Virgin Galactic Holdings, Inc. (SPCE) intrinsic value & 10-year financials
Virgin Galactic Holdings, Inc. (SPCE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 1.6% a year to $1.5M, with an average return on invested capital of -621.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $2.43
- Market cap
- $124.5M
- Revenue (FY2025)
- $1.5M
- Revenue growth (10-yr CAGR)
- -1.6%
- ROIC (10-yr avg)
- -621.6%
- Free cash flow (FY2025)
- -$438.2M
SPCE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5M | -$278.9M | -$5.44 | -$438.2M | -18480.8% | -56.1% |
| FY2024 | $7.0M | -$346.7M | -$6.95 | -$474.6M | -5352.9% | -66.8% |
| FY2023 | $6.8M | -$502.3M | -$0.74 | -$492.5M | -7816.3% | -107.8% |
| FY2022 | $2.3M | -$500.2M | -$0.94 | -$396.7M | -21625.6% | -121.9% |
| FY2021 | $3.3M | -$352.9M | -$0.71 | -$235.4M | -9706.4% | -148.1% |
| FY2020 | $238.0K | -$273.0M | -$1.47 | -$250.4M | -115665.5% | -1784.3% |
| FY2019 | $3.8M | -$210.9M | -$0.56 | -$223.0M | -5640.4% | -2303.5% |
| FY2018 | $2.8M | $11.0M | — | -$11.7M | -47.2% | -26.5% |
| FY2017 | $1.8M | -$138.2M | — | -$142.3M | -7907.9% | -979.6% |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Virgin Galactic Holdings, Inc revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Virgin Galactic Holdings, Inc has historically struggled to out-earn its cost of capital, averaging just -64.2% ROIC.
Virgin Galactic Holdings, Inc capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Virgin Galactic Holdings, Inc is modeled at -1.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-25.06 per share.