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Virgin Galactic Holdings, Inc (SPCE) stock

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NYSE: SPCE NYSE Aerospace & Defense Next results ~November 12, 2026

E Fundamentals grade

Virgin Galactic Holdings, Inc is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Virgin Galactic Holdings, Inc is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Virgin Galactic Holdings, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling1 purchase and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds126 adding, 59 cuttingOf 26 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Virgin Galactic Holdings files

Where Virgin Galactic stands after its latest 10-Q

Virgin Galactic has little or no product revenue yet; it used $386m of cash in the twelve months to June 2026. That puts it 46 of 46 for growth among the aerospace & defense companies we cover. The diluted share count is up 125.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 7 financial-health checks.

Our model value for Virgin Galactic Holdings is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 12, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Virgin Galactic Holdings, Inc's trailing-twelve-month revenue fell 38.9% year on year, with a free-cash-flow margin of -37231.3%. Where it stands out: change in growth rate of +37.4pp ranks 7 of 57 aerospace & defense companies we cover. Where it lags: revenue growth of -38.9% ranks 57 of 57 aerospace & defense companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to -38.9% (+37.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 12 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 38.9% over the last 12 months.
  • Loss-making. Operating margin is -24804.5%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 5836.9 points on a year ago.
  • Burning cash. Free cash flow was -37231.3% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 1930.7% of revenue, against a median of 1.5% for aerospace & defense companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 12, 2026
Earnings per share
-$0.58 against an average estimate of -$0.65: beat by 9.9%
Revenue
$0m, down 67.0% on a year earlier
Share reaction
-4.6% in the first session after the results on August 12, 2026, against +0.9% for the S&P 500
Next report
November 12, 2026; average EPS estimate -$0.47

Virgin Galactic Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.3%
  • 1 week-3.5%
  • 1 month-18.5%
  • This year-23.1%
  • 1 year-37.3%
  • 5 years-99.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1M
Operating margin
-24804.5%
Net margin
-23867.4%
EPS (TTM, diluted)
$-3.15

Growth

Revenue growth
−38.9%
Change in growth rate
+37.4 pts
Share count change
+125.3%

Cash

Free cash flow (TTM)
-$386M
FCF margin
-37231.3%
Stock pay % of revenue
1930.7%

Earnings

Last results
August 12, 2026
Next results (est.)
November 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Virgin Galactic Holdings, Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Virgin Galactic Holdings, Inc as an operating company, with every model that fits that kind of business. Cost of equity 11.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.53 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.1 Left out: out of range vs price (0.04x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Virgin Galactic Holdings, Inc with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$201.80$200.00$231.00$474.60$267.60$69.60$49.00$5.88$3.21$2.47
Market value$3.9bn$3.9bn$4.5bn$10.4bn$6.6bn$1.8bn$1.7bn$293m$164m$194m
+ Net debt (− = net cash)−$75m−$74m−$480m−$665m−$524m$113m$201m$246m$179m$32m
Enterprise value$3.8bn$3.8bn$4.0bn$9.7bn$6.1bn$2.0bn$1.9bn$540m$344m$226m
Multiples
Price / sales n/mn/mn/mn/mn/mn/mn/m41.7x106.5x186.9x
Price / earnings ——————————
Price / free cash flow ——————————
EV / EBITDA ——————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

17 /100

Weak moat

How hard Virgin Galactic Holdings's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -33.7% of total assets over 9 years.

  • Pricing power 7 / 20

    Gross margin has been a median 44.2%, moving by 3125.2 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -13097.3%; its worst year was -53681.4%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 7 years, at a median -13118.2% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 683.1% over five years; stock-based pay has been a median 1347.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $333330 and EPS of −$0.47 (range −$0.48 to −$0.45) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$2.32 +57% $1m −25%
Next −$0.87 +62% $268m +22961%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −10.5% on 90 days ago. In the last 30 days, 1 analyst raised Virgin Galactic Holdings, Inc's forecast and 1 cut it.

