Companies: 10,795·Total market cap: $144.5T
Terran Orbital Corporation

Terran Orbital Corporation

LLAPNYSEIndustrials
$0.25
+$0.00(+0.36%)
Market Cap$51215500
P/E Ratio—
52W High$1.615
52W Low$0.228
Free Cash FlowFinancialsRevenue

Terran Orbital Corporation (LLAP) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

LLAP · free cash flow · updated Jun 9, 2026

Core FCF metrics

Free cash flow was −$78.9M for FY2023 (fiscal year ending 2023-12-31), up 24.4% year-over-year The FCF margin was -58.0%.

FY2023 Free Cash Flow−$78.9M▲ +24.4% YoY
Trailing 12M (TTM)−$38.2Mtrailing 4 quarters sum
FCF Margin-58.0%−$78.9M ÷ revenue
3-Year CAGRN/AN/A — contains negative FCF
5-Year CAGRN/AN/A — contains negative FCF
FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0
Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

Positive FCFNegative FCF
Free Cash Flow
YoY Growth %
llap free cash flow history · llap free cash flow chart · llap free cash flow growth rate · llap free cash flow last 10 years

Annual free cash flow data

Fiscal YearFree Cash FlowYoY ChangeFCF Margin
FY2023Latest−$78.9M▲ +24.4%-58.0%
FY2022−$104.3M▼ 103.5%-110.7%
FY2021−$51.2M▼ 172.6%-125.3%
FY2020−$18.8M▼ 48.2%-75.6%
FY2019−$12.7M—-58.3%
FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP
llap free cash flow 2023 · llap free cash flow 2022 · llap free cash flow 2021 · llap operating cash flow

FCF valuation metrics

Terran Orbital Corporation (LLAP) reported negative free cash flow of −$0.08B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)
N/A
Free Cash Flow ÷ Market Cap
per FMP freeCashFlowYieldTTM definition
FCF per Share (TTM)
N/A
TTM FCF ÷ Shares Outstanding
Price / FCF
N/A
Share Price ÷ FCF per Share
EV / FCF (TTM)
N/A
Enterprise Value basis
!

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2023 · 2023-12-31
llap price to free cash flow · llap free cash flow yield · llap free cash flow per share · llap price to cash flow ratio

Cash flow statement summary

For FY2023, Terran Orbital Corporation generated −$55.7M in operating cash flow and spent 23M in capital expenditures, yielding −$78.9M in free cash flow.

Operating Activities
−$55.7M
Cash from core business operations
2023-12-31
Investing Activities
−$23.1M
CapEx, acquisitions & investments
2023-12-31
Financing Activities
+$56.8M
Buybacks, dividends & debt
2023-12-31
FCF FormulaOperating CF (−$55.7M) − |CapEx| (23M) = FCF (−$78.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →
llap cash flow statement · llap cash flow statement 2023 · llap operating cash flow · llap cash flow from operations

Free cash flow vs peers (Industrials)

#CompanyFree Cash FlowYoY
#1
Terran Orbital Corporation
Terran Orbital CorporationYOU
LLAP
−$78.9M+24.4%
#2
Caterpillar Inc.
Caterpillar Inc.
CAT
$10.27B+16.5%#3
RTX Corporation
RTX Corporation
RTX
$7.94B+75.1%#4
GE Aerospace
GE Aerospace
GE
$7.26B+97.5%#5
Space Exploration Technologies Corp.
Space Exploration Technologies Corp.
SPCX
−$13.95B-159.0%
Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Terran Orbital Corporation (LLAP) reported free cash flow of −$78.9M for FY2023 (fiscal year ending 2023-12-31), up 24.4% year-over-year. The FCF margin was -58.0%.

Terran Orbital Corporation has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 5 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.
RevenueFinancial statementsNet incomeEarningsForecastPrice historyMarket capCash on handP/E ratio

Frequently asked questions

LLAP free cash flow · 8 questions

Terran Orbital Corporation free cash flow was −$78.9M for FY2023, up 24.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$38.2M.

LLAP free cash flowLLAP FCFLLAP FCF 2023LLAP free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Terran Orbital Corporation · Terran Orbital Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026