Virgin Galactic Holdings, Inc

Consumer Discretionary
Transportation Services
www.virgingalactic.com

Moat Score
Safety Score

Market Cap $126.17M
PE -0
Debt $420.69M
Cash $172.15M
EV $374.70M
FCF -$470.22M

Earnings

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Sales & Net Margins

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Earnings	-$329.22M
EBIT	-$329.17M
ROE	-121%
ROA	-36%
FCF	-$470.22M
Equity	$272.17M
Growth Stability	1
PE	-0.38
PB	0.46
P/FCF	-0.27
P/S	22.89
Price/Cash	1.36
Debt/Equity	1.55
Debt/FCF	-0.89
Net Margins	-18K%
Gross Margins	-2K%
Op. Margins	-6K%
Sales Growth YoY	-77%
Sales Growth QoQ	7%
Sales CAGR	29%
Equity CAGR	102%
Earnings Growth YoY	-17%

Earnings Growth QoQ	11%
Sales CAGR 5Y	74%
Equity CAGR 5Y	-12%
Earnings CAGR 3Y	72%
Sales CAGR 3Y	72%
Equity CAGR 3Y	-22%
Market Cap	$126.17M
Revenue	$5.51M
Assets	$903.93M
Total Debt	$420.69M
Cash	$172.15M
Shares Outstanding	35.44M
EV	374.7M
Moat Score	1%
Safety Score	60%
Working Capital	403.74M
Current Ratio	3.81
Gross Profit	-$82.75M
Shares Growth 3y	37%
Equity Growth QoQ	-16%
Equity Growth YoY	-35%

Assets & ROA

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Stockholders Equity & ROE

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Virgin Galactic Holdings Inc is a United States-based vertically-integrated aerospace company pioneering human spaceflight for private individuals & researchers, and it also manufactures advanced air and space vehicles. Using its technologies, it is developing a spaceflight system designed to offer its customers a unique, multi-day, and transformative experience. This culminates in a spaceflight that includes views of Earth from space and several minutes of weightlessness that will launch from Spaceport America, New Mexico.

SEC Filings

Direct access to Virgin Galactic Holdings, Inc (SPCE) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Virgin Galactic Holdings, Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Virgin Galactic Holdings, Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Virgin Galactic Holdings, Inc Discounted Cash Flow

Fully customizable DCF calculator online for Virgin Galactic Holdings, Inc.

Years

Calculation mode

= -$4.7B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$470M	-$470M	-$470M	-$470M	-$470M	-$470M	-$470M	-$470M	-$470M	-$470M	-$470M	-$4.7B
DCF		-$427M	-$389M	-$353M	-$321M	-$292M	-$265M	-$241M	-$219M	-$199M	-$181M	-$1.8B
Value	-$4.7B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-5K%	-6K%	-271K%	-11K%	-22K%	-7K%	-5K%	-18K%
ROA	-0%	-35%	-34%	-30%	-44%	-43%	-36%	-36%
ROE	-3K%	-45%	-97%	-39%	-104%	-99%	-108%	-121%

Bad Net Margins (-18.33K%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-0	-0	-0	-1.05	-0.85	-0.89	-0.89
Debt over Equity	-	0	0	0	0.87	0.83	1.3	1.55
Growth Stability	-	-	-	-	-	-	-	1

Good Debt/FCF ratio (-0.89)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Bad Debt/Equity ratio (1.55)

The company is overleveraged and has a bad balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	33%	-94%	1K%	-30%	194%	3%	74%
Earnings YoY growth	-	53%	206%	-45%	42%	0%	-31%	-
Equity YoY growth	-	9K%	42%	35%	-46%	5%	-36%	-12%
FCF YoY growth	-	2K%	12%	-6%	69%	24%	-4%	-