Virgin Galactic Holdings, Inc. (SPCE) Key Metrics
SPCE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $368.4M
- Enterprise value
- $437.0M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 354.9
- Price / book
- 1.2
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 2.87
SPCE key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSPCE valuation Price multiples at each fiscal year-end price.
Price / book
0.6
2025 · hover or tap a bar for each year
20172025
Free cash flow yield
−266.4%
2025 · hover or tap a bar for each year
20172025
SPCE returns How much profit the business earns on the capital it uses.
Return on equity−9.8 pts
−93.6%
2025 · hover or tap a bar for each year
20172025
Return on invested capital+83.5 pts
−75.3%
2025 · hover or tap a bar for each year
20172025
Return on assets+0.8 pts
−31.6%
2025 · hover or tap a bar for each year
20172025
Asset turnover−73.4%
0.00
2025 · hover or tap a bar for each year
20172025
SPCE per-share figures Results divided by the shares outstanding at year-end.
Revenue per share
$0.03
2025 · hover or tap a bar for each year
20172025
Earnings per share
−$5.44
2025 · hover or tap a bar for each year
20172025
Free cash flow per share
−$8.55
2025 · hover or tap a bar for each year
20172025
Book value per share
$5.35
2025 · hover or tap a bar for each year
20172025
Shares outstanding
51.2M
2025 · hover or tap a bar for each year
20172025
SPCE financial health Debt, liquidity and how easily interest is covered.
Debt / equity−10.6%
1.37
2025 · hover or tap a bar for each year
20172025
Net debt+$138.0M
$67.9M
2025 · hover or tap a bar for each year
20172025
Current ratio−57.4%
1.78
2025 · hover or tap a bar for each year
20172025
Interest coverage
-22.1
2025 · hover or tap a bar for each year
20172025
Debt / assets−9.0%
0.47
2025 · hover or tap a bar for each year
20172025
SPCE efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−330 days
733 days
2025 · hover or tap a bar for each year
20172025
Days payables outstanding−35 days
39 days
2025 · hover or tap a bar for each year
20172025
Cash conversion cycle−296 days
694 days
2025 · hover or tap a bar for each year
20172025
Capex / revenue+11,094.9 pts
12,826.7%
2025 · hover or tap a bar for each year
20172025
SPCE valuation history
Fiscal year-endToday9-year median
SPCE returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SPCE debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SPCE cash returned to shareholders
DividendsBuybacksFree cash flow
SPCE price vs earnings per share
Share price at year-endEPS (right axis)
SPCE key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $164.5M | — | — | — | — | — | — | — | $39.23B |
| Enterprise value | $232.4M | — | — | — | — | — | — | — | $39.22B |
| Price / sales | 106.5 | — | — | — | — | — | — | — | — |
| Price / book | 0.6 | — | — | — | — | — | — | — | 58.6 |
| EV / sales | 150.5 | — | — | — | — | — | — | — | — |
| Earnings yield | −169.6% | — | — | — | — | — | — | — | 0.0% |
| Free cash flow yield | −266.4% | — | — | — | — | — | — | — | −0.0% |
| Shareholder yield (dividends + buybacks) | — | — | — | — | — | — | — | — | 0.0% |
| Share price at fiscal year-end | $3.21 | $5.88 | $49.00 | $69.60 | $267.60 | $474.60 | $231.00 | $200.00 | $201.80 |
| Per share | |||||||||
| Revenue per share | $0.03 | — | — | — | — | — | — | — | $0.01 |
| Earnings per share | −$5.44 | — | — | — | — | — | — | — | $0.01 |
| Operating cash flow per share | −$4.69 | — | — | — | — | — | — | — | −$0.00 |
| Free cash flow per share | −$8.55 | — | — | — | — | — | — | — | −$0.03 |
| Cash per share | $5.99 | — | — | — | — | — | — | — | $0.00 |
| Book value per share | $5.35 | — | — | — | — | — | — | — | $3.44 |
| Tangible book value per share | $5.35 | — | — | — | — | — | — | — | $3.44 |
| Capex per share | $3.86 | — | — | — | — | — | — | — | $0.03 |
| Debt per share | $7.32 | — | — | — | — | — | — | — | $0.00 |
| Shares outstanding | 51.2M | — | — | — | — | — | — | — | 194.4M |
| Returns & profitability | |||||||||
| Return on equity (ROE) | −93.6% | −83.8% | −101.9% | −72.8% | −49.7% | −129.7% | −36.8% | 1.6% | 0.2% |
| Return on invested capital (ROIC) | −75.3% | −158.8% | −496.5% | −223.2% | −258.1% | — | −48.7% | −0.2% | −18.5% |
| Return on assets (ROA) | −31.6% | −32.4% | −43.3% | −45.3% | −37.7% | −91.5% | −32.2% | 1.6% | 0.2% |
| Return on tangible assets | −34.7% | −36.1% | −42.6% | −43.9% | −33.0% | −80.2% | −34.8% | 1.6% | 0.2% |
| Free cash flow margin | — | — | — | — | — | — | — | −412.0% | −356.3% |
| Income quality (OCF / net income) | — | — | — | — | — | — | — | −0.10 | −0.49 |
| Financial health | |||||||||
