Tearsheet

Virgin Galactic (SPCE)


Market Price (9/18/2025): $3.28 | Market Cap: $149.7 Mil
Sector: Industrials | Industry: Aerospace & Defense

Virgin Galactic (SPCE)


Market Price (9/18/2025): $3.28
Market Cap: $149.7 Mil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -32%
Weak multi-year price returns
2Y Excs Rtn is -139%, 3Y Excs Rtn is -158%
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -322 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18968%
1   Expensive valuation multiples
P/SPrice/Sales ratio is 87x
2   Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -84%, Rev Chg QQuarterly Revenue Change % is -90%
3   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17179%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27708%
4   Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 190%
5   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -209%
6   Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 25%
0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -32%
1 Weak multi-year price returns
2Y Excs Rtn is -139%, 3Y Excs Rtn is -158%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -322 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -18968%
3 Expensive valuation multiples
P/SPrice/Sales ratio is 87x
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -84%, Rev Chg QQuarterly Revenue Change % is -90%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -17179%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27708%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 190%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -209%
8 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 25%

Market Valuation

 9/18/252024202320222021
Share Price CYE$3.28$5.88$49.00$69.60$267.60
Market Cap CYE ($ Mil)149.7178.1981.2957.13,452.1
Total Debt ($ Mil)421.3420.1417.9415.70.0
Total Cash ($ Mil)469.3563.2874.0909.0603.9
Enterprise Value ($ Mil)101.6598.21,399.11,372.83,452.1
Valuation Ratios     
P/S TTM88.220.9121.5397.31006.4
P/EBIT TTM-0.5-0.4-1.7-1.9-9.4
P/E TTM-0.5-0.4-1.6-1.8-9.4
Sector Ratios     
P/S TTM (Sector)1.71.41.41.11.6
P/EBIT TTM (Sector)11.310.210.08.312.1
P/E TTM (Sector)16.613.713.911.215.6
 9/18/2520242023
Share Price CYE$3.28$5.88$49.00
Market Cap CYE ($ Mil)149.7178.1981.2
Total Debt ($ Mil)421.3420.1417.9
Total Cash ($ Mil)469.3563.2874.0
Enterprise Value ($ Mil)101.6598.21,399.1
Valuation Ratios   
P/S TTM88.220.9121.5
P/EBIT TTM-0.5-0.4-1.7
P/E TTM-0.5-0.4-1.6
Sector Ratios   
P/S TTM (Sector)1.71.41.4
P/EBIT TTM (Sector)11.310.210.0
P/E TTM (Sector)16.613.713.9

Business Description

Virgin Galactic Holdings, Inc. focuses on the development, manufacture, and operation of spaceships and related technologies for conducting commercial human spaceflight and flying commercial research and development payloads into space. It is also involved in the ground and flight testing, and post-flight maintenance of its spaceflight system vehicles. Show more

Price Returns Compared

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 202020212022202320242025Total [1]
Returns
SPCE Return105%-44%-74%-30%-88%-45%-99%
Peers Return-14%15%13%24%17%32%113%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BA, LMT, GE, RTX, GD. See SPCE Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

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Financials

SPCEBALMTGERTXGDMedian
NameVirgin G.Boeing Lockheed.GE Aeros.RTX General . 
Mkt Price3.25214.63473.12289.50158.31325.28252.06
Mkt Cap0.1162.4110.5307.7212.287.2136.4
Rev LTM275,32771,84441,60983,59950,27361,058
Op Inc LTM-322-9,3765,8577,9488,3205,1775,517
FCF LTM-470-8,5443,3295,4922,6644,1302,996
FCF 3Y Avg-480-2,1395,4285,4824,2923,1053,698
CFO LTM-292-6,1845,0716,5605,8475,0265,048
CFO 3Y Avg-387-2877,1886,5267,4044,0755,300

