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. In the quarter to June 2026, revenue fell 67.0%, EPS grew 66.0%, free cash flow grew 20.3% and total debt fell 48.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Virgin Galactic Holdings, Inc. (SPCE) Altman Z-score
Virgin Galactic Holdings, Inc.'s Altman Z-score for fiscal 2025 is −5.54, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −5.54 | (1.38) |
| FY2024 | −4.15 | (1.66) |
| FY2023 | −2.49 | (0.75) |
| FY2022 | −1.74 | (11.29) |
| FY2021 | 9.55 | (0.16) |
| FY2020 | 9.71 | 5.18 |
| FY2019 | 4.53 | (2.24) |
| FY2018 | 6.78 | 5.73 |
| FY2017 | 1.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.20 | — | 0.24 | |
| Retained earnings / total assets | (3.43) | — | −4.80 | |
| EBIT / total assets | (0.36) | — | −1.17 | |
| Market value of equity / total liabilities | 0.31 | — | 0.19 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | −5.54 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.68 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PKE Park Aerospace Corp. compare | 27.0× |
| RGR Sturm, Ruger & Company, Inc. compare | 9.2× |
| TATT TAT Technologies Ltd. compare | 8.4× |
| SWBI Smith & Wesson Brands, Inc. compare | 5.7× |
| IA Innovative Solutions and Support, Inc. compare | 5.6× |
| POWW Outdoor Holding Company compare | 3.6× |
| SATL Satellogic Inc. compare | −2.2× |
| SPCE Virgin Galactic Holdings, Inc. | −5.5× |
| EVEX Eve Holding, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets