Unprofitable Large Caps
Companies valued over $1B that are still burning cash. Pre-profit growth stories, turnaround plays, or value traps — proceed with caution.
200 stocks
Updated Jun 24, 2026
$21.76T
Total Market Cap
$56.98
Avg Share Price
+0.37%
Avg Daily Change
$5.08 – $513.43
Price Range
Not every large company is profitable. This list tracks companies with market caps above $1 billion that are currently losing money — their earnings per share (EPS) is negative. These firms span the spectrum from high-growth businesses investing aggressively to reach scale, to struggling companies in turnaround mode, to declining businesses burning through remaining cash.
Some of the market's biggest winners started as money-losers. Amazon reported losses for years while building its e-commerce and cloud infrastructure. Tesla lost money for over a decade before achieving sustained profitability. Today's unprofitable companies in biotech, EVs, and SaaS may follow similar paths — or they may never turn profitable. Separating the future winners from the permanent losers requires deep fundamental analysis.
This list shows the EPS (negative), daily change, volume, and market cap for each unprofitable company. Stocks are sorted by the magnitude of their losses. Use this list to identify potential turnaround candidates or to screen out companies that do not meet profitability requirements.
| # | Symbol | Name | Price | EPS | Change % | Volume | Market Cap |
|---|---|---|---|---|---|---|---|
| 1 | SATS | Echostar Corp-A | $103.92 | $-50.13 | -2.34% | — | 31.64B |
| 2 | MAAS | Maase Inc-A | $18.90 | $-46.89 | +5.35% | — | 8.36B |
| 3 | MSTR | Strategy Inc | $103.84 | $-38.34 | -5.13% | — | 39.44B |
| 4 | BH | Biglari Holdings Inc-B | $332.74 | $-37.45 | -0.80% | — | 1.06B |
| 5 | SONY | Sony Group Corporation | $19.62 | $-37.08 | +0.56% | — | 20.41T |
| 6 | TBBB | Bbb Foods Inc-Class A | $42.09 | $-28.58 | +0.96% | — | 5.08B |
| 7 | TFX | Teleflex Inc | $124.26 | $-22.81 | +2.13% | — | 5.62B |
| 8 | CNXC | Concentrix Corp | $24.34 | $-21.41 | +1.71% | — | 1.53B |
| 9 | AGL | Agilon Health Inc | $113.80 | $-21.41 | +8.72% | — | 1.90B |
| 10 | BMNR | Bitmine Immersion Technologi | $15.13 | $-20.85 | -4.60% | — | 9.19B |
| 11 | FMC | Fmc Corp | $11.55 | $-20.00 | -3.59% | — | 1.44B |
| 12 | ENOV | Enovis Corp | $21.97 | $-19.89 | +5.37% | — | 1.26B |
| 13 | CAR | Avis Budget Group Inc | $190.46 | $-19.01 | +2.24% | — | 6.66B |
| 14 | LBRDK | Liberty Broadband-C | $30.86 | $-18.71 | +4.97% | — | 4.25B |
| 15 | LBRDA | Liberty Broadband-A | $30.82 | $-18.71 | +4.97% | — | 4.25B |
| 16 | ASST | Strive Inc-A | $13.95 | $-16.93 | -5.81% | — | 1.18B |
| 17 | FUN | Six Flags Entertainment Corp | $23.64 | $-16.32 | +2.12% | — | 2.55B |
| 18 | LBTYB | Liberty Global Ltd-B | $13.10 | $-16.08 | -0.76% | — | 3.75B |
| 19 | LBTYA | Liberty Global Ltd-A | $11.21 | $-16.08 | +1.63% | — | 3.75B |
| 20 | LBTYK | Liberty Global Ltd-C | $10.78 | $-16.08 | +1.70% | — | 3.75B |
| 21 | ASH | Ashland Inc | $63.94 | $-15.32 | -5.54% | — | 3.11B |
| 22 | WFG | West Fraser Timber Co Ltd | $67.29 | $-14.90 | -2.07% | — | 7.77B |
