# Virgin Galactic Holdings, Inc. (SPCE)

> Source: Nexqual · https://nexqual.com/SPCE · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, Virgin Galactic Holdings, Inc. (SPCE), nexqual.com/SPCE" · informational, not investment advice.

## What changed for SPCE since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 9, 2026).

- Virgin Galactic Holdings, Inc. (SPCE) stock went from USD 3.11 (close of the week of Aug 25, 2025, split-adjusted) to USD 2.87, a -7.7% price change; the S&P 500 (SPY) moved +18.3% over the same period.
- SPCE revenue over the last four reported quarters (through Jun 30, 2026) was $1.0M, -85.2% vs $7.0M in fiscal year 2024 (ended Dec 31, 2024), the last full year filed before September 2025; net income -$347M → -$248M (SEC 10-K / 10-Q).

**Price:** USD 2.87 (+3.61% on the day) · last close of Nov 9, 2026; US market closed, not a live price. Prev close 2.77 · day 2.71–2.94 · 52w 2.13–8.9 · market cap $435M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.0M, net income -$248M (-23867.4% margin), free cash flow -$386M (SEC filings).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $50K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.86 on a 1–5 scale) (7 analysts), mean target USD 3.51 (range 2–5).
- Total return with dividends: 1Y -20.1% vs S&P 500 +11.7%; 5Y -99.3% vs S&P 500 +72.2%.
- Next earnings: 2026-11-12, EPS estimate USD -0.47, revenue estimate $333K. All companies reporting that day: https://nexqual.com/earnings/2026-11-12
- Dividend: SPCE paid no cash dividend in the last five years.
- Short interest: 25.82% of float (as of 2026-10-15), 6.5 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.3M | $2.3M | $6.8M | $7.0M | $1.5M | $1.0M |
| Gross profit | $3.0M | $406K | -$43.7M | -$83.0M | -$71.2M | — |
| Operating income | -$320M | -$500M | -$532M | -$377M | -$285M | -$257M |
| Net income | -$353M | -$500M | -$502M | -$347M | -$279M | -$248M |
| EPS (diluted) | -$28.60 | -$37.80 | -$29.79 | -$13.89 | -$5.44 | — |
| Free cash flow | -$235M | -$397M | -$493M | -$475M | -$438M | -$386M |
| Gross margin | 91.7% | 17.6% | -643.2% | -1179.5% | -4613.0% | — |
| Operating margin | -9706.4% | -21625.6% | -7816.3% | -5352.9% | -18480.8% | -24804.5% |
| Net margin | -10719.9% | -21632.9% | -7387.3% | -4928.1% | -18063.9% | -23867.4% |
| Revenue growth | +1283.2% | -29.8% | +194.1% | +3.5% | -78.1% | — |
| Cash + short-term investments | $604M | $909M | $874M | $563M | $307M | — |
| Total debt | $310K | $416M | $418M | $420M | $324M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 419.1x · EV/Sales 384.5x · P/B 1.1x · FCF yield -88.83% · Earnings yield -56.94% · Net cash $36.0M · EV $399M

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $50K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-19 | Strandberg Diana S. | Director | 20,000 | $50K | 2.49 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.86 on a 1–5 scale), 7 analysts; mean target USD 3.51 (low 2, high 5).

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-10) | 5Y (from 2021-11-08) |
|---|---|---|
| Total return | -20.1% | -99.3% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | -20.1% | -62.4% |
| Volatility (annualized) | 111.7% | 85.0% |
| Max drawdown | -68.9% (Jun 2026→Oct 2026) | -99.4% (Nov 2021→Mar 2026) |

## Dividends
SPCE paid no cash dividend in the last five years.

## Short interest
39,112,280 shares sold short, 25.82% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 33,853,308 shares (+15.5%). Days to cover: 6.5 (short shares ÷ average daily volume).

