SPCEVirgin Galactic Holdings, Inc.

$2.76-24% 1Y

The business

How SPCE's business earns

Virgin Galactic Holdings, Inc. earns −56% on the capital it employs against an estimated 9.0% cost of capital.

−56%

Return on invested capital · cost of capital 9.0% · 65 points below the estimated cost of capital

Operating margin
−24805%

Operating margin · Aerospace & Defense median 10% · 12 months to Jun 30, 2026

Share count, year on year
+143%

Share count, year on year · more shares than a year ago

Gross margin
−9106%

Gross margin

Operating margin by fiscal year
Operating margin by fiscal year
YearOperating margin
FY2020−115666%
FY2021−9706%
FY2022−21626%
FY2023−7816%
FY2024−5353%
FY2025−18481%
Details›
Gross margin12 months to Jun 30, 2026
−9106%
Operating margin12 months to Jun 30, 2026
−24805%
Net margin12 months to Jun 30, 2026
−23867%
Free cash flow margin
−37231%
R&D as % of revenue
3669%
Revenue, trailing twelve months
$1.0M
Free cash flow, trailing twelve months
−$386M
Net income, trailing twelve months
−$248M
Return on invested capitaloperating profit after tax ÷ debt + equity − cash
−56%

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

Virgin Galactic Holdings (SPCE) Margins and Return on Capital · Ryufin