Firy Inc. (FIRY) stock analysis

FIRYNYSEServices-Computer Processing & Data PreparationFiscal year ends December 31

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 19, 2026Score 5/307% above fair value

$12.76+0.29 (+2.33%)

Close on Nov 11, 2026Market cap $212.10MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak5 of 30 checks passed

Firy passes 5 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 1/6
Growth: 2/6
Past performance: 1/6
Financial health: 1/6
Dividend: 0/6

What stands out

P/B below the industry
Firy's price-to-book of 2.51 is below the Computer Programming, Data Processing, and Other Computer Related Services median of 3.32.
Growing faster than the industry
Revenue grew 31.3% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Gross margin improving
Gross margin was 87.8% over the last twelve months, against 85.7% a year earlier.
Net margin above its 5-year average
Net margin was -60.2% over the last twelve months, against a 5-year average of -79.3%.

What to watch

Margin of safety under 20%
The price is 7.5% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $12.76 is above our fair value estimate of $11.87.
Return on equity under 15%
Return on equity was -63.0% over the last twelve months and averaged -54.3% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -128%, below the 10% that usually covers the cost of capital.

Valuation1/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Firy's price-to-book of 2.51 is below the Computer Programming, Data Processing, and Other Computer Related Services median of 3.32.
Trading above fair value
The share price of $12.76 is above our fair value estimate of $11.87.
Margin of safety under 20%
The price is 7.5% above fair value, so there is no margin of safety.

Growth2/6

Revenue growing under 10% a year
Revenue grew -27.1% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 31.3% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin improving
Gross margin was 87.8% over the last twelve months, against 85.7% a year earlier.

Past performance1/6

Return on equity under 15%
Return on equity was -63.0% over the last twelve months and averaged -54.3% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -128%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
Firy's return on equity of -63.0% is below the Computer Programming, Data Processing, and Other Computer Related Services median of -1.2%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was -60.2% over the last twelve months, against a 5-year average of -79.3%.
Net margin below the industry
Firy's net margin of -60.2% is below the Computer Programming, Data Processing, and Other Computer Related Services median of -4.8%.

Financial health1/6

High debt
Debt is 152% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 0.0% five years ago to 152%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -48.1% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense -4.1 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 1.03 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is -5.44; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
Firy has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$11.87

The share price is 7% above this estimate.

20%+ below

Near fair value

20%+ above

$12.76Price

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/B	2.0×	0.8×	3.3×	$10.32	50%
P/S	1.9×	1.0×	2.8×	$13.43	50%
Fair value				$11.87	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/B at month end
Own 5-year median 0.8
Computer Programming, Data Processing, and Other Computer Related Services median 3.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $2.18M
Value traded per 1% price move: $571.01K

Downside

High risk

Typical loss in a bad month: 28.7%
Volatility (annualized): 264%
Sharpe ratio, 1 year: 0.38
Beta to the S&P 500 (5Y): 2.83

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2017 to 2025

Gross margin

87.5%−7.1 pts over 5 years

Operating margin

-61.2%−16.1 pts over 5 years

Net margin

-67.4%−2.3 pts over 5 years

Per year	1 year	3 years	5 years	10 years	Five-year pace
Revenue	+12.5%	-27.1%	-14.5%	–
Gross profit	+15.1%	-27.4%	-15.9%	–

Returns and balance sheet

9 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2017	FY2020	FY2025
Return on equity	–	-473.0%	-49.4%
Return on assets	–	-92.8%	-21.1%
Current ratio	–	4.94	1.20
Debt to equity	–	0.00	1.14
Net debt to EBITDA	–	2.62×	1.07×
Interest coverage	–	-77.9×	-4.2×
Capex to revenue	–	1.4%	1.3%
Diluted shares	–	15M	16M

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin-67.4%

Asset turnover0.31×

Equity multiplier2.34×

Return on equity, FY2025-49.4%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	-67.4%	0.31×	2.34×	-49.4%
FY2024	-50.4%	0.24×	2.01×	-24.4%
FY2023	-66.6%	0.30×	2.08×	-41.5%
FY2022	-162.7%	0.33×	1.85×	-98.9%
FY2021	-49.4%	0.58×	1.98×	-57.1%
FY2020	-65.1%	1.43×	5.10×	-473.0%

Where these numbers come from

Parsed from the XBRL in Firy's annual and quarterly filings with the SEC
Per-share figures adjusted for the 1-for-20 reverse split on Jun 26, 2023
Fourth quarters derived from the annual report minus nine months
Every figure in the statements links to its source filing

Against peers

Trailing twelve months. Peers are matched on business description, industry and size. Ticks are peers, the dot is FIRY.

Compare: FIRY vs CTW · FIRY vs GMHS · FIRY vs DDI · FIRY vs CHR · FIRY vs VERI

Revenue growth31.3% · median 1.1%

Gross margin87.8% · median 66.2%

Operating margin-53.4% · median 2.9%

Net margin-60.2% · median 3.4%

Company	Revenue	Growth
DDI	$380.04M	+14.0%
GMHS	$118.05M	-18.7%
FIRY	$117.48M	+31.3%
VERI	$91.06M	+1.1%
CTW	–	–
CHR	–	–

Company

Exchange: NYSE
Industry: Services-Computer Processing & Data Preparation
Fiscal year ends: December 31
Employees: 370
Held by institutions: 18.2%
Auditor: GRANT THORNTON LLP
SEC CIK: 1801661

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