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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Redwire reported revenue of $335M in the fiscal year ended Dec 2025, up 10.3% from the year before. Operating income was −$230M, an operating margin of −68.5%, and net income was −$227M. Operating cash flow of −$177M less capital expenditure of $13M left free cash flow of −$191M. It held more cash than debt (net cash $9M).
Ranks among the 30 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 138 | 161 | 244 | 304 | 335 |
| Cost of revenue | 108 | 132 | 186 | 260 | 318 |
| Gross profit | 29.4 | 28.7 | 58.0 | 44.5 | 17.3 |
| Research & development | 4.5 | 4.9 | 5.0 | 6.1 | 19.8 |
| Selling, general & admin | 78.7 | 70.3 | 68.5 | 71.4 | 171 |
| Operating income | −70.2 | −146 | −15.5 | −42.2 | −230 |
| Interest expense | 6.5 | 8.2 | 10.7 | 13.5 | 39.8 |
| Pre-tax income | −72.8 | −139 | −27.8 | −116 | −252 |
| Income tax | −11.3 | −8.0 | −0.5 | −2.0 | −25.0 |
| Net income | −61.5 | −131 | −27.3 | −114 | −227 |
| Diluted EPS | −1.36 | −2.09 | −0.73 | −2.35 | −2.28 |
| Diluted shares | 45.1 | 63.3 | 64.7 | 66.1 | 120 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 20.5 | 28.3 | 30.3 | 33.7 | 94.5 |
| Receivables | 16.3 | 26.7 | 32.4 | 21.9 | 37.3 |
| Inventory | 0.7 | 1.5 | 1.5 | 2.2 | 55.8 |
| Current assets | 55.2 | 96.2 | 109 | 126 | 253 |
| Net PP&E | 19.4 | 12.8 | 15.9 | 17.8 | 49.2 |
| Goodwill | 96.3 | 64.6 | 65.8 | 71.2 | 779 |
| Total assets | 262 | 258 | 271 | 293 | 1,449 |
| Payables | 13.1 | 17.6 | 18.6 | 32.1 | 32.3 |
| Deferred revenue | 15.7 | 29.8 | 52.6 | 67.2 | 60.1 |
| Current liabilities | 51.2 | 94.7 | 112 | 149 | 156 |
| Short-term debt | 2.7 | 2.6 | 1.4 | 1.3 | 5.2 |
| Long-term debt | 74.9 | 74.7 | 86.8 | 124 | 80.0 |
| Total liabilities | 155 | 188 | 218 | 345 | 312 |
| Shareholders' equity | 107 | −6.7 | −43.5 | −189 | 1,060 |
| Backlog (remaining obligations) | 129 | 276 | – | 280 | 330 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −37.4 | −31.7 | 1.2 | −17.3 | −177 |
| Capital expenditure | 2.1 | 3.6 | 5.6 | 6.4 | 13.5 |
| Free cash flow | −39.5 | −35.3 | −4.4 | −23.7 | −191 |
| Depreciation & amortisation | 10.6 | 11.3 | 10.7 | 11.7 | 32.6 |
| Stock-based compensation | 27.1 | 10.8 | 8.7 | 11.3 | 59.0 |
| Acquisitions | 40.6 | 33.2 | 0.0 | 0.9 | 152 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.7% | 51.9% | 24.7% | 10.3% |
| Gross margin | 21.3% | 17.9% | 23.8% | 14.6% | 5.2% |
| Operating margin | −51.0% | −91.2% | −6.4% | −13.9% | −68.5% |
| Net margin | −44.7% | −81.4% | −11.2% | −37.6% | −67.6% |
| Return on equityBlank when equity is negative | −57.4% | – | – | – | −21.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −33.3% | −89.9% | −9.8% | −29.5% | −17.8% |
| Free cash flow margin | −28.7% | −22.0% | −1.8% | −7.8% | −56.9% |
| Cash conversion (CFO ÷ net income) | 0.61x | 0.24x | −0.05x | 0.15x | 0.78x |
| Receivable days | 43 | 61 | 49 | 26 | 41 |
| Inventory days | 2 | 4 | 3 | 3 | 64 |
| Payable days | 44 | 49 | 36 | 45 | 37 |
| Interest cover | −10.9x | −17.8x | −1.45x | −3.13x | −5.78x |
| Debt ÷ equity | 0.72x | – | – | – | 0.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 57.0 | 49.0 | 57.9 | 92.0 | −9.3 |
| Current ratio | 1.08x | 1.02x | 0.98x | 0.84x | 1.62x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.