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BAER · Bridger Aerospace Group Holdings, Inc.

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.

Cap structure and valuation

Cap structure
SP$1.08
SO58.8M
Options0.0M
Warrants26.6M
FD SO85.5M
MC$91.9M
Cash$7.2M
Total debt$236.0M
EV$320.6M
TTM Multiples
EV / Revenue2.8x
EV / EBITDA—
MC / Net Income—
EV / FCF—
MC / FCF—
Ownership & coverage
Institutional42.3%
Insiders19.5%
# Institutions72
Analysts3
Consensus—
Avg target$3.67
Short % float3.2%
Days to cover0.94

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-03. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-03 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-14; the float denominator can be unreliable on tiny floats.

Financial statements

LTM12/31/2512/31/2412/31/2312/31/22
Total Revenue 115.44122.8398.6166.7146.39
Revenue YoY % (6.0%)24.6%47.8%43.8%—
Cost of Revenue 71.4671.1557.4841.3433.89
Gross Profit 43.9851.6841.1425.3712.50
Gross Profit YoY % (14.9%)25.6%62.2%102.9%—
Gross Margin % 38.1%42.1%41.7%38.0%27.0%
SG&A 43.2136.2835.8282.8635.13
Operating Expense ——35.8282.8635.13
Operating Income ——5.32(57.49)(22.63)
Operating Income YoY % ——109.2%(154.1%)—
Operating Margin % ——5.4%(86.2%)(48.8%)
EBITDA ——22.77(46.41)(13.54)
EBITDA Margin % ——23.1%(69.6%)(29.2%)
Interest Expense ——23.7123.2220.02
Other Income / (Expense) ——2.073.050.52
Pretax Income (13.06)3.92(16.33)(77.66)(42.12)
Tax Provision (0.62)(0.21)(0.76)(0.30)0.00
Net Income (12.43)4.14(15.57)(77.36)(42.12)
Net Margin % (10.8%)3.4%(15.8%)(116.0%)(90.8%)
Diluted EPS -$0.85-$0.42-$0.81-$1.00-$8.20
Basic EPS -$0.72-$0.42-$0.81$0.19-$8.20
Diluted Avg Shares 56.454.350.577.540.3
Basic Avg Shares 56.454.350.545.340.3

Insider activity (last 2 years)

