Firefly Aerospace Inc. (FLY) intrinsic value & 10-year financials
Firefly Aerospace Inc. (FLY) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 4 fiscal years revenue grew 70.1% a year to $159.9M, with an average return on invested capital of 52.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $16.75
- Market cap
- $1.2B
- Revenue (FY2025)
- $159.9M
- Revenue growth (4-yr CAGR)
- 70.1%
- ROIC (10-yr avg)
- 52.0%
- Free cash flow (FY2025)
- -$237.8M
FLY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $159.9M | -$298.3M | -$4.83 | -$237.8M | -163.1% | 101.3% |
| FY2024 | $60.8M | -$231.1M | -$20.74 | -$190.3M | -344.5% | 24.0% |
| FY2023 | $55.2M | -$135.5M | -$13.05 | -$170.7M | -238.8% | 30.8% |
| FY2022 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Firefly Aerospace Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Firefly Aerospace Inc. has earned high returns on invested capital, averaging 52.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Firefly Aerospace Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Firefly Aerospace Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-160.43 per share.