Intuitive Machines Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business is real and funded: $1.1 billion of backlog, $231.6 million of cash as of March 31, 2026, convertible notes at only 2.500 percent running to 2030, and an equity program of up to $500.0 million. There is no going-concern warning, and the negative book equity of −$334.3 million is a structural consequence of the holding form, because $1,057.8 million of noncontrolling interests sits in a mezzanine layer. The core operating question, however, is open and large: the operating result has been negative in every year since the listing, all four lunar missions are loss contracts, the $851 million acquisition produced $0.2 million of operating income in its first quarter, and $684.0 million of total assets is goodwill and intangibles. That is not a substance finding, but neither is it demonstrated earnings power — hence yellow.
What the thesis turns on
Assessment: Opportunities & Risks
Intuitive Machines has landed on the Moon twice, carries $1.1 billion of contracted backlog and has acquired one of the best-known satellite builders in the world. But the first-quarter 2026 revenue jump to $186.7 million was bought: $141.6 million came from the acquisition, and on a like-for-like basis revenue fell from $218.2 million to $199.8 million. All four lunar missions awarded so far are loss contracts, the operating result has been negative in every year since the listing, cash halved in one quarter to $231.6 million, and the Class A share count rose 32 percent between January and March 2026 alone. Not investment advice.
Backlog and market access
Contracted backlog stood at $1.1 billion as of March 31, 2026, up $842.4 million in three months — $612.8 million acquired with Lanteris and $428.9 million genuine new awards, including the fifth lunar mission IM-5. Intuitive Machines is one of two awardees for NASA's Near Space Network direct-to-Earth services and the sole awardee for its data relay services.
Quality of growth
The revenue jump from $62.5 million to $186.7 million in the first quarter of 2026 includes $141.6 million from satellite builder Lanteris, acquired on January 13, 2026. On a like-for-like basis the company's own pro forma table shows $199.8 million against $218.2 million a year earlier — a decline of roughly 8 percent. Lanteris contributed $141.6 million of revenue but only $0.2 million of operating income.
Earnings power
The operating result has been negative in every year since the listing: −$61.1 million (2023), −$57.4 million (2024), −$87.2 million (2025) and −$39.2 million in the first quarter of 2026 alone, after −$10.1 million a year earlier. All four lunar missions awarded so far are loss contracts in the company's own filings; on IM-3 estimated costs rose by $20.1 million in 2025 and by a further $2.8 million in the first quarter of 2026.
Balance sheet and liquidity
Cash fell from $582.6 million (December 31, 2025) to $231.6 million (March 31, 2026), chiefly because of the $403.3 million cash payment for Lanteris; operating cash flow turned from +$19.4 million to −$54.8 million. Against that stand a 2.500 percent coupon on $345.0 million of convertible notes maturing in 2030 and the equity program of up to $500.0 million running since June 2, 2026. Shareholders' deficit attributable to the company is −$334.3 million, a structural consequence of the holding form.
Dilution
Class A shares outstanding rose from 121,281,880 (December 31, 2025) to 159,819,721 (March 31, 2026) — up 32 percent in one quarter. On top sit 56,568,640 one-for-one exchangeable Class C shares and up to 26,310,770 shares from the convertible notes, for 243.3 million combined, plus an at-the-market program of up to $500.0 million running since June 2, 2026.
Ownership and voting power
Founders Ghaffarian, Altemus and Crain controlled roughly 52 percent of the combined voting power as of March 11, 2026 through Class C shares that carry three votes apiece but, per the annual report, no rights to the economics of the company. Ghaffarian Enterprises disclosed the sale of 709,545 Class A shares within 60 days on July 1, 2026 and a new plan for up to 1,935,568 further shares on July 7, 2026.
Worth Noting
Intuitive Machines reached our research list through the Reddit hype scan of July 26, 2026. The cross-check against our own database on July 27, 2026 showed that the stock appears in none of the lists produced by our in-house stock scanner on that day — no value, balance sheet, quality or momentum list. Those lists are recomputed daily.
Recency status: the basis is the annual report (10-K) for 2025 filed March 19, 2026 and the quarterly report (10-Q) as of March 31, 2026 filed May 15, 2026. Every later filing was reviewed — the registration statement and prospectus supplement (S-3ASR/424B5) of June 3, 2026, current reports (8-K) of June 3 and June 8, 2026, Schedule 13D/A filings of July 1 and July 7, 2026, a Schedule 13G of July 15, 2026, and Form 4 and Form 144 filings from June and July 2026.
