Bridger Aerospace Group Holdings, Inc. (BAERW) Stock Analysis

Price updated 4 days ago · SEC data refreshed 6 days ago ⓘ · Not investment advice

Bridger Aerospace Group Holdings, Inc.

BAERW Technology Business Services📄 SEC filings ↗
Speculative
Long-term trend (200d) 53% below 200-day Risk 57/100 Elevated
▾ What's in the 57/100 risk score? (higher = riskier)
Fundamental health (43%) 80/100 → +34.3
leverage 80/100
Smart money (short interest + insider buying) (31%) 31/100 → +9.7
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 50/100 → +12.9
Total57/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.

💵 Price $0.15 · 4 days ago 📄 Financials SEC EDGAR · refreshed 6 days ago
📍 START HERE

How to read BAERW (speculative micro-cap)

No model can pin a precise fair value on a company this small — but that does not mean there is nothing to learn. The useful questions are what the price is betting on, and whether the company can survive long enough to deliver it.

Where to start — the sections that matter most for this stock
  1. 1 Reverse-DCF — what growth the price assumes ↓
    The single most useful number here: it backs out the growth the market is paying for. If that figure is "historically unprecedented," the price is running on hype, not fundamentals.
  2. 2 Cash runway ↓
    A pre-profit micro-cap lives or dies on whether it can fund itself to profitability before running out of money and diluting you.
  3. 3 The raw financial statements + the 10-K ↓
    At this scale, the actual numbers, insider ownership, and share-count trend tell you more than any ratio.
Or — what are you trying to decide?
A note on process: fear-driven decisions — including fear of missing out — tend to be the expensive ones. A stock up 10% a day for three days is excitement, not evidence. Whichever reader you are, the data below is there to be checked before anything is decided.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ A share-count quirk blocked the per-share math

The share count we read for BAERW looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.

What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.

This note is only about the single DCF fair-value number — BAERW's full financial statements, health scores, and written analysis are all below.

ⓘ Why does BAERW trade at $0.15?

Bridger Aerospace Group Holdings, Inc. has 54.3 million shares outstanding. At $0.15 per share, the market values all outstanding BAERW equity at $8 million. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash — and it matters here because BAERW carries substantial debt. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values BAERW in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
Checking filings for failure warnings…
⚠️ BUSINESS-MODEL ADVISORY — SPECULATIVE NANO / MICRO-CAP

How to read a company this small

BAERW is too small and/or too volatile for the valuation lenses we use on larger, more stable companies. The numbers shown below should be taken as rough orientation only.

✅ What actually drives value for this kind of company
  • Market cap $8.1M — nano-cap territory (below $50M)
❌ Metrics that DON'T apply (ignore these even if you see them below)

Growth percentages on tiny revenue bases (1000% going from $200K to $2M is not predictive). P/E and ROE swing wildly with small earnings changes. Peer comparisons fail because there often aren't comparable companies at this scale.

📚 Where to actually look

Start with the Reverse-DCF above — it backs out the growth the price is betting on; if that figure is "historically unprecedented," the price is running on hype, not fundamentals. Then the cash runway (can it fund itself to profitability before diluting you?). Then the raw Financials table and the 10-K on SEC EDGAR — at this scale, insider ownership and the share-count trend often matter more than any ratio.

Classified as Speculative Nano / Micro-cap (confidence 80%). Disagree? An admin can override via the post edit screen.

PEER BASKET — LIMITED COMPARABLES

⚠ Genuine comparables are scarce at this size, so peer multiples are unreliable here. Treat as rough context only — see 📍 What to focus on above.

How does BAERW stack up against its closest peers?

Ideally we compare BAERW only to same-industry peers, but too few exist in our universe right now, so the basket below mixes in broader-sector names. Treat the multiples as rough context, not a valuation. For a leveraged business, FCF yield (in the table) is usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)
EV / Sales?EV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt).
Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices.
Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding
Full explanation →		 0.3x / 1.3x / 2.4x
EV / Gross Profit?EV / Gross Profit — Enterprise value divided by gross profit — the multiple paid for what each dollar of sales contributes after direct costs.
Why it matters: More refined than EV/Sales for high-margin businesses (software, marketplaces) where gross margin is the real economic engine.
Reference: 8–15x for SaaS · 15–25x for hypergrowth software · >30x demanding
Full explanation →		 2.2x / 2.4x / 4.5x

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 peers (broad — see caveat); implausible multiples excluded.

