Firefly Aerospace Inc. key statistics and ratios

In fiscal 2025, Firefly Aerospace Inc. had return on equity of -141.3%, an operating margin of -163.1%, debt equal to 24.3% of equity and a current ratio of 4.51. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Firefly Aerospace Inc.: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	48.2%	−18.7%	19.2%	22.9%
Operating margin	−238.8%	−344.5%	−163.1%	−118.0%
Net margin	−245.2%	−380.2%	−186.6%	−126.6%
Free-cash-flow margin	−309.0%	−313.1%	−148.7%	−113.8%
Return on equity	—	—	−141.3%	−30.1%
Return on assets	—	−56.7%	−26.7%	−21.0%
Asset turnover	—	0.15	0.14	0.17
Current ratio	—	1.01	4.51	2.73
Debt to equity	—	—	24.3%	2.2%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m
R&D as % of revenue	213.4%	245.9%	125.2%	85.5%
SG&A as % of revenue	73.5%	77.1%	57.1%	55.4%
Capital spending as % of revenue	139.9%	53.8%	20.5%	21.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Firefly Aerospace Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	34.7%	—	4.0%	25.7%	27.6%	27.7%	21.6%	20.3%
Operating margin	−152.9%	−854.7%	−104.8%	−349.5%	−202.1%	−148.4%	−118.3%	−80.9%
Net margin	−182.3%	−931.1%	−107.6%	−410.2%	−433.5%	−71.2%	−119.5%	−78.4%
Free-cash-flow margin	−200.2%	−475.0%	−106.0%	−239.7%	−201.3%	−137.5%	−97.5%	−90.3%
Current ratio	—	1.01	—	1.59	6.20	4.51	2.53	2.73
Debt to equity	—	—	—	—	2.4%	24.2%	2.4%	2.2%
R&D as % of revenue	133.5%	470.0%	86.0%	294.4%	158.4%	99.8%	83.5%	60.8%
SG&A as % of revenue	46.1%	162.4%	22.8%	80.8%	71.2%	76.3%	56.4%	40.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026

What it owns · $1.6bn

Short-term assets $799mLonger-term assets $840m

What it owes, and who funded it · $1.6bn

Short-term liabilities $293mLonger-term liabilities $123mShareholders' equity $1.2bn

Short-term assets cover short-term liabilities $799m of assets due within a year against $293m of liabilities due within a year.
Short-term assets cover long-term liabilities $799m short-term assets against $123m of longer-dated liabilities.
More cash than debt $460m of cash against $27m of debt.
Debt below 40% of shareholders' equity Debt is 2% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$264m of operating cash flow against $27m of debt.
Operating profit covers interest at least five times over Operating income of −$339m against $8m of interest.

From Firefly Aerospace Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Firefly Aerospace Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Firefly Aerospace Inc.