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 Mar 26, 2026
$21.44T
Total Market Cap
$57.20
Avg Share Price
+1.20%
Avg Daily Change
$5.10 – $677.86
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 | $119.07 | $-50.33 | +7.43% | — | 30.64B |
| 2 | MAAS | Maase Inc-A | $5.57 | $-46.89 | -0.89% | — | 1.92B |
| 3 | SONY | Sony Group Corporation | $20.66 | $-37.08 | +0.44% | — | 19.99T |
| 4 | SBET | Sharplink Inc | $7.28 | $-28.55 | +1.53% | — | 1.45B |
| 5 | CAR | Avis Budget Group Inc | $123.56 | $-25.34 | +5.17% | — | 3.44B |
| 6 | TTWO | Take-Two Interactive Softwre | $193.05 | $-22.36 | +0.88% | — | 37.17B |
| 7 | ENOV | Enovis Corp | $21.85 | $-20.72 | -3.19% | — | 1.40B |
| 8 | CNXC | Concentrix Corp | $26.48 | $-20.67 | -19.85% | — | 1.99B |
| 9 | TFX | Teleflex Inc | $108.18 | $-20.56 | +1.52% | — | 4.66B |
| 10 | LBRDK | Liberty Broadband-C | $50.94 | $-18.71 | +0.63% | — | 7.12B |
| 11 | LBRDA | Liberty Broadband-A | $50.92 | $-18.71 | +0.61% | — | 7.12B |
| 12 | FMC | Fmc Corp | $14.23 | $-17.88 | +8.71% | — | 1.75B |
| 13 | MSTR | Strategy Inc | $139.13 | $-17.25 | +2.11% | — | 35.81B |
| 14 | QDEL | Quidelortho Corp | $15.24 | $-16.66 | -8.03% | — | 1.04B |
| 15 | FUN | Six Flags Entertainment Corp | $17.42 | $-15.87 | +2.23% | — | 1.78B |
| 16 | TBBB | Bbb Foods Inc-Class A | $34.58 | $-15.80 | -0.86% | — | 3.81B |
| 17 | BBUC | Brookfield Business-Cl A | $32.54 | $-15.09 | +6.55% | — | 4.06B |
| 18 | ASH | Ashland Inc | $53.61 | $-15.01 | +5.51% | — | 2.63B |
| 19 | CNC | Centene Corp | $32.73 | $-13.62 | -0.76% | — | 21.48B |
| 20 | DLTR | Dollar Tree Inc | $106.64 | $-13.48 | +0.10% | — | 22.82B |
| 21 | PRAX | Praxis Precision Medicines I | $311.92 | $-12.90 | +5.86% | — | 9.09B |
| 22 | MDGL | Madrigal Pharmaceuticals Inc | $461.93 | $-12.85 | +3.80% | — | 10.08B |
| 23 | ZBIO | Zenas Biopharma Inc | $22.30 | $-12.67 | -4.58% | — | 1.35B |
| 24 | HNGE | Hinge Health Inc-A | $40.91 | $-12.53 | -2.85% | — | 3.30B |
| 25 | ACHC | Acadia Healthcare Co Inc | $22.73 | $-12.20 | -1.00% | — | 2.36B |
| 26 | GLTO | Galecto Inc | $23.05 | $-12.01 | +27.07% | — | 1.73B |
| 27 | WFG | West Fraser Timber Co Ltd | $64.05 | $-11.96 | +1.43% | — | 6.54B |
| 28 | SJM | Jm Smucker Co/The | $95.39 | $-11.79 | -1.52% | — | 11.86B |
| 29 | WLK | Westlake Corp | $114.22 | $-11.76 | +0.11% | — | 13.40B |
| 30 | GRAL | Grail Inc | $52.29 | $-11.63 | +7.48% | — | 3.96B |
| 31 | RAPT | Rapt Therapeutics Inc | $58.02 | $-11.08 | +0.07% | — | 1.60B |
| 32 | WKC | World Kinect Corp | $23.09 | $-11.06 | +0.52% | — | 1.16B |
