Virgin Galactic Holdings Inc Stock Research

Market Summary

USD4.10+0.07

Market Closed

1.74%

SPCE Stock Price

SPCE RSI Chart

SPCE Valuation

Market Cap

1.1B

Price/Earnings (Trailing)

-2.26

Price/Sales (Trailing)

488.38

EV/EBITDA

-1.74

Price/Free Cashflow

-2.85

SPCE Price/Sales (Trailing)

SPCE Profitability

Operating Margin

17.56%

EBT Margin

-21607.01%

Return on Equity

-104.15%

Return on Assets

-43.88%

Free Cashflow Yield

-35.14%

SPCE Fundamentals

SPCE Revenue

Revenue (TTM)

2.3M

Revenue Y/Y

516.31%

Revenue Q/Q

13.3%

SPCE Earnings

Earnings (TTM)

-500.2M

Earnings Y/Y

-86.67%

Earnings Q/Q

-3.62%

Price Action

52 Week Range

3.2511.25

(Low)(High)

Last 7 days

-10.7%

Last 30 days

-29.2%

Last 90 days

12.3%

Trailing 12 Months

-57.9%

SPCE Financial Health

Current Ratio

5.44

SPCE Investor Care

Shares Dilution (1Y)

6.67%

Diluted EPS (TTM)

-1.89

Peers (Alternatives to Virgin Galactic Holdings)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
LMT	124.4B	66.0B	-1.04%	6.18%	21.7	1.88	-1.58%	-9.23%
BA	117.7B	66.6B	-4.00%	4.49%	-23.86	1.77	6.94%	-17.44%
NOC	69.7B	36.6B	-4.56%	1.21%	14.24	1.9	2.62%	-30.11%
TDG	40.2B	5.6B	-5.01%	4.17%	43.17	7.14	15.29%	17.40%
MID-CAP
HEI	9.7B	2.3B	-4.88%	6.87%	27.48	4.38	20.68%	11.62%
HII	8.0B	10.7B	-8.87%	-0.16%	13.78	0.75	12.10%	6.43%
SPR	2.4B	5.0B	-10.77%	-36.34%	-5.96	0.54	27.24%	-0.91%
AVAV	2.3B	487.1M	5.72%	-9.46%	-290.18	4.67	8.46%	-5840.15%
SMALL-CAP
KTOS	1.7B	898.3M	16.78%	-36.62%	-45.38	1.86	10.70%	-1745.00%
AIR	1.6B	1.8B	1.32%	7.30%	17.55	0.87	6.02%	23.12%
SPCE	1.1B	2.3M	-29.19%	-57.86%	-2.26	488.38	-29.77%	-41.73%
TGI	677.9M	1.4B	-18.13%	-61.81%	7.02	0.49	-10.88%	191.35%
DCO	637.3M	712.5M	-3.87%	-2.52%	22.14	0.89	10.40%	-78.76%
ATRO	292.4M	492.8M	-14.20%	-7.84%	-14.86	0.62	11.07%	41.98%

Financials for Virgin Galactic Holdings

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	46.0%	2,312,000	1,584,000	3,397,000	3,611,000	3,292,000
Gross Profit	-	3,020,000	-	-	-	-
S&GA Expenses	5.4%	175,118,000	166,131,000	168,286,000	160,502,000	166,814,000
R&D Expenses	24.8%	314,174,000	251,804,000	188,682,000	160,961,000	144,223,000
EBITDA	-16.1%	-476,326,000	-410,261,000	-313,500,000	-300,799,000	-
EBITDA Margin	20.5%	-206	-259	-92.29	-83.30	-
Earnings Before Taxes	-16.2%	-499,554,000	-430,055,000	-332,865,000	-316,201,000	-352,820,000
EBT Margin	20.4%	-216	-271	-97.99	-87.57	-
Interest Expenses	35.8%	12,130,000	8,930,000	5,643,000	2,492,000	25,000
Net Income	-16.3%	-500,152,000	-430,129,000	-332,943,000	-316,262,000	-352,899,000
Net Income Margin	20.3%	-216	-271	-98.01	-87.58	-
Free Cahsflow	-20.7%	-396,730,000	-328,614,000	-279,532,000	-253,634,000	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-9.5%	1,140	1,259	1,268	1,352	1,069
Current Assets	-7.8%	1,002	1,086	1,010	950	679
Cash Equivalents	-23.3%	302	394	330	601	524
Inventory	5.2%	24.00	23.00	34.00	29.00	30.00
Net PPE	9.8%	54.00	49.00	49.00	47.00	47.00
Liabilities	2.2%	660	646	618	600	175
Current Liabilities	7.9%	184	171	157	143	132
Shareholder's Equity	-21.7%	480	614	651	752	894
Retained Earnings	-10.2%	-1,623	-1,472	-1,327	-1,216	-1,123
Additional Paid-In Capital	0.7%	2,111	2,097	1,988	1,976	2,020
Shares Outstanding	0.3%	275	274	259	258	258

