Virgin Galactic Holdings Inc SPCE

IndustrialsAerospace & DefenseUnited States of America

Last close 2.58 USD on Nov 1, 2026, −19.6% year to date

Quant rating

Quant rating D Rank 394 of 486 in Industrials

Growth C 220 of 486
Valuation D 457 of 486
Quality D 374 of 486
Revisions C 306 of 486
Momentum D 373 of 486

Wall Street consensus Hold (2.88)Average target 3.51 USD +36.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 391M
Enterprise value: 355M
52-week range: 2.13 – 8.90
3-year range: 2.13 – 54.00
Dividend yield: –
Beta (5 years): 3.06
Shares outstanding: 152M
Next earnings: Nov 12, 2026

About the company

Virgin Galactic Holdings, Inc. is an aerospace and space travel company, which offers access to space for private individuals, researchers, and government agencies. The Company’s operations include design and development, manufacturing, ground and flight testing, and post-flight maintenance of its spaceflight system vehicles. The Company has developed a portfolio of proprietary technologies that are embodied in the specialized vehicles that it has created to enable commercial spaceflight. These technologies underpin its carrier aircraft, the mothership; its spaceships; its hybrid rocket motor; and its safety systems. Its Carrier Aircraft-The mothership is a twin-fuselage, custom-built aircraft designed to carry spaceships up to an altitude of approximately 45,000 feet, where the spaceship is released for its flight into space. Its Virgin Galactic spaceships are reusable with the capacity to carry pilots and private astronauts, research experiments and researchers.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1.5	7.0	6.8	2.3	3.3	–
Revenue growth	−78.1%	3.5%	194.1%	−29.8%	1,283.2%	45.3%
EPS (basic, normalized)	−5.44	−13.89	−29.80	−37.80	−28.60	–
EPS growth	–	–	–	–	–	–
Gross margin	−4,613.0%	−1,179.5%	−643.2%	17.6%	91.7%	−1,265.3%
Net margin	−18,063.9%	−4,928.1%	−7,387.3%	−21,632.9%	−10,719.9%	−12,546.4%
ROE	−93.6%	−83.8%	−101.9%	−72.8%	−49.7%	−80.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	255
Current ratio	1.62x
Long-term debt (mil)	189
Net debt (mil)	−36.0
Total equity (mil)	396
Net debt / equity	−0.09x
Net debt / EBITDA	0.16x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1.5	−78.1%	230.0x	−226	+29.8%	−1.6x	−5.44	+60.8%	−0.5x
2026	2.5	+59.5%	144.2x	−207	+8.5%	−1.7x	−2.27	+58.3%	−1.1x
2027	273	+10,995.5%	1.3x	−42.7	+79.3%	−8.3x	−0.70	+69.3%	−3.7x
2028	503	+84.2%	0.7x	81.7	+291.2%	4.3x	0.05	+106.8%	54.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2.5	0.0%	−76.5%	−93.0%	−2.27	0.0%	+8.4%	+23.4%
2027	273	0.0%	−8.1%	−22.3%	−0.70	0.0%	−48.5%	−224.7%
2028	503	0.0%	+0.9%	−3.2%	0.05	0.0%	−84.6%	−89.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2.0	4.2	0.4	0.4	0.5	0.4	0.4	0.3	0.2	0.1
Sales mean (mil)	1.9	3.4	2.2	2.2	0.4	0.5	0.4	0.5	0.2	0.1
Surprise	+3.5%	+25.6%	−82.0%	−80.5%	+15.3%	−24.8%	−7.8%	−37.0%	+19.5%	+5.8%
EPS reported	−5.00	−4.36	−2.66	−2.53	−2.38	−1.41	−1.09	−0.98	−0.81	−0.58
EPS mean	−5.78	−4.92	−4.09	−3.12	−2.68	−2.34	−1.44	−1.03	−0.86	−0.64
Surprise	+13.4%	+11.4%	+35.0%	+19.0%	+11.3%	+39.8%	+24.2%	+5.3%	+6.2%	+9.8%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SPCE Virgin Galactic Holdings Inc	391M	0.16x	−18,063.9%	0.92x	−1.1x	−3.7x	−1.7x	−8.3x
GE General Electric Company	311.9B	1.05x	19.0%	17.80x	37.0x	32.3x	26.4x	23.3x
RTX RTX Corporation	269.6B	1.90x	7.6%	3.89x	25.8x	24.7x	17.6x	16.4x
BA Boeing Co	135.9B	4.05x	2.1%	20.75x	−84.7x	207.3x	48.1x	28.0x
LMT Lockheed Martin Corporation	147.1B	1.54x	6.7%	14.56x	20.8x	19.1x	14.4x	13.3x
GD General Dynamics Corp	100.8B	0.42x	8.0%	3.76x	21.8x	19.9x	15.2x	14.0x
Mean		1.52x	−3,003.4%	10.28x	3.3x	49.9x	20.0x	14.5x
Median		1.30x	7.1%	9.23x	21.3x	22.3x	16.4x	15.2x

