How Big Will the SpaceX IPO Be?
Operated up to now as a private business, SpaceX will…
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $23.2B | $26.6B | $37.2B | $55.6B | $57.6B | |
| Revenue Growth (YoY) | 9.17% | -7.16% | 39.83% | 49.67% | 3.57% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $13.3B | -- | -- | -- | -- | |
| Other Inc / (Exp) | $504.8M | $263.3M | $709.4M | $423.4M | $1.1B | |
| Operating Expenses | $14.4B | -$6B | -$6.4B | -$7.1B | -$8B | |
| Operating Income | -- | $6B | $6.4B | $7.1B | $8B | |
| Net Interest Expenses | -- | $1.6B | $2.4B | $3.2B | $3.5B | |
| EBT. Incl. Unusual Items | $6.2B | $5.4B | $5.7B | $6.6B | $7.8B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.6B | $540.1M | $1.6B | $1.9B | $2B | |
| Net Income to Company | $6.2B | $5.4B | $5.8B | $6.6B | $7.8B | |
| Minority Interest in Earnings | -$59.9M | $113M | $34M | $29.8M | $21.2M | |
| Net Income to Common Excl Extra Items | $4.4B | $4.8B | $4.1B | $4.7B | $5.8B | |
| Basic EPS (Cont. Ops) | $1.75 | $1.86 | $1.62 | $1.85 | $2.30 | |
| Diluted EPS (Cont. Ops) | $1.75 | $1.86 | $1.62 | $1.85 | $2.30 | |
| Weighted Average Basic Share | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | |
| Weighted Average Diluted Share | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | |
| EBITDA | -- | $9.7B | $23.3B | $41.6B | $41.7B | |
| EBIT | $10.2B | $8.2B | $22.1B | $40.4B | $40.3B | |
| Revenue (Reported) | $23.2B | $26.6B | $37.2B | $55.6B | $57.6B | |
| Operating Income (Reported) | -- | $6B | $6.4B | $7.1B | $8B | |
| Operating Income (Adjusted) | $10.2B | $8.2B | $22.1B | $40.4B | $40.3B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $6.6B | $9.6B | $13.3B | $15.4B | $14.4B | |
| Revenue Growth (YoY) | -7.58% | 45.91% | 38.8% | 15.74% | -6.77% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$1.3B | -$1.7B | -$2.3B | -$1.7B | -$2.6B | |
| Operating Income | $1.3B | $1.7B | $2.3B | $1.7B | $2.6B | |
| Net Interest Expenses | $550.9M | $2.8B | $5.1B | $6.2B | $4.6B | |
| EBT. Incl. Unusual Items | $953.9M | $1.7B | $2.2B | $2.5B | $2.8B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $108.1M | $249.1M | $658.3M | $562.9M | $605M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $28.1M | $2.6M | $8.2M | $7M | $8.7M | |
| Net Income to Common Excl Extra Items | $845.9M | $1.5B | $1.5B | $1.9B | $2.2B | |
| Basic EPS (Cont. Ops) | $0.32 | $0.58 | $0.60 | $0.75 | $0.86 | |
| Diluted EPS (Cont. Ops) | $0.32 | $0.58 | $0.60 | $0.75 | $0.86 | |
| Weighted Average Basic Share | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | |
| Weighted Average Diluted Share | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $1.6B | $6.5B | $10B | $11.9B | $10.3B | |
| Revenue (Reported) | $6.6B | $9.6B | $13.3B | $15.4B | $14.4B | |
| Operating Income (Reported) | $1.3B | $1.7B | $2.3B | $1.7B | $2.6B | |
| Operating Income (Adjusted) | $1.6B | $6.5B | $10B | $11.9B | $10.3B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $26.8B | $31.8B | $52.4B | $59.6B | $54.8B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $536.6M | $254.4M | $742.6M | $411.7M | -- | |
| Operating Expenses | -$5.9B | -$6B | -$7.7B | -$6.5B | -$8.3B | |
| Operating Income | $5.9B | $6B | $7.7B | $6.5B | $8.3B | |
