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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
Firefly Aerospace Inc. is the larger business by last-quarter revenue ($30.8M vs $25.8M, roughly 1.2× KKR Real Estate Finance Trust Inc.). KKR Real Estate Finance Trust Inc. runs the higher net margin — -101.7% vs -433.5%, a 331.7% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs -26.6%).
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.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
FLY vs KREF — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $25.8M |
| Net Profit | $-133.4M | $-26.2M |
| Gross Margin | 27.6% | — |
| Operating Margin | -202.1% | -105.1% |
| Net Margin | -433.5% | -101.7% |
| Revenue YoY | 37.6% | -26.6% |
| Net Profit YoY | -227.1% | -229.6% |
| EPS (diluted) | $-1.50 | $-0.49 |
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 | — | $25.8M | ||
| Q3 25 | $30.8M | $25.3M | ||
| Q2 25 | $15.5M | $30.2M | ||
| Q1 25 | — | $31.3M | ||
| Q4 24 | — | $35.1M | ||
| Q3 24 | $22.4M | $37.0M | ||
| Q2 24 | $21.1M | $40.4M | ||
| Q1 24 | — | $39.1M |
| Q4 25 | — | $-26.2M | ||
| Q3 25 | $-133.4M | $13.8M | ||
| Q2 25 | $-63.8M | $-29.7M | ||
| Q1 25 | — | $-4.9M | ||
| Q4 24 | — | $20.3M | ||
| Q3 24 | $-40.8M | $-7.4M | ||
| Q2 24 | $-53.5M | $25.8M | ||
| Q1 24 | — | $-3.1M |
| 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 | — | -105.1% | ||
| Q3 25 | -202.1% | 50.4% | ||
| Q2 25 | -349.5% | -101.3% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | -152.9% | -19.6% | ||
| Q2 24 | -232.1% | 63.3% | ||
| Q1 24 | — | -8.7% |
| Q4 25 | — | -101.7% | ||
| Q3 25 | -433.5% | 54.4% | ||
| Q2 25 | -410.2% | -98.5% | ||
| Q1 25 | — | -15.5% | ||
| Q4 24 | — | 57.7% | ||
| Q3 24 | -182.3% | -20.0% | ||
| Q2 24 | -253.7% | 63.9% | ||
| Q1 24 | — | -7.9% |
| Q4 25 | — | $-0.49 | ||
| Q3 25 | $-1.50 | $0.12 | ||
| Q2 25 | $-5.78 | $-0.53 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $0.22 | ||
| Q3 24 | $-3.57 | $-0.19 | ||
| Q2 24 | $-4.60 | $0.29 | ||
| Q1 24 | — | $-0.13 |
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 | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $948.8M | $1.2B |
| Total Assets | $1.3B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $84.6M | ||
| Q3 25 | $995.2M | $204.1M | ||
| Q2 25 | $205.3M | $107.7M | ||
| Q1 25 | — | $106.4M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | $26.4M | $108.8M | ||
| Q2 24 | $21.9M | $107.2M | ||
| Q1 24 | — | $106.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $948.8M | $1.2B | ||
| Q2 25 | $-918.0M | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $-665.5M | $1.4B | ||
| Q2 24 | $-620.0M | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | — | $6.5B | ||
| Q3 25 | $1.3B | $6.5B | ||
| Q2 25 | $466.8M | $6.8B | ||
| Q1 25 | — | $6.6B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.8B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $7.3B |
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 | $72.3M |
| 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 | — | $72.3M | ||
| Q3 25 | $-53.0M | $18.5M | ||
| Q2 25 | — | $21.1M | ||
| Q1 25 | — | $15.9M | ||
| Q4 24 | — | $132.6M | ||
| Q3 24 | — | $49.1M | ||
| Q2 24 | — | $30.6M | ||
| Q1 24 | — | $34.5M |
| Q4 25 | — | — | ||
| Q3 25 | $-62.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -201.3% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 29.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| 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% |
KREF
Segment breakdown not available.