Technical analysis

1M−17.8%
3M+3.6%
1Y−36.3%
3Y−90.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Virgin Galactic Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1.5	7.0	6.8	2.3	3.3	0.2
Cost of revenue	72.8	90.0	50.5	1.9	0.3	0.2
Gross profit	−71.2	−83.0	−43.7	0.4	3.0	0.1
Selling, general & administrative expenses	117	125	175	175	173	116
Research & development	80.5	153	295	314	144	154
Depreciation/amortization	16.5	15.5	13.4	11.1	5.1	4.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.8	0	4.4	–	–	0.2
Other operating expenses	0	0	0	0	0	0
Operating income	−288	−377	−532	−500	−320	−275
Net interest income (expense)	9.1	29.4	29.4	0.4	1.2	2.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.2	0.5	0.3	0.1	−34.5	−372
Net income before taxes	−279	−347	−502	−500	−353	−645
Provision for taxes	0.1	0.1	0.5	0.6	0.1	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−279	−347	−502	−500	−353	−645
Extraordinary items	–	–	–	–	–	–
Net income	−279	−347	−502	−500	−353	−645
EBIT, normalized	−285	−377	−527	−500	−320	−275
EBITDA, normalized	−269	−361	−514	−489	−308	−265
Basic EPS, normalized	−5.44	−13.89	−29.80	−37.80	−28.60	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Virgin Galactic Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	307	563	874	909	604	666
Receivables	–	–	–	–	–	0.5
Total inventory	–	–	16.3	24.0	29.7	30.5
Prepaid expenses	–	–	23.7	28.2	19.5	17.9
Other current assets	65.9	64.7	36.8	40.3	25.5	13.0
Total current assets	373	628	951	1,002	679	728
Property, plant & equipment	426	267	152	53.7	83.0	73.1
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	0	61.3	71.6	30.4	301	–
Note receivable	–	–	–	–	–	–
Other long-term assets	4.7	4.9	4.8	54.3	5.8	3.0
Total assets	803	961	1,180	1,140	1,069	804
Liabilities
Accounts payable	15.2	3.7	32.4	16.3	9.2	6.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	50.0	55.1	55.2	61.8	28.8	25.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	47.8	–	–	–	–	0.4
Other current liabilities	96.3	91.2	98.0	106	93.5	83.2
Total current liabilities	209	150	186	184	132	115
Long-term debt	276	420	418	416	0	0.5
Minority interest	–	–	–	–	–	–
Other liabilities	43.5	68.8	70.5	59.9	43.0	161
Total liabilities	529	639	674	660	175	277
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	3,026	2,795	2,631	2,111	2,020	1,298
Retained earnings (accumulated deficit)	−2,752	−2,473	−2,126	−1,624	−1,124	−771
Treasury stock	–	–	–	–	–	–
Other equity	0.1	0.3	0.4	−7.3	−1.9	0
Total equity	274	322	505	480	894	527
Total liabilities & shareholders' equity	803	961	1,180	1,140	1,069	804

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Virgin Galactic Holdings Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−279	−347	−502	−500	−353	−645
Depreciation, depletion & amortization	16.5	15.5	13.4	11.1	11.5	9.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	14.9	16.8	32.8	58.5	96.5	402
Changes in working capital	7.4	−38.2	7.9	50.3	14.2	−0.3
Cash from operations	−240	−353	−448	−380	−231	−233
Investing activities
Capital expenditures	−198	−122	−44.3	−16.5	−4.6	−17.2
Other investing cash flows	289	298	−72.0	−270	−383	0
Cash from investing	90.8	176	−116	−286	−388	−17.2
Financing activities
Financing cash flow items	−5.5	−3.3	−8.5	−68.8	−30.2	−25.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	120	138	484	528	520	462
Cash from financing	114	134	475	459	489	437
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−35.2	−42.7	−89.0	−207	−129	186
Free cash flow	−438	−475	−493	−397	−235	−250

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.