Virgin Galactic Holdings, Inc SPCE
Virgin Galactic is an aerospace and space travel company, pioneering human-first spaceflight for private individuals, researchers, and government agencies with its advanced and highly re-useable spaceships and high-altitude carrier aircraft. Built on the foundation of 20 years of experience, we are making human spaceflight repeatable and, therefore, more accessible for individuals. We are at the vanguard of a new industry dedicated to advancing human progress, innovation, understanding and collaboration through the transformative power of space travel. This industry is growing dramatically due to new products, new sources of private and government funding, and new technologies. Demand is emerging from new sectors and demographics, which we believe is broadening the total addressable market. We have embarked on this journey with a mission to put humans and research experiments into space and return them safely to Earth at an unprecedented frequency, with an industry-leading cost structure, and with the goal of driving scale and profitability with our next-generation vehicles.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $7.0M | $6.8M | $2.3M | $3.3M | $238.0K | $3.8M | $2.8M | $1.8M | — |
| Cost of revenue | $72.8M | $90.0M | $50.5M | $1.9M | $272.0K | $173.0K | $2.0M | $1.2M | $488.0K | — |
| Gross profit | -$71.2M | -$83.0M | -$43.7M | $406.0K | $3.0M | $65.0K | $1.8M | $1.6M | $1.3M | — |
| R&D | $80.5M | $152.7M | $295.1M | $314.2M | $144.2M | $154.4M | $132.9M | $117.9M | $93.1M | — |
| SG&A | $117.2M | $125.5M | $174.9M | $175.1M | $166.8M | $111.2M | $82.2M | $50.9M | $46.9M | — |
| Total operating expenses | $286.9M | $383.7M | $538.3M | $502.3M | $322.8M | $275.5M | — | $1.3M | — | — |
| Operating income | -$285.3M | -$376.6M | -$531.5M | -$500.0M | -$319.5M | -$275.3M | -$213.3M | -$167.2M | -$138.7M | — |
| Interest expense | $12.8M | $12.9M | $12.9M | $12.1M | $25.0K | $36.0K | $36.0K | $10.0K | $21.0K | — |
| Pre-tax income | -$278.9M | -$346.7M | -$501.9M | -$499.6M | -$352.8M | -$644.9M | -$215.1M | -$138.0M | -$138.0M | — |
| Income tax | $52.0K | $74.0K | $453.0K | $598.0K | $79.0K | $6.0K | $62.0K | $147.0K | $155.0K | — |
| Net income | -$278.9K | -$346.7K | -$502.3K | -$500.2K | -$352.9K | -$644.9M | -$215.1M | -$138.1M | -$138.2M | — |
| EPS, basic | -5.44 | -13.89 | -29.79 | -1.89 | -1.43 | -2.94 | -1.11 | — | — | — |
| EPS, diluted | -5.44 | -13.89 | -29.79 | -1.89 | -1.43 | -2.94 | -1.11 | -0.71 | -0.71 | — |
| Shares, diluted (wtd. avg.) | $51.2M | $25.0M | $16.9M | $263.9M | $247.6M | $219.1M | $194.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $144.7M | $178.6M | $253.6M | $342.6M | $524.5M | $679.0M | $492.7M | $81.4M | $81.1M | $85.5M |
| Short-term investments | $162.3M | $384.6M | $657.2M | $606.7M | $79.4M | $0 | — | $704.3M | $691.9M | — |
| Receivables | — | — | — | — | — | $470.0K | $461.0K | $1.3M | — | — |
| Inventory | — | — | $16.3M | $24.0M | $29.7M | $30.5M | $31.9M | $23.3M | — | — |
| Total current assets | $372.9M | $627.9M | $950.8M | $1.00B | $678.6M | $727.9M | $541.7M | $119.1M | $1.6M | — |
| Property, plant and equipment | $388.7M | $209.1M | $93.8M | $53.7M | $47.5M | $53.1M | $44.3M | $34.2M | — | — |
| Total assets | $803.2M | $961.2M | $1.18B | $1.14B | $1.07B | $804.0M | $605.5M | $156.0M | $693.6M | — |
| Accounts payable | $15.2M | $3.7M | $32.4M | $16.3M | $9.2M | $6.0M | $7.0M | $7.2M | $230.2K | — |
| Short-term debt | $47.8M | $0 | — | — | $310.0K | $310.0K | $0 | — | — | — |
| Total current liabilities | $209.3M | $150.0M | $185.7M | $184.1M | $131.5M | $115.0M | $115.8M | $106.3M | $356.5K | — |
| Long-term debt | $276.4M | $420.1M | — | — | $0 | $310.0K | $0 | — | — | — |
| Total liabilities | $529.2M | $638.9M | $674.0M | $659.7M | $174.6M | $276.9M | $262.3M | $114.5M | $24.5M | — |
| Retained earnings | -$2.75B | -$2.47B | -$2.13B | -$1.62B | -$1.12B | -$770.7M | -$125.9M | $0 | $1.3M | — |
| Total equity | $274.0M | $322.3M | $505.5M | $480.2M | $894.3M | $527.1M | $343.2M | $41.6M | $23.1M | $23.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$240.1M | -$352.7M | -$448.2M | -$380.2M | -$230.8M | -$233.2M | -$209.1M | -$145.7M | -$136.7M | — |
| Depreciation and amortisation | $16.5M | $15.5M | $13.4M | $11.1M | $11.5M | $9.8M | $7.0M | $5.8M | $5.1M | — |
| Stock-based compensation | $18.7M | $29.8M | $44.3M | $45.7M | $61.8M | $30.3M | $2.5M | $0 | $0 | — |
| Capital expenditure | $198.0M | $121.9M | $44.3M | $16.5M | $4.6M | $17.2M | $13.9M | $10.6M | $5.6M | — |
| Investing cash flow | $90.8M | $175.7M | -$116.3M | -$286.2M | -$387.5M | -$17.2M | -$13.9M | -$10.6M | -$5.6M | — |
| Financing cash flow | $114.1M | $134.3M | $475.4M | $459.0M | $489.4M | $436.6M | $634.3M | $156.6M | $137.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001706946-26-000046.
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