Virgin Galactic Holdings, Inc.

SPCENYSEIndustrials● Active

$4.12

$-0.26(-5.94%)

Market Cap$257009522

P/E Ratio—

52W High$8.9

52W Low$2.13

Avg Volume19.5M

Open$4.55

Beta2.71

Free Cash Flow Financials Revenue

Virgin Galactic Holdings, Inc. (SPCE) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

SPCE · free cash flow · updated Jun 8, 2026

Core FCF metrics

SPCE · FCF · TTM · margin & CAGR

Free cash flow was −$438.2M for FY2025 (fiscal year ending 2025-12-31), up 7.7% year-over-year

FY2025 Free Cash Flow−$438.2M▲ +7.7% YoY

Trailing 12M (TTM)−$409.5Mtrailing 4 quarters sum

FCF Margin< −999%−$438.2M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

SPCE · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$240.1M(198M)−$438.2M▲ +7.7%—

FY2024−$352.7M(122M)−$474.6M▲ +3.6%—

FY2023−$448.2M(44M)−$492.5M▼ 24.1%—

FY2022−$380.2M(16M)−$396.7M▼ 68.5%—

FY2021−$230.8M(5M)−$235.4M▲ +6.0%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

SPCE · P/FCF · FCF yield · FCF per share

Virgin Galactic Holdings, Inc. (SPCE) reported negative free cash flow of −$0.44B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

SPCE · cash flow statement · operating / investing / financing

For FY2025, Virgin Galactic Holdings, Inc. generated −$240.1M in operating cash flow and spent 198M in capital expenditures, yielding −$438.2M in free cash flow.

Operating Activities

−$240.1M

Cash from core business operations

2025-12-31

Investing Activities

+$90.8M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$114.1M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$240.1M) − |CapEx| (198M) = FCF (−$438.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

SPCE vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Virgin Galactic Holdings, Inc.YOU

SPCE

−$438.2M+7.7%-28380.0%

Loss

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Virgin Galactic Holdings, Inc. (SPCE) reported free cash flow of −$438.2M for FY2025 (fiscal year ending 2025-12-31), up 7.7% year-over-year.

Virgin Galactic Holdings, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 9 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

SPCE free cash flow · 8 questions

Virgin Galactic Holdings, Inc. free cash flow was −$438.2M for FY2025, up 7.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$409.5M.

SPCE free cash flowSPCE FCFSPCE FCF 2025SPCE free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Virgin Galactic Holdings, Inc. · Virgin Galactic Holdings, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026