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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and TPG Mortgage Investment Trust, Inc. (MITT). Click either name above to swap in a different company.
Firefly Aerospace Inc. is the larger business by last-quarter revenue ($30.8M vs $20.4M, roughly 1.5× TPG Mortgage Investment Trust, Inc.). TPG Mortgage Investment Trust, Inc. runs the higher net margin — 65.0% vs -433.5%, a 498.4% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs 17.7%).
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.
TPG Mortgage Investment Trust, Inc. is a real estate investment trust managed by global alternative asset firm TPG. It primarily invests in residential and commercial mortgage-backed securities, performing and non-performing mortgage loans, and other credit-linked real estate assets, with its core market being the United States. It generates returns via net interest income from holdings and strategic asset disposition gains.
FLY vs MITT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $20.4M |
| Net Profit | $-133.4M | $13.3M |
| Gross Margin | 27.6% | — |
| Operating Margin | -202.1% | 67.1% |
| Net Margin | -433.5% | 65.0% |
| Revenue YoY | 37.6% | 17.7% |
| Net Profit YoY | -227.1% | -7.0% |
| EPS (diluted) | $-1.50 | $0.27 |
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 | — | $20.4M | ||
| Q3 25 | $30.8M | $19.5M | ||
| Q2 25 | $15.5M | $17.8M | ||
| Q1 25 | — | $18.8M | ||
| Q4 24 | — | $17.4M | ||
| Q3 24 | $22.4M | $14.9M | ||
| Q2 24 | $21.1M | $16.4M | ||
| Q1 24 | — | $17.2M |
| Q4 25 | — | $13.3M | ||
| Q3 25 | $-133.4M | $20.0M | ||
| Q2 25 | $-63.8M | $3.9M | ||
| Q1 25 | — | $11.5M | ||
| Q4 24 | — | $14.3M | ||
| Q3 24 | $-40.8M | $16.6M | ||
| Q2 24 | $-53.5M | $3.9M | ||
| Q1 24 | — | $20.9M |
| 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 | — | 67.1% | ||
| Q3 25 | -202.1% | — | ||
| Q2 25 | -349.5% | 20.9% | ||
| Q1 25 | — | 54.6% | ||
| Q4 24 | — | 76.7% | ||
| Q3 24 | -152.9% | — | ||
| Q2 24 | -232.1% | 18.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 65.0% | ||
| Q3 25 | -433.5% | 102.5% | ||
| Q2 25 | -410.2% | 22.2% | ||
| Q1 25 | — | 60.9% | ||
| Q4 24 | — | 82.2% | ||
| Q3 24 | -182.3% | 111.3% | ||
| Q2 24 | -253.7% | 24.0% | ||
| Q1 24 | — | 121.6% |
| Q4 25 | — | $0.27 | ||
| Q3 25 | $-1.50 | $0.47 | ||
| Q2 25 | $-5.78 | $-0.05 | ||
| Q1 25 | — | $0.21 | ||
| Q4 24 | — | $0.30 | ||
| Q3 24 | $-3.57 | $0.40 | ||
| Q2 24 | $-4.60 | $-0.02 | ||
| Q1 24 | — | $0.55 |
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 | $57.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $948.8M | $560.7M |
| Total Assets | $1.3B | $8.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $57.8M | ||
| Q3 25 | $995.2M | $59.0M | ||
| Q2 25 | $205.3M | $88.7M | ||
| Q1 25 | — | $115.5M | ||
| Q4 24 | — | $118.7M | ||
| Q3 24 | $26.4M | $102.5M | ||
| Q2 24 | $21.9M | $120.9M | ||
| Q1 24 | — | $100.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $560.7M | ||
| Q3 25 | $948.8M | $559.8M | ||
| Q2 25 | $-918.0M | $536.4M | ||
| Q1 25 | — | $543.9M | ||
| Q4 24 | — | $543.4M | ||
| Q3 24 | $-665.5M | $540.1M | ||
| Q2 24 | $-620.0M | $533.5M | ||
| Q1 24 | — | $539.6M |
| Q4 25 | — | $8.7B | ||
| Q3 25 | $1.3B | $9.0B | ||
| Q2 25 | $466.8M | $7.5B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $6.4B |
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 | $59.6M |
| Free Cash FlowOCF − Capex | $-62.0M | — |
| FCF MarginFCF / Revenue | -201.3% | — |
| Capex IntensityCapex / Revenue | 29.0% | — |
| Cash ConversionOCF / Net Profit | — | 4.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $59.6M | ||
| Q3 25 | $-53.0M | $17.4M | ||
| Q2 25 | — | $11.5M | ||
| Q1 25 | — | $12.0M | ||
| Q4 24 | — | $55.8M | ||
| Q3 24 | — | $14.5M | ||
| Q2 24 | — | $13.7M | ||
| Q1 24 | — | $12.0M |
| 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 | — | 4.48× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 2.92× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 0.87× | ||
| Q2 24 | — | 3.50× | ||
| Q1 24 | — | 0.57× |
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% |
MITT
Segment breakdown not available.
