Firefly Aerospace Inc. — Earnings Quality Grade F
FLY · Industrials
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 99 days (6 → 105)
AR growth 4494.5% exceeds revenue growth 163.0%
Revenue grew 163.0% but CFFO declined -30.0%
Expense Quality
No material inventory
CapEx growth 0.4% vs revenue 163.0%. Normal
SG&A/Gross Profit = 297.5%, exceeds 70%
Gross margin rose +37.9pp while AR increased and AP decreased. Fraud pattern
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.2B)
Accruals ratio = -5.1%. Low accruals
Cash $0.9B covers debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.6B = 52% of equity. Over 50%
Interest coverage = -12.1x (<2x). Financial stress
Other assets -71.0% vs revenue 163.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 3502% YoY
Manipulation Score
M-Score = 13.51 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25