SPCE IndustrialsBeta data

Virgin Galactic Holdings, Inc.

$2.50+1.21%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Industrials
Industry: Aerospace & Defense
Country: United States
Market cap: 379.0M USD
Enterprise value: 389.3M USD
Full-time employees: 694

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.81 vs a peer median of 0.64)higher risk: bigger price swings (beta 2.81 vs peers 0.64)

Ranks #2,267 of 2,308 industrials companies (bottom 2%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 433% from December 2022 to December 2025.
Virgin Galactic had 433% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Virgin Galactic had 433% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 1211% of revenue in 2025.
Virgin Galactic paid employees $19M in stock in 2025, 1211% of its $2M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 12827% of revenue, up from 713% in 2022.
Virgin Galactic is spending 12827% of revenue on facilities and equipment, up from 713% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Not profitable yet. Reported a loss over the last 12 months.
Virgin Galactic reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

8/ 100

Oct 5 8 → Nov 4 8

Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 50.6% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-118.8%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-62.8%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-102.0%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield112.2%

Yahoo FinanceReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

0/100

Weak

2/3 inputs reported · Partial data

Since last quarter: ▼ Weaker

12-month revenue fell 20.8%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0709 · MAD: 0.2481

3-year revenue growth-35.7%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.50Sector median: 0.0421 · MAD: 0.0625

Revenue growth-38.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.66Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-24804.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets3.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.28Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-47.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin0.0%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-75.1%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Debt down 31%

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.81

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio1.62×

Yahoo FinanceReported value33% base weight · Z-score 0.01Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.67×

Yahoo FinanceReported value33% base weight · Z-score -0.79Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Virgin Galactic

Is Virgin Galactic getting weaker?: Its latest SEC filing (Aug 12, 2026) was mixed: some things better, some worse: 12-month revenue fell 20.8%; share count up 50.6%. Its overall score is unchanged at 8/100 since Oct 28, 2026.
How is Virgin Galactic valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -118.8% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -118.8% vs peers 3.8% (weaker than 100% of peers).
Is Virgin Galactic growing?: More slowly than most of its peers. Growth scores 0/100 against 2,459 industrials peers. 3-year revenue growth -35.7% vs a peer median of 4.2% (weaker than 100% of peers).3-year revenue growth -35.7% vs peers 4.2% (weaker than 100% of peers).
How profitable is Virgin Galactic?: Less profitable than most of its peers. Profitability scores 7/100 against 2,459 industrials peers. Operating margin -24804.5% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -24804.5% vs peers 7.7% (weaker than 100% of peers).
How risky is Virgin Galactic?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 2.81 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.81 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 12, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

12-month revenue fell 20.8%
Share count up 50.6% (existing holders diluted)
Debt down 31%

Worth watching: Virgin Galactic is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.3M USD	1.0M USD	−20.8%
Net income (12 months)	19.5M USD	30.9M USD	+58.4%
Operating margin	-20037.2%	-24804.5%	−4767.4 pts
Free cash flow (12 months)	−409.5M USD	−386.5M USD	−5.6%
Debt	319.7M USD	219.0M USD	−31.5%
Cash	124.8M USD	187.3M USD	+50.1%
Shares outstanding	100.7M	151.6M	+50.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Aerospace & Defense · 48 companies

Valuations in Aerospace & Defense are near the top of their range since 2016.

88% of months since 2016 were valued lower than now.
50% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +71% and earnings +71% (medians): prices and earnings moved broadly together.
Median price-to-sales is +41% vs the whole market, against a usual −16%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	91.7%	—	—	—	—	—
Operating margin	-9706.4%	-21625.6%	-7816.3%	-5352.9%	-18480.8%	▼ >999 pts
Net margin	-10719.9%	-21632.9%	-7387.3%	-4928.1%	-18063.9%	▼ >999 pts
Return on assets (ROA)	-33.0%	-43.9%	-42.6%	-36.1%	-34.7%	▲ 1.3 pts
Return on equity (ROE)	-39.5%	-104.1%	-99.4%	-107.6%	-101.8%	▲ 5.8 pts
Free cash flow margin	-7150.6%	-17159.6%	-7242.7%	-6744.7%	-28380.0%	▼ >999 pts
Current ratio	5.16×	5.44×	5.12×	4.19×	1.78×	▼ 57%
Quick ratio	4.93×	5.31×	5.03×	—	—	—
Debt to equity	0.00×	—	—	1.30×	1.18×	▼ 9.2%
Interest coverage	-12781.40×	-41.22×	-41.29×	-29.14×	-22.32×	▲ 23%

SPCE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.81 vs a peer median of 0.64)higher risk: bigger price swings (beta 2.81 vs peers 0.64)

Ranks #2,267 of 2,308 industrials companies (bottom 2%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 433% from December 2022 to December 2025.

Virgin Galactic had 433% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Virgin Galactic had 433% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 1211% of revenue in 2025.

Virgin Galactic paid employees $19M in stock in 2025, 1211% of its $2M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 12827% of revenue, up from 713% in 2022.

Virgin Galactic is spending 12827% of revenue on facilities and equipment, up from 713% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Not profitable yet. Reported a loss over the last 12 months.

Virgin Galactic reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Virgin Galactic

Is Virgin Galactic getting weaker?

Its latest SEC filing (Aug 12, 2026) was mixed: some things better, some worse: 12-month revenue fell 20.8%; share count up 50.6%. Its overall score is unchanged at 8/100 since Oct 28, 2026.

How is Virgin Galactic valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -118.8% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -118.8% vs peers 3.8% (weaker than 100% of peers).

Is Virgin Galactic growing?

More slowly than most of its peers. Growth scores 0/100 against 2,459 industrials peers. 3-year revenue growth -35.7% vs a peer median of 4.2% (weaker than 100% of peers).3-year revenue growth -35.7% vs peers 4.2% (weaker than 100% of peers).

How profitable is Virgin Galactic?

Less profitable than most of its peers. Profitability scores 7/100 against 2,459 industrials peers. Operating margin -24804.5% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -24804.5% vs peers 7.7% (weaker than 100% of peers).

How risky is Virgin Galactic?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 2.81 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.81 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.3M USD

1.0M USD

−20.8%

Net income (12 months)

19.5M USD

30.9M USD

+58.4%

Operating margin

-20037.2%

-24804.5%

−4767.4 pts

Free cash flow (12 months)

−409.5M USD

−386.5M USD

−5.6%

Debt

319.7M USD

219.0M USD

−31.5%

Cash

124.8M USD

187.3M USD

+50.1%

Shares outstanding

100.7M

151.6M

+50.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

91.7%

—

Operating margin

-9706.4%

-21625.6%

-7816.3%

-5352.9%

-18480.8%

▼ >999 pts

Net margin

-10719.9%

-21632.9%

-7387.3%

-4928.1%

-18063.9%

▼ >999 pts

Return on assets (ROA)

-33.0%

-43.9%

-42.6%

-36.1%

-34.7%

▲ 1.3 pts

Return on equity (ROE)

-39.5%

-104.1%

-99.4%

-107.6%

-101.8%

▲ 5.8 pts

Free cash flow margin

-7150.6%

-17159.6%

-7242.7%

-6744.7%

-28380.0%

▼ >999 pts

Current ratio

5.16×

5.44×

5.12×

4.19×

1.78×

▼ 57%

Quick ratio

4.93×

5.31×

5.03×

—

Debt to equity

0.00×

—

1.30×

1.18×

▼ 9.2%

Interest coverage

-12781.40×

-41.22×

-41.29×

-29.14×

-22.32×

▲ 23%