Consensus EPS forecast Virgin Galactic Holdings, Inc, last 90 days
−$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$2.59 Current fiscal year, 60 days ago: −$2.47 Current fiscal year, 30 days ago: −$2.32 Current fiscal year, 7 days ago: −$2.32 Current fiscal year, Now: −$2.32 −$2.32 Next fiscal year, 90 days ago: −$0.48 Next fiscal year, 60 days ago: −$0.45 Next fiscal year, 30 days ago: −$0.62 Next fiscal year, 7 days ago: −$0.62 Next fiscal year, Now: −$0.87 −$0.87

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$2.59−$0.48
60 days ago −$2.47−$0.45
30 days ago −$2.32−$0.62
7 days ago −$2.32−$0.62
Now −$2.32−$0.87

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.65 −$0.58 +9.9%
Mar 2026 −$0.94 −$0.81 +13.8%
Dec 2025 −$1.07 −$0.93 +12.4%
Sept 2025 −$1.48 −$1.10 +25.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

7 analysts, Oct 2026
Buy229%
Hold457%
Sell114%

Monthly trend

  1. Oct 20262417
  2. Sep 20262417
  3. Aug 20262417

Counts of recommendations published by analysts covering Virgin Galactic Holdings, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
25.8%
of tradable shares
Days to cover
6.48
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
36%
of shares
Held by insiders
0.4%
of shares
Employees
694
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SPCE−44%−74%−30%−88%−45%−23%
Industry peers (median)−4%−10%+14%+22%+19%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SPCE25%33%50%17%33%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SPCE−78%−76%−78%−89%−64%−69%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 29, 2017: 100% from February 11, 2021 to March 30, 2026. Getting back needed a 54656% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.17 – $7.52
From 52-week high
−67.2%
vs 50-day average
−13.9%
vs 200-day average
−15.3%
Volatility (1 year)
108%
Beta vs S&P 500
2.40

