While the debt-to-equity ratio stands at 0.67, the company's cash reserves of $187.3M appear strained against persistent cash burn, indicating liquidity pressure despite leverage reduction.
Virgin Galactic Holdings, Inc. (SPCE) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Total Current Assets | 312.58M | 372.9M | 627.94M | 950.83M | 1B | 678.59M | 727.93M | 536.67M | 507.5K | 1.63M |
| Cash & Short-Term Investments | 255.05M | 307.04M | 563.23M | 874.04M | 909.01M | 629.45M | 665.92M | 480.44M | 462.16K | 696.38K |
| Cash Only | 187.34M | 144.73M | 178.6M | 216.8M | 302.29M | 550.03M | 665.92M | 480.44M | 462.16K | 696.38K |
| Short-Term Investments | 67.71M | 162.31M | 384.62M | 657.24M | 606.72M | 79.42M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 500K | 2M | 4.2M | 0 | 0 | 2.3M | 0 | 461K | 0 | 657.14K |
| Days Sales Outstanding | 307.68 | 472.8 | 217.88 | - | - | 255.01 | - | 44.5 | - | 136.75 |
| Inventory | 0 | 0 | 0 | 0 | 24.04M | 29.67M | 30.48M | 26.82M | 23.29M | 10.17M |
| Days Inventory Outstanding | - | - | - | - | 4.6K | 39.81K | 64.31K | 4.88K | 6.32K | 7.6K |
| Other Current Assets | 57.03M | 63.86M | 60.51M | 76.79M | 44.84M | 17.18M | 13.03M | 12.28M | 0 | 0 |
| Total Non-Current Assets | 503.69M | 430.28M | 333.29M | 228.69M | 138.32M | 390.24M | 76.06M | 68.88M | 704.25M | 691.94M |
| Property, Plant & Equipment | 465.85M | 388.73M | 209.11M | 152.33M | 102.12M | 82.98M | 72.7M | 66.26M | 34.21M | 28.17M |
| Fixed Asset Turnover | 0.00x | 0.00x | 0.03x | 0.04x | 0.02x | 0.04x | 0.00x | 0.06x | 0.08x | 0.06x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 61.28M | 71.6M | 30.39M | 301.46M | 0 | 0 | 704.25M | 691.94M |
| Other Non-Current Assets | 37.84M | 41.55M | 62.9M | 4.76M | 5.81M | 5.79M | 3.36M | 2.62M | -34.21M | -28.17M |
| Total Assets | 816.28M | 803.18M | 961.23M | 1.18B | 1.14B | 1.07B | 803.99M | 605.55M | 704.76M | 693.57M |
| Asset Turnover | 0.00x | 0.00x | 0.01x | 0.01x | 0.00x | 0.00x | 0.00x | 0.01x | 0.00x | 0.00x |
| Asset Growth % | -58.64% | -16.44% | -18.51% | 3.47% | 6.65% | 32.94% | 32.77% | -14.08% | 1.61% | - |
| Total Current Liabilities | 192.52M | 209.32M | 150.01M | 185.66M | 184.05M | 131.52M | 115.02M | 115.84M | 582.2K | 356.53K |
| Accounts Payable | 20.76M | 15.16M | 3.7M | 32.41M | 16.33M | 9.24M | 6M | 7.04M | 200.53K | 230.15K |
| Days Payables Outstanding | 52.94 | 62.01 | 14.99 | 234.11 | 3.13K | 12.4K | 12.65K | 1.28K | 54.46 | 172.14 |
| Short-Term Debt | 29.98M | 56.3M | 0 | 0 | 0 | 2.51M | 310K | 0 | 381.68K | 0 |
| Deferred Revenue (Current) | 236.76M | 78.53M | 84.49M | 0 | 0 | 0 | 0 | 83.36M | -582.2K | -356.53K |
| Other Current Liabilities | 52.75M | 17.77M | 6.68M | 107.22M | 102.86M | 97.97M | 83.35M | 0 | -381.68K | -87K |
| Current Ratio | 1.62x | 1.78x | 4.19x | 5.12x | 5.44x | 5.16x | 6.33x | 4.63x | 0.87x | 4.56x |
| Quick Ratio | 1.62x | 1.78x | 4.19x | 5.12x | 5.31x | 4.93x | 6.06x | 4.40x | -39.13x | -23.95x |
| Cash Conversion Cycle | 254.75 | - | - | - | - | 27.67K | - | 3.65K | - | 7.57K |
| Total Non-Current Liabilities | 227.64M | 319.89M | 488.94M | 488.38M | 475.66M | 43.05M | 161.89M | 22.14M | 24.15M | 24.15M |
| Long-Term Debt | 189.06M | 276.36M | 420.12M | 417.89M | 415.72M | 0 | 310K | 0 | 0 | 0 |
| Capital Lease Obligations | 121.81M | 42.28M | 67.39M | 68.86M | 56.65M | 39.97M | 24.15M | 22.14M | 0 | 56K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.21M |
| Other Non-Current Liabilities | 1.2M | 1.25M | 1.42M | 1.63M | 3.3M | 3.08M | 137.43M | 0 | 24.15M | 24.09M |
| Total Liabilities | 420.16M | 529.22M | 638.95M | 674.04M | 659.72M | 174.57M | 276.91M | 137.99M | 24.73M | 24.51M |
| Total Debt | 265.33M | 374.95M | 493.12M | 491.1M | 475.38M | 42.48M | 27.15M | 24.54M | 381.68K | 126.38K |
| Net Debt | 77.99M | 230.22M | 314.51M | 274.3M | 173.09M | -507.55M | -638.77M | -455.9M | -80.49K | -570K |
| Debt / Equity | 0.67x | 1.37x | 1.53x | 0.97x | 0.99x | 0.05x | 0.05x | 0.05x | 0.00x | 0.00x |
| Debt / EBITDA | -1.11x | - | - | - | - | - | - | - | 0.09x | - |
| Net Debt / EBITDA | -0.33x | - | - | - | - | - | - | - | -0.02x | - |
| Interest Coverage | -23.48x | -20.82x | -25.82x | -37.99x | -40.18x | -14111.76x | -17912.36x | -5923.94x | -13798.20x | - |
| Total Equity | 396.11M | 273.96M | 322.28M | 505.48M | 480.22M | 894.26M | 527.08M | 467.56M | 680.03M | 669.06M |
| Equity Growth % | -20.67% | -14.99% | -36.24% | 5.26% | -46.3% | 69.66% | 12.73% | -31.24% | 1.64% | - |
| Book Value per Share | 3.58 | 5.35 | 12.91 | 29.98 | 36.39 | 72.23 | 48.11 | 48.11 | 70.23 | 3.44 |
| Total Shareholders' Equity | 396.11M | 273.96M | 322.28M | 505.48M | 480.22M | 894.26M | 527.08M | 467.56M | 680.03M | 669.06M |
