Firefly Aerospace Inc. (NASDAQ: FLY)

Sector: Industrials Industry: Aerospace & Defense CIK: 0001860160
Market Cap 385.90 Mn
P/B 0.41
P/E -1.45
P/S 6.35
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 37.59
Total Debt (Qtr) 44.47 Mn
Debt/Equity (Qtr) 0.05

About

Price action

Investment thesis

Bull case

  • Healthy cash reserves of 995.99M provide 118.19x coverage of short-term debt 8.43M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 1.24B provides 27.86x coverage of total debt 44.47M, indicating robust asset backing and low credit risk.
  • Tangible assets of 1.24B provide exceptional 7.30x coverage of deferred revenue 169.72M, showing strong service capability backing.
  • Strong cash position of 995.99M provides 7.95x coverage of other current liabilities 125.29M, indicating excellent liquidity.
  • Cash reserves of 995.99M provide robust 6.04x coverage of current liabilities 164.93M, indicating strong short-term solvency.

Bear case

  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 169.72M, which is 0x, raising concerns about future service delivery capabilities.
  • Tangible assets of 1.24B provide limited backing for working capital of 857.87M, which is 1.44x, suggesting increased operational risk in market downturns.
  • Current liabilities of 164.93M significantly exceed receivables of 5.13M, which is 32.17x, indicating potential working capital stress.
  • Other current liabilities of 125.29M represent a high 24.44x of receivables 5.13M, suggesting potential short-term liquidity pressure.
  • Short-term debt of 8.43M exceeds receivables of 5.13M by 1.64x, suggesting potential refinancing risk if collections slow.

Peer comparison

Companies in the Aerospace & Defense
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GE General Electric Co 342.94 Bn 42.54 7.80 20.84 Bn
2 RTX RTX Corp 252.05 Bn 38.24 2.93 40.71 Bn
3 BA Boeing Co 174.43 Bn -17.16 2.16 53.35 Bn
4 LMT Lockheed Martin Corp 126.61 Bn 30.15 1.73 22.19 Bn
5 GD General Dynamics Corp 95.62 Bn 22.69 1.86 8.01 Bn
6 NOC Northrop Grumman Corp /De/ 89.30 Bn 22.22 2.18 16.96 Bn
7 HWM Howmet Aerospace Inc. 88.16 Bn 60.80 11.05 3.19 Bn
8 TDG TransDigm Group INC 80.97 Bn 43.39 9.17 30.02 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.00 3.58
EV to Cash from Ops. EV to Cash from Ops. 0.00 58.38
EV to Debt EV to Debt 0.00 98.04
EV to EBIT EV to EBIT 0.00 19.42
EV to EBITDA EV to EBITDA 0.00 33.60
EV to Free Cash Flow [EV/FCF] EV to Free Cash Flow [EV/FCF] 0.00 91.66
EV to Market Cap EV to Market Cap 0.00 1.13
EV to Revenue EV to Revenue 0.00 11.27
Price to Book Value [P/B] P/B 0.41 4.81
Price to Earnings [P/E] P/E -1.45 31.79
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -3.75
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 22.95
Dividend per Basic Share Div per Share (Qtr) 0.00 0.70
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 14.15
Interest Coverage Int. cover (Qtr) 0.00 -18.00
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -50.32
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 1,609.43
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.75
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -30.98
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 10.65
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 -26.90
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -27.25
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 -99.21
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 6.61
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 -5.55
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.51
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 6.04 1.76
Current Ratio Curr Ratio (Qtr) 6.20 3.72
Debt to Equity Ratio Debt/Equity (Qtr) 0.05 0.07
Interest Cover Ratio Int Coverage (Qtr) 0.00 -18.00
Times Interest Earned Times Interest Earned (Qtr) 0.00 -18.00
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -345.84
EBIT Margin % EBIT Margin % (Qtr) 0.00 -382.63
EBT Margin % EBT Margin % (Qtr) 0.00 -387.93
Gross Margin % Gross Margin % (Qtr) 0.00 -33.31
Net Profit Margin % Net Margin % (Qtr) 0.00 -389.13