Redwire Corporation (RDW)
NYSE:RDW
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Redwire
(NYSE:RDW)
Select Model
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Rating:56Neutral
Price Target:
$17.50
▲(69.25% Upside)
Action:Reiterated
Date:06/10/26
The score is held back primarily by weak profitability and ongoing cash burn, despite revenue growth and a currently improved balance sheet. Offsetting that, the latest earnings call points to strong demand/backlog and improving gross margins with better liquidity, while technicals are moderately supportive. Valuation is constrained by losses (negative P/E) and no dividend support.
Positive Factors
Backlog & Bookings
A near‑$500M backlog and sustained bookings (book‑to‑bill 1.92) provide multi‑quarter revenue visibility and reduce reliance on spot sales. This contractual runway supports stable revenue conversion, supply chain planning, and program execution over the next 2–6 months, underpinning durable growth.
Negative Factors
Weak Cash Generation
Sustained negative operating and free cash flow indicates the core business currently consumes cash, elevating reliance on external financing. Continued cash burn constrains discretionary investment, increases execution risk on multi‑year programs, and makes the company vulnerable to funding cost or market access shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog & Bookings
A near‑$500M backlog and sustained bookings (book‑to‑bill 1.92) provide multi‑quarter revenue visibility and reduce reliance on spot sales. This contractual runway supports stable revenue conversion, supply chain planning, and program execution over the next 2–6 months, underpinning durable growth.
Read all positive factors
Redwire Key Performance Indicators (KPIs)
Any
Book to Bill
Compares the number of new orders received to the number of orders fulfilled, indicating demand strength and operational efficiency. A ratio above one suggests growth potential, while below one may signal declining demand.
Compares the number of new orders received to the number of orders fulfilled, indicating demand strength and operational efficiency. A ratio above one suggests growth potential, while below one may signal declining demand.
Data provided by:
The Fly
The FlyRedwire (RDW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.40B
Dividend YieldN/A
Average Volume (3M)50.02M
Price to Earnings (P/E)―
Beta (1Y)2.81
Revenue Growth33.58%
EPS Growth-18.98%
CountryUS
Employees750
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-2.68
Shares Outstanding198,918,730
10 Day Avg. Volume54,787,813
30 Day Avg. Volume50,019,909
Financial Highlights & Ratios
PEG Ratio1.35
Price to Book (P/B)0.86
Price to Sales (P/S)2.71
P/FCF Ratio-4.76
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue10.12
Enterprise Value/Gross Profit110.24
Enterprise Value/Ebitda-17.52
Forecast
1Y Price Target
$17.60Price Target Upside70.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.82
Revenue Forecast (FY)$471.13M
Redwire Business Overview & Revenue Model
Company Description
Redwire Corporation operates as a primary innovator in space infrastructure, developing, producing, and distributing essential technology and components for various space missions. The company caters to national security, governmental (civil), and...
How the Company Makes Money
Redwire makes money primarily by selling space-qualified products and engineering/integration services to customers building or operating spacecraft and space systems.
Key revenue streams include:
1) Product sales (space hardware and subsystems):...
Redwire Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and commercial momentum: high revenue growth (+57.9% YoY), a large increase in backlog ($498.1M, +71.1% YoY), materially improved gross margins (26.6%, +11.9 pts YoY), solid bookings and several strategic contract wins (Andromeda IDIQ, QKDSat, ELSA sale, Stalker orders). Liquidity and refinancing actions also improved the balance sheet. Offsetting these positives were a sizable reported net loss driven largely by non‑recurring acquisition‑related charges, negative adjusted EBITDA in the quarter, and elevated IRAD/investment spend compressing near‑term profitability as the company invests in growth. Overall, the highlights — strong top‑line growth, backlog, margin recovery, liquidity and meaningful contract awards — meaningfully outweigh the near‑term profitability and acquisition‑related headwinds, supporting a constructive outlook while noting execution and funding risks.Positive Updates
Strong Revenue Growth
Total revenue of $97.0M in Q1 2026, a 57.9% year‑over‑year increase; Space revenue $52.7M and Defense Tech revenue $44.3M.
Negative Updates
Large Reported Net Loss
Reported net loss of $76.5M for Q1 2026, materially impacted by >$44M of non‑recurring items, including a $42.5M noncash, non‑dilutive accelerated vesting charge tied to the Edge Autonomy acquisition.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $97.0M in Q1 2026, a 57.9% year‑over‑year increase; Space revenue $52.7M and Defense Tech revenue $44.3M.