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±8.2%
After a week
6 up, 6 down
typical move ±13.2%
After a month
4 up, 8 down
typical move ±15.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 12, 2026 −4.6% +0.9% −2.4% −11.2%
May 14, 2026 −2.4% −0.4% −4.5% +23.6%
March 30, 2026 +7.5% +2.6% +32.3% +3.1%
November 13, 2025 +1.4% −1.7% −5.2% −16.6%
August 6, 2025 −14.3% +0.7% −23.8% −19.3%
May 15, 2025 +35.2% +1.1% +3.7% −13.8%
February 26, 2025 −5.7% −1.5% −14.0% −20.0%
November 6, 2024 −8.7% +3.3% +2.9% −5.8%
August 7, 2024 +6.6% +1.6% +10.1% +3.5%
May 7, 2024 −3.4% +0.1% +23.3% −19.6%
February 27, 2024 −1.7% +0.1% −10.1% −18.0%
November 8, 2023 +6.9% −0.7% +25.9% +33.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Virgin Galactic Holdings, Inc in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Virgin Galactic Holdings, Inc
$0 $5M $10M $15M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $4.9M Revenue (TTM), FY23 Q4: $6.8M Revenue (TTM), FY24 Q1: $8.4M Revenue (TTM), FY24 Q2: $10.7M Revenue (TTM), FY24 Q3: $9.4M Revenue (TTM), FY24 Q4: $7M Revenue (TTM), FY25 Q1: $5.5M Revenue (TTM), FY25 Q2: $1.7M Revenue (TTM), FY25 Q3: $1.7M Revenue (TTM), FY25 Q4: $1.5M Revenue (TTM), FY26 Q1: $1.3M Revenue (TTM), FY26 Q2: $1M $1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $4.9M
FY23 Q4 $6.8M
FY24 Q1 $8.4M
FY24 Q2 $10.7M
FY24 Q3 $9.4M
FY24 Q4 $7M
FY25 Q1 $5.5M
FY25 Q2 $1.7M
FY25 Q3 $1.7M
FY25 Q4 $1.5M
FY26 Q1 $1.3M
FY26 Q2 $1M
Revenue growth, TTM YoY Virgin Galactic Holdings, Inc
-100% 0% 100% 200% 300% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 206.8% Revenue growth, TTM YoY, FY23 Q4: 194.1% Revenue growth, TTM YoY, FY24 Q1: 251.9% Revenue growth, TTM YoY, FY24 Q2: 175.5% Revenue growth, TTM YoY, FY24 Q3: 93.7% Revenue growth, TTM YoY, FY24 Q4: 3.5% Revenue growth, TTM YoY, FY25 Q1: -34.3% Revenue growth, TTM YoY, FY25 Q2: -84.2% Revenue growth, TTM YoY, FY25 Q3: -82.4% Revenue growth, TTM YoY, FY25 Q4: -78.1% Revenue growth, TTM YoY, FY26 Q1: -76.2% Revenue growth, TTM YoY, FY26 Q2: -38.9% -38.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 206.8%
FY23 Q4 194.1%
FY24 Q1 251.9%
FY24 Q2 175.5%
FY24 Q3 93.7%
FY24 Q4 3.5%
FY25 Q1 -34.3%
FY25 Q2 -84.2%
FY25 Q3 -82.4%
FY25 Q4 -78.1%
FY26 Q1 -76.2%
FY26 Q2 -38.9%
Operating margin (TTM) Virgin Galactic Holdings, Inc
-30000% -20000% -10000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -11739.8% Operating margin (TTM), FY23 Q4: -7816.3% Operating margin (TTM), FY24 Q1: -5710.2% Operating margin (TTM), FY24 Q2: -4109.9% Operating margin (TTM), FY24 Q3: -4343.0% Operating margin (TTM), FY24 Q4: -5352.9% Operating margin (TTM), FY25 Q1: -6420.9% Operating margin (TTM), FY25 Q2: -18967.7% Operating margin (TTM), FY25 Q3: -18453.3% Operating margin (TTM), FY25 Q4: -18480.8% Operating margin (TTM), FY26 Q1: -20037.2% Operating margin (TTM), FY26 Q2: -24804.5% -24804.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -11739.8%
FY23 Q4 -7816.3%
FY24 Q1 -5710.2%
FY24 Q2 -4109.9%
FY24 Q3 -4343.0%
FY24 Q4 -5352.9%
FY25 Q1 -6420.9%
FY25 Q2 -18967.7%
FY25 Q3 -18453.3%
FY25 Q4 -18480.8%
FY26 Q1 -20037.2%
FY26 Q2 -24804.5%
FCF margin (TTM) Virgin Galactic Holdings, Inc
-40000% -30000% -20000% -10000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -10581.3% FCF margin (TTM), FY23 Q4: -7242.7% FCF margin (TTM), FY24 Q1: -5718.7% FCF margin (TTM), FY24 Q2: -4266.9% FCF margin (TTM), FY24 Q3: -5007.3% FCF margin (TTM), FY24 Q4: -6744.7% FCF margin (TTM), FY25 Q1: -8530.9% FCF margin (TTM), FY25 Q2: -27708.0% FCF margin (TTM), FY25 Q3: -27712.4% FCF margin (TTM), FY25 Q4: -28380.0% FCF margin (TTM), FY26 Q1: -31261.8% FCF margin (TTM), FY26 Q2: -37231.3% -37231.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -10581.3%
FY23 Q4 -7242.7%
FY24 Q1 -5718.7%
FY24 Q2 -4266.9%
FY24 Q3 -5007.3%
FY24 Q4 -6744.7%
FY25 Q1 -8530.9%
FY25 Q2 -27708.0%
FY25 Q3 -27712.4%
FY25 Q4 -28380.0%
FY26 Q1 -31261.8%
FY26 Q2 -37231.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2 3 4 0 3 2 7 7 2 1
Gross profit 1 2 2 0 3 0 −44 −83 −71 −95
EBITDA −134 −161 −206 −266 −308 −489 −518 −361 −269 −241
Operating income −139 −167 −213 −275 −320 −500 −532 −377 −285 −257
Net income −138 −138 −215 −645 −353 −500 −502 −347 −279 −248
Diluted EPS −$7.10 −$7.10 −$11.10 −$29.40 −$0.71 −$0.94 −$14.89 −$6.95 −$5.44 −$3.15
Growth (year on year)
Revenue — +62.4% +32.7% −93.7% +>999% −29.8% +194.1% +3.5% −78.1% −38.9%
Margins
Gross margin 72.2% 57.8% 47.0% 27.3% 91.7% 17.6% −643.2% <−999% <−999% <−999%
EBITDA margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999%
Operating margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999%
Net margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999%
Free-cash-flow margin <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999%
Cash flow
Cash from operations −137 −146 −209 −233 −231 −380 −448 −353 −240 −212
Capital spending 6 11 14 17 5 16 44 122 198 174
Free cash flow −142 −156 −223 −250 −235 −397 −493 −475 −438 −386
Stock-based pay 0 0 3 30 62 46 44 30 19 20
Free cash flow after stock pay −142 −156 −226 −281 −297 −442 −537 −504 −457 −407
Balance sheet
Cash 75 74 480 666 524 302 217 179 145 187
Total debt 0 0 0 1 0 416 418 425 324 219
Net debt (negative = net cash) −75 −74 −480 −665 −524 113 201 246 179 32
Diluted shares 19m 19m 19m 22m 25m 26m 34m 50m 51m 79m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $816m
Short-term assets $313mLonger-term assets $504m
What it owes, and who funded it · $816m
Short-term liabilities $193mLonger-term liabilities $228mShareholders' equity $396m
  • Short-term assets cover short-term liabilities $313m of assets due within a year against $193m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $313m short-term assets against $228m of longer-dated liabilities.
  • More cash than debt $187m of cash against $219m of debt.
  • Debt below 40% of shareholders' equity Debt is 55% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 55% over five years.
  • A year's operating cash flow covers at least 20% of debt −$212m of operating cash flow against $219m of debt.
  • Operating profit covers interest at least five times over Operating income of −$257m against $10m of interest.

