The Alpha Ledger – Fundamental Snapshot: October 2, 2025

Key fundamentals and technical drivers for today’s top qualifiers.

Each night, The Alpha Ledger highlights the strongest stocks that clear our structural Momentum Dynamics Gatekeeper. This snapshot distills the fundamental and technical profiles of the top qualifiers, offering a concise view of market positioning, risk, and opportunity. These reviews are prepared only after the Ledger has been distributed and therefore have no influence on its composition.

Virgin Galactic: The Re-Rating in Progress

Virgin Galactic (SPCE) sits at a crossroads defined by extraordinary volatility and deep structural losses. The company carries a market cap of $232.67M against negative income of -302.72M, with sales of only $1.70M. Despite this, the stock shows speculative resilience, trading at a P/S ratio of 136.86 and sustaining short interest of 10.79M shares (19.00% float shorted). Profitability metrics remain brutal: operating margin -18907.67% and profit margin -17828.03%, underscoring an enterprise still burning capital at scale. Yet liquidity is intact with a current ratio of 3.38 and cash per share of 8.67, a cushion relative to the share price of 4.04.

The market appears to be re-rating SPCE as momentum builds from short-term price performance. The stock has surged +16.43% in the past week, +31.17% in the past month, and +43.77% in the past quarter, even as long-term performance remains catastrophic (-97.77% over five years). Analyst sentiment reflects this conflict: ratings range from Sell to Neutral, with recent adjustments including Truist’s upgrade (Jan-10-24) and Goldman resuming coverage (Jun-30-25) at Neutral. Shares outstanding have ballooned from 4.31M in 2017 to 33.00M in 2024, diluting holders but funding survival. SPCE is not being valued on fundamentals but on its optionality, and recent trading suggests a speculative re-rating cycle is underway.