Bridger Aerospace Group Holdings, Inc. Financials
This page shows Bridger Aerospace Group Holdings, Inc. (BAER) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Positive operating cash flow is being eclipsed by heavy reinvestment in a business with a negative-equity balance sheet.
By FY2025, gross margin held at42.1% while operating cash flow turned positive at$16.7M . Yet free cash flow fell to-$64.2M because capital spending surged to$80.9M , showing that cash strain came from reinvestment rather than weak day-to-day conversion.
The most useful leverage read is not the reported ratio but the fact that liabilities exceed assets by
Overhead discipline mattered as much as top-line growth: selling and administrative expense fell from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Bridger Aerospace Group Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Bridger Aerospace Group Holdings, Inc.'s revenue surged 24.6% year-over-year to $122.8M, reflecting rapid business expansion. This strong growth earns a score of 93/100.
Bridger Aerospace Group Holdings, Inc.'s current ratio of 2.43 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.
While Bridger Aerospace Group Holdings, Inc. generated $16.7M in operating cash flow, capex of $80.9M consumed most of it, leaving -$64.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Bridger Aerospace Group Holdings, Inc. passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Bridger Aerospace Group Holdings, Inc. generates $4.04 in operating cash flow ($16.7M OCF vs $4.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Bridger Aerospace Group Holdings, Inc. generated $122.8M in revenue in fiscal year 2025. This represents an increase of 24.6% from the prior year.
Bridger Aerospace Group Holdings, Inc. reported $4.1M in net income in fiscal year 2025. This represents an increase of 126.6% from the prior year.
Bridger Aerospace Group Holdings, Inc. earned $-0.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 48.1% from the prior year.
Cash & Balance Sheet
Bridger Aerospace Group Holdings, Inc. generated -$64.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1318.2% from the prior year.
Bridger Aerospace Group Holdings, Inc. held $31.4M in cash against $212.4M in long-term debt as of fiscal year 2025.
Bridger Aerospace Group Holdings, Inc. had 56M shares outstanding in fiscal year 2025. This represents an increase of 3.1% from the prior year.
Margins & Returns
Bridger Aerospace Group Holdings, Inc.'s gross margin was 42.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Bridger Aerospace Group Holdings, Inc.'s net profit margin was 3.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 19.2 percentage points from the prior year.
Capital Allocation
Bridger Aerospace Group Holdings, Inc. invested $80.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1881.9% from the prior year.
BAER Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.5M-0.4% | $8.5M-87.4% | $67.9M+120.8% | $30.8M+96.5% | $15.6M+0.4% | $15.6M-75.8% | $64.5M+395.7% | $13.0M |
| Cost of Revenue | $17.0M+20.8% | $14.1M-33.2% | $21.1M+13.0% | $18.7M+8.7% | $17.2M+11.7% | $15.4M-33.0% | $23.0M+133.1% | $9.9M |
| Gross Profit | -$8.5M-53.5% | -$5.6M-111.9% | $46.8M+288.0% | $12.1M+872.0% | -$1.6M-948.4% | $184K-99.6% | $41.5M+1218.9% | $3.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $16.7M+24.4% | $13.4M+74.1% | $7.7M+18.4% | $6.5M-24.1% | $8.6M+12.0% | $7.7M-11.3% | $8.6M+9.4% | $7.9M |
| Operating Income | N/A | N/A | $39.0M+606.2% | $5.5M+154.4% | -$10.2M-35.7% | -$7.5M-122.8% | $32.9M+791.2% | -$4.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $5.9M-0.7% | $6.0M+2.3% | $5.9M |