From Virgin Galactic Holdings, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+125.3%
year over year
R&D spending
3669.2%
of revenue
Sales & admin spending
10488.8%
of revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated SPCE PRZO VJET FRSX MOB DPRO Median
Revenue, last 12 months $1m $1m $2m $398000 $3m $6m $769m
Revenue growth, last 12 months −38.9% 12.3% 219.2% −8.7% 5.8% 15.5% 15.5%
Revenue growth, 3-year average −35.7% — 119.5% — — — 12.6%
Revenue growth, latest quarter −67.0% — 380.7% — — — 15.8%
Gross margin <−999% 4.8% 47.7% 64.8% 53.2% 17.1% 27.8%
Operating margin <−999% −721.1% <−999% <−999% — — 9.0%
Operating margin, 3-year average <−999% — <−999% — — — 6.0%
Net margin <−999% −517.1% −679.1% <−999% −705.4% −297.3% 5.5%
Cash from operations / revenue <−999% −554.5% −488.4% <−999% −56.6% −308.8% 5.5%
Free-cash-flow margin <−999% −557.2% −489.5% <−999% −57.7% −320.8% 3.4%
Free-cash-flow margin, 3-year average <−999% — <−999% — — — 3.0%
Stock pay / revenue >999% 117.8% 25.0% 237.9% 174.3% 18.0% 1.2%
Change in share count 125.3% 57.0% — 51.1% 45.7% 397.8% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth -38.9% 15.5% 57 of 57
Change in growth rate Growth +37.4pp +2.2pp 7 of 57
Gross margin Profitability -9106.1% 28.3% 46 of 46
Operating margin Profitability -24804.5% 8.5% 51 of 51
Net margin Profitability -23867.4% 5.5% 57 of 57
Free-cash-flow margin Cash generation -37231.3% 3.4% 57 of 57
Stock pay as % of revenue Cash generation 1930.7% 1.5% 53 of 53
Long-term debt as % of assets Balance sheet 23.2% 22.1% 27 of 47
Change in share count Balance sheet 125.3% 2.4% 48 of 51

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$165M
Institutions reporting
192
Shares held vs prior quarter
▲ 239.1%
Positions opened / closed
71 / 38

