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York Space Systems, Inc. operates as a space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers in the United States. It provides space and defense primes with proprietary hardware and software capabilities designed to address customers' requirements across the elements of the space ecosystem throughout the mission lifecycle. The company also engages in the design, production, integration, and operation of spacecraft to manage spacecraft and constellations. It offers S-CLASS, LX-CLASS, and M-CLASS spacecraft, which are satellite platforms to a range of space market needs. In addition, the company provides software that enables versatile integration of a variety of payloads for customers and supply chain commonalities across platforms, as well as software-enabled services. The company was formerly known as Yellowstone Midco Holdings II, LLC and changed its name to York Space Systems, Inc. in January 2026. York Space Systems, Inc. was founded in 2012 and is based in Greenwood Village, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $386M | $-18M | $-85M | $-130M | -9.7% | 52.3% | - |
| 2024 | $254M | $-46M | $-99M | $14M | -12.7% | 6.5% | - |
| 2023 | $238M | $2M | $-30M | $-3M | -3.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Revenue | 238.10 | 253.53 | 386.20 |
| Cost Of Revenue | 183.20 | 221.11 | 310.74 |
| Gross Profit | 54.90 | 32.42 | 75.46 |
| Operating Expense | 97.79 | 124.22 | 134.01 |
| Operating Income | -42.89 | -91.80 | -58.55 |
| EBITDA | 1.81 | -46.29 | -18.28 |
| EBIT | -42.59 | -94.36 | -68.62 |
| Pretax Income | -68.76 | -124.29 | -95.24 |
| Tax Provision | -39.11 | -25.38 | -10.70 |
| Net Income | -29.66 | -98.91 | -84.54 |
| Net Income Common Stockholders | -29.66 | -98.91 | -85.08 |
| Total Expenses | 280.99 | 345.33 | 444.75 |
| Interest Expense | 26.18 | 29.92 | 26.62 |
| Interest Income | 2.33 | 1.20 | 2.98 |
| Research And Development | 6.97 | 20.44 | 18.36 |
| Selling General And Administration | 90.82 | 103.78 | 115.65 |
| Normalized EBITDA | 5.06 | -46.12 | -3.97 |
| Normalized Income | -27.09 | -98.77 | -71.83 |
| Basic EPS | -0.28 | -0.92 | 0 |
| Diluted EPS | -0.28 | -0.92 | 0 |
| Tax Effect Of Unusual Items | -0.68 | -0.03 | -1.61 |
| Tax Rate For Calcs | 0.21 | 0.20 | 0.11 |
| Total Unusual Items | -3.25 | -0.17 | -14.31 |
| Total Unusual Items Excluding Goodwill | -3.25 | -0.17 | -14.31 |
| Net Income From Continuing Operation Net Minority Interest | -29.66 | -98.91 | -84.54 |
| Reconciled Depreciation | 44.40 | 48.07 | 50.34 |
| Reconciled Cost Of Revenue | 183.20 | 221.11 | 310.74 |
| Net Interest Income | -23.85 | -28.72 | -23.64 |
| Net Income From Continuing And Discontinued Operation | -29.66 | -98.91 | -84.54 |
| Total Operating Income As Reported | -46.14 | -91.97 | -70.66 |
| Diluted Average Shares | 107.58 | 107.58 | 0 |
| Basic Average Shares | 107.58 | 107.58 | 0 |
| Diluted NI Availto Com Stockholders | -29.66 | -98.91 | -85.08 |
| Preferred Stock Dividends | 4.39 | 7.40 | 0.54 |
| Net Income Including Noncontrolling Interests | -29.66 | -98.91 | -84.54 |
| Net Income Continuous Operations | -29.66 | -98.91 | -84.54 |
| Other Income Expense | -2.03 | -3.77 | -13.05 |
| Other Non Operating Income Expenses | 1.23 | -3.60 | 1.26 |
| Special Income Charges | -3.25 | -0.17 | -14.31 |
| Other Special Charges | 0 | 0 | 2.20 |
| Restructuring And Mergern Acquisition | 3.25 | 0.17 | 12.11 |
| Net Non Operating Interest Income Expense | -23.85 | -28.72 | -23.64 |
| Interest Expense Non Operating | 26.18 | 29.92 | 26.62 |
| Interest Income Non Operating | 2.33 | 1.20 | 2.98 |
| Operating Revenue | 238.10 | 253.53 | 386.20 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| York Space Systems, Inc.this co. | YSS | $3.7B | - | 1.68 | -9.7% | -473.39 |
| Herc Holdings Inc. | HRI | $4.4B | - | 2.25 | 0.1% | 15.30 |
| Archer Aviation Inc. | ACHR | $4.2B | - | 1.89 | -28.1% | -3.28 |
| GPGI, Inc. | GPGI | $4.2B | - | 7.52 | -55.9% | -335.00 |
| Intuitive Machines, Inc. | LUNR | $4.0B | - |
| -3.98 |
| -40.9% |
| -55.99 |
| NuScale Power Corporation | SMR | $3.7B | - | 3.08 | -32.0% | -12.69 |
| Maximus, Inc. | MMS | $3.6B | 10.02 | 2.07 | 19.1% | 7.27 |
| BETA Technologies, Inc. | BETA | $3.5B | - | 1.83 | -41.0% | -5.24 |
| Exponent, Inc. | EXPO | $3.2B | 31.97 | 8.41 | 27.2% | 24.03 |
| Peer Median | - | 21.00 | 2.16 | -30.0% | -4.26 | |