LUNR Nasdaq Aerospace & Defense Financials FY2021–FY2025
Intuitive Machines had $210M of revenue in fiscal 2025, down 7.9% on the year before.
Hi! I read Intuitive Machines’s latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
−7.9%
No. Sales fell 7.9% last year.
Does it make a profit?
−39.7%
No. It lost money last year.
Does profit turn into cash?
−26.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA · Intuitive Machines had $210M of revenue in fiscal 2025, down 7.9% on the year before. Its operating margin was −41.5%, down 16.4 pts: of every 100 in sales, about −42 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA · Intuitive Machines lost $83.3M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA · Free cash flow was −$56.0M in fiscal 2025, −26.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA · Intuitive Machines returned $20.7M to shareholders in fiscal 2025. The diluted share count rose 88.0%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA · In the last 12 months, insiders bought $2.2M and sold $264M of shares on the open market.
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.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$2.2M
1 insider
Sold, 12 months
$264M
10 insiders
Of sales under plans
42%
$112M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 21, 2026 | Timothy Price Crain IISVP & Chief Technology Officer | Sold plan | 50,000 | $15.05 | $0.8M | Form 4 |
| Sep 18, 2026 | Timothy Price Crain IISVP & Chief Technology Officer | Sold plan | 100,000 | $13.98 | $1.4M | Form 4 |
| Sep 9, 2026 | Ghaffarian Enterprises, LLC10% owner | Sold plan | 1,698 | $16.00 | $0.0M | Form 4 |
| Sep 8, 2026 | Ghaffarian Enterprises, LLC10% owner | Sold plan | 94,606 | $15.40 | $1.5M | Form 4 |
| Aug 27, 2026 | Steven VonturSee Remarks | Sold | 3,050 | $16.13 | $0.0M | Form 4 |
| Aug 24, 2026 | Ghaffarian Enterprises, LLC10% owner | Sold plan | 141,909 | $16.87 | $2.4M | Form 4 |
| Aug 10, 2026 | Ghaffarian Enterprises, LLC10% owner | Sold plan | 267,448 | $16.17 | $4.3M | Form 4 |
| Jul 28, 2026 | Advent International, L.P.10% owner | Sold | 11,495,514 | $12.84 | $148M | Form 4 |
| Jul 27, 2026 | Kamal Seyed GhaffarianDirector, 10% owner | Sold plan | 47,303 | $13.20 | $0.6M | Form 4 |
| Jul 13, 2026 | Ghaffarian Enterprises, LLC10% owner | Sold plan | 110,976 | $15.64 | $1.7M | Form 4 |
| Jun 29, 2026 | GM Enterprises, LLC10% owner | Sold plan | 141,909 | $20.43 | $2.9M | Form 4 |
| Jun 18, 2026 | Timothy Price Crain IISVP & Chief Technology Officer | Sold plan | 150,000 | $21.87 | $3.3M | Form 4 |
| Jun 15, 2026 | Kamal Seyed GhaffarianDirector, 10% owner | Sold plan | 141,909 | $26.15 | $3.7M | Form 4 |
| Jun 8, 2026 | William John Liquori JrDirector | Sold | 18,321 | $29.87 | $0.5M | Form 4 |
| Jun 1, 2026 | Ghaffarian Enterprises, LLC10% owner | Sold plan | 141,909 | $39.01 | $5.5M | Form 4 |
| May 18, 2026 | GM Enterprises, LLC10% owner | Sold plan | 141,909 | $34.25 | $4.9M | Form 4 |
| May 4, 2026 | Ghaffarian Enterprises, LLC10% owner | Sold plan | 141,909 | $25.14 | $3.6M | Form 4 |
| Apr 20, 2026 | Ghaffarian Enterprises, LLC10% owner | Sold plan | 141,909 | $28.16 | $4.0M | Form 4 |
| Apr 15, 2026 | Stephen J AltemusChief Executive Officer, Director | Sold | 13,751 | $23.61 | $0.3M | Form 4 |
| Apr 15, 2026 | Anna Chiara JonesSVP, CLO & Corporate Secretary | Sold | 4,911 | $23.61 | $0.1M | Form 4 |
| Apr 15, 2026 | Peter McGrathSVP and CFO | Sold | 24,554 | $23.61 | $0.6M | Form 4 |
| Apr 15, 2026 | Timothy Price Crain IISVP & CTO | Sold | 8,447 | $23.61 | $0.2M | Form 4 |