Peer-implied value check
We're not showing a peer-implied price for BAERW: with only 3 genuine same-industry comparables, a median built partly from broader-sector names would be misleading. Lean on the DCF above; use the multiples table only as loose context.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GPEV/EBIT FCF Yield
UK Ucommune International Ltd Business Services $9M 2.4x —— 2.7%
OLB OLB GROUP, INC. Business Services $7M 0.8x —— 329.8%
XBP XBP Global Holdings, Inc. Business Services $29M 0.5x 2.2x— 20.8%
TGL TREASURE GLOBAL INC Business Services ·fallback $7M 3.2x 4.5x— 1.2%
FTFT Future FinTech Group Inc. Business Services ·fallback $7M 1.9x 17.4x— 4.4%
XHLD TEN Holdings, Inc. Business Services ·fallback $6M 1.8x 2.3x— 2.6%
SGRP SPAR Group, Inc. Business Services ·fallback $18M 0.3x 1.8x— 159.6%
WAI Top KingWin Ltd Business Services ·fallback $2M 0.2x 2.5x— 56.5%
FINANCIAL HEALTH SCREENS

Bankruptcy + quality screens

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
0.52
Distress zone

Distress zone under the classic Altman thresholds — scores here have historically preceded a high rate of financial distress within ~2 years. This is a warning signal, not a direct bankruptcy probability, and its reliability varies by industry. Be very skeptical of any "cheap" valuation on this name.

The classic Z-score was calibrated on manufacturers. It is less reliable for asset-light or non-manufacturing businesses (broadcasters, media, software, services) and not applicable to banks, REITs, or insurers — for those the coefficients and the asset-turnover term distort the result. Read it as one screening input, not a verdict.

Piotroski F-Score?Piotroski F-Score — A 9-point quality checklist scoring profitability, leverage, and operating efficiency.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
7 / 9
Strong
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✓ Positive net income
    Net income $4.1M in FY2025.
  • ✓ Positive operating cash flow
    Operating cash flow $16.7M (was $9.4M the prior year).
  • ✓ Cash flow backs up reported profit
    Operating cash flow $16.7M vs net income $4.1M.
  • ✓ Return on assets improving
    Return on assets 1.3% vs -5.4% a year ago.
  • ✓ Debt load (vs assets)
    Long-term debt is 64.3% of assets vs 69.6% a year ago ($212.4M of $330.3M assets).
  • ✗ Short-term liquidity (current ratio)
    Current ratio 2.43x vs 2.73x a year ago.
    Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
  • ✗ Share count (dilution)
    Share count rose 7.4% (50.5M → 54.3M year-over-year).
    Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
  • ✓ Pricing power (gross margin)
    Gross margin 42.1% vs 41.7% a year ago.
  • ✓ Sales per asset (asset turnover)
    Asset turnover 0.37x vs 0.34x a year ago.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for BAERW. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for BAERW because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation reduces the purchasing power of a nominal return: a 9% gain at 3% inflation is about 6% in real terms. The intrinsic value above is already in today's dollars (a nominal DCF carries inflation in both the growth and the discount rate), so this switch does not change the value — it restates the return in real terms.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think BAERW can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$0.15
    Model IVNot applicable — DCF couldn't price this stock. The other valuation lenses on this page (reverse-DCF, peers, sector lens — whichever apply to this filer) carry the read instead.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →     (DCF) valuation is not meaningful for Bridger Aerospace Group Holdings, Inc. due to its cash-burning growth stage, as evidenced by negative free cash flow?Free Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
    Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
    Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
    Full explanation →    , despite positive operating cash flow and net income in the latest period. Investors are likely betting on the company's ability to sustain its revenue growth, which has been 38.3% per year over the last three years, and expand its gross margins. The biggest risk to our assumptions is that the model output is implausibly high compared to the current price, suggesting a potential share-count or units error in the model's inputs.

    ⚠️ FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.

    As of 6 days ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    BAERW Bridger Aerospace Group Holdings, Inc. stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    3.4%
    profit
    Where each $1 of revenue goes
    Net profit — 3.4¢ of every dollar ($0.08/sh = latest fiscal-year net income ÷ current shares. The table below shows GAAP diluted EPS of $-0.42, computed on that year's weighted-average diluted shares — the share count moved, which is why they differ)
    Costs & taxes — 96.6¢ (on $2.26 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: each share (at $0) represents $2.26 of revenue per share per year, $0.08 of net income per current share, and $1.31 of cash burned per share (negative free cash flow) from the latest fiscal year. Each share carries $3.93 of total debt (interest-bearing borrowings, current + long-term).
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    The company must sustain its revenue growth rate around the modeled 38.4% while continuing to expand gross margins and maintain positive operating cash flow. This would allow it to service its rising long-term debt of $212M and potentially fund further fleet expansion.
    🐻 The Bear Case
    The biggest operating risk is that revenue growth decelerates significantly from the current 38.3% annual rate, or that gross margins contract from 42.1%, leading to a decline in operating cash flow, which was positive in the latest period but has only been positive in 2 out of 4 years. This could strain the company's ability to manage its rising long-term debt.
    📌 Signposts to watch — update your view as these print
    • Next quarter's revenue growth rate
    • Gross margin trend
    • Operating cash flow generation
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (FY2024 → FY2025, latest reported)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +25% to $122.8M.
    • Swung to a profit of $4.1M (from a loss the prior year).
    ⚠ Worsening
    • Free cash flow is negative at -$71.3M — the cash burn widened vs last year.

