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Side-by-side financial comparison of Firefly Aerospace Inc. (FLY) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Spok Holdings, Inc is the larger business by last-quarter revenue ($33.9M vs $30.8M, roughly 1.1× Firefly Aerospace Inc.). Spok Holdings, Inc runs the higher net margin — 8.7% vs -433.5%, a 442.1% gap on every dollar of revenue. On growth, Firefly Aerospace Inc. posted the faster year-over-year revenue change (37.6% vs -0.1%). Spok Holdings, Inc produced more free cash flow last quarter ($10.1M 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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
FLY vs SPOK — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.8M | $33.9M |
| Net Profit | $-133.4M | $2.9M |
| Gross Margin | 27.6% | 76.7% |
| Operating Margin | -202.1% | 11.6% |
| Net Margin | -433.5% | 8.7% |
| Revenue YoY | 37.6% | -0.1% |
| Net Profit YoY | -227.1% | -19.6% |
| EPS (diluted) | $-1.50 | $0.13 |
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 | — | $33.9M | ||
| Q3 25 | $30.8M | $33.9M | ||
| Q2 25 | $15.5M | $35.7M | ||
| Q1 25 | — | $36.3M | ||
| Q4 24 | — | $33.9M | ||
| Q3 24 | $22.4M | $34.9M | ||
| Q2 24 | $21.1M | $34.0M | ||
| Q1 24 | — | $34.9M |
| Q4 25 | — | $2.9M | ||
| Q3 25 | $-133.4M | $3.2M | ||
| Q2 25 | $-63.8M | $4.6M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | — | $3.6M | ||
| Q3 24 | $-40.8M | $3.7M | ||
| Q2 24 | $-53.5M | $3.4M | ||
| Q1 24 | — | $4.2M |
| Q4 25 | — | 76.7% | ||
| Q3 25 | 27.6% | 78.3% | ||
| Q2 25 | 25.7% | 79.5% | ||
| Q1 25 | — | 80.1% | ||
| Q4 24 | — | 78.5% | ||
| Q3 24 | 34.7% | 79.5% | ||
| Q2 24 | 14.0% | 78.9% | ||
| Q1 24 | — | 79.5% |
| Q4 25 | — | 11.6% | ||
| Q3 25 | -202.1% | 12.9% | ||
| Q2 25 | -349.5% | 15.1% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 13.7% | ||
| Q3 24 | -152.9% | 14.2% | ||
| Q2 24 | -232.1% | 13.2% | ||
| Q1 24 | — | 14.0% |
| Q4 25 | — | 8.7% | ||
| Q3 25 | -433.5% | 9.5% | ||
| Q2 25 | -410.2% | 12.8% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | -182.3% | 10.5% | ||
| Q2 24 | -253.7% | 10.1% | ||
| Q1 24 | — | 12.1% |
| Q4 25 | — | $0.13 | ||
| Q3 25 | $-1.50 | $0.15 | ||
| Q2 25 | $-5.78 | $0.22 | ||
| Q1 25 | — | $0.25 | ||
| Q4 24 | — | $0.17 | ||
| Q3 24 | $-3.57 | $0.18 | ||
| Q2 24 | $-4.60 | $0.17 | ||
| Q1 24 | — | $0.21 |
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 | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $948.8M | $146.4M |
| Total Assets | $1.3B | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $25.3M | ||
| Q3 25 | $995.2M | $21.4M | ||
| Q2 25 | $205.3M | $20.2M | ||
| Q1 25 | — | $19.9M | ||
| Q4 24 | — | $29.1M | ||
| Q3 24 | $26.4M | $27.8M | ||
| Q2 24 | $21.9M | $23.9M | ||
| Q1 24 | — | $23.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $136.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $146.4M | ||
| Q3 25 | $948.8M | $148.7M | ||
| Q2 25 | $-918.0M | $150.9M | ||
| Q1 25 | — | $151.7M | ||
| Q4 24 | — | $154.7M | ||
| Q3 24 | $-665.5M | $156.3M | ||
| Q2 24 | $-620.0M | $158.2M | ||
| Q1 24 | — | $160.2M |
| Q4 25 | — | $206.1M | ||
| Q3 25 | $1.3B | $209.7M | ||
| Q2 25 | $466.8M | $208.7M | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | — | $217.1M | ||
| Q3 24 | — | $216.8M | ||
| Q2 24 | — | $216.4M | ||
| Q1 24 | — | $215.0M |
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 | $11.5M |
| Free Cash FlowOCF − Capex | $-62.0M | $10.1M |
| FCF MarginFCF / Revenue | -201.3% | 29.9% |
| Capex IntensityCapex / Revenue | 29.0% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $11.5M | ||
| Q3 25 | $-53.0M | $8.1M | ||
| Q2 25 | — | $7.0M | ||
| Q1 25 | — | $2.3M | ||
| Q4 24 | — | $8.4M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $7.4M | ||
| Q1 24 | — | $2.0M |
| Q4 25 | — | $10.1M | ||
| Q3 25 | $-62.0M | $7.6M | ||
| Q2 25 | — | $6.0M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | — | $7.5M | ||
| Q3 24 | — | $10.3M | ||
| Q2 24 | — | $6.8M | ||
| Q1 24 | — | $1.1M |
| Q4 25 | — | 29.9% | ||
| Q3 25 | -201.3% | 22.4% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 22.3% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 20.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | 29.0% | 1.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× | ||
| Q1 24 | — | 0.47× |
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% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