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-21.0%	-380	-314	-270	-248	-230
Share Based Compensation	-4.0%	46.00	48.00	48.00	51.00	62.00
Cashflow From Investing	32.1%	-286	-421	-771	-593	-387
Cashflow From Financing	2.1%	459	449	847	849	489

Risks for SPCE

What is the probability of a big loss on SPCE?

67.7%

Probability that Virgin Galactic Holdings stock will be more than 20% underwater in next one year

67.7%

Probability that Virgin Galactic Holdings stock will be more than 30% underwater in next one year.

61.1%

Probability that Virgin Galactic Holdings stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SPCE drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Virgin Galactic Holdings was unfortunately bought at previous high price.

Drawdowns

Returns for SPCE

Cumulative Returns on SPCE

-16.4%

5-Year Cumulative Returns

-36.9%

3-Year Cumulative Returns

What are the long-term rolling returns for SPCE?

FIve years rolling returns for Virgin Galactic Holdings.

Annualized Returns

Which funds bought or sold SPCE recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.04	-27,344	77,656	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-57.75	-52,000	23,000	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	-108,808	308,192	-%
2023-02-24	NATIXIS	reduced	-1.19	-45,681	105,319	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-18,000	-	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	0.5	-301	699	-%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	432	432	-%
2023-02-16	HARBOUR INVESTMENTS, INC.	unchanged	-	-6,778	9,222	-%
2023-02-15	JANE STREET GROUP, LLC	added	34.47	-9,872	1,437,130	-%
2023-02-15	Apollon Wealth Management, LLC	sold off	-100	-145,000	-	-%

Latest Funds Activity

Are funds buying SPCE calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SPCE

No. of Funds

Virgin Galactic Holdings News

Schedule 13G FIlings of Virgin Galactic Holdings

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	7.28%	19,982,247	SC 13G/A
Feb 03, 2023	state street corp	6.30%	17,308,278	SC 13G
Nov 15, 2021	virgin investments ltd	11.9%	30,745,494	SC 13D/A
Nov 15, 2021	sch sponsor corp.	0.0%	0	SC 13D/A
Oct 19, 2021	mubadala investment co pjsc	4.3%	1	SC 13D/A
Aug 13, 2021	virgin investments ltd	18.0%	46,345,494	SC 13D/A
Apr 15, 2021	virgin investments ltd	24.0%	56,819,260	SC 13D/A
Mar 05, 2021	sch sponsor corp.	10.02%	23,750,000	SC 13D/A
Jan 14, 2021	mubadala investment co pjsc	5.04%	1	SC 13D/A
Dec 17, 2020	sch sponsor corp.	10.13%	23,750,000	SC 13D/A

SPCE Fair Value

Virgin Galactic Holdings fair value in different scenarios

The table shows the Fair Value estimates for Virgin Galactic Holdings for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	0.36 -91.22%	0.36 -91.22%	0.37 -90.98%	0.37 -90.98%	0.37 -90.98%
Current Inflation	0.36 -91.22%	0.36 -91.22%	0.36 -91.22%	0.37 -90.98%	0.37 -90.98%
Very High Inflation	0.36 -91.22%	0.36 -91.22%	0.36 -91.22%	0.37 -90.98%	0.37 -90.98%

Historical Virgin Galactic Holdings Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Virgin Galactic Holdings

View All Filings

Date Filed	Form Type	Document
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 07, 2023	8-K	Current Report
Feb 28, 2023	10-K	Annual Report
Feb 28, 2023	8-K	Current Report
Feb 27, 2023	4	Insider Trading
Feb 13, 2023	4	Insider Trading

