Forensic Analysis · Transportation / Logistics · as of Aug 11, 2026

Virgin Galactic Holdings, Inc (SPCE)

A forensic read on Virgin Galactic Holdings, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-11.4

Distress distance

Clean

Earnings quality

Forensic signals

-0.7

P / E (ttm)

-101.8%

ROE

$420M

Market cap

0.00%

Dividend yield

-78.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Virgin Galactic Holdings, Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -11.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.

What the filings flag

714d DSO

FY2019→FY2020

Receivables vs revenue. Days sales outstanding moved from 84 to 714 days FY2019→FY2020 (receivables +2% vs revenue -94%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Deferred revenue was roughly flat (-0%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.

1211% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 1211% of revenue in FY2025 — about $0.36 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 22.5% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed -81% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -42.1%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Latest Revenue$1.5M

Revenue Growth YoY-78.1%

Net Margin-18063.9%

Free Cash Flow-$438.2M

Return on Equity-101.8%

Debt / Equity1.18x

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Virgin Galactic Holdings, Inc's actual 10-K/10-Q/8-K filings?

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.