Virgin Galactic Holdings, Inc.
- Open
- 2.53
- Day high
- 2.60
- Day low
- 2.50
- Prev close
- 2.49
- Volume
- 4.0M
- Mkt cap
- $256M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.1
- P/S
- 195.6
- Yield
- —
- Per share
- —
- ▲Insiders net buying $50K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Virgin Galactic Holdings, Inc. (SPCE) is a Industrials company listed on NYSE. The stock is down 38% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4). Drillr has 2 published research articles covering SPCE.
Virgin Galactic Holdings, Inc. (SPCE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SPCE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.79 | $-0.81 | -2.5% | $227000 | +13.5% |
| Mar 30, 2026 | $-1.04 | $-0.98 | +5.3% | $312000 | -24.4% |
| Nov 13, 2025 | $-1.51 | $-1.09 | +27.8% | $365000 | -11.5% |
| Aug 6, 2025 | $-2.12 | $-1.47 | +30.7% | $406000 | +19.4% |
| May 15, 2025 | $-2.23 | $-2.38 | -6.7% | $461000 | +13.2% |
| Feb 26, 2025 | $-3.65 | $-2.53 | +30.7% | $429000 | +14.4% |
| Feb 27, 2024 | $-6.00 | $-5.00 | +16.7% | $3M | -5.4% |
| Feb 28, 2023 | $-10.80 | $-11.00 | -1.9% | $869000 | +153.6% |
| Nov 3, 2022 | $-8.00 | $-11.00 | -37.5% | $767000 | +430.3% |
| Aug 4, 2022 | $-7.60 | $-8.60 | -13.2% | $357000 | +297.2% |
| May 5, 2022 | $-6.80 | $-7.20 | -5.9% | $319000 | +165.5% |
| Feb 22, 2022 | $-7.80 | $-6.20 | +20.5% | $141000 | -57.4% |
SPCE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Ahrens Douglas Tofficer: Chief Financial Officer | Tax | 743 | $2.95 |
| Jun 30, 2026 | Chitale Aparnaofficer: CPO & EVP Astronaut Operations | Tax | 284 | $2.95 |
| Jun 30, 2026 | Ahrens Douglas Tofficer: Chief Financial Officer | Option | 1,377 | — |
| Jun 30, 2026 | Chitale Aparnaofficer: CPO & EVP Astronaut Operations | Option | 525 | — |
| Jun 30, 2026 | Colglazier Michael Adirector, officer: CEO and President | Tax | 1,227 | $2.95 |
| Jun 30, 2026 | Colglazier Michael Adirector, officer: CEO and President | Option | 2,273 | — |
| Jun 16, 2026 | Kim Sarah Eofficer: EVP, CLO & Corporate Secretary | Tax | 41 | $3.91 |
| Jun 12, 2026 | Kreeger Craig Sdirector | Grant | 21,816 | — |
| Jun 12, 2026 | West W Gilbertdirector | Grant | 21,816 | — |
| Jun 12, 2026 | Sigur Wanda Adirector | Grant | 21,816 | — |
| Jun 12, 2026 | Strandberg Diana S.director | Grant | 21,816 | — |
| Jun 12, 2026 | Mabus Raymond Edirector | Grant | 25,306 | — |
| Jun 12, 2026 | Jonas Tina Wdirector | Grant | 21,816 | — |
| Jun 12, 2026 | Arcangeli Henio R Jrdirector | Grant | 21,816 | — |
| May 21, 2026 | Strandberg Diana S.director | Buy | 20,000 | $2.49 |
Source: SPCE SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full SPCE insider & 13F page →SPCE research & analysis
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Virgin Galactic Holdings, Inc. company profile
Overview
Virgin Galactic Holdings, Inc. (NYSE:SPCE) is a commercial spaceflight company founded in 2017 and headquartered in Las Cruces, New Mexico. The company emerged as a spinoff from Virgin Orbit Holdings and went public in 2017, positioning itself as a pioneer in the emerging space tourism industry. Virgin Galactic focuses on developing and operating suborbital spaceflight services for private individuals, researchers, and government agencies. After years of development and testing, the company successfully launched its commercial spaceflight operations in 2023, completing six space flights and bringing 24 people to space in its inaugural commercial year.
Business
Virgin Galactic operates in the commercial human spaceflight industry, a nascent sector within aerospace that provides suborbital space tourism and research services. The company's core offering is suborbital spaceflight experiences using its proprietary air-launched rocket system. The company's primary product is its SpaceShipTwo vehicle system, which consists of a rocket-powered spacecraft (currently VSS Unity) that is carried to altitude by a twin-fuselage carrier aircraft called WhiteKnightTwo (VMS Eve). This air-launch system allows passengers to experience several minutes of weightlessness and see the curvature of Earth from space at altitudes exceeding 50 miles. Unlike orbital spaceflight, which requires tremendous energy to achieve sustained orbit around Earth, suborbital flights follow a parabolic trajectory that briefly crosses the boundary of space before returning to Earth. The company operates two main business segments: 1. Private Astronaut Flights (primary revenue driver): Sells seats to wealthy individuals seeking space tourism experiences, currently priced at approximately $600,000-$900,000 per seat. This segment represents the majority of the company's revenue potential. 2. Research and Government Services (secondary segment): Provides spaceflight services for scientific research missions and government agencies, including partnerships with organizations like the Italian Air Force. This segment offers more frequent flight opportunities and diversified revenue streams. Virgin Galactic is currently transitioning from its first-generation Unity spacecraft to next-generation Delta Class spaceships, which will increase passenger capacity from 4 to 6 astronauts per flight and significantly improve flight frequency from one flight per month to potentially 8 flights per month per vehicle.