| Common Stock | 14K | 7K | 3K | 2K | 28K | 26K | 23K | 20K | 675.03M | 664.06M |
| Retained Earnings | -2.87B | -2.75B | -2.47B | -2.13B | -1.62B | -1.12B | -770.74M | -121.68M | 5M | 1.33M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 56K | 132K | 278K | 371K | -7.33M | -1.87M | 5K | 59K | 41.56M | 134K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SPCE stock.
As of 2025, Virgin Galactic Holdings, Inc. (SPCE) had total assets of $803.2M including $372.9M in current assets.
Virgin Galactic Holdings, Inc. (SPCE) carries total debt of $374.9M, offset by $307.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Virgin Galactic Holdings, Inc. (SPCE) has total shareholders' equity (book value) of $274.0M ($5.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Virgin Galactic Holdings, Inc. (SPCE) reported a current ratio of 1.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Going concern viability
Metrics are mathematically derived from official filings.
Asset Base Contracting Amid Capital Intensity
According to recent SEC filings, SPCE's total assets have contracted by 13% over the past eight quarters to $816.3 million, while property, plant, and equipment net value has surged 175%, indicating a deliberate pivot to heavy infrastructure investment that appears disconnected from current revenue generation.
The simultaneous decline in liquid assets like cash and the ballooning of illiquid PPE suggests the company is converting its financial cushion into long-term assets without an immediate path to monetization. This trajectory, if maintained, may signal further balance sheet strain until the new asset base can generate returns, which currently seems speculative given the minimal revenue base.
Leverage Reduction Masks Liquidity Pressure
Based on SPCE's reported figures, total debt has been pared down from $492.4 million in 2024Q1 to $265.3 million in 2026Q2, resulting in a debt-to-equity ratio of 0.67 that appears manageable in isolation, but the absolute level remains substantial against negligible operating cash flow.
The debt reduction trend is positive and appears strategically timed, possibly to lower interest burdens ahead of anticipated losses. However, the sustainability of this repayment trajectory is questionable without a corresponding improvement in operational cash generation, warranting close monitoring of upcoming maturities and potential refinancing needs.
Deteriorating Cash Buffer Relative to Burn Rate
As reported in financial statements, SPCE's current ratio has declined from 4.88 to 1.62 over ten quarters while cash reserves have stagnated at $187.3 million, yet this figure may provide only a limited runway given the company's quarterly operational and capital expenditure outlays.
The sharp erosion in the current ratio reflects a growing near-term liability burden against relatively stable current assets. When contextualized with the severe cash burn indicated in prior cash flow analysis, this suggests the existing cash position may be insufficient to fund operations and capital projects without additional financing, placing the company in a vulnerable liquidity position.
Equity Base Eroded by Sustained Losses
Based on SPCE's reported financials, retained earnings have deteriorated to a cumulative deficit of $2.9 billion, driving total equity down to $396.1 million from a peak of $417.6 million two years prior, underscoring the profound value destruction from ongoing operational losses.
The deeply negative retained earnings represent a permanent impairment of equity value that cannot be reversed through normal operations. The fluctuation in total equity over recent quarters, despite no apparent share issuances, likely reflects changes in accumulated other comprehensive income or accounting adjustments, adding an element of volatility to the book value.
Asset Intensity Obscures Cash Burn Acceleration
The most significant distortion appears to be the growing divergence between the expanding PPE asset base, which reached $465.8 million in 2026Q2, and the company's acute cash consumption, suggesting that capital deployment may be outpacing any tangible operational progress.
This capital-intensive asset build-up, while potentially necessary for long-term goals, currently masks the severity of the underlying cash burn and raises questions about the timing of returns on these investments. Investors should closely monitor future quarters for signs that this PPE growth is translating into revenue generation, as failure to do so could accelerate the need for additional equity dilution or debt financing.