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Virgin Galactic Holdings, Inc.

SPCE Industrials Aerospace & Defense

Virgin Galactic Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 million, down 78.1% from fiscal 2024.

Revenue
−67.0%
EPS
+66.0%
Free cash flow
+20.3%
Total debt
−48.0%

Quarter to June 2026, against a year earlier

2.38 0.13 −5.18%
Market cap
$360.8M
P/E
0.0×
Fwd P/E
−1.1×
Dividend yield
—
F-score
3/9
Altman Z
−5.54
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 360.80
Revenue ttm 1.04
Net income ttm (247.74)
Free cash flow ttm (386.46)
Net debt Q (67.09)
Valuation
P/E 0.00
Forward P/E (1.14) (negative: loss-making)
Price / sales 253.95 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.67
Financial health
Current ratio Q 1.62 (at or above 1.5: strong)
Debt / equity Q 0.55
Interest coverage Q (32.56)
Growth
Revenue growth Q −67.00% (below 0%: shrinking)
Operating income growth Q +7.17% (above 0%: growing)
EPS, this year +58.28% (at or above 15%: strong)
EPS, next year A +59.46% (at or above 15%: strong)
Revenue, next year A −24.68% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +72.12% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 189×, against a ten-year median of 245×; over the ten years it ranged from −24.9× in 2024 to 4,855× in 2021.
P/S against its own 10 years 41.58%
10-year low 10-year high
P/B against its own 10 years 16.53%
10-year low 10-year high
EV/Sales against its own 10 years 30.30%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 911 596 338 286
Receivables — — — —
Inventory — — — —
Other — — — —
951 628 373 313
2023 2024 2025 Q'26
Payables 32 4 15 21
ST’ Debt — — 48 30
Other 153 146 146 142
186 150 209 193