| 23 | MDGL | Madrigal Pharmaceuticals Inc | $513.43 | $-13.63 | +0.11% | — | 11.66B |
| 24 | MIRM | Mirum Pharmaceuticals Inc | $111.07 | $-13.60 | +3.06% | — | 6.53B |
| 25 | PRAX | Praxis Precision Medicines I | $305.37 | $-13.37 | +0.65% | — | 7.87B |
| 26 | PRGO | Perrigo Co Plc | $10.25 | $-13.19 | +0.89% | — | 1.42B |
| 27 | CNC | Centene Corp | $63.14 | $-13.14 | -0.85% | — | 30.13B |
| 28 | WLK | Westlake Corp | $76.48 | $-12.77 | -1.89% | — | 10.29B |
| 29 | HNGE | Hinge Health Inc-A | $70.38 | $-12.30 | +2.22% | — | 5.37B |
| 30 | ACHC | Acadia Healthcare Co Inc | $24.87 | $-12.24 | +5.83% | — | 2.29B |
| 31 | BEPC | Brookfield Renewable Corp | $37.90 | $-12.08 | -0.11% | — | 5.53B |
| 32 | GLTO | Galecto Inc | $23.89 | $-12.01 | +12.51% | — | 1.73B |
| 33 | BBUC | Brookfield Business-Cl A | $32.86 | $-11.64 | -0.21% | — | 9.68B |
| 34 | RAL | Ralliant Corp | $69.22 | $-11.02 | +2.22% | — | 7.63B |
| 35 | TAP | Molson Coors Beverage Co - B | $39.71 | $-10.64 | +0.18% | — | 7.44B |
| 36 | LCID | Lucid Group Inc | $5.19 | $-10.55 | +0.58% | — | 2.09B |
| 37 | GRAL | Grail Inc | $61.11 | $-10.37 | -1.59% | — | 2.74B |
| 38 | STUB | Stubhub Holdings Inc-Class A | $11.83 | $-10.34 | +3.77% | — | 4.39B |
| 39 | VAC | Marriott Vacations World | $97.53 | $-10.23 | +1.90% | — | 3.36B |
| 40 | WKC | World Kinect Corp | $31.12 | $-10.18 | -0.45% | — | 1.60B |
| 41 | CE | Celanese Corp | $48.13 | $-10.00 | -3.22% | — | 5.61B |
| 42 | MIDD | Middleby Corp | $163.77 | $-8.48 | -1.73% | — | 7.79B |
| 43 | ZBIO | Zenas Biopharma Inc | $19.78 | $-8.45 | +6.46% | — | 1.25B |
| 44 | NKTR | Nektar Therapeutics | $60.98 | $-8.32 | +0.10% | — | 2.06B |
| 45 | MRNA | Moderna Inc | $61.00 | $-8.15 | +2.79% | — | 25.38B |
| 46 | VISN | Vistance Networks Inc | $12.50 | $-8.03 | -2.95% | — | 2.86B |
| 47 | PII | Polaris Inc | $68.68 | $-7.83 | -0.12% | — | 4.06B |
| 48 | BETA | Beta Technologies Inc -Cl A | $15.87 | $-7.77 | +0.89% | — | 3.72B |
| 49 | STLA | Stellantis Nv | $5.96 | $-7.59 | -6.58% | — | 20.95B |
| 50 | CHYM | Chime Financial Inc-Cl A | $16.67 | $-7.42 | -1.48% | — | 6.71B |
| 51 | GT | Goodyear Tire & Rubber Co | $5.90 | $-7.25 | -1.17% | — | 1.78B |
| 52 | AGIO | Agios Pharmaceuticals Inc | $34.16 | $-7.25 | +3.26% | — | 2.03B |
| 53 | NIO | NIO Inc | $5.08 | $-7.06 | +0.59% | — | 15.66B |
| 54 | PCVX | Vaxcyte Inc | $51.96 | $-6.89 | -0.29% | — | 7.43B |
| 55 | CYTK | Cytokinetics Inc | $80.01 | $-6.84 | +1.06% | — | 9.80B |
| 56 | STEP | Stepstone Group Inc-Class A | $42.93 | $-6.80 | -5.57% | — | 5.39B |
| 57 | PENN | Penn Entertainment Inc | $20.85 | $-6.70 | +1.71% | — | 2.85B |
| 58 | ARX | Accelerant Holdings-Cl A | $12.99 | $-6.63 | -0.99% | — | 2.83B |
| 59 | OC | Owens Corning | $124.12 | $-6.62 | -0.40% | — | 10.32B |
| 60 | IRON | Disc Medicine Inc | $70.45 | $-6.61 | -0.49% | — | 2.70B |
| 61 | BLSH | Bullish | $24.93 | $-6.60 | -0.64% | — | 3.62B |
| 62 | FCEL | Fuelcell Energy Inc | $24.04 | $-6.48 | +19.96% | — | 1.63B |
| 63 | IART | Integra Lifesciences Holding | $17.58 | $-6.46 | +2.21% | — | 1.37B |
| 64 | IP | International Paper Co | $36.56 | $-6.35 | -0.89% | — | 19.50B |
| 65 | NOG | Northern Oil And Gas Inc | $19.42 | $-6.35 | +0.57% | — | 2.11B |