| Income Tax | $28K-85.4% | $192K+122.9% | -$840K-561.5% | $182K-27.5% | $251K+186.0% | -$292K | $0+100.0% | -$484K |
| Net Income | -$31.3M-106.6% | -$15.1M-143.9% | $34.5M+11107.5% | $308K+102.0% | -$15.5M-21.0% | -$12.8M-147.0% | $27.3M+374.0% | -$10.0M |
| EPS (Diluted) | $-0.69 | N/A | $0.37+408.3% | $-0.12+70.7% | $-0.41 | N/A | $0.31+193.9% | $-0.33 |
BAER Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $314.4M-4.8% | $330.3M+6.2% | $311.0M+11.4% | $279.0M+1.2% | $275.6M-5.2% | $290.8M-5.4% | $307.3M+9.1% | $281.7M |
| Current Assets | $19.2M-52.2% | $40.2M-54.4% | $88.2M+64.6% | $53.6M+15.5% | $46.4M-27.3% | $63.8M-14.1% | $74.3M+91.0% | $38.9M |
| Cash & Equivalents | $9.0M-71.3% | $31.4M-43.1% | $55.1M+223.5% | $17.0M-23.8% | $22.3M-43.2% | $39.3M+18.0% | $33.3M+290.9% | $8.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $20.9M0.0% | $20.9M0.0% | $20.9M0.0% | $20.9M0.0% | $20.9M+0.7% | $20.7M-16.4% | $24.8M+0.3% | $24.7M |
| Total Liabilities | $694.5M+3.2% | $672.9M+6.2% | $633.4M+0.5% | $630.0M+1.1% | $623.0M+0.9% | $617.5M+1.0% | $611.7M+0.3% | $609.7M |
| Current Liabilities | $21.3M+29.2% | $16.5M-26.1% | $22.3M-9.3% | $24.6M+16.3% | $21.2M-9.4% | $23.4M+7.6% | $21.7M-12.8% | $24.9M |
| Long-Term Debt | $215.9M+1.7% | $212.4M+6.0% | $200.4M-0.3% | $201.0M-0.4% | $201.9M-0.3% | $202.5M-0.3% | $203.0M-0.3% | $203.6M |
| Total Equity | -$380.1M-11.0% | -$342.6M-6.3% | -$322.4M+8.1% | -$351.0M-1.0% | -$347.4M-6.3% | -$326.7M-7.3% | -$304.4M+7.2% | -$328.0M |
| Retained Earnings | -$456.4M-7.4% | -$425.1M-3.7% | -$409.9M+7.8% | -$444.5M+0.1% | -$444.8M-3.6% | -$429.2M-3.1% | -$416.4M+6.2% | -$443.7M |
BAER Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$21.1M-163.0% | -$8.0M-119.6% | $41.0M+2743.6% | $1.4M+108.2% | -$17.7M-244.9% | $12.2M+5994.5% | $200K+100.9% | -$22.6M |
| Capital Expenditures | $5.7M-91.9% | $70.4M+1011.2% | $6.3M+583.9% | $926K-72.0% | $3.3M+236.1% | $985K-14.4% | $1.2M+16.1% | $991K |
| Free Cash Flow | -$26.8M+65.8% | -$78.4M-326.3% | $34.6M+6626.8% | $515K+102.5% | -$21.0M-287.1% | $11.2M+1278.1% | -$951K+96.0% | -$23.6M |
| Investing Cash Flow | -$6.0M+75.0% | -$23.9M-261.0% | -$6.6M-431.4% | -$1.2M+52.8% | -$2.6M-158.1% | -$1.0M+25.1% | -$1.4M-182.3% | $1.7M |
| Financing Cash Flow | $4.8M+425.6% | -$1.5M-72.7% | -$847K+0.5% | -$851K+26.6% | -$1.2M-57.9% | -$734K+44.0% | -$1.3M-117.2% | $7.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BAER Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -100.3%-35.2pp | -65.0%-133.9pp | 68.9%+29.7pp | 39.2%+49.2pp | -10.0%-11.2pp | 1.2%-63.2pp | 64.3%+40.2pp | 24.2% |
| Operating Margin | N/A | N/A | 57.5%+39.5pp | 18.0%+82.8pp | -64.9%-16.9pp | -48.0%-99.0pp | 50.9%+87.5pp | -36.5% |
| Net Margin | -367.8%-190.5pp | -177.2%-228.1pp | 50.8%+49.8pp | 1.0%+100.3pp | -99.3%-16.9pp | -82.4%-124.8pp | 42.4%+119.1pp | -76.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -10.0%-5.4pp | -4.6%-15.7pp | 11.1%+11.0pp | 0.1%+5.8pp | -5.6%-1.2pp | -4.4%-13.3pp | 8.9%+12.4pp | -3.5% |
| Current Ratio | 0.90-1.5 | 2.43-1.5 | 3.95+1.8 | 2.17-0.0 | 2.19-0.5 | 2.73-0.7 | 3.42+1.9 | 1.56 |
| Debt-to-Equity | -0.57+0.1 | -0.620.0 | -0.62-0.0 | -0.570.0 | -0.58+0.0 | -0.62+0.0 | -0.67-0.0 | -0.62 |
| FCF Margin | -315.0%+602.3pp | -917.3%-968.3pp | 51.0%+49.4pp | 1.7%+135.7pp | -134.0%-205.9pp | 71.9%+73.4pp | -1.5%+179.8pp | -181.3% |
Note: Shareholder equity is negative (-$342.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Bridger Aerospace Group Holdings, Inc.'s annual revenue?
