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Earnings transcript
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SPCX
Space Exploration Technologies Corp.
$142.59
8.32
(6.19%)
| Exchange: | NASDAQ |
| Market Cap: | 1.878T |
| Shares Outstanding: | 2.926B |
Delayed data
About The Company
| Sector: | IndustrialsView sector performance | |||||
| Industry: | Aerospace & DefenseView industry performance | |||||
| CEO: | Elon Reeve Musk | |||||
| Full Time Employees: | 22000 | |||||
| Address: |
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| Website: | https://www.spacex.com |
Space Exploration Technologies Corp. designs, manufactures, and launches rockets and spacecraft, and provides satellite-based broadband services in the United States, Ireland, and Canada. The company offers launch services for satellites, cargo, and crew to destinations such as low Earth orbit, the International Space Station, the Moon, and Mars, using vehicles, including Falcon 9, Falcon Heavy, and Starship. It provides dedicated rideshare missions for small satellites, manufactures reusable rockets and spacecraft, such as Dragon and Starship, and conducts suborbital and orbital flight tests. The company supplies broadband internet connectivity through the Starlink satellite network for consumer and commercial use, and offers Starshield, a satellite-based solution for government users focused on sensing, communications, and satellite bus services. It supports scientific research opportunities and provides on-orbit research and travel services for private and government customers, and collaborates with government agencies for national security space launch missions. The company serves government agencies, national security organizations, commercial satellite operators, research institutions, and private spaceflight clients, supporting scientific research and commercial payload missions for professional and industrial clients in the aerospace and telecommunications sectors. The company was founded in 2002 and is based in Starbase, Texas.
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Revenue Segmentation
SPCX full analysis
Welcome back to MarketSnap. SpaceX just delivered the kind of quarter that changes a story — revenue up 161%, a real profit, an AI compute business nobody saw coming. And the stock? Roughly where it was a year ago, down about 8%. That gap between a business accelerating and a share price stalling is the whole puzzle here. The question isn't whether SpaceX is amazing — clearly it is. The question is what's already in the price. If the business…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| SPCX | Space Exploration Technologies Corp. | 1.88T | — | 750 | -0.3% |
 GE | GE Aerospace | 343.8B | 37.1 | 40.6 | 10.0% |
 RTX | RTX Corporation | 262.3B | 30.4 | 25.3 | 7.7% |
 BA | The Boeing Company | 138.6B | 18.2 | — | -0.2% |
 LMT | Lockheed Martin Corporation | 134.3B | 20.1 | 19.0 | 19.8% |
 GD | General Dynamics Corporation | 97.3B | 20.5 | 20.9 | 11.3% |
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 10,387,000 | 14,015,000 | 18,674,000 |
| Gross Profit | 4,277,000 | 6,019,000 | 9,223,000 |
| EBITDA | -828,000 | 3,305,000 | 4,289,000 |
| Operating Income | -3,505,000 | 466,000 | -2,589,000 |
| Net Income | -4,628,000 | 791,000 | -4,937,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2024 | 2025 |
|---|---|---|
| Total Assets | 57,062,000 | 92,079,000 |
| Total Liabilities | 31,258,000 | 50,754,000 |
| Total Stockholders Equity | 25,804,000 | 41,325,000 |
| Total Debt | 13,793,000 | 22,896,000 |
| Cash and Cash Equivalents | 11,385,000 | 24,747,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 4,520,000 | 5,776,000 | 6,785,000 |
| Capital Expenditure | -4,415,000 | -11,163,000 | -20,737,000 |
| Free Cash Flow | 105,000 | -5,387,000 | -13,952,000 |
| Net Income | -4,628,000 | 791,000 | -4,937,000 |
| Net Change in Cash | 73,000 | 6,811,000 | 13,623,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 109,699,000 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 1,042,022,000 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 335,731,867.380 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 79,773,131.196 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 259,036,928.725 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 186,548,158.120 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 1,082,620 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 142,701,020.048 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 85,434,891.270 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 15,769,054.144 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 149,788,980.186 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 48,260,913.906 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 9.790 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 48.770 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 0.370 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 33 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 29 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Hyper-growth revenue with expanding margins: Q3 2026 revenue of $14.58B rose 161% year-over-year, with adjusted EBITDA up 306% and diluted EPS of $0.35. FY2025 revenue reached $18.67B (up 33% from $14.02B in FY2024), and gross margin improved to 50.8% TTM. Starlink ARPU improved and AI revenue nearly tripled sequentially, confirming monetization across multiple segments.
- Fortress liquidity and improving cash generation: Current ratio of 5.12 and quick ratio of 4.99 reflect a highly liquid balance sheet; cash stood at $24.75B at FY2025 year-end. Operating cash flow turned positive and grew to $6.79B in FY2025 (from $5.78B in FY2024), and management targets $100B ARR with up to 3 GW of compute capacity by year-end 2026.
- Diversified, high-demand growth engines: Starlink (13.6M subscribers), launch services, and a rapidly scaling compute/AI rental business provide multiple revenue vectors. Flexible compute allocation allows the company to monetize capacity at attractive rates while financing internal AI development.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates SPCX intrinsic value between $74.24 – $74.24 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about SPCX valuation
Is Space Exploration Technologies Corp. (SPCX) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Space Exploration Technologies Corp. (SPCX) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is SPCX a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether SPCX trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is SPCX’s P/E ratio?
You can see SPCX’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for SPCX?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is SPCX a good long-term investment?
Whether SPCX fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
SPCX
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Daily snapshot
6.19
Trading Metrics:
| Open: | 136.53 | Previous Close: | 134.27 | |
| Day Low: | 135.37 | Day High: | 143.2 | |
| Year Low: | 104.83 | Year High: | 225.64 | |
| Price Avg 50: | 149.18 | Price Avg 200: | 145.17 | |
| Volume: | 45.405M | Average Volume: | 96.326M |
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