6%
Revenue Growth (YoY)163.0%
EPS Growth (YoY)-76.7%
FCF Growth (YoY)24.9%
Financial Health — source: SEC EDGAR
Altman Z-Score2.30 (grey)
Valuation vs Sector & Industry
Sector P/E (Industrials)28.4
Industry P/E (Defense)91.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderAE INDUSTRIAL PARTNERS, LP ($1.00B)
Institutional Holders Tracked10
Company
SectorIndustrials
IndustryDefense
CEOJason Kim
Employees780
CountryUS
IPO Date2025-08-07

Related Companies (Business model: Defense & Aerospace Prime (Defense Primes + Commercial Aerospace OEMs); 8 closest by market cap)

  • Rocket Lab USA, Inc. (RKLB)
  • Kratos Defense & Security Solutions, Inc. (KTOS)
  • Joby Aviation, Inc. (JOBY)
  • MDA Space Ltd. (MDA)
  • Archer Aviation Inc. (ACHR)
  • York Space Systems, Inc. (YSS)
  • Redwire Corporation (RDW)
  • Voyager Technologies, Inc. (VOYG)
FLY earnings history · FLY institutional & insider holders · FLY KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.