Bridger Aerospace Group Holdings, Inc. (BAER) reported $122.8M in total revenue for fiscal year 2025. This represents a 24.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bridger Aerospace Group Holdings, Inc.'s revenue growing?
Bridger Aerospace Group Holdings, Inc. (BAER) revenue grew by 24.6% year-over-year, from $98.6M to $122.8M in fiscal year 2025.
Is Bridger Aerospace Group Holdings, Inc. profitable?
Yes, Bridger Aerospace Group Holdings, Inc. (BAER) reported a net income of $4.1M in fiscal year 2025, with a net profit margin of 3.4%.
How much debt does Bridger Aerospace Group Holdings, Inc. have?
As of fiscal year 2025, Bridger Aerospace Group Holdings, Inc. (BAER) had $31.4M in cash and equivalents against $212.4M in long-term debt.
What is Bridger Aerospace Group Holdings, Inc.'s gross margin?
Bridger Aerospace Group Holdings, Inc. (BAER) had a gross margin of 42.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Bridger Aerospace Group Holdings, Inc.'s net profit margin?
Bridger Aerospace Group Holdings, Inc. (BAER) had a net profit margin of 3.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Bridger Aerospace Group Holdings, Inc.'s free cash flow?
Bridger Aerospace Group Holdings, Inc. (BAER) generated -$64.2M in free cash flow during fiscal year 2025. This represents a -1318.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bridger Aerospace Group Holdings, Inc.'s operating cash flow?
Bridger Aerospace Group Holdings, Inc. (BAER) generated $16.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bridger Aerospace Group Holdings, Inc.'s total assets?
Bridger Aerospace Group Holdings, Inc. (BAER) had $330.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bridger Aerospace Group Holdings, Inc.'s capital expenditures?
Bridger Aerospace Group Holdings, Inc. (BAER) invested $80.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Bridger Aerospace Group Holdings, Inc.'s current ratio?
Bridger Aerospace Group Holdings, Inc. (BAER) had a current ratio of 2.43 as of fiscal year 2025, which is generally considered healthy.
What is Bridger Aerospace Group Holdings, Inc.'s debt-to-equity ratio?
Bridger Aerospace Group Holdings, Inc. (BAER) had a debt-to-equity ratio of -0.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bridger Aerospace Group Holdings, Inc.'s return on assets (ROA)?
Bridger Aerospace Group Holdings, Inc. (BAER) had a return on assets of 1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Bridger Aerospace Group Holdings, Inc.'s debt-to-equity ratio negative or unusual?
Bridger Aerospace Group Holdings, Inc. (BAER) has negative shareholder equity of -$342.6M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Bridger Aerospace Group Holdings, Inc.'s Piotroski F-Score?
Bridger Aerospace Group Holdings, Inc. (BAER) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bridger Aerospace Group Holdings, Inc.'s earnings high quality?
Bridger Aerospace Group Holdings, Inc. (BAER) has an earnings quality ratio of 4.04x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Bridger Aerospace Group Holdings, Inc.?
Bridger Aerospace Group Holdings, Inc. (BAER) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.