| 33 | RAL | Ralliant Corp | $42.78 | $-10.84 | +0.47% | — | 4.93B |
| 34 | TAP | Molson Coors Beverage Co - B | $41.27 | $-10.68 | +0.27% | — | 9.58B |
| 35 | CE | Celanese Corp | $62.66 | $-10.61 | +3.06% | — | 6.01B |
| 36 | PRGO | Perrigo Co Plc | $9.25 | $-10.36 | -4.15% | — | 1.28B |
| 37 | VAC | Marriott Vacations World | $70.12 | $-9.49 | -0.44% | — | 2.32B |
| 38 | GLIBA | Gci Liberty Inc-Cl A | $36.80 | $-8.89 | -0.03% | — | 1.60B |
| 39 | GLIBK | Gci Liberty Inc-Cl C | $36.79 | $-8.89 | -0.03% | — | 1.60B |
| 40 | LCID | Lucid Group Inc | $10.68 | $-8.62 | +3.09% | — | 3.38B |
| 41 | SRPT | Sarepta Therapeutics Inc | $17.62 | $-8.48 | -0.51% | — | 1.82B |
| 42 | PII | Polaris Inc | $56.81 | $-8.18 | +0.25% | — | 3.70B |
| 43 | STLA | Stellantis Nv | $6.88 | $-7.75 | +1.93% | — | 20.97B |
| 44 | BHVN | Biohaven Ltd | $8.39 | $-7.60 | -4.00% | — | 1.65B |
| 45 | SNDK | Sandisk Corp | $677.86 | $-7.59 | -3.50% | — | 82.22B |
| 46 | NKTR | Nektar Therapeutics | $72.22 | $-7.58 | -3.50% | — | 1.98B |
| 47 | CHYM | Chime Financial Inc-Cl A | $17.70 | $-7.52 | -4.48% | — | 7.13B |
| 48 | MRNA | Moderna Inc | $53.54 | $-7.26 | +4.29% | — | 19.42B |
| 49 | NIO | NIO Inc | $5.84 | $-7.06 | +1.92% | — | 12.61B |
| 50 | AGIO | Agios Pharmaceuticals Inc | $27.53 | $-6.96 | -2.06% | — | 1.70B |
| 51 | STEP | Stepstone Group Inc-Class A | $47.79 | $-6.95 | +0.95% | — | 5.62B |
| 52 | SEDG | Solaredge Technologies Inc | $51.73 | $-6.88 | +13.29% | — | 3.12B |
| 53 | IP | International Paper Co | $36.47 | $-6.70 | +0.91% | — | 20.93B |
| 54 | CYTK | Cytokinetics Inc | $62.39 | $-6.53 | +3.95% | — | 7.60B |
| 55 | CRSP | Crispr Therapeutics Ag | $47.09 | $-6.51 | +1.42% | — | 4.66B |
| 56 | ARX | Accelerant Holdings-Cl A | $12.95 | $-6.47 | +6.32% | — | 2.33B |
| 57 | LBTYB | Liberty Global Ltd-B | $13.01 | $-6.43 | -5.31% | — | 4.08B |
| 58 | LBTYA | Liberty Global Ltd-A | $12.28 | $-6.43 | +0.90% | — | 4.08B |
| 59 | LBTYK | Liberty Global Ltd-C | $11.98 | $-6.43 | +0.25% | — | 4.08B |
| 60 | INSM | Insmed Inc | $148.31 | $-6.40 | +6.59% | — | 30.09B |
| 61 | OC | Owens Corning | $107.97 | $-6.40 | +0.99% | — | 8.82B |
| 62 | BEPC | Brookfield Renewable Corp | $39.82 | $-6.27 | +1.25% | — | 6.15B |
| 63 | JAZZ | Jazz Pharmaceuticals Plc | $189.08 | $-6.07 | +2.20% | — | 10.27B |
| 64 | PENN | Penn Entertainment Inc | $14.70 | $-6.02 | +1.59% | — | 1.95B |
| 65 | GT | Goodyear Tire & Rubber Co | $6.45 | $-5.99 | +1.10% | — | 2.04B |
| 66 | IRON | Disc Medicine Inc | $62.55 | $-5.98 | +4.93% | — | 2.30B |