| Total debt | $374.9M | $493.1M | $491.1M | $475.4M | $42.5M | $27.2M | $24.5M | $381,675 | $126,378 |
| Cash & short-term investments | $307.0M | $563.2M | $874.0M | $909.0M | $629.4M | $665.9M | $480.4M | $462,162 | $696,382 |
| Net debt | $67.9M | −$70.1M | −$382.9M | −$433.6M | −$587.0M | −$638.8M | −$455.9M | −$80,487 | −$570,004 |
| Debt / equity | 1.37 | 1.53 | 0.97 | 0.99 | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 |
| Debt / assets | 0.47 | 0.51 | 0.42 | 0.42 | 0.04 | 0.03 | 0.04 | 0.00 | 0.00 |
| Current ratio | 1.78 | 4.19 | 5.12 | 5.44 | 5.16 | 6.33 | 4.63 | 0.87 | 4.56 |
| Quick ratio | 1.78 | 4.19 | 5.03 | 5.31 | 4.93 | 6.06 | 4.40 | −39.13 | −23.95 |
| Interest coverage | -22.1 | -29.1 | -41.3 | -41.2 | — | — | — | -134.4 | — |
| Working capital | $163.6M | $477.9M | $765.2M | $817.6M | $547.1M | $612.9M | $420.8M | −$74,703 | $1.3M |
| Invested capital | $341.9M | $252.2M | $122.5M | $46.6M | $307.3M | −$111.7M | $11.7M | $679.9M | $668.5M |
| Tangible asset value | $274.0M | $322.3M | $505.5M | $480.2M | $894.3M | $527.1M | $467.6M | $680.0M | $669.1M |
| Net current asset value | −$156.3M | −$11.0M | $276.8M | $341.9M | $504.0M | $451.0M | $398.7M | −$24.2M | −$22.9M |
| Graham number | — | — | — | — | — | — | — | — | $0.73 |
| Graham net-net per share | −$4.31 | — | — | — | — | — | — | — | −$0.09 |
| Capital allocation | |||||||||
| Dividends paid | — | — | — | $4.0M | $23.4M | $4.8M | $48.0M | — | — |
| Share buybacks (net) | — | — | $3.2M | $4.0M | $23.4M | $4.8M | $48.0M | $0 | $0 |
| Capex / revenue | 12,826.7% | 1,731.9% | 651.6% | 713.2% | 140.8% | 7,227.3% | 513.4% | 371.7% | 319.1% |
| Capex / depreciation | 12.01 | 7.88 | 3.31 | 1.49 | 0.40 | 1.76 | 2.77 | 1.82 | 1.23 |
| Stock-based compensation / revenue | 1,211.0% | 422.9% | 650.9% | 1,977.0% | 1,877.4% | 12,741.2% | 67.0% | — | — |
| R&D / revenue | 5,211.5% | 2,170.0% | 4,340.3% | 13,588.8% | 4,537.6% | 64,859.2% | 3,514.2% | 4,097.3% | 5,307.0% |
| SG&A / revenue | 7,588.5% | 1,783.6% | 2,813.5% | 7,574.3% | 5,260.6% | 48,988.2% | 2,173.1% | — | — |
| Efficiency | |||||||||
| Days sales outstanding | 732.8 | 1,063.3 | 2,070.0 | 3,365.5 | 157.4 | 767.6 | 516.8 | 698.4 | 136.7 |
| Days of inventory on hand | — | — | 145.7 | 5,142.8 | 40,358.7 | 60,446.5 | 4,563.0 | 4,543.0 | 7,603.7 |
| Days payables outstanding | 38.6 | 73.2 | 176.0 | 2,447.7 | 10,222.0 | 13,751.8 | 659.2 | 58.5 | 172.1 |
| Cash conversion cycle (days) | 694.3 | 990.1 | 2,039.7 | 6,060.7 | 30,294.1 | 47,462.3 | 4,420.6 | 5,182.9 | 7,568.3 |
| Receivables turnover | 0.50 | 0.34 | 0.18 | 0.11 | 2.32 | 0.48 | 0.71 | 0.52 | 2.67 |
| Payables turnover | 9.47 | 4.99 | 2.07 | 0.15 | 0.04 | 0.03 | 0.55 | 6.24 | 2.12 |
| Inventory turnover | — | — | 2.51 | 0.07 | 0.01 | 0.01 | 0.08 | 0.08 | 0.05 |
| Asset turnover | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
| Average receivables | $3.1M | $20.5M | $38.6M | $21.3M | $1.4M | $500,500 | $5.4M | $5.5M | $657,138 |
| Average payables | $9.4M | $18.1M | $24.4M | $12.8M | $7.6M | $6.5M | $3.6M | $215,341 | $230,153 |
| Average inventory | — | — | $20.2M | $26.9M | $30.1M | $28.6M | $25.1M | $16.7M | $10.2M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from SPCE's annual financial statements (latest annual report filed March 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SPCE valuation and financial ratios
Virgin Galactic earned a return on equity of −93.6% and a return on invested capital of −75.3% in fiscal 2025. It ended the year with $374.9 million of debt and $307.0 million in cash and short-term investments, net debt of $67.9 million. The share count fell 73.6% from 194.4M to 51.2M over 8 years.
See the SPCE income statement, the SPCE chart for price history, or the SPCE stock overview for the latest quote and news.
SPCE key metrics FAQ
What is Virgin Galactic's return on equity?
Virgin Galactic's return on equity (ROE) was −93.6% in fiscal 2025: net income of -$278.9 million on average shareholders' equity of $298.1 million.
What is Virgin Galactic's ROIC?
Virgin Galactic's return on invested capital was −75.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Virgin Galactic have?
Virgin Galactic had total debt of $374.9 million at the end of fiscal 2025, a debt-to-equity ratio of 1.37.
What is Virgin Galactic's free cash flow yield?
Virgin Galactic generated -$438.2 million of free cash flow in fiscal 2025, a free cash flow yield of −266.4% on its market value at year-end ($164.5 million).
What is Virgin Galactic's current ratio?
Virgin Galactic's current ratio was 1.78 at the end of fiscal 2025: current assets were 1.78 times current liabilities.