Top buyers and sellers, Q2 2026: 126 institutions bought and 59 sold ; the biggest buyer was State Street Corp (+7.6M shares) and the biggest seller Xtx Topco Ltd (−455K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $24.4M 8.5M 14.8% ▲ 606.6%
State Street Corp $22.9M 7.9M 13.9% ▲ 2269.6%
Context Capital Management, LLC $19M 6.6M 11.5% New
Vanguard Capital Management LLC $12.9M 4.5M 7.8% ▲ 53.4%
UBS Group AG $10.1M 3.5M 6.1% ▲ 404.2%
Renaissance Technologies LLC $8.1M 2.8M 4.9% New
Geode Capital Management, LLC $7.3M 2.5M 4.4% ▲ 184.9%
Focus Financial Network, Inc. $6.9M 2.4M 4.2% New
Millennium Management LLC $4.4M 1.5M 2.7% ▲ 64.7%
Susquehanna International Group, LLP $2.9M 1.0M 1.8% ▲ 29.5%
Morgan Stanley $2.8M 978K 1.7% ▲ 50.3%
Charles Schwab Investment Management Inc $2.5M 869K 1.5% ▲ 89.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Virgin Galactic Holdings, Inc's complete shareholder register. Values are as reported by the filers ; 17 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $49,800 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $49,800 net buying
Insider Date Trade Shares Price Value
Strandberg Diana S. Director May 19, 2026 Buy 20,000 $2.49 $49,800

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 26 trades and filings

No trades in Virgin Galactic Holdings, Inc disclosed in the last 12 months; 26 earlier trades on record.

  • George Whitesides(D-CA 27):Sale (full), $1,001 - $15,000, traded March 24, 2025, filed April 23, 2025
  • Brian J. Mast(R-FL 18):Sale (full), $1,001 - $15,000, traded April 18, 2022, filed May 9, 2022
  • Brian J. Mast(R-FL 18):Sale (full), $1,001 - $15,000, traded April 18, 2022, filed May 9, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced

  • August 12, 2026
  • May 14, 2026
  • March 30, 2026
  • November 13, 2025
  • August 6, 2025
  • May 15, 2025

Recent SEC filings

Data status

When each part of this page on Virgin Galactic Holdings, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Virgin Galactic Holdings, Inc in brief

What does Virgin Galactic Holdings, Inc do?
Virgin Galactic Holdings, Inc is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Virgin Galactic Holdings, Inc's stock ticker?
Virgin Galactic Holdings, Inc trades under the ticker SPCE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Virgin Galactic Holdings, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Virgin Galactic Holdings, Inc reported revenue of $1M, 38.9% lower than a year earlier, according to its SEC filings.
What is Virgin Galactic Holdings, Inc's free cash flow?
Virgin Galactic Holdings, Inc's free-cash-flow margin is -37231.3% of revenue over the trailing twelve months, ranking 57 of the 57 aerospace & defense companies we cover.
Who are Virgin Galactic Holdings, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Context Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Virgin Galactic Holdings, Inc's market cap?
On November 2, 2026, Virgin Galactic Holdings, Inc's market capitalisation was about $194M and net debt of $31.7M. Market figures come from third-party market data and may be delayed.
How much debt does Virgin Galactic Holdings, Inc have?
Virgin Galactic Holdings, Inc's debt-to-equity ratio is 55.3%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Virgin Galactic Holdings, Inc's competitors?
In our Aerospace & Defense peer group, the companies closest to Virgin Galactic Holdings, Inc are Parazero Technologies Ltd., Flyte Aviation, Inc., Foresight Autonomous Holdings Ltd., Mobilicom Ltd and Draganfly Inc. The side-by-side comparison below sets their revenue, margins and growth against Virgin Galactic Holdings, Inc's.
Are insiders buying or selling Virgin Galactic Holdings, Inc stock?
Over the last 12 months, Virgin Galactic Holdings, Inc's directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Virgin Galactic Holdings, Inc's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Virgin Galactic Holdings, Inc announces its own schedule.