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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and FRANKLIN STREET PROPERTIES CORP (FSP). Click either name above to swap in a different company.
Firefly Aerospace Inc. is the larger business by last-quarter revenue ($30.8M vs $26.0M, roughly 1.2× FRANKLIN STREET PROPERTIES CORP). FRANKLIN STREET PROPERTIES CORP runs the higher net margin — -28.1% vs -433.5%, a 405.3% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs -8.2%). FRANKLIN STREET PROPERTIES CORP produced more free cash flow last quarter ($-12.7M vs $-62.0M).
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.
Franklin Street Properties Corp is a Massachusetts-based real estate investment trust (REIT) in the United States. It primarily invests in, owns, and operates high-quality office properties across major U.S. metropolitan markets, serving corporate tenants across various industry segments, and delivers stable long-term returns via rental income and strategic asset management.
FLY vs FSP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $26.0M |
| Net Profit | $-133.4M | $-7.3M |
| Gross Margin | 27.6% | 59.4% |
| Operating Margin | -202.1% | -27.9% |
| Net Margin | -433.5% | -28.1% |
| Revenue YoY | 37.6% | -8.2% |
| Net Profit YoY | -227.1% | 14.1% |
| EPS (diluted) | $-1.50 | $-0.06 |
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 | — | $26.0M | ||
| Q3 25 | $30.8M | $27.3M | ||
| Q2 25 | $15.5M | $26.7M | ||
| Q1 25 | — | $27.1M | ||
| Q4 24 | — | $28.4M | ||
| Q3 24 | $22.4M | $29.7M | ||
| Q2 24 | $21.1M | $30.8M | ||
| Q1 24 | — | $31.2M |
| Q4 25 | — | $-7.3M | ||
| Q3 25 | $-133.4M | $-8.3M | ||
| Q2 25 | $-63.8M | $-7.9M | ||
| Q1 25 | — | $-21.4M | ||
| Q4 24 | — | $-8.5M | ||
| Q3 24 | $-40.8M | $-15.6M | ||
| Q2 24 | $-53.5M | $-21.0M | ||
| Q1 24 | — | $-7.6M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | 27.6% | 60.9% | ||
| Q2 25 | 25.7% | 59.9% | ||
| Q1 25 | — | 62.8% | ||
| Q4 24 | — | 59.7% | ||
| Q3 24 | 34.7% | 61.0% | ||
| Q2 24 | 14.0% | 64.2% | ||
| Q1 24 | — | 64.7% |
| Q4 25 | — | -27.9% | ||
| Q3 25 | -202.1% | -30.5% | ||
| Q2 25 | -349.5% | -29.2% | ||
| Q1 25 | — | -78.9% | ||
| Q4 24 | — | -29.9% | ||
| Q3 24 | -152.9% | -52.4% | ||
| Q2 24 | -232.1% | -68.0% | ||
| Q1 24 | — | -24.0% |
| Q4 25 | — | -28.1% | ||
| Q3 25 | -433.5% | -30.5% | ||
| Q2 25 | -410.2% | -29.5% | ||
| Q1 25 | — | -79.1% | ||
| Q4 24 | — | -30.0% | ||
| Q3 24 | -182.3% | -52.6% | ||
| Q2 24 | -253.7% | -68.2% | ||
| Q1 24 | — | -24.2% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $-1.50 | $-0.08 | ||
| Q2 25 | $-5.78 | $-0.08 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | $-3.57 | $-0.15 | ||
| Q2 24 | $-4.60 | $-0.20 | ||
| Q1 24 | — | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $995.2M | $30.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $948.8M | $607.0M |
| Total Assets | $1.3B | $892.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $30.6M | ||
| Q3 25 | $995.2M | $31.4M | ||
| Q2 25 | $205.3M | $29.4M | ||
| Q1 25 | — | $30.2M | ||
| Q4 24 | — | $41.1M | ||
| Q3 24 | $26.4M | $40.9M | ||
| Q2 24 | $21.9M | $30.2M | ||
| Q1 24 | — | $34.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $607.0M | ||
| Q3 25 | $948.8M | $615.3M | ||
| Q2 25 | $-918.0M | $624.7M | ||
| Q1 25 | — | $633.4M | ||
| Q4 24 | — | $655.9M | ||
| Q3 24 | $-665.5M | $665.4M | ||
| Q2 24 | $-620.0M | $682.1M | ||
| Q1 24 | — | $703.9M |
| Q4 25 | — | $892.9M | ||
| Q3 25 | $1.3B | $901.0M | ||
| Q2 25 | $466.8M | $903.2M | ||
| Q1 25 | — | $916.4M | ||
| Q4 24 | — | $946.9M | ||
| Q3 24 | — | $981.5M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.0B |
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 | $-53.0M | $3.8M |
| Free Cash FlowOCF − Capex | $-62.0M | $-12.7M |
| FCF MarginFCF / Revenue | -201.3% | -48.6% |
| Capex IntensityCapex / Revenue | 29.0% | 63.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-25.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.8M | ||
| Q3 25 | $-53.0M | $8.3M | ||
| Q2 25 | — | $-2.9M | ||
| Q1 25 | — | $-5.5M | ||
| Q4 24 | — | $9.0M | ||
| Q3 24 | — | $14.5M | ||
| Q2 24 | — | $-648.0K | ||
| Q1 24 | — | $-7.1M |
| Q4 25 | — | $-12.7M | ||
| Q3 25 | $-62.0M | $3.0M | ||
| Q2 25 | — | $-5.7M | ||
| Q1 25 | — | $-9.9M | ||
| Q4 24 | — | $-16.2M | ||
| Q3 24 | — | $8.6M | ||
| Q2 24 | — | $-5.1M | ||
| Q1 24 | — | $-15.8M |
| Q4 25 | — | -48.6% | ||
| Q3 25 | -201.3% | 11.0% | ||
| Q2 25 | — | -21.5% | ||
| Q1 25 | — | -36.7% | ||
| Q4 24 | — | -57.2% | ||
| Q3 24 | — | 29.1% | ||
| Q2 24 | — | -16.7% | ||
| Q1 24 | — | -50.8% |
| Q4 25 | — | 63.0% | ||
| Q3 25 | 29.0% | 19.4% | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | 16.4% | ||
| Q4 24 | — | 88.9% | ||
| Q3 24 | — | 19.6% | ||
| Q2 24 | — | 14.6% | ||
| Q1 24 | — | 28.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLY
| Spacecraft Solutions Revenue | $21.4M | 69% |
| Launch Revenue | $9.4M | 31% |
FSP
Segment breakdown not available.
