Intuitive Machines
LUNR on Nasdaq. Intuitive Machines sells spacecraft and space infrastructure services to government and commercial customers. Market value $1.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-11.38 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$14.29 a share, 84% above its 1-year low
Over the past year the price has ranged from $7.78 to $46.75.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $188 million in the past 12 months, a shortfall of $56 million in the year to December 2025.
| Revenue | ||||
| Revenue | $86m | $80m | $228m | $210m |
| Operating margin | ||||
| Operating margin | -6.4% | -76.8% | -25.2% | -41.5% |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.08bn | 0.03bn | 0.06bn | 0.12bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 34.7% a year
- Buying back its own sharesNo, 37% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $206 million last quarter, up 310% on a year ago.
- A loss of $46 million, compared with a loss of $25 million a year ago.
- It loses 28 cents on each $1 of sales, compared with 29 cents a year earlier.
- Over the past 12 months it spent $188 million more cash than it brought in, compared with $40 million a year earlier.
- 38% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $58m |
| December 2024 | $55m |
| March 2025 | $63m |
| June 2025 | $50m |
| September 2025 | $52m |
| December 2025 | $45m |
| March 2026 | $187m |
| June 2026 | $206m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$55m |
| December 2024 | -$149m |
| March 2025 | -$11m |
| June 2025 | -$25m |
| September 2025 | -$7m |
| December 2025 | -$40m |
| March 2026 | -$37m |
| June 2026 | -$46m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 328 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $43m
- Share of fund
- 0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $43m | 0.1% |
Largest holders overall
- Advent International, L.P.$492mNew
- BlackRock$262mAdded
- State Street$213mAdded
- Mirae Asset Global Investments$146mNew
- Vanguard Capital Management$132mAdded
- TWO Sigma Investments, LP$123mAdded
- D. E. Shaw$107mCut
- Vanguard Portfolio Management$86mAdded
- VAN ECK Associates$82mAdded
- Renaissance Technologies$80mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- Kamal Seyed GhaffarianInsider or founderat least 19.7%0.0 pts(filed with 2 related holders)Since 2 July 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented with the following: Entry into the 2026 10b5-1 Plan On July 2, 2026, Ghaffarian Enterprises, LLC entered into a trading plan (the "2026 10b5-1 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act…
Read the filing - Advent International, L.P.Passive investorat least 16.0%(filed with 3 related holders)Since 13 January 2026
- Stephen AltemusPassive investor9.8%Since 31 December 2025
- Timothy CrainPassive investor7.1%Since 31 December 2025
- BlackRock, Inc.Passive investor6.9%+1.0 ptsSince 30 June 2026
- BANK OF NOVA SCOTIAPassive investor5.6%Since 30 June 2026
- STATE STREET CORPORATIONPassive investor5.5%Since 31 December 2024
- Guy ShanonPassive investorat least 4.1%−3.9 pts(filed with 4 related holders)Since 31 March 2025
- G1 Execution Services, LLCPassive investorat least 3.1%−2.2 pts(filed with 2 related holders)Since 31 March 2026
- Voya Financial, Inc.Passive investorSold down below 5%Since 30 June 2026
- Intuitive Machines KG Parent, LLCInsider or founderSold down below 5%Since 4 December 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented with the following: Entry into 10b5-1 Plan On December 4, 2025, Ghaffarian Enterprises, LLC entered into a trading plan (the "10b5-1 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Kamal Seyed Ghaffarian Insider or founder | at least 19.7%0.0 pts (filed with 2 related holders) | 2 July 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented with the following: Entry into the 2026 10b5-1 Plan On July 2, 2026, Ghaffarian Enterprises, LLC entered into a trading plan (the "2026 10b5-1 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act… Read the filing |
Advent International, L.P. Passive investor | at least 16.0% (filed with 3 related holders) | 13 January 2026 | |
Stephen Altemus Passive investor | 9.8% | 31 December 2025 | |
Timothy Crain Passive investor | 7.1% | 31 December 2025 | |
BlackRock, Inc. Passive investor | 6.9%+1.0 pts | 30 June 2026 | |
BANK OF NOVA SCOTIA Passive investor | 5.6% | 30 June 2026 | |
STATE STREET CORPORATION Passive investor | 5.5% | 31 December 2024 | |
Guy Shanon Passive investor | at least 4.1%−3.9 pts (filed with 4 related holders) | 31 March 2025 | |
G1 Execution Services, LLC Passive investor | at least 3.1%−2.2 pts (filed with 2 related holders) | 31 March 2026 | |
Voya Financial, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
Intuitive Machines KG Parent, LLC Insider or founder | Sold down below 5% | 4 December 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented with the following: Entry into 10b5-1 Plan On December 4, 2025, Ghaffarian Enterprises, LLC entered into a trading plan (the "10b5-1 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $2m of shares on the open market. 7 sold $116m, $112m of it under preset trading plans.
