Intuitive Machines
LUNR Nasdaq Aerospace & Defense Financials FY2021–FY2025
Intuitive Machines' revenue fell 7.9% to $210 million in fiscal 2025. Its operating margin was −41.5%, down from −25.2% a year earlier. Free cash flow was −$56 million. It paid out $21 million in dividends and buybacks. The diluted share count rose 88.0%.
About these figures. Intuitive Machines' balance sheet lists about US$952 million of redeemable noncontrolling interest (owners of its operating company) between liabilities and equity at the end of 2025. Total liabilities plus shareholders' equity therefore fall short of total assets by that amount, as filed; equity is negative. In fiscal 2025 the SEC's structured data shows assets that differ from liabilities plus equity by more than 3%, so total liabilities may be incomplete.
What Intuitive Machines does
No business description yet.
- Legal name
- INTUITIVE MACHINES, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-019865
0001844452
Revenue and margins
Intuitive Machines had $210M of revenue in fiscal 2025, down 7.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$56.0M in fiscal 2025, −26.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Intuitive Machines returned $20.7M to shareholders in fiscal 2025. The diluted share count rose 88.0%.
Value Intuitive Machines yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $247M and divides by 115.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Intuitive Machines can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.4M | $25.8M | $4.5M | $208M | $583M |
| Debt incl. finance leases | — | $20.0M | $8.1M | $0.1M | $335M |
| Interest coverage | — | −5.4x | −31.9x | −623.9x | −20.9x |
| Current ratio | 3.8x | 0.4x | 0.4x | 3.0x | 5.0x |
| Quick ratio | 3.8x | 0.4x | 0.4x | 3.0x | 5.0x |
| Total assets | $331M | $67.0M | $85.9M | $355M | $757M |
| Total liabilities | $11.8M | $125M | $138M | $352M | $554M |
| Shareholders' equity | −$51.8M | −$50.9M | −$261M | −$1.0B | −$755M |
| Net debt (− = net cash) | — | −$5.8M | $3.6M | −$208M | −$247M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | — / 9 | 4 / 8 | 3 / 8 |
| Accruals ratio | 140.0% | −102.3% | −12.4% |
| Altman Z'' | −20.02 | −9.65 | −1.03 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Intuitive Machines LUNR | $1.7B | −7.9% | −41.5% | −26.6% | — | — | 3 | |
| Planet Labs PL | $4.8B | 25.9% | −30.9% | 18.7% | −70.1% | — | 3 | Compare → |
| Joby Aviation JOBY | $4.6B | 39,183.1% | −1,346.9% | −1,055.3% | — | — | — | Compare → |
| Kratos Defense & Security Solutions KTOS | $7.4B | 18.5% | 1.9% | −10.2% | 1.2% | — | 4 | Compare → |
| Hexcel HXL | $6.1B | −0.5% | 9.1% | 8.3% | 6.5% | 35.9x | 6 | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | — | $85.9M | $79.6M | $228M | $210M |
| Operating income | −$0.5M | −$5.5M | −$61.1M | −$57.4M | −$87.2M |
| Interest expense | — | $1.0M | $1.9M | $0.1M | $4.2M |
| Pretax income | — | −$6.4M | $10.2M | −$347M | −$103M |
| Income tax | — | $0.0M | $0.0M | $0.0M | $4.0M |
| Net income | −$0.3M | −$0.2M | $61.8M | −$283M | −$83.3M |
| Diluted EPS | — | — | $2.42 | −$4.63 | −$0.73 |
| Diluted shares | 0.01B | — | 0.03B | 0.06B | 0.12B |
| Cash flow | |||||
| Cash from operations | −$1.2M | $0.8M | −$45.3M | −$57.6M | −$14.3M |
| Capital expenditure | — | $16.4M | $29.9M | $10.1M | $41.6M |
| Free cash flow | — | −$15.6M | −$75.2M | −$67.7M | −$56.0M |
| Depreciation and amortization | — | $1.1M | $1.4M | $1.9M | $3.6M |
| Stock-based compensation | — | $0.6M | $4.3M | $8.8M | $8.6M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $14.9M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $20.7M |
| Dividends paid | $0.0M | $0.0M | $8.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $8.0M | $0.0M | $20.7M |
| Balance sheet | |||||
| Cash and short-term investments | $0.4M | $25.8M | $4.5M | $208M | $583M |
| Total debt | — | $20.0M | $8.0M | $0.0M | $335M |
| Finance lease liabilities | $0.0M | $0.0M | $0.1M | $0.1M | $0.1M |
| Current assets | $0.8M | $41.0M | $31.6M | $293M | $619M |
| Current liabilities | $0.2M | $95.2M | $81.5M | $98.8M | $125M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $21.2M | $18.3M | $23.4M | $68.5M |
| Total assets | $331M | $67.0M | $85.9M | $355M | $757M |
| Total liabilities | $11.8M | $125M | $138M | $352M | $554M |
| Shareholders' equity | −$51.8M | −$50.9M | −$261M | −$1.0B | −$755M |
| Margins | |||||
| Operating margin | — | −6.4% | −76.8% | −25.2% | −41.5% |
| EBITDA margin | — | −5.2% | −75.1% | −24.4% | −39.8% |
| Net margin | — | −0.2% | 77.6% | −124.3% | −39.7% |
| FCF margin | — | −18.2% | −94.5% | −29.7% | −26.6% |
| Returns | |||||
| Return on capital employed | — | −3.6% | 513.6% | −44.0% | −19.6% |
| Return on assets | — | −0.1% | 80.8% | −128.4% | −15.0% |
| Growth | |||||
| Revenue growth | — | — | −7.4% | 186.6% | −7.9% |
| Net income growth | — | — | — | −558.9% | — |
| EPS growth | — | — | — | −291.3% | — |
| Share count change | — | — | — | 140.2% | 88.0% |
| Financial health | |||||
| Interest coverage | — | −5.4x | −31.9x | −623.9x | −20.9x |
| Current ratio | 3.8x | 0.4x | 0.4x | 3.0x | 5.0x |
| Quick ratio | 3.8x | 0.4x | 0.4x | 3.0x | 5.0x |
| Capital allocation | |||||
| Capex / revenue | — | 19.1% | 37.6% | 4.4% | 19.8% |
| Stock comp / revenue | — | 0.7% | 5.4% | 3.9% | 4.1% |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 4.0 | 3.0 |
| Altman Z'' | −4.6 | −9.8 | −20.0 | −9.7 | −1.0 |
| Accruals ratio | — | −0.5% | 140.0% | −102.3% | −12.4% |
Source: SEC EDGAR XBRL filings (CIK 0001844452). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.