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Virgin Galactic Holdings, Inc

SPCE NYSE Transportation Services Financials FY2017โ€“FY2025

Last close ยท Oct 23, 2026

$2.46

1.7%
Compare
Revenue Total sales reported in the income statement.
$1.5M
78.1% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’18,480.8%
13,127.9ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$279M
Free cash flow Cash from operations minus capital spending.
โˆ’$438M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โˆ’77.4%
88.6ย pts
Market cap Last close times the latest diluted share count, so it is approximate.
$272M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$2.90 EPS (TTM)

What Virgin Galactic Holdings, Inc does

No business description yet.

Legal name
Virgin Galactic Holdings, Inc
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 30, 2026
Accession ยท CIK
0001706946-26-000019
0001706946

Revenue and margins

Virgin Galactic Holdings, Inc had $1.5M of revenue in fiscal 2025, down 78.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$438M in fiscal 2025, โˆ’28,380.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Virgin Galactic Holdings, Inc returned โ€” to shareholders in fiscal 2025. The diluted share count rose 105.3%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Virgin Galactic Holdings, Inc can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $604M$909M$874M$563M$307M
Debt incl. finance leases $0.6Mโ€”โ€”$421M$325M
Debt / equity 0.0xโ€”โ€”1.3x1.2x
Interest coverage โˆ’12,781.4xโˆ’41.2xโˆ’41.3xโˆ’29.1xโˆ’22.3x
Current ratio 5.2x5.4x5.1x4.2x1.8x
Quick ratio 4.9x5.3x5.0x4.2x1.8x
Total assets $1.1B$1.1B$1.2B$961M$803M
Total liabilities $175M$660M$674M$639M$529M
Shareholders' equity $894M$480M$505M$322M$274M
Net debt (โˆ’ = net cash) โˆ’$603Mโ€”โ€”โˆ’$143M$17.5M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ• โœ“ โœ• โœ“ โœ• โœ“ โœ“ โœ“
Cash from operations exceeds net income โœ“ โœ• โœ“ โœ“ โœ“ โœ“ โœ“ โœ• โœ“
Debt fell relative to assets โ€” โ€” โ€” โœ• โœ“ โ€” โ€” โ€” โœ“
Current ratio rose โ€” โœ• โœ“ โœ“ โœ• โœ“ โœ• โœ• โœ•
Share count didn't rise โ€” โœ“ โœ• โœ• โœ• โœ• โœ“ โœ• โœ•
Gross margin rose โ€” โœ• โœ• โœ• โœ“ โœ• โœ• โœ• โœ•
Revenue rose relative to assets โ€” โœ“ โœ• โœ• โœ“ โœ• โœ“ โœ“ โœ•
F-score โ€” / 32 / 83 / 82 / 95 / 92 / 84 / 82 / 83 / 9
Accruals ratio โˆ’0.2%1.8%โˆ’1.6%โˆ’58.4%โˆ’13.0%โˆ’10.9%โˆ’4.7%0.6%โˆ’4.4%
Altman Z'' โˆ’0.34โˆ’6.282.941.573.30โˆ’2.12โˆ’3.86โˆ’7.23โˆ’11.68

