Virgin Galactic Holdings, Inc.

Transportation Services

SPCESolid2 of 9 basics passed

$2.85

-3.06%

Market cap $430M

$2.85

-3.06%

Market cap $430M

Virgin Galactic Holdings Inc is a United States-based vertically integrated aerospace company pioneering human spaceflight for private individuals & researchers, and it also manufactures air and space vehicles.

It is a $430M industrial company. Revenue shrank 38.9% over the last year, it currently loses money, and it holds more cash than debt.

Website: virgingalactic.com
Location: Tustin, CA
Employees: 694
Sector: Industrials

Share price · 3 years

$34.00 → $2.85-91.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.04M
Loss: spends more than it earns; -$248M
Free cash flow: cash left after running the business; -$386M
Net cash: more cash than debt; $30.7M
Shares: up 55% since 2021 — dilution; 51.2M
Volatility: beta vs the market — under 1 swings less; 3.11

Revenue, last 7 years

52-week range

Low $2.17$2.85High $7.52

Today's price is 13% of the way from the year's low to its high.

Valuation vs own history

P/S

414.8×

39%

P/B

1.1×

71%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Industrials

Size$430Mtop 100%
Revenue growth-13%top 98%
Net margin-23867%top 100%
Return on equity-89%top 100%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Quality and Moat lag behind.

Valuation20

P/E vs own historyn/a · 10/25
FCF yield-89.9% · 0/25
P/S414.8x · 0/25
EV/EBITDAn/a · 10/25

Growth0

Revenue CAGR-17.2% · 0/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-114.6% · 0/25
ROE-88.5% · 0/25
Net margin-23867.4% · 0/25
Operating margin-24241.8% · 0/25

Health71

Altman Z-4.89 · 3/25
Current ratio1.62 · 18/25
Interest coverageno interest expense · 25/25
Net cash / debtNet cash · 25/25

Quality30

Piotroski F3/9 · 5/25
Beneish M-2.76 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 25227.1% · 0/25

Moat0

ROIC >12% yearsn/a · 0/25
Median gross margin17.6% · 0/25
FCF-positive years0/7 yrs · 0/25
Worst-year net marginworst -114720.6% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2018Financial
Best year on record
$11.0M net income
FY2017Financial
First recorded profitable year
$1.33M net income

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$59 today — price return only

$1.5M revenue in FY2025

694 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Net cash position after subtracting debt from cash

Watch-outs

Revenue shrinking 38.9% year over year
Not profitable — 23867.4% net margin
Negative free cash flow (-$386.5M)
Altman Z-Score -4.89 — elevated financial-distress risk
Loss-making in 7 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

2 of 9 checks passed

Revenue growing — the company sells more than a year ago-38.9% YoY
Profitable — makes more than it spends-$248M TTM
Profit growing — earnings are higher than last year+19.6% YoY
Generates cash — cash left after running and investing-$386M TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$430M market cap
Not printing shares — share count not ballooning — you keep your slice+55.2% shares over ~5y
Proven track record — years of profitability behind it2/9 profitable years
Financially stable — balance sheet not near distressAltman Z -4.9 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonVirgin Galactic Holdings, Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
SPCE this company	$430M	—	-38.9%	-23867.4%	Solid
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: SPCE vs LRCX · SPCE vs CAT · SPCE vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 1Buy 1Hold 6Sell 3Strong sell 2

Appendix · Financial records

The full statements behind this CV, FY2017–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.04M · net income -$248M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.04M

YoY -38.9%

Net income (TTM)

-$248M

Margin -23867.4%

Gross margin

-9106.1%

Operating margin

-24241.8%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.0	0.0	0.0	0.0	0.0	0.0
Gross profit	0.0	0.0	0.0	-0.0	-0.1	-0.1
Operating income (EBIT)	-0.3	-0.3	-0.5	-0.5	-0.4	-0.3
Net income	-0.3	-0.4	-0.5	-0.5	-0.3	-0.3
EPS (diluted)	—	-10.69	-14.21	-11.17	-6.95	-5.44

Cash flowFree cash flow -$386M · operating cash flow -$212M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$386M

Margin -37231.3%

Operating cash flow (TTM)

-$212M

FCF margin

-200.0%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-0.2	-0.2	-0.4	-0.4	-0.4	-0.2
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.1	-0.2
Free cash flow	-0.3	-0.2	-0.4	-0.5	-0.5	-0.4
FCF margin	-105193.3%	-7150.6%	-17159.6%	-7242.7%	-6744.7%	-28380.0%

Balance sheetAssets $803M · net cash $30.7M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $803M of assets is financed

66%

34%

Liabilities $529M — borrowed moneyEquity $274M — owners' stake

Cash vs debt

Total debt $276M − cash $307M = net cash $30.7M

Cash on hand covers all debt.

Altman Z-Score

-4.89

Distress zone

Debt repayment

Not needed

Cash already covers all debt

ROE

-88.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.7	0.6	0.9	0.9	0.6	0.3
Total assets	0.8	1.1	1.1	1.2	1.0	0.8
Total liabilities	0.1	0.2	0.7	0.7	0.6	0.5
Total debt	—	—	—	—	—	0.3
Equity	0.7	0.9	0.5	0.5	0.3	0.3
Net debt	—	—	—	—	—	-0.0

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of SPCE on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $2.85 · market cap $430M.