On valuation: the market value is not a feed number but calculated from 217.0 million shares (Class A plus exchangeable Class C per the 10-Q cover page, as of May 7, 2026) and the last price documented in a filing, $38.21 (the June 1, 2026 close per the prospectus supplement of June 3, 2026). The market value from the fundamental data feed deviates from this by more than a factor of three and was therefore not used, nor was any metric derived from it. A note on possible confusion: the former name Inflection Point Acquisition Corp. belonged to a special purpose acquisition company with no operating business; figures from before February 2023 are not comparable.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at LUNR since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 8.10 $ to 45.70 $ · Last price: 14.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Aerospace & Defense
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Intuitive Machines Inc. LUNR | 2.3 | – | 26.6 | 16.4 | -10.3 | -7.9 | 59.4 |
| Space Exploration Technologies Corp. SPCX | 1,172.1 | – | 511.6 | 51.9 | – | – | – |
| GE Aerospace GE | 326.7 | 40.1 | 27.6 | 31.1 | 20.2 | 18.5 | 8.8 |
| RTX Corporation RTX | 254.2 | 36.5 | 18.5 | 20.3 | 13.2 | 9.7 | 24.1 |
| The Boeing Company BA | 155.3 | 78.7 | 25.5 | 4.7 | 1.7 | 34.5 | -8.2 |
| Lockheed Martin Corporation LMT | 124.1 | 26.0 | 13.6 | 11.8 | 11.0 | 5.7 | 16.7 |
| General Dynamics Corporation GD | 96.7 | 22.8 | 15.1 | 15.4 | 10.5 | 10.1 | 11.4 |
| Howmet Aerospace Inc HWM | 90.3 | 52.0 | 34.8 | 36.0 | 28.2 | 11.1 | 22.0 |
| Northrop Grumman Corporation NOC | 73.6 | 16.6 | 11.8 | 20.1 | 11.7 | 2.2 | -7.7 |
| Median of companies shown | 124.1 | 36.5 | 25.5 | 20.1 | 11.3 | 9.9 | 14.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2020 | 44 | -4 | -4 | -0.24 | 8 | -16 | 38 |
| 2021 | 73 | -38 | -36 | -1.97 | -17 | -52 | 43 |
| 2022 | 86 | -6 | -6 | -0.35 | 1 | -58 | 67 |
| 2023 | 80 | -56 | 63 | 2.46 | -45 | -233 | 86 |
| 2024 | 228 | -57 | -283 | -4.62 | -58 | -1,003 | 355 |
| 2025 | 210 | -87 | -83 | -0.70 | -14 | -748 | 757 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.29 | -80.90 | 41 | 130.10 | 44.10 | -31 | -34 |
| 2024: Q3 | 0.25 | -80.60 | 59 | 359.30 | -95.00 | -18 | -19 |
| 2024: Q4 | -0.07 | -124.60 | 55 | 80.10 | -270.20 | -2 | -7 |
| 2025: Q1 | -0.20 | 92.60 | 63 | -14.40 | -18.20 | 19 | 13 |
| 2025: Q2 | -0.11 | -137.90 | 50 | 21.50 | -76.70 | -19 | -27 |
| 2025: Q3 | -0.08 | -132.00 | 52 | -10.30 | -13.00 | -7 | -19 |
| 2025: Q4 | -0.35 | -373.60 | 45 | -18.60 | -89.40 | -7 | -23 |
| 2026: Q1 | -0.05 | 74.20 | 187 | 198.70 | -20.10 | -55 | -65 |
| 2026: Q2 | -0.29 | -163.60 | 206 | 309.90 | -22.50 | -57 | -81 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Kathy Donnelly: Liquid Movers Up
- Mike Webster: Swing Trading List
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.52 | -0.61 – -0.43 | 918 | -29.7% | 2 |
| 12/31/2027 | -0.16 | -0.20 – -0.11 | 1,176 | 70.2% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Intuitive Machines setzt KI nach eigener Darstellung im Geschäftsbericht 10-K für 2025 intern ein — genannt werden eine abgeschottete, private Instanz eines Firmen-Chatbots und der Programmierassistent „Gilab DUO“; KI ist jedoch in keiner Produkt-, Segment- oder Umsatzbeschreibung als eigene Erlösquelle ausgewiesen.
View the full file — quotes, sources, reviewed filings
„We may incorporate AI solutions into our core offerings and business, and these applications may become important in our operations over time. For example, we currently use an isolated private instance of a corporate AI chatbox and Gilab DUO."
Wir könnten KI-Lösungen in unsere Kernangebote und unser Geschäft einbinden, und diese Anwendungen könnten im Laufe der Zeit für unseren Betrieb wichtig werden. So nutzen wir derzeit beispielsweise eine abgeschottete, private Instanz eines Firmen-KI-Chats sowie Gilab DUO.
10-K · 2026-03-19 · View SEC filing
„The use of AI applications has resulted in, and may in the future result in, cybersecurity incidents. Any such cybersecurity incidents related to our use of AI applications could adversely affect our reputation and results of operations."
Der Einsatz von KI-Anwendungen hat bereits zu Cybersicherheitsvorfällen geführt und könnte künftig erneut dazu führen. Solche Cybersicherheitsvorfälle im Zusammenhang mit unserem Einsatz von KI-Anwendungen könnten unseren Ruf und unser Betriebsergebnis beeinträchtigen.
