Start here if you're new
what it is
It sells short trips to space, research flights, and engineering help.
how it gets paid
Last year Virgin Galactic made $7M in revenue. spaceflight experiences was the main engine at $4M, or 57% of sales.
what just happened
Virgin Galactic beat EPS with -$1.09 versus -$5.00 expected.
At a glance
C balance sheet — red flag territory — real financial stress
50/100 earnings predictability — expect surprises
-$13.89 fy2024 eps est
$7M fy2024 rev est
n/a operating margin
xvary composite: 27/100 — weak
What they do
It sells short trips to space, research flights, and engineering help.
Virgin Galactic has exclusive access to Gateway to Space at Spaceport America in New Mexico. That is one launch base for a company with 744 employees. When you want several minutes of weightlessness, one controlled site beats a dozen airports.
How they make money
$7M
annual revenue
spaceflight experiences
$4M
scientific payload flights
$2M
engineering services
$1M
flight maintenance and other
$0M
The products that matter
suborbital spaceflight system
SpaceShipTwo & Mothership
$0.37M last quarterly revenue
the current system generated just $0.37M in Q3 2025 and is intentionally grounded while management shifts to the next vehicle class. Right now, it proves history more than current earning power.
current system
next-generation vehicle program
Delta-class spacecraft
target: 125 flights per year
this is the real investment case. Management says commercial service is delayed to Q4 2026. So if you buy the stock today, you are underwriting a schedule more than an operating business.
pipeline
engineering and development revenue
Research & Development
$6.6M · 94% of annual revenue
this $6.6M line matters because it shows where the money still comes from. Repeat commercial flights are the story investors want. Development-related revenue is the story the numbers show.
94% of revenue
Key numbers
$7M
annual revenue
That is the whole business right now. A $179M market cap is paying about 25.6x sales for a $7M revenue stream.
$13.89
fy2024 eps
Each share is expected to lose $13.89. That loss is more than 4x the current $3.01 share price.
$466M
long-term debt
Debt is 66.6x annual revenue. That is a space company with a financing problem.
72%
debt share
Long-term debt is 72% of capital. That leaves little room for delays, overruns, or another bad year.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $466M (72% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for SPCE right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Virgin Galactic beat EPS with -$1.09 versus -$5.00 expected.
Revenue was $1M in the latest quarter, up 238% vs. prior year from a tiny base. EDGAR also shows -$4.61 for the latest quarter, so the consensus beat and filing number are not the same figure.
$1M
revenue
$1.09
eps
n/a
n/a
eps surprise
The -$1.09 EPS print beat the -$5.00 estimate by 78.2%, which matters more than the tiny revenue base.
source: company earnings report, 2026
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What could go wrong
the main risk is simple: Delta-class is already pushed to Q4 2026, and the company is still burning $302.7M a year on a base of just $7M of revenue. time is not neutral when the business is this early.
high
Delta-class slips again
management has already pushed commercial service to Q4 2026. if that date moves right again, meaningful revenue moves with it.
the launch of the actual business gets delayed again
high
cash burn stays too high
latest twelve-month free cash flow was -$302.7M. with only $7M of annual revenue, that burn rate is still the story.
more financing pressure and a higher chance existing holders get diluted
high
losses keep outrunning the equity value
analysts expect a $240M loss in 2026 against a current market cap of about $179M. that is the market saying the timeline needs to work.
the stock keeps trading like a distressed schedule bet
med
engineering and supplier execution
the Boeing settlement removed one dispute tied to mothership work, but it also reminded investors that aerospace programs punish delays.
even small execution misses can ripple through the launch timeline
$302.7M of annual cash burn against $7M of annual revenue means this story is funded by capital markets, not customers.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 2025 earnings report
scheduled for march 30, 2026. you want the full-year loss figure and any language change around the Q4 2026 commercial-service target.
timeline
Delta-class schedule credibility
Q4 2026 is the date that matters. every quarter from here is really a referendum on whether management still sounds on track.
cash
free cash flow burn
latest twelve-month free cash flow was -$302.7M. if that line does not improve, the financing question gets louder.
balance sheet
debt versus equity value
long-term debt sits at $466M against a market cap of about $179M. that gap tells you why dilution risk never really leaves the room.
Analyst rankings
earnings predictability
50 / 100
middle of the road on paper. in human-speak, analysts do not have a stable operating business to model yet.
risk rank
5
safer than 5% of stocks. translated: this sits near the risky end of the public-market spectrum.
source: institutional data
Institutional activity
institutional ownership data for SPCE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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