9 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.8M $2.8M $3.8M $0.2M $3.3M $2.3M $6.8M $7.0M $1.5M
Gross profit $1.3M $1.6M $1.8M $0.1M $3.0M $0.4M โˆ’$43.7M โˆ’$83.0M โˆ’$71.2M
Research and development $93.1M $118M $133M $154M $144M $314M $295M $153M $80.5M
Operating income โˆ’$139M โˆ’$167M โˆ’$213M โˆ’$275M โˆ’$320M โˆ’$500M โˆ’$532M โˆ’$377M โˆ’$285M
Interest expense $0.0M $0.0M $0.0M $0.0M $0.0M $12.1M $12.9M $12.9M $12.8M
Pretax income โˆ’$138M โˆ’$138M โˆ’$215M โˆ’$645M โˆ’$353M โˆ’$500M โˆ’$502M โˆ’$347M โˆ’$279M
Income tax $0.2M $0.1M $0.1M $0.0M $0.1M $0.6M $0.5M $0.1M $0.1M
Net income โˆ’$138M โˆ’$138M โˆ’$215M โˆ’$645M โˆ’$353M โˆ’$500M โˆ’$502M โˆ’$347M โˆ’$279M
Net income to common โˆ’$138M โˆ’$138M โˆ’$215M โˆ’$645M โˆ’$353M โˆ’$500M โˆ’$502M โˆ’$347M โˆ’$279M
Diluted EPS โˆ’$0.71 โˆ’$0.71 โˆ’$1.11 โˆ’$2.94 โˆ’$1.43 โˆ’$1.89 โˆ’$29.79 โˆ’$13.89 โˆ’$5.44
Diluted shares 0.19B 0.19B 0.19B 0.22B 0.25B 0.26B 0.02B 0.02B 0.05B
Cash flow
Cash from operations โˆ’$137M โˆ’$146M โˆ’$209M โˆ’$233M โˆ’$231M โˆ’$380M โˆ’$448M โˆ’$353M โˆ’$240M
Capital expenditure $5.6M $10.6M $13.9M $17.2M $4.6M $16.5M $44.3M $122M $198M
Free cash flow โˆ’$142M โˆ’$156M โˆ’$223M โˆ’$250M โˆ’$235M โˆ’$397M โˆ’$493M โˆ’$475M โˆ’$438M
Depreciation and amortization $5.1M $5.8M $7.0M $9.8M $11.5M $11.1M $13.4M $15.5M $16.5M
Stock-based compensation $0.0M $0.0M $2.5M $30.3M $61.8M $45.7M $44.3M $29.8M $18.7M
Balance sheet
Cash and short-term investments $767M $778M $480M $666M $604M $909M $874M $563M $307M
Total debt โ€” โ€” $0.0M $0.6M $0.3M โ€” โ€” $420M $324M
Finance lease liabilities โ€” โ€” $0.3M $0.4M $0.3M $0.6M $0.6M $0.5M $0.4M
Current assets $1.6M $119M $542M $728M $679M $1.0B $951M $628M $373M
Current liabilities $0.4M $106M $116M $115M $132M $184M $186M $150M $209M
Inventory โ€” $23.3M $31.9M $30.5M $29.7M $24.0M $16.3M โ€” โ€”
Property and equipment, net โ€” $34.2M $44.3M $53.1M $47.5M $53.7M $93.8M $209M $389M
Total assets $694M $156M $606M $804M $1.1B $1.1B $1.2B $961M $803M
Total liabilities $24.5M $114M $262M $277M $175M $660M $674M $639M $529M
Preferred stock $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Shareholders' equity $23.1M $41.6M $343M $527M $894M $480M $505M $322M $274M
Margins
Gross margin 72.2% 57.8% 47.0% 27.3% 91.7% 17.6% โˆ’643.2% โˆ’1,179.5% โˆ’4,613.0%
Operating margin โˆ’7,907.9% โˆ’5,868.2% โˆ’5,640.4% โˆ’115,665.5% โˆ’9,706.4% โˆ’21,625.6% โˆ’7,816.3% โˆ’5,352.9% โˆ’18,480.8%
EBITDA margin โˆ’7,614.4% โˆ’5,664.4% โˆ’5,455.2% โˆ’111,555.9% โˆ’9,356.5% โˆ’21,145.6% โˆ’7,619.7% โˆ’5,133.1% โˆ’17,413.1%
Net margin โˆ’7,878.4% โˆ’4,848.7% โˆ’5,689.4% โˆ’270,960.9% โˆ’10,719.9% โˆ’21,632.9% โˆ’7,387.3% โˆ’4,928.1% โˆ’18,063.9%
FCF margin โˆ’8,111.3% โˆ’5,485.9% โˆ’5,897.0% โˆ’105,193.3% โˆ’7,150.6% โˆ’17,159.6% โˆ’7,242.7% โˆ’6,744.7% โˆ’28,380.0%
Returns
Return on capital โ€” โ€” โ€” โ€” โˆ’86.8% โ€” โ€” โˆ’166.1% โˆ’77.4%
Return on capital employed โˆ’20.0% โˆ’336.3% โˆ’43.5% โˆ’40.0% โˆ’34.1% โˆ’52.3% โˆ’53.5% โˆ’46.4% โˆ’48.0%
Return on equity โˆ’599.1% โˆ’427.5% โˆ’111.8% โˆ’148.2% โˆ’49.7% โˆ’72.8% โˆ’101.9% โˆ’83.8% โˆ’93.6%
Return on assets โˆ’19.9% โˆ’32.5% โˆ’56.5% โˆ’91.5% โˆ’37.7% โˆ’45.3% โˆ’43.3% โˆ’32.4% โˆ’31.6%
Return on tangible equity โˆ’599.1% โˆ’332.4% โˆ’62.7% โˆ’122.4% โˆ’39.5% โˆ’104.1% โˆ’99.4% โˆ’107.6% โˆ’101.8%
Growth
Revenue growth โ€” 62.4% 32.7% โˆ’93.7% 1,283.2% โˆ’29.8% 194.1% 3.5% โˆ’78.1%
Share count change โ€” 0.0% 0.4% 12.7% 13.0% 6.6% โˆ’93.6% 48.0% 105.3%
Financial health
Debt / equity โ€” โ€” 0.0x 0.0x 0.0x โ€” โ€” 1.3x 1.2x
Interest coverage โˆ’6,605.0x โˆ’16,718.6x โˆ’5,923.9x โˆ’7,646.8x โˆ’12,781.4x โˆ’41.2x โˆ’41.3x โˆ’29.1x โˆ’22.3x
Current ratio 4.6x 1.1x 4.7x 6.3x 5.2x 5.4x 5.1x 4.2x 1.8x
Quick ratio 4.6x 0.9x 4.4x 6.1x 4.9x 5.3x 5.0x 4.2x 1.8x
Capital allocation
Capex / revenue 319.1% 371.7% 366.5% 7,227.3% 140.8% 713.2% 651.6% 1,731.9% 12,826.7%
Stock comp / revenue 0.0% 0.0% 67.0% 12,741.2% 1,877.4% 1,977.0% 650.9% 422.9% 1,211.0%
Quality scores
Piotroski F-score โ€” 2.0 3.0 2.0 5.0 2.0 4.0 2.0 3.0
Altman Z'' โˆ’0.3 โˆ’6.3 2.9 1.6 3.3 โˆ’2.1 โˆ’3.9 โˆ’7.2 โˆ’11.7
Accruals ratio โˆ’0.2% 1.8% โˆ’1.6% โˆ’58.4% โˆ’13.0% โˆ’10.9% โˆ’4.7% 0.6% โˆ’4.4%

Source: SEC EDGAR XBRL filings (CIK 0001706946). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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