| Net Interest Expenses | $2.2B | $6.7B | $19.3B | $23.8B | $18.5B | |
| EBT. Incl. Unusual Items | $6.3B | $5.5B | $7.1B | $7.9B | $9.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $747.9M | $992.5M | $2.5B | $2B | $2B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $103.2M | $58.7M | $25.2M | $27.4M | $28.6M | |
| Net Income to Common Excl Extra Items | $5.5B | $4.5B | $4.6B | $5.9B | $7.1B | |
| Basic EPS (Cont. Ops) | $2.14 | $1.74 | $1.81 | $2.31 | $2.83 | |
| Diluted EPS (Cont. Ops) | $2.14 | $1.74 | $1.81 | $2.31 | $2.83 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $9.1B | $15.9B | $37.6B | $44B | $38.2B | |
| Revenue (Reported) | $26.8B | $31.8B | $52.4B | $59.6B | $54.8B | |
| Operating Income (Reported) | $5.9B | $6B | $7.7B | $6.5B | $8.3B | |
| Operating Income (Adjusted) | $9.1B | $15.9B | $37.6B | $44B | $38.2B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $18.8B | $24.8B | $40B | $44.1B | $42.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $3.1B | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $191M | -$5.2B | -$6.3B | -$6B | -$7.2B | |
| Operating Income | $3.1B | $5.2B | $6.3B | $6B | $7.2B | |
| Net Interest Expenses | $1.1B | $6B | $15.2B | $17.3B | $14.4B | |
| EBT. Incl. Unusual Items | $5B | $5B | $6.4B | $7.7B | $8.9B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $604.3M | $1B | $1.9B | $2B | $2B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $42.6M | $31.1M | $21.8M | $19.4M | $26.7M | |
| Net Income to Common Excl Extra Items | $4.4B | $4B | $4.5B | $5.6B | $6.9B | |
| Basic EPS (Cont. Ops) | $1.71 | $1.57 | $1.77 | $2.21 | $2.75 | |
| Diluted EPS (Cont. Ops) | $1.71 | $1.57 | $1.77 | $2.21 | $2.75 | |
| Weighted Average Basic Share | $7.6B | $7.6B | $7.6B | $7.6B | $7.5B | |
| Weighted Average Diluted Share | $7.6B | $7.6B | $7.6B | $7.6B | $7.5B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $7B | $14.6B | $30.2B | $33.8B | $31.8B | |
| Revenue (Reported) | $18.8B | $24.8B | $40B | $44.1B | $42.3B | |
| Operating Income (Reported) | $3.1B | $5.2B | $6.3B | $6B | $7.2B | |
| Operating Income (Adjusted) | $7B | $14.6B | $30.2B | $33.8B | $31.8B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $435B | $417.9B | $498.5B | $474.1B | $477.2B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $611.8B | $766.4B | $847.5B | $881.2B | $936.1B | |
| Property Plant And Equipment | $10.3B | $9B | $8.3B | $7.5B | $7.5B | |
| Long-Term Investments | $483.4B | $71.9B | $66.6B | $63.6B | $68.9B | |
| Goodwill | $509.9M | $430.5M | $372.3M | $769.2M | $722M | |
| Other Intangibles | $5.1B | $4.5B | $3.9B | $4B | $4.7B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $2T | $2T | $1.9T | $1.8T | $1.9T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $11.9B | $10.5B | $13.6B | $11B | $18.3B | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $210.2B | $1.2T | $1.2T | $1.2T | $1.2T | |
| Long-Term Debt | $165.2B | $86B | $101.5B | $77.3B | $93.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2T | $1.9T | $1.8T | $1.8T | $1.8T | |
| Common Stock | $20.5B | $18.6B | $17B | $14.9B | $15.1B | |
| Other Common Equity Adj | $10.6B | $5.3B | $1.5B | $4.2B | $2.7B | |
| Common Equity | $83.9B | $74.8B | $68.6B | $67.6B | $69.8B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $959M | $1B | $564.8M | $525.9M | $545.2M | |