Latest Insider Trading transactions for SPCE

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-17	Colglazier Michael A	gifted	-	-	7,950	see remarks
2023-03-17	Colglazier Michael A	gifted	-	-	-15,900	see remarks
2023-03-16	Chitale Aparna	acquired	-	-	204,598	see remarks
2023-03-16	Burns Alistair	acquired	-	-	71,795	see remarks
2023-03-16	Ahrens Douglas T	acquired	-	-	537,068	see remarks
2023-03-16	Colglazier Michael A	acquired	-	-	159,314	see remarks
2023-03-10	Ahrens Douglas T	sold (taxes)	-5,492	4.98	-1,103	see remarks
2023-02-24	Burns Alistair	sold (taxes)	-1,260	5.48	-230	see remarks
2023-02-10	Burns Alistair	sold (taxes)	-512	4.98	-103	see remarks

About Virgin Galactic Holdings

Michael Colglazier

https://www.virgingalactic.com/

800

Virgin Galactic Holdings, Inc. focuses on the development, manufacture, and operation of spaceships and related technologies for conducting commercial human spaceflight and flying commercial research and development payloads into space. It is also involved in the ground and flight testing, and post-flight maintenance of its spaceflight system vehicles. The company serves private individuals, researchers, and government agencies. Virgin Galactic Holdings, Inc. was founded in 2017 is headquartered in Las Cruces, New Mexico. Virgin Galactic Holdings, Inc. was a former subsidiary of Virgin Orbit Holdings, Inc.

SPCE Income Statement

2022-12-31

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 2,312	$ 3,292	$ 238
Operating expenses:
Customer experience	1,906	272	173
Selling, general and administrative	175,118	166,814	111,203
Research and development	314,174	144,223	154,365
Depreciation and amortization	11,098	11,518	9,781
Total operating expenses	502,296	322,827	275,522
Operating loss	(499,984)	(319,535)	(275,284)
Interest income	12,502	1,208	2,277
Interest expense	(12,130)	(25)	(36)
Change in fair value of warrants	0	(34,650)	(371,852)
Other income, net	58	182	14
Loss before income taxes	(499,554)	(352,820)	(644,881)
Income tax expense	598	79	6
Net loss	(500,152)	(352,899)	(644,887)
Other comprehensive income (loss):
Foreign currency translation adjustment	(146)	129	(54)
Unrealized loss on marketable securities	(5,311)	(2,003)	0
Total comprehensive loss	$ (505,609)	$ (354,773)	$ (644,941)
Net loss per share:
Basic (in dollars per share)	$ (1.89)	$ (1.43)	$ (2.94)
Diluted (in dollars per share)	$ (1.89)	$ (1.43)	$ (2.94)
Weighted-average shares outstanding:
Weighted average common shares outstanding - basic (in shares)	263,947	247,619	219,108
Weighted average common share outstanding - diluted (in shares)	263,947	247,619	219,108

SPCE Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 302,291	$ 524,481
Restricted cash	40,336	25,549
Marketable securities, short-term	606,716	79,418
Inventories	24,043	29,668
Prepaid expenses and other current assets	28,228	19,476
Total current assets	1,001,614	678,592
Marketable securities, long-term	30,392	301,463
Property, plant and equipment, net	53,658	47,498
Other non-current assets	54,274	41,281
Total assets	1,139,938	1,068,834
Current liabilities:
Accounts payable	16,326	9,237
Accrued liabilities	61,848	28,787
Customer deposits	102,647	90,863
Other current liabilities	3,232	2,636
Total current liabilities	184,053	131,523
Non-current liabilities:
Convertible senior notes, net	415,720	0
Other long-term liabilities	59,942	43,047
Total liabilities	659,715	174,570
Commitments and contingencies (Note 16)
Stockholders' Equity
Preferred stock, $0.0001 par value; 10,000,000 authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value; 700,000,000 shares authorized; 275,397,229 and 258,166,417 shares issued and outstanding as of December 31, 2022 and 2021, respectively	28	26
Additional paid-in capital	2,111,316	2,019,750
Accumulated deficit	(1,623,795)	(1,123,643)
Accumulated other comprehensive loss	(7,326)	(1,869)
Total stockholders' equity	480,223	894,264
Total liabilities and stockholders' equity	$ 1,139,938	$ 1,068,834