| 66 | SAM | Boston Beer Company Inc-A | $176.11 | $-6.26 | +2.44% | — | 1.83B |
| 67 | INBX | Inhibrx Biosciences Inc | $93.05 | $-6.24 | -1.22% | — | 1.37B |
| 68 | CRSP | Crispr Therapeutics Ag | $53.99 | $-6.21 | -0.68% | — | 5.22B |
| 69 | SEDG | Solaredge Technologies Inc | $58.05 | $-6.13 | +6.16% | — | 3.53B |
| 70 | RARE | Ultragenyx Pharmaceutical In | $27.44 | $-6.10 | +1.97% | — | 2.70B |
| 71 | NUVL | Nuvalent Inc-A | $123.44 | $-6.05 | +0.02% | — | 9.75B |
| 72 | MARA | Mara Holdings Inc | $14.70 | $-5.92 | -1.01% | — | 5.42B |
| 73 | INSM | Insmed Inc | $102.15 | $-5.74 | +3.60% | — | 20.76B |
| 74 | BHVN | Biohaven Ltd | $13.57 | $-5.67 | -0.37% | — | 2.04B |
| 75 | BIPC | Brookfield Infrastructure-A | $38.80 | $-5.55 | +2.48% | — | 4.75B |
| 76 | VERA | Vera Therapeutics Inc | $38.20 | $-5.54 | -0.60% | — | 2.52B |
| 77 | JXN | Jackson Financial Inc-A | $109.89 | $-5.48 | +0.47% | — | 7.45B |
| 78 | VET | Vermilion Energy Inc | $9.83 | $-5.31 | -3.44% | — | 2.11B |
| 79 | CRC | California Resources Corp | $52.90 | $-5.19 | -3.48% | — | 4.91B |
| 80 | CRNX | Crinetics Pharmaceuticals In | $35.91 | $-5.13 | +1.50% | — | 3.78B |
| 81 | MBLY | Mobileye Global Inc-A | $7.94 | $-5.03 | -4.80% | — | 7.12B |
| 82 | FTRE | Fortrea Holdings Inc | $17.63 | $-4.91 | +7.11% | — | 1.45B |
| 83 | KHC | Kraft Heinz Co/The | $22.47 | $-4.86 | +2.00% | — | 27.06B |
| 84 | THS | Treehouse Foods Inc | $24.43 | $-4.83 | -0.08% | — | 1.23B |
| 85 | SNDA | Sonida Senior Living Inc | $35.96 | $-4.82 | +3.69% | — | 1.70B |
| 86 | RVMD | Revolution Medicines Inc | $169.51 | $-4.80 | +2.23% | — | 34.65B |
| 87 | XENE | Xenon Pharmaceuticals Inc | $54.61 | $-4.70 | -0.33% | — | 5.11B |
| 88 | ROCK | Gibraltar Industries Inc | $39.32 | $-4.47 | -1.72% | — | 1.21B |
| 89 | SOC | Sable Offshore Corp | $8.21 | $-4.41 | -8.17% | — | 1.56B |
| 90 | AVAV | Aerovironment Inc | $149.08 | $-4.34 | -1.49% | — | 8.47B |
| 91 | APGE | Apogee Therapeutics Inc | $132.88 | $-4.33 | +0.25% | — | 6.81B |
| 92 | TALO | Talos Energy Inc | $13.77 | $-4.31 | -1.57% | — | 2.30B |
| 93 | UCTT | Ultra Clean Holdings Inc | $111.63 | $-4.29 | -9.35% | — | 5.44B |
| 94 | CLDX | Celldex Therapeutics Inc | $32.98 | $-4.27 | -1.29% | — | 2.55B |
| 95 | KOD | Kodiak Sciences Inc | $37.60 | $-4.17 | +1.48% | — | 2.26B |
| 96 | PVLA | Palvella Therapeutics Inc | $113.10 | $-4.16 | +0.42% | — | 1.62B |
| 97 | VKTX | Viking Therapeutics Inc | $34.81 | $-4.15 | +7.54% | — | 3.53B |
| 98 | DNTH | Dianthus Therapeutics Inc | $87.53 | $-4.14 | +0.18% | — | 4.51B |
| 99 | ACLX | Arcellx Inc | $115.07 | $-4.06 | +0.00% | — | 6.73B |
| 100 | DOW | Dow Inc | $30.33 | $-3.98 | -1.49% | — | 22.87B |
Frequently Asked Questions
Why do some large companies lose money?
Companies lose money for several reasons: they may be investing heavily in growth (R&D, customer acquisition, infrastructure), experiencing temporary business disruptions, executing turnaround strategies after management changes, or operating in cyclical industries during downturns. Some unprofitable companies are pre-revenue biotech firms burning cash on drug development. Others are mature companies whose business models are being disrupted by new competitors or technology.