    Roughly flat: Gross margin held to 42% (+0 pts).

    WHO

    Management & Leadership

    Timothy Sheehy serves as the Chief Executive Officer of Bridger Aerospace Group Holdings, Inc. and is also its founder. He has led the company since its inception, focusing on aerial firefighting and wildfire management services. The company's leadership team is dedicated to expanding its specialized aviation capabilities.

    Timothy Sheehy
    Chief Executive Officer and Founder
    Robert Rozen
    Chief Financial Officer
    WHAT

    What They Make

    Bridger Aerospace Group Holdings, Inc. provides aerial firefighting services, primarily using aircraft to combat wildfires. Their services are paid for by government agencies and other entities responsible for wildfire suppression and management.

    End Markets

    Government agenciesForestry servicesEmergency response

    Revenue Drivers

    Aerial firefighting services
    Aircraft leasing
    Related support services
    Market Cap: 8.1MBeta: 1.30
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Rapid response to wildfires
    Specialized aerial capabilities
    Mitigation of property and environmental damage
    No discounted-cash-flow value for this filer This company's reported free cash flow is negative, so a discounted-cash-flow valuation has no positive cash stream to discount. That is a fact about the business, not missing data — the reported figures below are complete.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is likely pricing Bridger Aerospace based on expectations of continued revenue growth, which has been 38.3% annually over three years, and its ability to achieve consistent profitability and positive operating cash flow. The market may be assigning value to the potential for increased demand for aerial firefighting services due to climate change, which is not in the model. The company's expanding gross margin from 27% to 42.1% also suggests improving operational efficiency, which investors may be factoring into future cash flow potential.

    HOW

    Business Model & Valuation

    How They Make Money

    Aerial wildfire suppression contracts
    Aircraft and pilot services
    Maintenance and support services

    The company funds itself through a combination of operational cash flow, which was positive in the latest period, and has seen long-term debt rising from $0M to $212M.

    Growth / Revenue DCF

    Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.

    Show advanced inputs
    Revenue Growth38.4%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project product, services and recurring/cloud lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Growth / re-investment phase

    Moat Signals

    Specialized aircraft fleet
    Experienced pilot and ground crews
    Government contract relationships

    Revenue has been growing at 38.3% per year over three years, from $46M to $123M.

    WHERE

    Geography & Markets

    Bridger Aerospace Group Holdings, Inc. is headquartered in the US and primarily operates within North America, providing aerial firefighting services across various states. Exact geographic segment splits are not available in current filings.

    Geographic Risks

    Concentration risk in government contracts
    Seasonal nature of wildfire activity
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape bearish
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    45.6NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
    50-Day Average$0.22Price below (-31.8%)Price below its 50-day average = near-term downtrend.
    200-Day Average$0.32Price belowThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossDeath50-day below 200-dayA "death cross" — the medium trend is below the long trend (often read as bearish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (5 notes — click to expand/collapse)
    Guardrail Notes (5)
    • FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
    • Illiquidity discount 25% applied (small/micro-cap — harder to exit, demand a margin).
    • Extreme valuation: the model output is implausibly high vs the price — usually a share-count or units error. The model value is suppressed.
    • VALUATION HELD (EXTREME_MODEL_GAP): per-share values suppressed due to the model output failed plausibility checks.
    • Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From Bridger Aerospace Group Holdings, Inc.'s SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    2025122.8M4.1M$-0.42
    202498.6M-15.6M$-0.81
    202366.7M-77.4M$-1.00
    202246.4M-42.1M$-8.20

    Cash Flow (5yr)

    YearOperating CFCapEx− SBCFree Cash Flow
    2025 16.7M 80.9M 7.1M -71.3M
    2024 9.4M 4.1M 16.2M -10.9M
    2023 -26.8M 20.7M 47.8M -95.3M
    2022 -9.9M 25.6M — -35.5M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 16.7M − 80.9M − 7.1M (stock-based comp) = -71.3M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.

    Balance Sheet

    Total Assets330.3M
    Total Liabilities265.6M
    Equity-342.6M
    Total Debt213.3M
    YOU MIGHT ALSO LIKE

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    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed 6 days ago (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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