Virgin Galactic Holdings, Inc.

NYSE:SPCE Stock Report

Market Cap: US$261.1m

Virgin Galactic Holdings Past Earnings Performance

Past criteria checks 0/6

Virgin Galactic Holdings has been growing earnings at an average annual rate of 5.7%, while the Aerospace & Defense industry saw earnings growing at 20.3% annually. Revenues have been growing at an average rate of 13.1% per year.

Key information

5.70%

Earnings growth rate

25.94%

EPS growth rate

Aerospace & Defense Industry Growth5.38%
Revenue growth rate13.11%
Return on equity-115.83%
Net Margin-19,781.30%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Seeking Alpha • 22h

Virgin Galactic: Everything Has To Go Right

Summary Virgin Galactic receives a sell rating due to unsustainable cash burn, persistent dilution, and a business model yet to be validated. SPCE's Q1 negative FCF was $93.3 million on just $200k revenue, with Q2 losses expected at $87–92 million, pressuring its $251 million cash balance. Debt reduction has come primarily via equity issuance, increasing dilution risk before Delta Class commercial flights even begin. Despite $750K ticket pricing and $186 million in reservations, execution, regulatory, and funding risks outweigh potential upside at current valuation. Read the full article on Seeking Alpha
Analysis Article • May 29

Here's Why Shareholders May Want To Be Cautious With Increasing Virgin Galactic Holdings, Inc.'s (NYSE:SPCE) CEO Pay Packet

Key Insights Virgin Galactic Holdings to hold its Annual General Meeting on 5th of June Total pay for CEO Michael...
Seeking Alpha • Apr 30

Virgin Galactic: One Spark Could Set This Doomed Stock On Fire, But It Takes Nerve

Summary Virgin Galactic faces a highly speculative future with two possible outcomes: bankruptcy or success in the space tourism market. The company has cash to survive for the next couple of years, but significant risks remain with delays, high cash burn, and debt issues. Despite a low stock valuation, Virgin Galactic's stock could see a sharp rise if any positive news or catalysts emerge. Investors seeking high upside with lower risk might consider long-term call options (LEAPS) rather than buying the stock directly. The company’s future success all comes down to hitting some pretty big goals by 2026, but there’s a lot that could go wrong along the way. Read the full article on Seeking Alpha
Seeking Alpha • Jan 23

Virgin Galactic: Downward Spiral

Summary Virgin Galactic's declining market capitalization is undermining its ability to raise capital. This is important because of its high cash burn and declining cash balance. Meaningful revenue is likely still at least 2 years away and positive cash flow even further away. The company's tenuous position is made worse by a debt maturity date that is drawing nearer. Read the full article on Seeking Alpha
Seeking Alpha • Sep 20

Virgin Galactic: I Like The Vision, But Execution Is The Key

Summary Virgin Galactic's potential hinges on achieving ambitious flight goals; execution and early results are crucial before considering a rating upgrade. SPCE's cash reserves are tight, with significant negative FCF expected through FY25. The long-term market potential is significant, but I remain cautious, awaiting execution in FY25 and FY26 before revising my rating. Read the full article on Seeking Alpha
Seeking Alpha • Aug 28

Virgin Galactic: Pipe Dream Business Still Lacks Meaningful, Sustainable Model

Summary Virgin Galactic has a sensible balance sheet but is plagued by massive losses and minimal revenue, making it a risky investment. The company's strategy to lower operating costs and expand capacity is challenged by an uncertain market for commercial spaceflight. Economic sensitivity and safety concerns further jeopardize Virgin Galactic's potential, with discretionary spending likely to decline in economic downturns. Despite the futuristic appeal, the company's history and financial projections indicate it's not a viable investment; I recommend a strong sell. Read the full article on Seeking Alpha
Seeking Alpha • Jun 19

Virgin Galactic: Final Descent

Summary Virgin Galactic faces a bleak future due to its dwindling cash reserves, limited market capitalization, and uncertain path to profitability. While the introduction of Delta Class ships could help the company ramp commercial operations, this is at least 2 years away and will require significant investments. Virgin Galactic's market capitalization makes raising capital difficult, meaning that any issues or delays are likely to prove fatal. Read the full article on Seeking Alpha
Analysis Article • Jun 06

Shareholders May Be More Conservative With Virgin Galactic Holdings, Inc.'s (NYSE:SPCE) CEO Compensation For Now

Key Insights Virgin Galactic Holdings will host its Annual General Meeting on 12th of June Salary of US$1.00m is part...
Seeking Alpha • May 14

Virgin Galactic: The Guidance Looks Better Than I Expected

Summary Virgin Galactic's Q1 2024 results show improvements in revenue and cash burn rates, but the primary goal of generating significant revenue is still a few years away. SPCE's guidance suggests higher ticket prices, but the target of becoming cash flow positive in 2026 may still be optimistic. The development of the next-gen mothership is delayed, and the current generation will need to increase flight frequency to meet ambitious goals. Read the full article on Seeking Alpha
Seeking Alpha • Apr 02

Virgin Galactic: More Downside Expected After Boeing Lawsuit

Summary The recent Boeing lawsuit against Virgin Galactic could delay its timeline to starting commercial Delta class spaceflights in 2026. Virgin Galactic is unlikely to reach its target cadence of 2 Delta class spaceflights per spaceship per week in 2026 due to its existing mothership’s limitations stemming from its age. Virgin Galactic’s decision to pause Unity flights in Q2 2024 means that the company may not generate any revenue until commercial flights of Delta class spaceships commence. Virgin Galactic’s cash runway is only enough to last less than 2 years and the lawsuit could accelerate its need to raise capital, in my opinion. Bankruptcy is a strong possibility for Virgin Galactic, in my view, if it's unable to start commercial Delta class spaceflights in 2026 with $418.7 million of debt maturing in 2027. Read the full article on Seeking Alpha

Revenue & Expenses Breakdown

How Virgin Galactic Holdings makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:SPCE Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 261-25911254
31 Dec 252-27911780
30 Sep 252-29312097
30 Jun 252-303126106
31 Mar 256-329128127
31 Dec 247-347125153
30 Sep 249-374127178
30 Jun 2411-404135199
31 Mar 248-445152244
31 Dec 237-502175295
30 Sep 235-549191344
30 Jun 234-590195396
31 Mar 232-566188372
31 Dec 222-500175314
30 Sep 222-430166252
30 Jun 223-333168189
31 Mar 224-316161161
31 Dec 213-353167144
30 Sep 213-376161145
30 Jun 211-420144157
31 Mar 210-398133160
31 Dec 200-645111154
30 Sep 201-618121154
30 Jun 202-577108142
31 Mar 202-54997136
31 Dec 194-21582133
30 Sep 195-18458129
30 Jun 194-17254121
31 Mar 194-14051120
31 Dec 183-13851118
31 Dec 172-1384793

Quality Earnings: SPCE is currently unprofitable.

Growing Profit Margin: SPCE is currently unprofitable.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: SPCE is unprofitable, but has reduced losses over the past 5 years at a rate of 5.7% per year.

Accelerating Growth: Unable to compare SPCE's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: SPCE is unprofitable, making it difficult to compare its past year earnings growth to the Aerospace & Defense industry (23.9%).

Return on Equity

High ROE: SPCE has a negative Return on Equity (-115.83%), as it is currently unprofitable.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/26 06:56
End of Day Share Price 2026/06/26 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Virgin Galactic Holdings, Inc. is covered by 13 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ronald EpsteinBofA Global Research
Kenneth HerbertCanaccord Genuity
Noah PoponakGoldman Sachs