Firefly Aerospace Inc. (FLY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1081.4%

-$159.87

vs $16.29 price

Levered DCF

-$198.39

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.66

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	-10.12×	-32.61×	-55.47×
P/B	2.86×	-11.29×	-17.18×
P/S	21.26×	142.6×	156.95×
EV / EBITDA	-10.02×	-43.96×	-68.68×
Gross margin	15.6%	-18.7%	48.2%
Operating margin	-154.3%	-344.5%	-238.8%
Net margin	-186.6%	-380.2%	-245.2%
Current ratio	4.51×	1.01×	1.1×
Debt / equity	0.26×	-0.22×	-0.24×
Interest coverage	-11.44×	-10.28×	-33.28×
Dividend yield	0.1%	0.0%	0.0%
Payout ratio	-1.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-25.1%	30.1%	26.9%
Return on invested capital	-13.5%	-88.6%	-70.4%
Return on assets	-16.3%	-56.7%	-42.2%
Free cash flow yield	-7.0%	-2.2%	-2.0%
Earnings yield	-8.8%	-2.7%	-1.6%
Enterprise value	$2.9B	$8.7B	$8.7B
Net debt / EBITDA	1.67×	-0.23×	-0.31×
Cash conversion cycle (days)	8	-185	-331