Latest Ratios: P/E Ratio -1.2x · EV/EBITDA N/A · ROE -93.6%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $356M | $164M | $147M | $826M | $919M | $3.3B | $5.2B | $2.2B | $1.9B | $39.2B |
| Enterprise Value | $586M | $395M | $461M | $1.1B | $1.1B | $2.8B | $4.6B | $1.8B | $1.9B | $39.2B |
| P/E Ratio → | -1.24 | — | — | — | — | — | — | — | 176.99 | 29676.47 |
| P/S Ratio | 343.01 | 106.53 | 20.85 | 121.51 | 397.29 | 1006.42 | 21846.36 | 593.78 | 679.76 | 22363.46 |
| P/B Ratio | 0.52 | 0.60 | 0.46 | 1.63 | 1.91 | 3.70 | 9.86 | 4.80 | 2.85 | 58.63 |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 255.64 | 65.56 | 161.85 | 472.16 | 852.25 | 19162.44 | 473.20 | 679.73 | 22363.14 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 433.90 | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -5680.7% | -5680.7% | -1179.5% | -643.2% | 17.6% | 91.7% | 27.3% | 47.0% | 52.8% | 72.2% |
| Operating Margin | -18335.0% | -18335.0% | -5352.9% | -7816.3% | -21625.6% | -9706.4% | -115665.5% | -5640.4% | -47.2% | -7981.8% |
| Net Profit Margin | -18063.9% | -18063.9% | -4928.1% | -7387.3% | -21632.9% | -10719.9% | -270960.9% | -5578.8% | 384.9% | 75.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -93.6% | -93.6% | -83.8% | -101.9% | -72.8% | -49.7% | -129.7% | -36.8% | 1.6% | 0.2% |
| ROA | -31.6% | -31.6% | -32.4% | -43.3% | -45.3% | -37.7% | -91.5% | -32.2% | 1.6% | 0.2% |
| ROIC | -37.2% | -37.2% | -39.9% | -55.6% | -72.1% | -174.3% | — | -46.3% | -0.1% | -15.7% |
| ROCE | -40.3% | -40.3% | -41.7% | -54.5% | -52.8% | -39.3% | -46.7% | -35.7% | -0.2% | -20.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.37 | 1.37 | 1.53 | 0.97 | 0.99 | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 0.09 | — |
| Net Debt / Equity | — | 0.84 | 0.98 | 0.54 | 0.36 | -0.57 | -1.21 | -0.98 | -0.00 | -0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -0.02 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -20.82 | -20.82 | -25.82 | -37.99 | -40.18 | -14111.76 | -17912.36 | -5923.94 | -13798.20 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.78 | 1.78 | 4.19 | 5.12 | 5.44 | 5.16 | 6.33 | 4.63 | 0.87 | 4.56 |
| Quick Ratio | 1.78 | 1.78 | 4.19 | 5.12 | 5.31 | 4.93 | 6.06 | 4.40 | -39.13 | -23.95 |
| Cash Ratio | 1.47 | 1.47 | 3.75 | 4.71 | 4.94 | 4.79 | 5.79 | 4.15 | 0.79 | 1.95 |
| Asset Turnover | — | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
| Inventory Turnover | — | — | — | — | 0.08 | 0.01 | 0.01 | 0.07 | 0.06 | 0.05 |
| Days Sales Outstanding | — | 472.80 | 217.88 | — | — | 255.01 | — | 44.50 | — | 136.75 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 0.6% | 0.0% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $51M | $25M | $17M | $13M | $12M | $11M | $10M | $10M | $194M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying SPCE stock.
Virgin Galactic Holdings, Inc.'s current P/E ratio is -1.2x. The historical average is 177.0x.
Virgin Galactic Holdings, Inc.'s return on equity (ROE) is -93.6%. The historical average is -62.9%.
Based on historical data, Virgin Galactic Holdings, Inc. is trading at a P/E of -1.2x. Compare with industry peers and growth rates for a complete picture.
Virgin Galactic Holdings, Inc. has -5680.7% gross margin and -18335.0% operating margin.
Key Metrics
Top Statement Risk
Funding runway risk
Metrics are mathematically derived from official filings.
P/S Ratio Implies Speculative Growth Premium
Virgin Galactic's P/S ratio of 275.56, as indicated by current market data, reflects extreme investor optimism for revenue growth, yet this valuation appears disconnected from the company's minimal and contracting sales base.
The high P/S multiple suggests the market is pricing in a substantial future revenue ramp, but with TTM revenue at negligible levels and a P/B ratio of 0.62 indicating asset value discount, the valuation hinges almost entirely on unproven commercialization. Compared to peers like ASTS with a P/B of 6.62, SPCE's valuation seems driven more by narrative than fundamentals, warranting caution on sustainability.
Deep Negative Margins Signal Structural Cost Misalignment
As per recent SEC filings, SPCE's gross margin worsened to -209.3% in 2026Q2 with operating margin at -484.5%, underscoring a severe imbalance where production and overhead costs vastly exceed revenue generation.
The negative margins are not just a result of low revenue but indicate a fundamental cost-structure issue, with COGS and SG&A dwarfing sales. This trajectory suggests that without a dramatic scale-up in commercial flights or cost cuts, profitability remains distant, and the current investment phase is destroying value.
Negative Interest Coverage Amplifies Refinancing Risk
Based on SPCE's reported financials, interest coverage stood at -27.01 in 2026Q2, meaning the company's operating losses are so severe that they cannot cover interest expenses, despite a debt-to-equity ratio of 0.67.
While debt has been reduced to $265.3 million, the negative coverage implies that debt service is entirely dependent on external funding, as operational cash flow is negative. This situation elevates refinancing risk, especially if credit conditions tighten or if the company cannot achieve positive EBITDA in the near term.
Current Ratio Decline Exposes Cash Burn Acceleration
According to financial statements, SPCE's current ratio fell to 1.62 in 2026Q2 from 4.88 two years prior, with cash reserves of $187.3 million potentially offering limited runway given the quarterly free cash flow deficit of $90.7 million.
The downward trend in liquidity ratios, paired with consistent negative free cash flow margins exceeding -600%, suggests that the cash buffer is eroding faster than revenue can replenish it. Investors should monitor upcoming funding needs, as the current position may not withstand prolonged capital expenditure without additional capital raises.
P/E Ratio Misleads in Capital-Intensive Pre-Revenue Phase
The P/E ratio of -0.61 for SPCE, as shown in valuation multiples, is frequently misapplied to such business models, obscuring the more critical focus on cash burn rate and asset-backed valuation.
For pre-revenue or minimal-revenue companies like SPCE, P/E is uninformative because it is driven by accounting losses rather than economic value creation. Alternative metrics like enterprise value relative to cash reserves or P/S adjusted for development stage provide better insight into survival odds and growth optionality.