| Total Equity | $84.9B | $75.8B | $69.2B | $68.1B | $70.4B | |
| Total Liabilities and Equity | $2T | $2T | $1.9T | $1.8T | $1.9T | |
| Cash and Short Terms | $435B | $420.8B | $504B | $482.1B | $484.4B | |
| Total Debt | $196.1B | $143.1B | $113.6B | $112.3B | $120.1B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $401.8B | $435.2B | $476.8B | $415.9B | $393.9B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $793B | $816B | $884.8B | $849.8B | $893.5B | |
| Property Plant And Equipment | $9.6B | $8.3B | $8B | $7B | $7.2B | |
| Long-Term Investments | $64B | $80.3B | $65.7B | $69.7B | $82B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $2T | $1.9T | $1.9T | $1.8T | $1.9T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $12.1B | $11B | $11B | $13.8B | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $358.8B | $395.7B | $457.5B | $428.1B | $487B | |
| Long-Term Debt | $168.4B | $112.3B | $127.7B | $126B | $129.3B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.9T | $1.8T | $1.9T | $1.7T | $1.8T | |
| Common Stock | $19.6B | $17.1B | $16B | $14.4B | $14.4B | |
| Other Common Equity Adj | $8B | $22.9M | $3B | $2.4B | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $1B | $574.1M | $560.6M | $515.1M | $531.8M | |
| Total Equity | $81.7B | $68.4B | $70.5B | $67.3B | $71.8B | |
| Total Liabilities and Equity | $2T | $1.9T | $1.9T | $1.8T | $1.9T | |
| Cash and Short Terms | $397.2B | $433.5B | $472.8B | $412.4B | -- | |
| Total Debt | $168.4B | $112.3B | $127.7B | $126B | $129.3B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $6.2B | $5.4B | $5.8B | $6.6B | $7.8B | |
| Depreciation & Amoritzation | $1.6B | $1.5B | $1.2B | $1.2B | $1.4B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $156.7B | $30.6B | $24.5B | $2.7B | $10.6B | |
| Capital Expenditures | $2B | $1.2B | $1.4B | $1.8B | $2.3B | |
| Cash Acquisitions | $17M | -- | $26.1M | $270.7M | -- | |
| Cash From Investing | -$92.1B | -$20.7B | $18.2B | -$62.9B | -$39.5B | |
| Dividends Paid (Ex Special Dividend) | -$1.8B | $1.8B | $1.5B | $1.6B | $2B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $5.7B | $1.6B | $1.7B | $3.5B | $3.4B | |
| Long-Term Debt Repaid | -$3.4B | -$4.4B | -$4.3B | -$3.4B | -$2.7B | |
| Repurchase of Common Stock | -$68.5M | $17.1M | $17.1M | $23.4M | $675.1M | |
| Other Financing Activities | -$21.8M | -$68M | -$369.3M | -$29.6M | -$13.4M | |
| Cash From Financing | $385.1M | $12.7B | $66.3B | $85.9B | $27B | |
| Beginning Cash (CF) | $376B | $418.5B | $371.3B | $456.2B | $467.2B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $65B | $28.2B | $115.2B | $37.4B | -$2.6B | |
| Ending Cash (CF) | $443.2B | $446.6B | $487.5B | $493.2B | $464.3B | |
| Levered Free Cash Flow | $154.7B | $29.4B | $23.2B | $915.9M | $8.4B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2007-12-31 | 2008-12-31 | 2009-12-31 | 2010-12-31 | 2011-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | $1.1B | $1.6B | $877.7M | |
| Cash Acquisitions | -- | -- | $1.3B | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -$1.4B | -$2.3B | $779.7M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -$83.4B | -- | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
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