Virgin Galactic Holdings

SPCE

Aerospace & Defense · Industrials

Price

$2.56

-0.03 (-1.16%)

Market Cap

$159.7M

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+313.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.4M (2021) → 51.2M (2025)

Virgin Galactic builds and operates spacecraft designed to carry paying passengers to the edge of space, known as suborbital flight. Its main product is a spaceplane called the Delta class vehicle, and its customers are wealthy individuals and researchers who pay for a few minutes of weightlessness and a view of Earth from space. The company is one of the very few private businesses that has actually flown paying tourists to space.

Virgin Galactic makes money by selling tickets for spaceflights, which cost around $450,000 per seat, and through research payload contracts with organizations like NASA. It operates primarily from Spaceport America in New Mexico and is a small company with a market cap around $500 million. The biggest risk the business faces is that it burns through far more cash than it earns — its deeply negative margins show it spends enormously more than it brings in — and it must successfully scale flight frequency to have any chance of becoming financially sustainable.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-50.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+66.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$80M/ year

↓ Declining (-47% vs prior year)

>1,000% of revenue

1302.9x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~4 months

$125M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Virgin Galactic Holdings has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

-14682.4%

Thin — -14682.4% gross margin

Operating Margin

-28895.2%

Losing money on operations — -28895.2%

ROCE

-12.1%

Weak — -12.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-76.2%

Shrinking sales (-76.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-31261.8%

Burning cash (-31261.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.43

Elevated debt (1.43)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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