Bridger Aerospace Group Holdings, Inc. Common Stock(BAER)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$0.68
10/02/2026
(24-hour delay)

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Upturn Advisory & Investor View for BAER

10/02/2026: BAER (1-star) is currently NOT-A-BUY. Pass it for now.

Bridger Aerospace is an emerging aerial firefighting company known for its modern fleet of amphibious 'Super Scooper' aircraft. The company provides critical wildfire suppression and intelligence services primarily to U.S. government agencies, benefiting from the long-term trend of increased wildfire activity. Its core strength lies in its specialized fleet capabilities and internal maintenance infrastructure. However, the company faces risks related to high debt levels, contract concentration, and the seasonal nature of its business. It may suit growth-oriented investors interested in the environmental and defense services space, provided they monitor contract renewals and debt management developments closely.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorMixed fitThe company offers growth exposure to the wildfire suppression market but faces significant execution and debt risks.
Momentum investorWeak fitThe stock often exhibits high volatility and requires clear signs of contract growth to support sustained upward momentum.
Value investorWeak fitHigh debt levels and capital expenditures make the company less attractive from a traditional value perspective.
Dividend investorWeak fitThe company does not pay dividends and focuses on reinvesting cash flow.
Low-risk investorWeak fitThe business model is subject to significant operational and seasonal risks, making it unsuitable for low-risk portfolios.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighThe stock is subject to significant price swings based on wildfire seasons and contract news.
Valuation riskMedium / highAs a growth company, valuation is sensitive to future cash flow projections and discount rates.
Competition risk (specialized aviation)MediumThe niche nature of aerial firefighting protects against broad competition but invites targeted specialized entrants.
Business qualityMediumThe company relies heavily on government contracts, which provides stability but limits commercial pricing power.
Dividend incomeLow / noneInvestors should not expect income, as all capital is reinvested.
Execution riskHighMaintenance of a complex, aging-to-modernized aircraft fleet is operationally challenging.

Price Behavior

Steep Decline
PRICE PATH

Steep Decline

The stock price has dropped sharply with strong downward pressure.

Highly Choppy
PRICE STABILITY

Highly Choppy

The stock has experienced frequent, large price swings that make its near-term movement less predictable.

Analysis of Past Performance

Type Stock
Historic Profit -16.96%
Avg. Invested days 28
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 2.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 10/02/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
BAER receives a 3-star rating, supported by solid company fundamentals, and solid analyst coverage. The rating is constrained by soft unit economics, and weak price momentum.

Company Fundamentals

★★★★★
BAER has solid overall fundamentals (4 stars), with moderate financial health, solid growth momentum, and solid ownership. In FY2025 versus FY2024, strong earnings growth (+126.6%) and solid revenue growth (+24.6%) are partially offset by weak cash generation (FCF margin -52.3%), soft profitability (net margin 3.4%).

Financial Health Rating

★★★★★
BAER's financial health is supported by moderate efficiency, including operating-expense and cost-of-revenue discipline (opex 29.5% of revenue). Overall financial-health metrics support a 3-star score.

Growth Momentum Score

★★★★★
Earnings growth is BAER's strongest growth driver at +126.6% FY2025 versus FY2024 (strong, 5 stars). By comparison, revenue growth (+24.6%, solid) is also solid, while free-cash-flow growth (-1318.2%, negative) holds the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 42.3% and approximately 75.5% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 20.49% supports management-shareholder alignment.

Top 5 Institutional Investors

Blackstone Inc 16.36%
First Manhattan Co. LLC 10.23%
HPM Partners LLC 4.16%
Vanguard Capital Management, LLC 2.07%
Marshall Wace Asset Management Ltd 1.48%

Unit Economics (Per $1K Revenue)

★★★★★
BAER generates approximately $421 of gross profit, $125 of operating income, and $-523 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Negative free cash flow explains the 2-star rating, with weak cash conversion and soft capital efficiency.

Economic Dimensions

★★★★★
Effective Tax Rate: -5.48% (Tax Credit)

Quantitative Style Profile

★★★★★
BAER has a liquid, relatively low-volatility profile. Weak momentum is the primary drawback, while valuation that is moderately attractive rather than deeply discounted.

Style Classification

Quality Focused

Low VolatilitySmall / Mid Cap RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 40.13M USD
Price to earnings Ratio -
1Y Target Price 3.67
Price to earnings Ratio -
1Y Target Price 3.67
Volume (30-day avg) 923.4K shares
Beta 0.3
52 Weeks Range 0.54 - 3.44
Updated Date 10/02/2026
52 Weeks Range 0.54 - 3.44
Updated Date 10/02/2026
Dividends yield (FY) -
Basic EPS (TTM) -0.71

How Company Makes Money

Business areaWhat it includesRetail investor read
Aerial FirefightingContracts with USFS and states for wildfire suppression using CL-415EAF and other aircraft.The company gets paid primarily for the time and performance of its specialized firefighting aircraft.
ISR ServicesData collection and surveillance support provided during fire incidents.This is a secondary revenue stream that leverages the presence of the company's aircraft to provide valuable fire data.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Geography revenue - Year on Year

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Valuation

Trailing PE -
Forward PE 10.96
Enterprise Value 733.76M
Price to Sales(TTM) 0.35
Enterprise Value 733.76M
Price to Sales(TTM) 0.35
Enterprise Value to Revenue 6.36
Enterprise Value to EBITDA 26.35
Shares Outstanding 58.83M
Shares Floating 44.44M
Shares Outstanding 58.83M
Shares Floating 44.44M
Percent Insiders 20.49
Percent Institutions 42.28

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Bridger Aerospace Group Holdings, Inc. Common Stock

Exchange NASDAQ
Headquarters Belgrade, MT, United States
IPO Launch date 2021-03-17
President & CEO Mr. Sam Davis
Sector Industrials
Industry Security & Protection Services
Full time employees 235
Full time employees 235

Bridger Aerospace Group Holdings, Inc. provides aerial wildfire surveillance, relief and suppression, and aerial firefighting services in the United States. The company offers fire suppression services, such as aerial firefighting support for ground crews by operating the Viking CL-415EAF (Super Scooper) aircraft to drop water as part of the initial and direct attack to slow, contain, and extinguish wildfires. It also provides aerial surveillance services via manned (Air Attack) aircraft for fire suppression over an incident and providing tactical coordination with the incident commander, and decision-makers rapid, current intelligence from useful aerial vantage points, giving access to information to support ground firefighters and safety for the public. In addition, the company offers maintenance, repair, and overhaul (MRO) that provides maintenance and repair services for return-to-service upgrades of the Spanish scoopers, as well as airframe modification and integration solutions for governmental and commercial customers. Further, it operates an aircraft fleet of nineteen planes. The company was founded in 2014 and is headquartered in Belgrade, Montana.