SPCX · NASDAQ · Aerospace & Defence
SpaceX, formally Space Exploration Technologies Corp., is one of the world’s most important private aerospace and satellite communications companies.
Current price
$152.32
▼ −$4.22 (2.70%) today
ET&A View
Last reviewed 17 September 2026
ET&A sees limited reason to buy aggressively or sell at the current price.
SpaceX is arguably one of the most strategically valuable technology platforms in the global market, combining dominant reusable-launch capabilities with Starlink's rapidly scaling connectivity network, Starshield's government…
Business Health
Is the business financially healthy?
Mixed
Revenue and the balance sheet stand out. Watch earnings, margins and cash generation.
Overall
Revenue
$23.0bn · ↑ +33% last year
Earnings
−$8.9bn · Loss-making
Margins
Losing money on its sales
Cash generation
Uses more cash than it brings in
Balance sheet
More cash than debt
Investor View
Open a section for the detail behind the quick view.
SpaceX is arguably one of the most strategically valuable technology platforms in the global market, combining dominant reusable-launch capabilities with Starlink's rapidly scaling connectivity network, Starshield's…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | $18.7bn | +33.2% | −11.1% | −$4.9bn | −$0.51 | −$14.1bn |
| FY2024 | $14.0bn | +34.9% | 5.3% | $791m | $0.00 | −$5.4bn |
| FY2023 | $10.4bn | — | 4.9% | −$4.6bn | −$0.44 | $105m |
Long-term growth investors
Also suits: Adventurous investors comfortable with big swings
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare Space Exploration Technologies Corp (SpaceX) with any company → The model’s own peer calculations are in the Research View.
SpaceX, formally Space Exploration Technologies Corp., is one of the world’s most important private aerospace and satellite communications companies. The business designs, manufactures, launches, and operates rockets, spacecraft, satellites, and related space infrastructure, with key platforms including Falcon 9, Falcon Heavy, Dragon, Starship, and Starlink. Its activities span commercial launches, crew and cargo transport, government missions, satellite broadband, national security space, and next-generation reusable launch systems.
SpaceX’s strength comes from its vertical integration, launch cadence, reusable rocket technology, and strategic role in reducing the cost of access to space. Starlink gives the company a large satellite internet platform, while Starship represents its long-term attempt to build a fully reusable heavy-lift transport system for Earth orbit, the Moon, Mars, and beyond. Although SpaceX remains privately held rather than publicly listed, it is one of the most important companies to understand in aerospace, defence, satellite connectivity, and the commercialisation of space.
Aerospace & Defence · USA
For detailed analysis. Each section opens on its own.
As of 14 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Profitable · Strong balance sheet · Strong
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (45% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on the latest year's revenue growth, on ET&A's growth scale. | 10.0 / 10 | Excellent |
| Earnings |
A loss-making company is always rated Weak for earnings. | 1.0 / 10 | Weak |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 1.0 / 10 | Weak |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 2.0 / 10 | Weak |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 10.0 / 10 | Excellent |
| Overall | Average of the 5 rated areas | 4.8 / 10 | Average |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for Space Exploration Technologies Corp (SpaceX) yet.
Need deeper analysis on Space Exploration Technologies Corp (SpaceX)? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.
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