FLY NASDAQ

Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $0.05 (down 99.7%), Firefly Aerospace Inc. would be worth roughly what it owes.
Total debt $53.4M against a stock market value of $3.06B.
Distance to default 4.21 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $21.3M (short-term plus half of long-term), stock volatility 106.4%; Altman Z 3.13. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.