| Apr 6, 2026 | GM Enterprises, LLC10% owner | Sold plan | 141,909 | $23.20 | $3.3M | Form 4 |
| Mar 24, 2026 | GM Enterprises, LLC10% owner | Sold plan | 283,818 | $18.79 | $5.3M | Form 4 |
| Mar 19, 2026 | Timothy Price Crain IISVP & Chief Technology Officer | Sold plan | 150,000 | $17.55 | $2.6M | Form 4 |
| Feb 13, 2026 | Stephen J AltemusChief Executive Officer, Director | Sold | 86,803 | $16.01 | $1.4M | Form 4 |
| Feb 11, 2026 | Timothy Price Crain IISVP & Chief Technology Officer | Sold | 23,226 | $17.44 | $0.4M | Form 4 |
| Feb 11, 2026 | Anna Chiara JonesSee Remarks | Sold | 16,779 | $17.44 | $0.3M | Form 4 |
| Feb 11, 2026 | Steven VonturSee Remarks | Sold | 4,343 | $17.44 | $0.1M | Form 4 |
| Feb 11, 2026 | Peter McGrathSVP and CFO | Sold | 25,541 | $17.44 | $0.4M | Form 4 |
| Jan 16, 2026 | Stephen J AltemusChief Executive Officer, Director, 10% owner | Sold plan | 58,828 | $20.03 | $1.2M | Form 4 |
| Jan 16, 2026 | Timothy Price Crain IISVP and Chief Growth Officer, 10% owner | Sold plan | 24,155 | $20.04 | $0.5M | Form 4 |
| Jan 15, 2026 | Stephen J AltemusChief Executive Officer, Director, 10% owner | Sold plan | 428,503 | $20.06 | $8.6M | Form 4 |
| Jan 15, 2026 | Timothy Price Crain IISVP and Chief Growth Officer, 10% owner | Sold plan | 170,185 | $20.06 | $3.4M | Form 4 |
| Jan 8, 2026 | Stephen J AltemusChief Executive Officer, Director, 10% owner | Sold plan | 12,669 | $20.00 | $0.3M | Form 4 |
| Jan 8, 2026 | Timothy Price Crain IISVP and Chief Growth Officer, 10% owner | Sold plan | 5,660 | $20.00 | $0.1M | Form 4 |
| Jan 5, 2026 | Stephen J AltemusChief Executive Officer, Director, 10% owner | Sold plan | 416,086 | $18.08 | $7.5M | Form 4 |
| Jan 2, 2026 | Stephen J AltemusChief Executive Officer, Director, 10% owner | Sold plan | 83,914 | $18.04 | $1.5M | Form 4 |
| Dec 22, 2025 | Timothy Price Crain IISVP and Chief Growth Officer, 10% owner | Sold plan | 200,000 | $16.04 | $3.2M | Form 4 |
| Dec 22, 2025 | Stephen J AltemusChief Executive Officer, Director, 10% owner | Sold plan | 1,958,593 | $15.77 | $30.9M | Form 4 |
| Dec 19, 2025 | Timothy Price Crain IISVP and Chief Growth Officer, 10% owner | Sold plan | 150,000 | $14.22 | $2.1M | Form 4 |
| Dec 19, 2025 | Stephen J AltemusChief Executive Officer, Director, 10% owner | Sold plan | 41,407 | $15.01 | $0.6M | Form 4 |
| Nov 13, 2025 | Michael BlitzerDirector | Bought | 100,000 | $8.83 | $0.9M | Form 4 |
| Nov 12, 2025 | Michael BlitzerDirector | Bought | 141,080 | $9.27 | $1.3M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA · Intuitive Machines has $247M more cash than debt.
Cash, debt and the ratios that show how comfortably Intuitive Machines can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA · Intuitive Machines passes 3 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is 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 |
What does the share cost, and how does it compare?
KIRA · At $10.52 a share, the company is worth $1.7B.
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.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
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.
KIRA · Intuitive Machines grew sales faster than 0 of its 4 similar companies.
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| 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 → |
Every number, year by year.
Amounts in USD. Hover a ratio’s name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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.