## Peers (Aerospace & Defense)
KTOS (Kratos Defense & Security Solut) USD 37.69 +7.38% · LOAR (Loar Holdings Inc.) USD 78.57 +4.34% · CAE (CAE Inc) USD 27.53 +2.53% · SARO (StandardAero, Inc.) USD 28.97 +4.85% · DRS (Leonardo DRS, Inc.) USD 36.41 +6.96% · MOG-A (Moog Inc.) USD 340.8 +5.33%

## More
Full page: https://nexqual.com/SPCE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SPCE's own 10-K filed 2026-03-30 (https://www.sec.gov/Archives/edgar/data/1706946/000170694626000019/spce-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Virgin Enterprises | "Further, under the terms of an amended and restated trademark license agreement (the "Amended TMLA"), our ability to operationalize some of the technologies may be dependent upon the consent of Virgin Enterprises Limited…" |
| Partner | Jefferies | "In November 2024, we entered into an open market sale agreement with Jefferies LLC ("Jefferies") providing for the offer and sale of up to $300 million of shares of our common stock from time to time through Jefferies, a…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.47 | $-0.61 | +$0.14 | $333,330 | 2 |
| Next quarter (ends 2026-12-31) | $-0.73 | $-0.61 | −$0.12 | $320,000 | 2 |
| Current fiscal year (ends 2026-12-31) | $-2.32 | $-2.59 | +$0.27 | $1.2M | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.87 | $-0.48 | −$0.39 | $268.2M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±14.1%; last 8 reports averaged ±10%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-13 | 4 | 161.9% | ±14.1% |
| 2026-11-20 | 11 | 117.7% | ±16.9% |
| 2026-11-27 | 18 | 103.5% | ±18.8% |
| 2026-12-04 | 25 | 96.1% | ±20.7% |
| 2026-12-11 | 32 | 92.2% | ±22.3% |
| 2026-12-18 | 39 | 91.0% | ±24.2% |
| 2026-12-24 | 45 | 88.0% | ±25.0% |
| 2027-01-15 | 67 | 83.0% | ±28.6% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 12, 2026 | Quarter ended Jun 30, 2026 | −$0.58 | −$0.65 | Beat +10.8% | -4.6% |
| May 14, 2026 | Quarter ended Mar 31, 2026 | −$0.81 | −$0.94 | Beat +13.8% | -2.4% |
| Mar 30, 2026 | Quarter ended Dec 31, 2025 | −$0.93 | −$1.07 | Beat +13.1% | +7.5% |
| Nov 13, 2025 | Quarter ended Sep 30, 2025 | −$1.10 | −$1.48 | Beat +25.7% | +1.4% |
| Aug 6, 2025 | — | — | — | — | -14.3% |
| May 15, 2025 | — | — | — | — | +35.2% |
| Feb 26, 2025 | — | — | — | — | -5.7% |
| Nov 6, 2024 | — | — | — | — | -8.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G/A | BlackRock, Inc.: 8.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1706946/000201238326003862/0002012383-26-003862-index.htm |
| 2026-08-18 | 8-K | Other material event — “On August 18, 2026, Virgin Galactic Holdings, Inc. issued a press release announcing that the U.S. District Court for the Eastern District of New York issued an order on August 14, 2026 granting final approval of the settlement of the consolidated derivative lawsuit captioned In re Virgin Galactic Holdings, Inc. Derivative Litigation , Case No. 1:22-cv-00933 (E.D.N.Y.) and the derivative lawsuit captioned St. Jean v. Branson et al. , Case No. 1:22-cv-7551 (E.D.N.Y.). A copy of the press release is attached hereto…” | https://www.sec.gov/Archives/edgar/data/1706946/000170694626000130/0001706946-26-000130-index.htm |
| 2026-08-12 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1706946/000170694626000128/0001706946-26-000128-index.htm |
| 2026-08-12 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1706946/000170694626000126/0001706946-26-000126-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION, SSGA FUNDS MANAGEMENT, INC.: 7.9% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1706946/000009375126000557/0000093751-26-000557-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1706946/000210011926001436/0002100119-26-001436-index.htm |
| 2026-07-30 | Schedule 13G | BlackRock, Inc.: 6.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1706946/000201238326003126/0002012383-26-003126-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.