Revenue model
Virgin Galactic generates revenue through direct ticket sales for spaceflight experiences, operating on a premium service model targeting ultra-high-net-worth individuals. The company's primary customers are private individuals with disposable income exceeding $600,000 for a single spaceflight experience, representing a very exclusive market segment. The business model centers on high-margin service delivery with projected contribution margins exceeding 80% once operations reach full scale. With current ticket prices ranging from $600,000 to $900,000 per seat, the company projects that its initial two-ship Delta Class fleet could generate approximately $450 million in annual revenue at 125 flights per year. An expanded fleet could potentially reach $1 billion in annual revenue with 275 flights per year. Revenue is also generated through future astronaut membership fees, where customers pay deposits and fees to secure future flight reservations. Additionally, the company earns revenue from research and government contracts, providing spaceflight services for scientific missions and government agencies. Several factors significantly impact the company's margins and profitability. Positive margin drivers include the exclusive nature of the service allowing premium pricing, high customer willingness to pay for unique experiences, and the scalability of operations once infrastructure is established. The company's total addressable market of an estimated 300,000 potential customers globally provides substantial growth runway. Negative margin pressures include extremely high fixed costs for spacecraft development and manufacturing, stringent safety and regulatory requirements that increase operational complexity, weather dependencies that can delay flights, and the capital-intensive nature of expanding fleet capacity. The company also faces execution risk in transitioning from its current single-ship operation to a multi-ship commercial fleet, with any delays or technical issues potentially impacting cash flow and customer confidence.
Competitive moat
Virgin Galactic's competitive moat is relatively narrow but defensible in the near term due to several factors. The company benefits from first-mover advantage in commercial suborbital spaceflight, having successfully completed operational flights and established regulatory approval pathways that create barriers for new entrants. Its air-launch system using a carrier aircraft provides operational flexibility compared to ground-launched competitors, allowing flights from multiple locations and reducing weather dependencies. The company has developed specialized technical expertise in human-rated suborbital vehicle systems and has established relationships with key suppliers like Bell Textron and Qarbon Aerospace. Its existing customer base of approximately 700 future astronauts represents a valuable asset, and the company's brand association with the Virgin Group provides marketing advantages. However, the moat faces significant competitive threats. Blue Origin offers a competing suborbital experience with its New Shepard system, which provides a different flight profile and has also achieved operational status. SpaceX's orbital capabilities, while more complex and expensive, offer longer duration space experiences that could attract the same customer base. The relatively low technical barriers to suborbital flight mean that well-funded competitors could enter the market, particularly as the industry matures. The company's moat is also vulnerable to execution risk. Any significant safety incidents, operational delays, or technical failures could severely damage the brand and customer confidence in an industry where safety is paramount. The transition to Delta Class vehicles represents a critical test of the company's ability to scale operations and maintain its competitive position. Overall, Virgin Galactic has a narrow but meaningful moat that depends heavily on successful execution and continued innovation to maintain its market position.
Risks & safety
Virgin Galactic presents significant financial risk with limited margin of safety for investors. • Cash burn and solvency: The company is burning approximately $100-120 million per quarter in free cash flow with $140.8 million in cash as of Q1 2025, providing roughly 3-4 quarters of runway at current burn rates. This creates immediate liquidity concerns. • Debt levels: Debt-to-equity ratio of 1.55 indicates substantial leverage, though much of this represents operational liabilities rather than traditional debt. Current ratio of 3.8 provides some short-term liquidity buffer. • Valuation metrics: Trading at 0.39x book value suggests potential asset value, but negative earnings make traditional valuation metrics unusable. Enterprise value metrics are distorted by negative EBITDA. • Revenue generation: Minimal current revenue ($461,000 in Q1 2025) with commercial operations still 18+ months away creates substantial execution risk. • Capital requirements: The company will likely need additional funding before achieving positive cash flow, creating dilution risk for current shareholders.
Recent development
Virgin Galactic has undergone significant strategic transformation over the past few years, transitioning from development-stage company to operational commercial spaceflight provider. In 2023, the company successfully launched its commercial service, completing six spaceflights and bringing 24 people to space, marking a crucial milestone in proving the viability of its business model. The company's most significant strategic pivot involves the transition from Unity to Delta Class spaceships. This next-generation fleet represents a fundamental upgrade, increasing passenger capacity from 4 to 6 astronauts per flight while dramatically improving operational efficiency from one flight per month to potentially eight flights per month per vehicle. The Delta program, developed in partnership with Bell Textron and Qarbon Aerospace, is expected to begin commercial operations in 2026. Virgin Galactic has also made substantial manufacturing and infrastructure investments, completing a new final assembly facility in Phoenix, Arizona, and transitioning from a primarily R&D organization to a manufacturing-focused operation. The company has implemented advanced manufacturing techniques including digital twin technology and composite materials to improve production efficiency and reduce costs. On the commercial front, the company has refined its pricing strategy, increasing ticket prices from $600,000 to as high as $900,000 per seat while maintaining strong demand. Management has adopted a controlled approach to ticket sales, planning to reopen sales in Q1 2026 with measured release of inventory to maintain pricing power. The company is also exploring fleet expansion opportunities, targeting $300 million in growth capital to accelerate development of additional Delta Class vehicles and potentially a second-generation mothership. Plans include potential development of a second spaceport, with Italy being actively explored as a location, which could significantly expand operational capacity and geographic reach.
SPCE company profile · for informational purposes only — not investment advice.
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