- Crain Timothy Price IISVP & Chief Technology OfficerSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 50,000
- Price
- $15.05
- Value
- $752,530
- Crain Timothy Price IISVP & Chief Technology OfficerSoldunder a preset trading plan
- Date
- 18 September 2026
- Shares
- 100,000
- Price
- $13.98
- Value
- $1m
- Ghaffarian Kamal SeyedDirectorSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 1,698
- Price
- $16.00
- Value
- $27,173
- Ghaffarian Kamal SeyedDirectorSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 94,606
- Price
- $15.40
- Value
- $1m
- Vontur StevenSee RemarksSold
- Date
- 27 August 2026
- Shares
- 3,050
- Price
- $16.13
- Value
- $49,197
- Ghaffarian Kamal SeyedDirectorSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 141,909
- Price
- $16.87
- Value
- $2m
- Ghaffarian Kamal SeyedDirectorSoldunder a preset trading plan
- Date
- 10 August 2026
- Shares
- 267,448
- Price
- $16.17
- Value
- $4m
- Ghaffarian Kamal SeyedDirectorSoldunder a preset trading plan
- Date
- 27 July 2026
- Shares
- 47,303
- Price
- $13.20
- Value
- $624,404
- Ghaffarian Kamal SeyedDirectorSoldunder a preset trading plan
- Date
- 13 July 2026
- Shares
- 110,976
- Price
- $15.64
- Value
- $2m
- Ghaffarian Kamal SeyedDirectorSoldunder a preset trading plan
- Date
- 29 June 2026
- Shares
- 141,909
- Price
- $20.43
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Crain Timothy Price II SVP & Chief Technology Officer | Sold under a preset trading plan | 50,000 | $15.05 | $752,530 |
| 18 September 2026 | Crain Timothy Price II SVP & Chief Technology Officer | Sold under a preset trading plan | 100,000 | $13.98 | $1m |
| 9 September 2026 | Ghaffarian Kamal Seyed Director | Sold under a preset trading plan | 1,698 | $16.00 | $27,173 |
| 8 September 2026 | Ghaffarian Kamal Seyed Director | Sold under a preset trading plan | 94,606 | $15.40 | $1m |
| 27 August 2026 | Vontur Steven See Remarks | Sold | 3,050 | $16.13 | $49,197 |
| 24 August 2026 | Ghaffarian Kamal Seyed Director | Sold under a preset trading plan | 141,909 | $16.87 | $2m |
| 10 August 2026 | Ghaffarian Kamal Seyed Director | Sold under a preset trading plan | 267,448 | $16.17 | $4m |
| 27 July 2026 | Ghaffarian Kamal Seyed Director | Sold under a preset trading plan | 47,303 | $13.20 | $624,404 |
| 13 July 2026 | Ghaffarian Kamal Seyed Director | Sold under a preset trading plan | 110,976 | $15.64 | $2m |
| 29 June 2026 | Ghaffarian Kamal Seyed Director | Sold under a preset trading plan | 141,909 | $20.43 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 5 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 78% last year. Losing that customer would hurt.
“There was one major customer that accounted for 78 % and 90 % of the Company’s total revenue for the years ended December 31, 2025 and 2024, respectively.”
From the 10-K filed 19 March 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.