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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $30.8M, roughly 1.9× Firefly Aerospace Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 37.6%). Firefly Aerospace Inc. produced more free cash flow last quarter ($-62.0M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
FLY vs PHAT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $57.6M |
| Net Profit | $-133.4M | — |
| Gross Margin | 27.6% | 86.7% |
| Operating Margin | -202.1% | — |
| Net Margin | -433.5% | — |
| Revenue YoY | 37.6% | 94.1% |
| Net Profit YoY | -227.1% | 71.6% |
| EPS (diluted) | $-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 | — | $57.6M | ||
| Q3 25 | $30.8M | $49.5M | ||
| Q2 25 | $15.5M | $39.5M | ||
| Q1 25 | — | $28.5M | ||
| Q4 24 | — | $29.7M | ||
| Q3 24 | $22.4M | $16.4M | ||
| Q2 24 | $21.1M | $7.3M |
| Q4 25 | — | — | ||
| Q3 25 | $-133.4M | $-30.0M | ||
| Q2 25 | $-63.8M | $-75.8M | ||
| Q1 25 | — | $-94.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-40.8M | $-85.6M | ||
| Q2 24 | $-53.5M | $-91.4M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | 27.6% | 87.5% | ||
| Q2 25 | 25.7% | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | 34.7% | 85.6% | ||
| Q2 24 | 14.0% | 81.2% |
| Q4 25 | — | — | ||
| Q3 25 | -202.1% | -30.8% | ||
| Q2 25 | -349.5% | -151.7% | ||
| Q1 25 | — | -276.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | -152.9% | -433.0% | ||
| Q2 24 | -232.1% | -1055.4% |
| Q4 25 | — | — | ||
| Q3 25 | -433.5% | -60.5% | ||
| Q2 25 | -410.2% | -191.9% | ||
| Q1 25 | — | -330.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | -182.3% | -523.3% | ||
| Q2 24 | -253.7% | -1248.6% |
| Q4 25 | — | — | ||
| Q3 25 | $-1.50 | $-0.41 | ||
| Q2 25 | $-5.78 | $-1.05 | ||
| Q1 25 | — | $-1.31 | ||
| Q4 24 | — | — | ||
| Q3 24 | $-3.57 | $-1.32 | ||
| Q2 24 | $-4.60 | $-1.56 |
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 | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $948.8M | $-438.2M |
| Total Assets | $1.3B | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $130.0M | ||
| Q3 25 | $995.2M | $135.2M | ||
| Q2 25 | $205.3M | $149.6M | ||
| Q1 25 | — | $212.3M | ||
| Q4 24 | — | $297.3M | ||
| Q3 24 | $26.4M | $334.7M | ||
| Q2 24 | $21.9M | $276.2M |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | $136.1M | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M |
| Q4 25 | — | $-438.2M | ||
| Q3 25 | $948.8M | $-422.5M | ||
| Q2 25 | $-918.0M | $-405.8M | ||
| Q1 25 | — | $-338.4M | ||
| Q4 24 | — | $-253.6M | ||
| Q3 24 | $-665.5M | $-187.1M | ||
| Q2 24 | $-620.0M | $-233.8M |
| Q4 25 | — | $259.1M | ||
| Q3 25 | $1.3B | $240.3M | ||
| Q2 25 | $466.8M | $250.2M | ||
| Q1 25 | — | $294.2M | ||
| Q4 24 | — | $378.3M | ||
| Q3 24 | — | $387.0M | ||
| Q2 24 | — | $319.4M |
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 | $-166.8M |
| Free Cash FlowOCF − Capex | $-62.0M | $-167.0M |
| FCF MarginFCF / Revenue | -201.3% | -290.0% |
| Capex IntensityCapex / Revenue | 29.0% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-166.8M | ||
| Q3 25 | $-53.0M | $-14.1M | ||
| Q2 25 | — | $-62.7M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | — | $-266.8M | ||
| Q3 24 | — | $-63.6M | ||
| Q2 24 | — | $-70.7M |
| Q4 25 | — | $-167.0M | ||
| Q3 25 | $-62.0M | $-14.1M | ||
| Q2 25 | — | $-62.8M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | — | $-266.9M | ||
| Q3 24 | — | $-63.6M | ||
| Q2 24 | — | $-70.8M |
| Q4 25 | — | -290.0% | ||
| Q3 25 | -201.3% | -28.6% | ||
| Q2 25 | — | -159.0% | ||
| Q1 25 | — | -297.9% | ||
| Q4 24 | — | -899.8% | ||
| Q3 24 | — | -389.0% | ||
| Q2 24 | — | -966.2% |
| Q4 25 | — | 0.4% | ||
| Q3 25 | 29.0% | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.6% |
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% |
PHAT
Segment breakdown not available.