Growth & Margins

SPCEBALMTGERTXGDMedian
NameVirgin G.Boeing Lockheed.GE Aeros.RTX General . 
Rev Chg LTM-84.2%2.4%1.1%13.0%15.4%11.9%7.1%
Rev Chg 3Y Avg35.4%7.8%3.9%3.4%8.7%9.4%8.3%
Rev Chg Q-90.4%34.9%0.2%21.2%9.4%8.9%9.2%
QoQ Delta Rev Chg LTM-69.2%8.5%0.0%4.9%2.3%2.2%2.2%
Op Mgn LTM-18,967.7%-12.4%8.2%19.1%10.0%10.3%9.1%
Op Mgn 3Y Avg-12,824.2%-6.5%11.0%18.4%7.5%10.2%8.9%
QoQ Delta Op Mgn LTM-12,546.8%2.3%-2.1%0.3%1.8%0.1%0.2%
CFO/Rev LTM-17,179.4%-8.2%7.1%15.8%7.0%10.0%7.0%
CFO/Rev 3Y Avg-11,080.8%-0.3%10.3%19.5%9.9%9.0%9.5%
FCF/Rev LTM-27,708.0%-11.3%4.6%13.2%3.2%8.2%3.9%
FCF/Rev 3Y Avg-15,031.0%-2.8%7.8%16.3%5.8%6.8%6.3%

Valuation

SPCEBALMTGERTXGDMedian
NameVirgin G.Boeing Lockheed.GE Aeros.RTX General . 
Mkt Cap0.1162.4110.5307.7212.287.2136.4
P/S87.42.21.57.42.51.72.3
P/EBIT-0.5-20.618.631.821.316.417.5
P/E-0.5-15.226.339.734.521.323.8
P/CFO-0.5-26.321.846.936.317.419.6
Total Yield-204.1%-6.6%5.9%2.5%4.5%6.5%3.5%
Dividend Yield0.0%0.0%2.1%0.0%1.6%1.8%0.8%
FCF Yield 3Y Avg-225.2%-1.5%4.8%3.6%3.0%4.4%3.3%
D/E2.80.30.20.10.20.10.2
Net D/E-0.30.20.20.00.20.10.1

Returns

SPCEBALMTGERTXGDMedian
NameVirgin G.Boeing Lockheed.GE Aeros.RTX General . 
1M Rtn8.3%-7.7%8.2%7.8%1.8%3.7%5.8%
3M Rtn8.7%8.6%1.7%22.9%9.0%16.8%8.9%
6M Rtn-25.5%24.3%2.0%41.0%18.1%22.1%20.1%
12M Rtn-53.4%37.2%-14.2%61.6%36.0%8.7%22.4%
3Y Rtn-96.9%48.7%23.7%604.2%99.2%51.8%50.3%
1M Excs Rtn6.0%-10.0%5.8%5.5%-0.5%1.4%3.4%
3M Excs Rtn-0.5%-3.1%-10.9%12.7%-3.2%5.3%-1.8%
6M Excs Rtn-31.6%15.3%-15.3%26.8%2.9%4.7%3.8%
12M Excs Rtn-70.8%19.6%-32.0%46.1%18.2%-8.9%4.7%
3Y Excs Rtn-157.9%-25.4%-38.1%460.2%32.7%-13.9%-19.6%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment72304
Total72304


Price Behavior

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity11,430,983
Short Interest: % Change Since 81520257.5%
Average Daily Volume2,316,507
Days-to-Cover Short Interest4.93
Basic Shares Quantity45,641,000
Short % of Basic Shares25.0%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2025-9.5%-19.6%-14.8%
5/15/202543.3%9.9%-8.7%
2/26/2025-0.3%-9.1%-15.4%
11/6/2024-11.8%-0.6%-9.0%
8/7/202414.0%17.8%10.8%
5/7/2024-1.5%25.7%-18.0%
2/27/2024-7.9%-15.8%-23.2%
11/8/202319.2%40.4%49.4%
...
SUMMARY STATS   
# Positive1097
# Negative141517
Median Positive6.6%15.5%22.4%
Median Negative-9.4%-15.8%-18.4%
Max Positive43.3%40.4%95.9%
Max Negative-17.6%-28.3%-53.0%

SEC Filings

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Report DateFiling DateFiling
6302025806202510-Q 6/30/2025
3312025515202510-Q 3/31/2025
12312024226202510-K 12/31/2024
93020241106202410-Q 9/30/2024
6302024807202410-Q 6/30/2024
3312024507202410-Q 3/31/2024
12312023227202410-K 12/31/2023
93020231109202310-Q 9/30/2023
6302023801202310-Q 6/30/2023
3312023509202310-Q 3/31/2023
12312022228202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022804202210-Q 6/30/2022
3312022505202210-Q 3/31/2022
12312021228202210-K 12/31/2021
93020211108202110-Q 9/30/2021

Insider Activity

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