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Virgin Galactic Holdings, Inc key statistics and ratios

In fiscal 2025, Virgin Galactic Holdings, Inc had return on equity of -93.6%, an operating margin of -18480.8%, debt equal to 118.3% of equity and a current ratio of 1.78. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin72.2%57.8%47.0%27.3%91.7%17.6%————
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%
Return on equity——−111.8%−148.2%−49.7%−72.8%−101.9%−83.8%−93.6%−73.9%
Return on assets−19.9%−32.5%−56.5%−91.5%−37.7%−45.3%−43.3%−32.4%−31.6%−30.6%
Asset turnover0.000.010.010.000.000.000.010.010.000.00
Current ratio4.561.124.686.335.165.445.124.191.781.62
Debt to equity0.0%0.0%0.0%0.2%0.0%86.6%82.7%131.9%118.3%55.3%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/mn/mn/mn/m
R&D as % of revenue>999%>999%>999%>999%>999%>999%>999%>999%>999%>999%
SG&A as % of revenue>999%>999%>999%>999%>999%>999%>999%>999%>999%>999%
Capital spending as % of revenue319.1%371.7%366.5%>999%140.8%713.2%651.6%>999%>999%>999%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Virgin Galactic Holdings, Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Virgin Galactic Holdings, Inc.