Date Filed Reporter Relationship Trans. Date Code Shares Price Total Value
2026-09-02 KELTER JEFFREY E Director 2026-09-01 P 100,000 $1.10 $109,700
2026-09-02 KELTER JEFFREY E Director 2026-09-01 P 100,000 $1.09 $109,440
2026-08-20 KELTER JEFFREY E Director 2026-08-20 P 50,000 $1.16 $57,870
2026-08-20 KELTER JEFFREY E Director 2026-08-20 P 50,000 $1.16 $57,860
2026-08-20 KELTER JEFFREY E Director 2026-08-20 P 50,000 $1.16 $57,840
2026-08-20 KELTER JEFFREY E Director 2026-08-19 P 50,000 $1.20 $60,160
2026-08-20 KELTER JEFFREY E Director 2026-08-19 P 50,000 $1.20 $60,160
2026-08-20 KELTER JEFFREY E Director 2026-08-19 P 50,000 $1.20 $60,160
2026-08-13 Blackstone Holdings I L.P. 10% Owner 2026-08-11 S (2,710,374) $1.04 -$2,820,144
2026-08-13 Blackstone Holdings I L.P. 10% Owner 2026-08-11 S (46,817) $1.04 -$48,713
2026-08-13 Blackstone Holdings I L.P. 10% Owner 2026-08-11 S (20,933) $1.04 -$21,781
2026-08-13 Blackstone Holdings II L.P. 10% Owner 2026-08-11 S (2,710,374) $1.04 -$2,820,144
2026-08-13 Blackstone Holdings II L.P. 10% Owner 2026-08-11 S (46,817) $1.04 -$48,713
2026-08-13 Blackstone Holdings II L.P. 10% Owner 2026-08-11 S (20,933) $1.04 -$21,781
2026-08-06 Blackstone Holdings II L.P. 10% Owner 2026-08-04 S (1,853,665) $1.70 -$3,151,230
2026-08-06 Blackstone Holdings II L.P. 10% Owner 2026-08-04 S (32,019) $1.70 -$54,432
2026-08-06 Blackstone Holdings II L.P. 10% Owner 2026-08-04 S (14,316) $1.70 -$24,337
2026-08-06 Blackstone Holdings I L.P. 10% Owner 2026-08-04 S (1,853,665) $1.70 -$3,151,230
2026-08-06 Blackstone Holdings I L.P. 10% Owner 2026-08-04 S (32,019) $1.70 -$54,432
2026-08-06 Blackstone Holdings I L.P. 10% Owner 2026-08-04 S (14,316) $1.70 -$24,337
2026-07-02 Schellenberg David Director 2026-06-30 A 27,514 — $0
2026-07-02 SAVAGE ROBERT F JR Director 2026-06-30 A 27,514 — $0
2026-07-02 Pasricha Meghan Director 2026-06-30 A 27,514 — $0
2026-07-02 Heller Dean Director 2026-06-30 A 27,514 — $0
2026-07-02 FREEDMAN ERNEST MICHAEL Director 2026-06-30 A 27,514 — $0
2026-07-02 FASCITELLI ELIZABETH C Director 2026-06-30 A 27,514 — $0
2026-07-02 Drohan Dan Director 2026-06-30 A 27,514 — $0
2026-06-08 Schellenberg David Director 2026-06-04 A 45,156 — $0
2026-06-08 SAVAGE ROBERT F JR Director 2026-06-04 A 45,156 — $0
2026-06-08 KELTER JEFFREY E Director 2026-06-04 A 158,049 — $0
2026-06-08 Pasricha Meghan Director 2026-06-04 A 45,156 — $0
2026-06-08 FREEDMAN ERNEST MICHAEL Director 2026-06-04 A 45,156 — $0
2026-06-08 Howard Hugh Wyman III Director 2026-06-04 A 45,156 — $0
2026-06-08 Drohan Dan Director 2026-06-04 A 45,156 — $0
2026-06-08 Heller Dean Director 2026-06-04 A 45,156 — $0
2026-06-08 FASCITELLI ELIZABETH C Director 2026-06-04 A 45,156 — $0
2026-05-13 Mogford Justin D Officer (General Counsel & Corp. Sec.) 2026-05-11 A 212,438 — $0
2026-05-13 Mogford Justin D Officer (General Counsel & Corp. Sec.) 2026-05-11 A 238,993 — $0
2026-05-13 Davis Samuel Carl Officer (CEO & President) 2026-05-11 A 318,657 — $0
2026-05-13 Davis Samuel Carl Officer (CEO & President) 2026-05-11 A 1,000,000 — $0
2026-05-13 Davis Samuel Carl Officer (CEO & President) 2026-05-11 A 265,547 — $0