Can unprofitable stocks be good investments?
Yes, but with significant risk. Amazon and Tesla were both unprofitable for years and rewarded patient investors enormously. The key is evaluating whether losses are strategic investments in future profitability (positive) or signs of a broken business model (negative). Look for growing revenue, improving margins, and a clear path to breakeven. Companies burning cash with no revenue growth and no margin improvement are unlikely to recover.
What is cash burn rate?
Cash burn rate measures how quickly a company spends its cash reserves. If a company has $500 million in cash and burns $50 million per quarter, it has roughly 10 quarters (2.5 years) of runway. Cash burn is critical for evaluating unprofitable companies because it shows how long they can survive before needing to raise additional capital. Companies that must raise money through stock issuance dilute existing shareholders.
What sectors have the most unprofitable companies?
Biotechnology leads by far — most biotech companies are pre-revenue, spending years and billions on drug development before a product reaches market. Technology and software companies may be unprofitable while investing in customer growth and platform development. Electric vehicle and clean energy companies often operate at losses during their ramp-up phase. Cyclical industries like mining and oil can show temporary losses during commodity downturns.
What is the path to profitability?
The path to profitability describes how a loss-making company plans to achieve positive earnings. Key elements include revenue growth (more sales to absorb fixed costs), margin expansion (improving efficiency), and operating leverage (fixed costs spread over growing revenue). Management typically outlines this path during earnings calls and investor presentations. Companies with visible paths to profitability — where improvements are measurable quarter-over-quarter — are more attractive than those with vague promises.
Should I avoid all unprofitable stocks?
Not necessarily. Avoiding all unprofitable stocks would have meant missing Amazon, Tesla, and many biotech winners. However, most unprofitable stocks do underperform the market over time. A reasonable approach is to limit unprofitable positions to a small percentage of your portfolio (5-15%), focus on companies with strong revenue growth and improving margins, and be prepared for higher volatility. Use profitability as a quality screen for the core of your portfolio.
What is operating leverage?
Operating leverage describes how a company's fixed costs amplify profitability as revenue grows. A software company with $100 million in fixed costs loses money at $80 million revenue but earns $20 million at $120 million revenue — the costs did not change, but revenue surpassed them. Companies with high operating leverage can transition from unprofitable to very profitable quickly once revenue hits the breakeven point. This is why many SaaS and platform companies eventually achieve high profit margins.
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