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Side-by-side financial comparison of DYNEX CAPITAL INC (DX) and Firefly Aerospace Inc. (FLY). Click either name above to swap in a different company.
DYNEX CAPITAL INC is the larger business by last-quarter revenue ($43.5M vs $30.8M, roughly 1.4× Firefly Aerospace Inc.). On growth, DYNEX CAPITAL INC posted the faster year-over-year revenue change (531.3% vs 37.6%).
Dynex Capital Inc. is a publicly traded real estate investment trust headquartered in the United States. It specializes in investing in and managing a diversified portfolio of mortgage-backed securities, residential and commercial mortgage loans, and other mortgage-related assets. It delivers consistent returns to shareholders via regular dividends and long-term capital growth.
Firefly Aerospace, Inc. (Firefly) is an American aerospace firm based in Cedar Park, Texas. Firefly develops small- and medium-lift launch vehicles for commercial launches to orbit. Firefly's stated purpose is to increase access to space, similar to other private spaceflight companies.
DX vs FLY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.5M | $30.8M |
| Net Profit | — | $-133.4M |
| Gross Margin | — | 27.6% |
| Operating Margin | — | -202.1% |
| Net Margin | — | -433.5% |
| Revenue YoY | 531.3% | 37.6% |
| Net Profit YoY | — | -227.1% |
| EPS (diluted) | $1.59 | $-1.50 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.5M | — | ||
| Q3 25 | $30.6M | $30.8M | ||
| Q2 25 | $23.1M | $15.5M | ||
| Q1 25 | $17.1M | — | ||
| Q3 24 | — | $22.4M | ||
| Q2 24 | — | $21.1M | ||
| Q1 24 | $-3.2M | — | ||
| Q4 22 | $6.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | $150.4M | $-133.4M | ||
| Q2 25 | $-13.6M | $-63.8M | ||
| Q1 25 | $-3.1M | — | ||
| Q3 24 | — | $-40.8M | ||
| Q2 24 | — | $-53.5M | ||
| Q1 24 | $40.1M | — | ||
| Q4 22 | $43.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 27.6% | ||
| Q2 25 | — | 25.7% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 14.0% | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -202.1% | ||
| Q2 25 | — | -349.5% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | -152.9% | ||
| Q2 24 | — | -232.1% | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 491.3% | -433.5% | ||
| Q2 25 | -58.8% | -410.2% | ||
| Q1 25 | -18.0% | — | ||
| Q3 24 | — | -182.3% | ||
| Q2 24 | — | -253.7% | ||
| Q1 24 | -1256.8% | — | ||
| Q4 22 | 697.2% | — |
| Q4 25 | $1.59 | — | ||
| Q3 25 | $1.08 | $-1.50 | ||
| Q2 25 | $-0.14 | $-5.78 | ||
| Q1 25 | $-0.06 | — | ||
| Q3 24 | — | $-3.57 | ||
| Q2 24 | — | $-4.60 | ||
| Q1 24 | $0.64 | — | ||
| Q4 22 | $0.44 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $531.0M | $995.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $948.8M |
| Total Assets | $17.3B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $531.0M | — | ||
| Q3 25 | $491.0M | $995.2M | ||
| Q2 25 | $387.5M | $205.3M | ||
| Q1 25 | $327.4M | — | ||
| Q3 24 | — | $26.4M | ||
| Q2 24 | — | $21.9M | ||
| Q1 24 | $295.7M | — | ||
| Q4 22 | $332.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $136.1M | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.0B | $948.8M | ||
| Q2 25 | $1.6B | $-918.0M | ||
| Q1 25 | $1.4B | — | ||
| Q3 24 | — | $-665.5M | ||
| Q2 24 | — | $-620.0M | ||
| Q1 24 | $958.5M | — | ||
| Q4 22 | $901.3M | — |
| Q4 25 | $17.3B | — | ||
| Q3 25 | $14.2B | $1.3B | ||
| Q2 25 | $11.3B | $466.8M | ||
| Q1 25 | $9.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $6.3B | — | ||
| Q4 22 | $3.6B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $120.8M | $-53.0M |
| Free Cash FlowOCF − Capex | — | $-62.0M |
| FCF MarginFCF / Revenue | — | -201.3% |
| Capex IntensityCapex / Revenue | — | 29.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $120.8M | — | ||
| Q3 25 | $68.3M | $-53.0M | ||
| Q2 25 | $31.9M | — | ||
| Q1 25 | $6.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-17.1M | — | ||
| Q4 22 | $30.1M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-62.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -201.3% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.43× | — | ||
| Q4 22 | 0.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DX
Segment breakdown not available.
FLY
| Spacecraft Solutions Revenue | $21.4M | 69% |
| Launch Revenue | $9.4M | 31% |