Read all positive updates
Company Guidance
Redwire reaffirmed full‑year 2026 revenue guidance of $450–$500 million (midpoint ≈ 41.6% YoY growth) and expects revenue to build through the year supported by more than $350 million in bookings over the last two quarters, Q1 bookings of $186.5 million (Q1 book‑to‑bill 1.92; LTM 1.54) and a record backlog of $498.1 million (up 21.1% sequential, 71.1% YoY; Space $359.7M, Defense Tech $138.4M). In Q1 the company reported $97.0 million of revenue (+57.9% YoY), gross margin of 26.6% (up 11.9 pts YoY, 17 pts sequential), a net loss of $76.5 million (including >$44M of nonrecurring items, $42.5M noncash from accelerated equity vesting) and adjusted EBITDA of negative $9.2 million (sequential improvement), while ramping R&D/IRAD to $12.6M in Q1 (from < $1M a year ago). Liquidity and cash metrics underpinning the guidance include total liquidity of $175.2 million ($145.2M cash/restricted cash + $30M undrawn revolver), net cash used in operating activities of $6.7M, quarterly free cash flow improvement of >$36M YoY and $17M sequential, a credit amendment extending maturity to May 2029 and lowering spread from SOFR+700 to SOFR+375 (≈ $3M annualized interest savings; >$17M estimated annual savings from recent delevering/refinancing), and an at‑the‑market program to opportunistically fund targeted investments.Redwire Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
58
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 370.96M | 335.38M | 304.10M | 243.80M | 160.55M | 137.60M |
| Gross Profit | 34.05M | 17.29M | 44.45M | 57.97M | 28.70M | 29.38M |
| EBITDA | -214.30M | -179.22M | -21.40M | -4.81M | -35.30M | -32.99M |
| Net Income | -300.11M | -226.55M | -114.31M | -27.26M | -130.62M | -61.54M |
Balance Sheet | ||||||
| Total Assets | 1.51B | 1.45B | 292.62M | 271.27M | 257.70M | 261.76M |
| Cash, Cash Equivalents and Short-Term Investments | 145.21M | 95.18M | 49.07M | 30.28M | 28.32M | 20.52M |
| Total Debt | 208.92M | 231.30M | 144.98M | 105.83M | 95.08M | 78.55M |
| Total Liabilities | 423.61M | 389.12M | 344.53M | 218.44M | 187.81M | 154.53M |
| Stockholders Equity | 1.09B | 1.06B | -51.91M | 52.60M | 69.66M | 107.22M |
Cash Flow | ||||||
| Free Cash Flow | -157.31M | -190.81M | -23.75M | -7.10M | -35.81M | -40.22M |
| Operating Cash Flow | -139.92M | -177.33M | -17.35M | 1.23M | -31.66M | -37.36M |
| Investing Cash Flow | -177.05M | -175.07M | -7.20M | -8.33M | -37.38M | -38.54M |
| Financing Cash Flow | 407.38M | 397.50M | 43.72M | 9.06M | 76.56M | 74.21M |
Redwire Technical Analysis
Neutral
10.34
Price Trends
13.40
Positive
11.51
Positive
9.77
Positive
Market Momentum
0.96
Positive
46.64
Neutral
11.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RDW, the sentiment is Neutral. The current price of 10.34 is below the 20-day moving average (MA) of 18.36, below the 50-day MA of 13.40, and above the 200-day MA of 9.77, indicating a neutral trend. The MACD of 0.96 indicates Positive momentum. The RSI at 46.64 is Neutral, neither overbought nor oversold. The STOCH value of 11.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RDW.
Redwire Risk Analysis
Redwire disclosed 65 risk factors in its most recent earnings report. Redwire reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Redwire Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | $3.40B | -9.76 | -29.03% | ― | 33.58% | -18.98% | |
55 Neutral | $66.44B | -339.46 | -12.26% | ― | 45.83% | 19.99% | |
54 Neutral | $6.65B | -32.00 | 26.62% | ― | 53.99% | 58.32% | |
53 Neutral | $4.03B | -5.25 | -38.99% | ― | ― | 11.41% | |
47 Neutral | $576.92M | -1.20 | -105.02% | ― | -76.23% | 63.55% | |
43 Neutral | $281.39M | -0.64 | 251.21% | ― | ― | ― |
* Industrials Sector Average
RDW
Redwire
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Redwire Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Redwire Establishes Expanded At-The-Market Equity Program
Positive
Jun 9, 2026
On June 9, 2026, Redwire Corporation entered into a new equity distribution agreement with a syndicate of investment banks, enabling the company to sell up to $500 million of common stock through at-the-market offerings, block trades, and privatel...
Executive/Board ChangesShareholder Meetings
Redwire Shareholders Approve Directors, Auditor and Executive Pay
Positive
May 20, 2026
On May 20, 2026, Redwire Corporation held its 2026 Annual Meeting of Shareholders, where a quorum was established with holders of 133,710,048 shares of common and Series A preferred stock present or represented by proxy. Shareholders elected three...
Business Operations and StrategyExecutive/Board Changes
Redwire Adds National Security Veteran to Board Leadership
Positive
Mar 17, 2026
On March 12, 2026, Redwire’s board appointed former U.S. Air Force space acquisition chief Frank Calvelli as a Class III director to fill a board vacancy, with his term running until the 2027 annual meeting. The board determined he is indepe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.