10-K · 2025-03-25 · View SEC filing
„we may use artificial intelligence (“AI”) in our business or systems, and challenges with properly managing its use could result in competitive and reputational harm;"
Wir könnten künstliche Intelligenz („KI“) in unserem Geschäft oder unseren Systemen einsetzen, und Schwierigkeiten beim ordnungsgemäßen Umgang damit könnten zu Wettbewerbs- und Reputationsschäden führen;
10-Q · 2026-05-15 · View SEC filing
Filings Reviewed: 10-Q 2026-05-15 · 10-K 2026-03-19 · 10-Q 2025-11-13 · 10-Q 2025-08-07 · 10-Q 2025-05-13 · 10-K 2025-03-25
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 34.7%
- More than 10% revenue growth is expected for the coming year 22.8%
- Share count grows by less than 3% a year 87.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -34.5%
- Gross margin at 40% or higher and without meaningful erosion 15.6%
- Goodwill from acquisitions does not grow faster than revenue 2.5%
- Net debt below twice EBITDA 210 m net cash
- Operating cash flow covers the profits of the last three years 187 m
- Return on capital at 15% or higher, or up versus two years ago -13.8%
- Insiders hold at least 10% or are net buyers 5.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 36.5%
- Exp. sales growth 3Y > 5% 136.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 136.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -13.8%
- Expected return > 10% 130.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Ghaffarian Kamal Seyed | Director | Sell | 1,698 | 16.00 | 27,173 |
| Sep 9, 2026 | Ghaffarian Kamal Seyed | Director | Other | 1,698 | – | – |
| Sep 9, 2026 | Ghaffarian Kamal Seyed | Director | Other | 1,698 | – | – |
| Sep 8, 2026 | Ghaffarian Kamal Seyed | Director | Sell | 1,501 | 15.76 | 23,652 |
| Sep 8, 2026 | Ghaffarian Kamal Seyed | Director | Sell | 93,105 | 15.39 | 1,433,007 |
| Sep 8, 2026 | Ghaffarian Kamal Seyed | Director | Other | 94,606 | – | – |
| Sep 8, 2026 | Ghaffarian Kamal Seyed | Director | Other | 94,606 | – | – |
| Aug 27, 2026 | Vontur Steven | See Remarks | Sell | 3,050 | 16.13 | 49,197 |
| Aug 24, 2026 | Ghaffarian Kamal Seyed | Director | Sell | 2,137 | 17.68 | 37,782 |
| Aug 24, 2026 | Ghaffarian Kamal Seyed | Director | Sell | 139,772 | 16.86 | 2,356,724 |
The company
About the Company
Intuitive Machines, Inc. operates as a space infrastructure and services company in the United States. The company provides delivery services for the transportation and delivery of payloads, such as satellites, scientific instruments, and cargo to various destinations in space, rideshare delivery, and lunar surface access; data transmission services, which include the collection, processing, and interpretation of space-based data, as well as utilizing AI applications, such as command, control, communications, reconnaissance and prospecting; and infrastructure as a service solutions for navigation, maintenance, scientific data collection, and system health monitoring. It also offers Nova-C lunar lander that combines flight-proven with a scalable design to meet the demands of the emerging lunar economy; Micro Nova Hopper develops propulsive drone that is designed to land, deploy, and hop on the company's IM-2 mission; and Nova-D developed to transport critical payloads, including infrastructure services, such as fission surface power systems, lunar terrain vehicles, and rovers enabling sustainable lunar exploration and development. In addition, the company provides lunar data network. It serves its products to the U.S. government, which include NASA, national security space, U.S. department of Defense, and state governments; commercial; and international customers. The company was founded in 2013 and is headquartered in Houston, Texas.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 525
- Headquarters
- Houston, TX
- Address
- 13467 Columbia Shuttle Street, 77059 Houston, United States
- Phone
- 281 520 3703
- Website
- intuitivemachines.com
- IPO Date
- 11/17/2021
- ISIN
- US46125A1007
Management
| Name | Title | Birth Year |
|---|---|---|
| Kamal Seyed Ghaffarian Ph.D. | Co-Founder & Chairman | 1959 |
| Stephen J. Altemus | Co-Founder, President, CEO & Director | 1964 |
| Timothy P. Crain | Co- Founder, Senior VP & CTO | 1973 |
| Peter McGrath II | Senior VP & CFO | 1968 |
| Steven Vontur | Chief Accounting Officer & Controller | – |
| Ben Bussey | Chief Scientist | – |
| Anna Chiara Jones | Senior VP, General Counsel & Corporate Secretary | 1980 |
| Jade Marcantel | Chief Human Capital Officer | – |
| Jack Fischer | Senior VP & Chief Integration Officer | – |
| James J. Frelk | Senior Vice President of Data Services | 1961 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.