Latest Ratios: P/E Ratio -0.5x · 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 | $168M | $164M | $147M | $826M | $919M | $3.3B | $5.2B | $2.2B | $1.9B | $39.2B |
| Enterprise Value | $347M | $344M | $388M | $1.1B | $1.1B | $2.8B | $4.6B | $1.8B | $1.9B | $39.2B |
| P/E Ratio → | -0.49 | — | — | — | — | — | — | — | 176.99 | 29676.47 |
| P/S Ratio | 108.68 | 106.53 | 20.85 | 121.51 | 397.29 | 1006.42 | 21846.36 | 593.78 | 679.76 | 22363.46 |
| P/B Ratio | 0.50 | 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 | — | 222.77 | 55.18 | 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 | -41.7% | -41.7% | -42.0% | -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 | 1.18 | 1.18 | 1.30 | 0.97 | 0.99 | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 0.09 | — |
| Net Debt / Equity | — | 0.66 | 0.75 | 0.54 | 0.36 | -0.57 | -1.21 | -0.98 | -0.00 | -0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -0.02 | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -22.15 | -22.15 | -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 | — | — | — | — | — | 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 |
Liquidity and capital exhaustion
According to recent market data, SPCE trades at a price-to-sales ratio of 119.19, a figure that appears detached from current revenue generation and reflects speculative expectations rather than fundamental performance metrics as the company pauses operations to transition toward its next-generation Delta Class fleet development.
The extreme P/S multiple suggests that investors are pricing the company as a long-term technology platform rather than a commercial aerospace operator. This valuation warrants caution, as it implies a massive future growth trajectory that remains highly sensitive to the successful, timely, and cost-effective rollout of the Delta Class ships.
Based on historical financial statements, the company's ROIC has remained consistently negative, reaching -11.3% in 2026Q1, which indicates that the capital deployed into the business is currently destroying value rather than compounding it during this intensive phase of research and development for new flight hardware.
The inability to generate positive returns on invested capital highlights the structural challenge of a business model that requires heavy upfront investment in bespoke assets. Until the company achieves a repeatable flight cadence that can amortize these costs, ROIC is likely to remain under significant pressure.
As reported in recent SEC filings, the company's current ratio has compressed to 1.00 as of 2026Q1, signaling a significant reduction in the liquidity buffer that previously provided a safety margin against the high cash burn associated with ongoing aerospace development and manufacturing activities.
A current ratio of 1.00 leaves virtually no room for operational errors or unexpected delays in the Delta Class development timeline. Investors should monitor this metric closely, as any further deterioration may necessitate dilutive financing to ensure the company maintains sufficient working capital to continue its operations.
Based on an analysis of the company's business model, the most commonly misapplied metric is the standard revenue growth rate, which obscures the reality that current top-line figures are transactional and do not account for the significant deferred revenue liabilities held on the balance sheet.
Analysts should instead focus on the conversion of customer deposits into recognized revenue, as this provides a more accurate picture of the company's true commercial backlog. Relying on headline revenue growth during this transition period may lead to an incorrect assessment of the company's underlying demand and operational health.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying SPCE stock.
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