Space Exploration Technologies Corp key statistics and ratios

In fiscal 2025, Space Exploration Technologies Corp had return on equity of -132.8%, an operating margin of -13.9%, debt equal to 889.9% of equity and a current ratio of 1.45. 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.

Space Exploration Technologies Corp: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Operating margin	−33.7%	3.3%	−13.9%	−2.1%
Net margin	−44.6%	5.6%	−26.4%	−8.6%
Free-cash-flow margin	1.0%	−38.4%	−74.7%	−122.3%
Return on equity	—	16.3%	−132.8%	−3.1%
Return on assets	—	—	−5.4%	−1.6%
Asset turnover	—	—	0.20	0.19
Current ratio	—	—	1.45	3.08
Debt to equity	—	0.0%	889.9%	22.0%
Capital spending as % of revenue	42.5%	79.7%	111.0%	171.5%
Free cash flow ÷ net income	—	−681.0%	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Space Exploration Technologies Corp: financial ratios, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	—	43.9%	51.5%	—	—	55.3%	62.4%
Operating margin	0.7%	−23.8%	−4.9%	−27.7%	−41.4%	−1.8%	19.1%
Net margin	−13.0%	−24.8%	−18.9%	−47.3%	−91.1%	−6.9%	30.2%
Free-cash-flow margin	−83.9%	−78.6%	−55.8%	−85.2%	−193.0%	−204.1%	−68.3%
Current ratio	—	—	—	1.45	—	5.12	3.08
Debt to equity	—	—	—	841.8%	83.2%	30.1%	21.4%
R&D as % of revenue	—	48.1%	41.1%	—	—	45.4%	31.5%
SG&A as % of revenue	—	14.9%	10.3%	—	—	11.7%	11.7%

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

6 of 6 checks passed · September 30, 2026

What it owns · $254.0bn

Short-term assets $101.0bnLonger-term assets $153.1bn

What it owes, and who funded it · $254.0bn

Short-term liabilities $32.7bnLonger-term liabilities $44.5bnShareholders' equity $176.8bn

Short-term assets cover short-term liabilities $101.0bn of assets due within a year against $32.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $101.0bn short-term assets against $44.5bn of longer-dated liabilities.
More cash than debt $51.3bn of cash against $37.9bn of debt.
Debt below 40% of shareholders' equity Debt is 21% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $15.8bn of operating cash flow against $37.9bn of debt.
Operating profit covers interest at least five times over No material interest expense reported.

From Space Exploration Technologies Corp'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

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

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 Space Exploration Technologies Corp's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Space Exploration Technologies Corp.