Virgin Galactic Holdings
SPCE on NYSE. Virgin Galactic Holdings sells space flights to private individuals, researchers, and government agencies. Market value $462m.
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 $-83.04 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.
Each dollar kept in the business earns -53 cents a year. Above 10 is good.
Quality score: 38 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.07 a share, 44% above its 1-year low
Over the past year the price has ranged from $2.13 to $8.90.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3m | $2m | $7m | $7m | $2m |
| Operating margin | |||||
| Operating margin | -9706.4% | -21625.6% | -7816.3% | -5352.9% | -18480.8% |
| Debt to equity | |||||
| Debt to equity | 0.00 | n/a | n/a | 1.31 | 1.18 |
| Shares outstanding | |||||
| Shares outstanding | 0.27bn | 0.40bn | 0.03bn | 0.06bn | 0.15bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt1.18× equity
- Revenue growth, five yearsStrong, 45.4% a year
- Buying back its own sharesYes, 45% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $134,000 last quarter, down 67% on a year ago.
- A loss of $56 million, compared with a loss of $67 million a year ago.
- It loses 24805 cents on each $1 of sales, compared with 18968 cents a year earlier.
- Over the past 12 months it spent $386 million more cash than it brought in, compared with $470 million a year earlier.
- 143% more shares than a year ago. Each share owns a bit less of the company.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $402,000 |
| December 2024 | $429,000 |
| March 2025 | $461,000 |
| June 2025 | $406,000 |
| September 2025 | $365,000 |
| December 2025 | $312,000 |
| March 2026 | $227,000 |
| June 2026 | $134,000 |
| Quarter to | Amount |
|---|---|
| September 2024 | -$75m |
| December 2024 | -$76m |
| March 2025 | -$84m |
| June 2025 | -$67m |
| September 2025 | -$64m |
| December 2025 | -$63m |
| March 2026 | -$65m |
| June 2026 | -$56m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 30 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
None of the long-term investors we follow own it. 194 funds in all.
Largest holders overall
- BlackRock$24mAdded
- State Street$23mAdded
- Context Capital Management$19mNew
- Vanguard Capital Management$13mAdded
- UBS Group AG$10mAdded
- Renaissance Technologies$8mNew
- Geode Capital Management$7mAdded
- Focus Financial Network$7mNew
- Millennium Management$4mAdded
- Susquehanna International Group, LLP$3mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- STATE STREET CORPORATIONPassive investorat least 7.9%(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor6.1%+4.7 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 30 June 2026
- G1 Execution Services, LLCPassive investorat least 1.4%−4.1 pts(filed with 3 related holders)Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 31 March 2025
- Federated Hermes, Inc.Passive investorSold down below 5%Since 31 May 2025
- Huang RichPassive investorSold down below 5%Since 8 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
STATE STREET CORPORATION Passive investor | at least 7.9% (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.1%+4.7 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 30 June 2026 | |
G1 Execution Services, LLC Passive investor | at least 1.4%−4.1 pts (filed with 3 related holders) | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 31 March 2025 | |
Federated Hermes, Inc. Passive investor | Sold down below 5% | 31 May 2025 | |
Huang Rich Passive investor | Sold down below 5% | 8 June 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 $49,800 of shares on the open market.
- Strandberg Diana S.DirectorBought
- Date
- 19 May 2026
- Shares
- 20,000
- Price
- $2.49
- Value
- $49,800
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 May 2026 | Strandberg Diana S. Director | Bought | 20,000 | $2.49 | $49,800 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
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.