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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and IRONWOOD PHARMACEUTICALS INC (IRWD). Click either name above to swap in a different company.
IRONWOOD PHARMACEUTICALS INC is the larger business by last-quarter revenue ($47.7M vs $30.8M, roughly 1.6× Firefly Aerospace Inc.). IRONWOOD PHARMACEUTICALS INC runs the higher net margin — -4.8% vs -433.5%, a 428.7% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs -47.3%). IRONWOOD PHARMACEUTICALS INC produced more free cash flow last quarter ($74.6M 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.
Ironwood Pharmaceuticals, Inc. is a publicly traded pharmaceutical company. It was originally called Microbia, Inc.
FLY vs IRWD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $47.7M |
| Net Profit | $-133.4M | $-2.3M |
| Gross Margin | 27.6% | — |
| Operating Margin | -202.1% | 14.3% |
| Net Margin | -433.5% | -4.8% |
| Revenue YoY | 37.6% | -47.3% |
| Net Profit YoY | -227.1% | -200.9% |
| EPS (diluted) | $-1.50 | $0.01 |
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 | — | $47.7M | ||
| Q3 25 | $30.8M | $122.1M | ||
| Q2 25 | $15.5M | $85.2M | ||
| Q1 25 | — | $41.1M | ||
| Q4 24 | — | $90.5M | ||
| Q3 24 | $22.4M | $91.6M | ||
| Q2 24 | $21.1M | $94.4M | ||
| Q1 24 | — | $74.9M |
| Q4 25 | — | $-2.3M | ||
| Q3 25 | $-133.4M | $40.1M | ||
| Q2 25 | $-63.8M | $23.6M | ||
| Q1 25 | — | $-37.4M | ||
| Q4 24 | — | $2.3M | ||
| Q3 24 | $-40.8M | $3.6M | ||
| Q2 24 | $-53.5M | $-860.0K | ||
| Q1 24 | — | $-4.2M |
| Q4 25 | — | — | ||
| Q3 25 | 27.6% | — | ||
| Q2 25 | 25.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 34.7% | — | ||
| Q2 24 | 14.0% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 14.3% | ||
| Q3 25 | -202.1% | 61.8% | ||
| Q2 25 | -349.5% | 53.2% | ||
| Q1 25 | — | -70.7% | ||
| Q4 24 | — | 34.8% | ||
| Q3 24 | -152.9% | 28.0% | ||
| Q2 24 | -232.1% | 26.5% | ||
| Q1 24 | — | 14.7% |
| Q4 25 | — | -4.8% | ||
| Q3 25 | -433.5% | 32.8% | ||
| Q2 25 | -410.2% | 27.7% | ||
| Q1 25 | — | -90.9% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | -182.3% | 4.0% | ||
| Q2 24 | -253.7% | -0.9% | ||
| Q1 24 | — | -5.6% |
| Q4 25 | — | $0.01 | ||
| Q3 25 | $-1.50 | $0.23 | ||
| Q2 25 | $-5.78 | $0.14 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | — | $0.03 | ||
| Q3 24 | $-3.57 | $0.02 | ||
| Q2 24 | $-4.60 | $-0.01 | ||
| Q1 24 | — | $-0.03 |
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 | $215.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $948.8M | $-261.8M |
| Total Assets | $1.3B | $396.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $215.5M | ||
| Q3 25 | $995.2M | $140.4M | ||
| Q2 25 | $205.3M | $92.9M | ||
| Q1 25 | — | $108.5M | ||
| Q4 24 | — | $88.6M | ||
| Q3 24 | $26.4M | $88.2M | ||
| Q2 24 | $21.9M | $105.5M | ||
| Q1 24 | — | $121.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $199.5M | ||
| Q2 25 | $136.1M | $199.3M | ||
| Q1 25 | — | $199.2M | ||
| Q4 24 | — | $199.0M | ||
| Q3 24 | — | $198.8M | ||
| Q2 24 | — | $198.6M | ||
| Q1 24 | — | $398.3M |
| Q4 25 | — | $-261.8M | ||
| Q3 25 | $948.8M | $-264.2M | ||
| Q2 25 | $-918.0M | $-308.2M | ||
| Q1 25 | — | $-334.1M | ||
| Q4 24 | — | $-301.3M | ||
| Q3 24 | $-665.5M | $-311.3M | ||
| Q2 24 | $-620.0M | $-321.7M | ||
| Q1 24 | — | $-330.5M |
| Q4 25 | — | $396.9M | ||
| Q3 25 | $1.3B | $396.1M | ||
| Q2 25 | $466.8M | $342.9M | ||
| Q1 25 | — | $327.2M | ||
| Q4 24 | — | $350.9M | ||
| Q3 24 | — | $389.5M | ||
| Q2 24 | — | $395.6M | ||
| Q1 24 | — | $438.8M |
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 | $74.6M |
| Free Cash FlowOCF − Capex | $-62.0M | $74.6M |
| FCF MarginFCF / Revenue | -201.3% | 156.3% |
| Capex IntensityCapex / Revenue | 29.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $127.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $74.6M | ||
| Q3 25 | $-53.0M | $47.6M | ||
| Q2 25 | — | $-15.1M | ||
| Q1 25 | — | $20.0M | ||
| Q4 24 | — | $15.2M | ||
| Q3 24 | — | $9.9M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $45.0M |
| Q4 25 | — | $74.6M | ||
| Q3 25 | $-62.0M | $47.6M | ||
| Q2 25 | — | $-15.1M | ||
| Q1 25 | — | $19.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $9.9M | ||
| Q2 24 | — | $33.4M | ||
| Q1 24 | — | $44.9M |
| Q4 25 | — | 156.3% | ||
| Q3 25 | -201.3% | 39.0% | ||
| Q2 25 | — | -17.7% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 35.4% | ||
| Q1 24 | — | 60.0% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 29.0% | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | -0.64× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.74× | ||
| Q3 24 | — | 2.71× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
IRWD
Segment breakdown not available.