Compound Annual Growth %

10y 5y 3y
Sales — 45.35% (12.59%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (12.27%) (17.06%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.60 Actual −0.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −1.51 −1.09 Beat by 0.42
Q4 FY25 −1.12 −0.94 Beat by 0.18
Q1 FY26 −0.79 −0.81 Miss by 0.02
Q2 FY26 −0.60 −0.58 Beat by 0.02
Q3 FY26 −0.41 — Reports 12 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.81) (0.50) — — —
’25 (2.38) (1.47) (1.09) (0.98) (5.44)
’24 (5.00) (4.36) (2.66) (2.53) (13.89)
’23 (11.40) (9.20) (5.60) (5.20) (29.80)
’22 (7.20) (8.60) (11.00) (11.00) (37.80)
’21 (11.00) (7.80) (3.79) (6.20) (28.60)
’20 (37.23) (6.00) (6.80) (6.20) (58.86)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 0 0 — — —
’25 0 0 0 0 2
’24 2 4 0 0 7
’23 0 2 2 3 7
’22 0 0 1 1 2
’21 — 1 3 0 3
’20 0 — — — 0
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (54) (50) — — —
’25 (76) (55) (56) (52) (240)
’24 (113) (79) (79) (81) (353)
’23 (136) (125) (91) (95) (448)
’22 (66) (87) (96) (131) (380)
’21 (49) (65) (52) (65) (231)
’20 (56) (52) (55) (70) (233)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (93) (91) — — —
’25 (122) (114) (108) (95) (438)
’24 (126) (114) (118) (117) (475)
’23 (139) (135) (105) (114) (493)
’22 (68) (91) (102) (135) (397)
’21 (50) (66) (53) (67) (235)
’20 (60) (58) (59) (74) (250)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 2 3 4 0 3 2 7 7 2 1 (1.6%) 1 268 503 +588.2%
Gross margin, % — 72.18 57.84 47.00 100.00 100.00 100.00 100.00 (1,179.48) (4,613.02) 100.00 (4,685.2) pt
EBT — (138) (138) (215) (645) (353) (500) (502) (347) (279) (248) +9.2%
EBT margin, % — (7,869.56) (4,843.52) (5,687.73) (270,958.40) (10,717.50) (21,607.01) (7,380.65) (4,927.03) (18,060.56) (23,857.71) (10,191.0) pt
Net income — (138) (138) (215) (645) (353) (500) (502) (347) (279) (248) +9.2%
Per share, $
Per share, $ Revenue — 0.18 0.29 0.39 0.02 0.27 0.18 0.40 0.28 0.03 0.01 (20.1%)
Earnings — (14.27) (14.27) (21.80) (58.86) (28.60) (37.80) (29.80) (13.89) (5.44) (3.38) (11.4%)
Cash flow — (14.11) (15.05) (21.52) (21.28) (18.64) (28.81) (26.58) (14.13) (4.69) (1.92) (12.9%)
Capex — (0.58) (1.09) (1.43) (1.57) (0.37) (1.25) (2.63) (4.88) (3.86) (1.57) +26.8%
Free cash flow — (14.69) (16.14) (22.94) (22.85) (19.01) (30.06) (29.21) (19.02) (8.55) (3.49) (6.5%)
Book value — 0.52 4.29 35.32 48.11 72.23 36.39 29.98 12.91 5.35 3.58 +33.9%
Shares, m — 10 10 10 11 12 13 17 25 51 75 +23.2%
Valuation, ×
Valuation, × P/E — 251.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28.0
P/S — 0.00 0.00 593.78 2,324.29 938.57 398.43 117.55 20.85 106.53 253.95 500.0
P/B — 24.30 46.60 6.54 9.86 3.70 1.92 1.58 0.46 0.60 0.67 10.6
EV/Sales — 0.00 0.00 464.17 2,033.29 772.44 168.93 45.64 (3.50) 97.57 189.32 397.6
EV/FCF — 0.00 (12.73) (7.87) (18.17) (11.58) (0.98) (0.63) 0.05 (0.34) (0.51) (5.8)
Cash, $m
Cash, $m Operating cash flow — (137) (146) (209) (233) (231) (380) (448) (353) (240) (212) +7.3%
Capex — (6) (11) (14) (17) (5) (16) (44) (122) (198) (174) +56.2%
Free cash flow — (142) (156) (223) (250) (235) (397) (493) (475) (438) (386) +15.1%
Balance, $m
Balance, $m Working capital — 1 13 426 613 547 818 765 478 164 120 +83.6%
Net debt — (1) (81) (490) (652) (586) (531) (493) (175) (14) (67) +45.3%
Shareholders’ equity — 5 42 343 527 894 480 505 322 274 396 +64.9%
Returns, %
Returns, % ROA — (32.51) (32.52) (56.49) (91.50) (37.69) (45.29) (43.32) (32.39) (31.61) (28.89) +0.9 pt
ROIC — (2,014.37) 0.00 0.00 0.00 (64.88) 0.00 (2,650.76) (160.25) (68.56) (48.91) +1,945.8 pt
ROE — (588.03) (593.39) (111.81) (148.20) (49.66) (72.78) (101.93) (83.78) (93.55) (75.13) +494.5 pt
People
People Employees — 5 5 721 823 804 1,166 805 744 694 — +85.3%
Revenue/emp, $m — 0.35 0.57 0.01 0.00 0.00 0.00 0.01 0.01 0.00 — (46.9%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Virgin Galactic Holdings, Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EVEX Eve Holding, Inc. $547.1M — (loss-making) — — n/m +13.25% (above 0%: growing) 0.00% 0.00% Compare
RCAT Red Cat Holdings, Inc. $520.0M — (loss-making) — (loss-making) +527.18% (above 0%: growing) n/m −298.17% (below 0%: shrinking) 16.15% (191.42%) Compare
PKE Park Aerospace Corp. $498.3M 31.4× 35.3× +26.92% (above 0%: growing) +75.00% (above 0%: growing) +21.48% (above 0%: growing) 34.32% 22.76% Compare
TATT TAT Technologies Ltd. $466.8M 19.7× 19.1× +20.18% (above 0%: growing) +59.62% (above 0%: growing) −113.36% (below 0%: shrinking) 30.93% 16.26% Compare
SATL Satellogic Inc. $444.3M — (loss-making) — (loss-making) +258.54% (above 0%: growing) n/m −178.72% (below 0%: shrinking) 82.27% 1.67% Compare
SPCE Virgin Galactic Holdings, Inc. $360.8M — (loss-making) — (loss-making) −67.00% (below 0%: shrinking) n/m +20.27% (above 0%: growing) 100.00% (48,452.24%)
IA Innovative Solutions and Support, Inc. $324.3M 17.0× 23.6× +10.72% (above 0%: growing) +78.57% (above 0%: growing) +31.13% (above 0%: growing) 51.65% 22.55% Compare
POWW Outdoor Holding Company $268.1M 76.7× 47.4× +22.12% (above 0%: growing) n/m −89.37% (below 0%: shrinking) 84.55% 22.76% Compare
PUSA Powerus Corporation $243.1M — (loss-making) — (loss-making) +17.65% (above 0%: growing) n/m +47.68% (above 0%: growing) 37.46% (107.76%) Compare
Median of peers $455.5M 25.5× 29.5× +22.12% +75.00% −38.06% 35.89% 8.97%

All 94 Aerospace & Defense stocks →

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.75m 9.56m 1.00

Ownership

Directors and executive officers, together less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Virgin Galactic Holdings, Inc. (SPCE) Latest News

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · LA Times
Impact 3 · · Simply Wall St.
Impact 3 · · Business Wire

28 Oct

Impact 4 · · Business Wire
Impact 4 · · Business Wire

26 Oct

Impact 4 · · Stocktwits
Impact 4 · · Business Wire
Impact 4 · · GlobeNewswire

18 Oct

Impact 4 · · The Motley Fool

14 Oct

Impact 4 · · Business Wire

14 Aug

Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

13 Aug

Impact 4 · · Stocktwits
Impact 4 ·
Impact 3 ·
Impact 3 · · Moby transcript
Impact 3 · transcript

12 Aug

Impact 3 ·
Impact 3 ·

10 Aug

Impact 3 · · krqe.com

1 Jul

Impact 4 ·

25 Jun

Impact 3 · · Stocktwits

16 Jun

Impact 4 · · Barchart

13 Jun

Impact 4 ·
Impact 3 ·
stockrow.com/SPCE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com