2026-05-13 Andrews Adolphus William Officer (Chief Operating Officer) 2026-05-11 A 265,547 — $0
2026-04-24 Muchmore James J Officer (Chief Legal Officer & EVP) 2026-03-16 F (27,708) $2.20 -$60,958
2026-04-24 Davis Samuel Carl Officer (CEO & President) 2026-03-16 F (21,114) $2.20 -$46,451
2026-03-11 Andrews Adolphus William Officer (Chief Operating Officer) 2026-03-09 A 210,624 — $0
2026-03-11 KELTER JEFFREY E Director 2026-03-09 A 100,000 — $0
2025-12-04 KELTER JEFFREY E Director 2025-12-03 P 100,000 $1.80 $180,070
2025-12-04 KELTER JEFFREY E Director 2025-12-03 P 100,000 $1.80 $180,070
2025-12-04 KELTER JEFFREY E Director 2025-12-03 P 100,000 $1.80 $180,070
2025-11-26 FASCITELLI ELIZABETH C Director 2025-11-25 A 154,145 — $0
2025-11-26 Schellenberg David Director 2025-11-25 A 154,145 — $0
2025-11-26 SAVAGE ROBERT F JR Director 2025-11-25 A 208,290 — $0
2025-11-26 FREEDMAN ERNEST MICHAEL Director 2025-11-25 A 106,768 — $0
2025-11-26 KELTER JEFFREY E Director 2025-11-25 A 400,000 — $0
2025-11-26 Pasricha Meghan Director 2025-11-25 A 140,609 — $0
2025-11-26 Drohan Dan Director 2025-11-25 A 154,145 — $0
2025-11-26 Howard Hugh Wyman III Director 2025-11-25 A 23,799 — $0
2025-11-26 Heller Dean Director 2025-11-25 A 154,145 — $0
2025-05-28 Sheehy Timothy P 10% Owner 2025-05-28 G (263,833) — $-0
2025-05-28 Sheehy Timothy P 10% Owner 2025-05-23 G (2,191,937) — $-0
2025-05-28 Sheehy Timothy P 10% Owner 2025-05-23 G (6,988,248) — $-0
2025-03-24 Muchmore James J Officer (Chief Legal Officer & EVP) 2025-03-20 F (27,909) $1.53 -$42,701
2025-03-24 Davis Samuel Carl Officer (CEO & President) 2025-03-20 F (21,359) $1.53 -$32,679
2025-03-24 Gerratt Eric L Officer (Chief Financial Officer) 2025-03-20 F (17,672) $1.53 -$27,038
2025-01-27 Sheehy Matthew 10% Owner 2025-01-24 G (4,600,000) — $-0
2024-09-18 Muchmore James J Officer (Chief Legal Officer & EVP) 2024-09-18 S (18,902) $2.70 -$51,035
2024-09-18 Gerratt Eric L Officer (Chief Financial Officer) 2024-09-18 S (8,808) $2.69 -$23,694
2024-09-18 Davis Samuel Carl Officer (Interim CEO) 2024-09-18 S (3,914) $2.71 -$10,607
2024-09-18 Muchmore James J Officer (Chief Legal Officer & EVP) 2024-09-17 S (4,892) $2.65 -$12,964
2024-09-18 Gerratt Eric L Officer (Chief Financial Officer) 2024-09-17 S (2,998) $2.64 -$7,915
2024-09-18 Davis Samuel Carl Officer (Interim CEO) 2024-09-17 S (2,399) $2.64 -$6,333
2024-09-18 Schellenberg David Director 2024-09-16 A 38,887 $2.45 $95,273
2024-09-18 SAVAGE ROBERT F JR Director 2024-09-16 A 38,887 $2.45 $95,273
2024-09-18 Muchmore James J Officer (Chief Legal Officer & EVP) 2024-09-16 S (26,936) $2.58 -$69,495
2024-09-18 Howard Hugh Wyman III Director 2024-09-16 A 38,887 $2.45 $95,273
2024-09-18 Heller Dean Director 2024-09-16 A 38,887 $2.45 $95,273
2024-09-18 Hayes Anne Director 2024-09-16 A 38,887 $2.45 $95,273
2024-09-18 Gerratt Eric L Officer (Chief Financial Officer) 2024-09-16 S (18,731) $2.59 -$48,513
2024-09-18 FASCITELLI ELIZABETH C Director 2024-09-16 A 38,887 $2.45 $95,273
2024-09-18 Drohan Dan Director 2024-09-16 A 38,887 $2.45 $95,273
2024-09-18 Davis Samuel Carl Officer (Interim CEO) 2024-09-16 S (19,323) $2.56 -$49,467