| 67 | NUVL | Nuvalent Inc-A | $98.00 | $-5.85 | +1.92% | — | 7.63B |
| 68 | RARE | Ultragenyx Pharmaceutical In | $19.87 | $-5.84 | -2.69% | — | 2.19B |
| 69 | MIDD | Middleby Corp | $136.99 | $-5.73 | +0.65% | — | 6.38B |
| 70 | PCVX | Vaxcyte Inc | $55.91 | $-5.63 | +2.27% | — | 7.77B |
| 71 | NX | Quanex Building Products | $17.71 | $-5.49 | +2.61% | — | 1.01B |
| 72 | EXAS | Exact Sciences Corp | $104.91 | $-5.32 | +0.95% | — | 19.73B |
| 73 | BLSH | Bullish | $37.43 | $-5.07 | +0.16% | — | 5.21B |
| 74 | BCAX | Bicara Therapeutics Inc | $18.22 | $-5.03 | -0.92% | — | 1.19B |
| 75 | KHC | Kraft Heinz Co/The | $21.51 | $-4.94 | +0.89% | — | 25.76B |
| 76 | CRNX | Crinetics Pharmaceuticals In | $36.34 | $-4.94 | +5.73% | — | 3.90B |
| 77 | THS | Treehouse Foods Inc | $24.43 | $-4.83 | -0.08% | — | 1.23B |
| 78 | AXSM | Axsome Therapeutics Inc | $161.78 | $-4.66 | +1.91% | — | 9.39B |
| 79 | VERA | Vera Therapeutics Inc | $40.16 | $-4.66 | +1.03% | — | 2.91B |
| 80 | LSPD | Lightspeed Commerce Inc | $8.96 | $-4.62 | +2.17% | — | 1.75B |
| 81 | EQH | Equitable Holdings Inc | $38.19 | $-4.61 | +1.65% | — | 10.44B |
| 82 | EOSE | Eos Energy Enterprises Inc | $5.10 | $-4.46 | +0.20% | — | 3.71B |
| 83 | AVBP | Arrivent Biopharma Inc | $22.18 | $-4.46 | +0.73% | — | 1.01B |
| 84 | BEAM | Beam Therapeutics Inc | $24.63 | $-4.43 | -2.15% | — | 2.83B |
| 85 | XRAY | Dentsply Sirona Inc | $11.47 | $-4.43 | -0.65% | — | 2.73B |
| 86 | QURE | Uniqure Nv | $16.09 | $-4.39 | +5.44% | — | 1.45B |
| 87 | APGE | Apogee Therapeutics Inc | $78.53 | $-4.36 | +7.58% | — | 5.05B |
| 88 | STUB | Stubhub Holdings Inc-Class A | $6.87 | $-4.36 | +4.25% | — | 2.47B |
| 89 | XENE | Xenon Pharmaceuticals Inc | $55.57 | $-4.36 | +4.10% | — | 4.98B |
| 90 | ALB | Albemarle Corp | $181.39 | $-4.34 | +2.45% | — | 19.79B |
| 91 | REZI | Resideo Technologies Inc | $35.63 | $-4.33 | +1.19% | — | 5.41B |
| 92 | CPRI | Capri Holdings Ltd | $18.09 | $-4.26 | -2.43% | — | 2.54B |
| 93 | VET | Vermilion Energy Inc | $13.89 | $-4.26 | -3.68% | — | 3.03B |
| 94 | RNA | Avidity Biosciences Inc | $13.09 | $-4.17 | -0.83% | — | 2.25B |
| 95 | MARA | Mara Holdings Inc | $8.28 | $-4.16 | +0.36% | — | 3.51B |
| 96 | KOD | Kodiak Sciences Inc | $22.75 | $-4.12 | +4.12% | — | 1.38B |
| 97 | DNTH | Dianthus Therapeutics Inc | $78.55 | $-4.11 | -0.97% | — | 3.56B |
| 98 | SNOW | Snowflake Inc. | $160.61 | $-4.04 | -0.45% | — | 61.32B |
| 99 | LIVN | Livanova Plc | $63.30 | $-4.01 | +1.44% | — | 3.71B |
| 100 | UCTT | Ultra Clean Holdings Inc | $57.67 | $-4.01 | -7.92% | — | 2.70B |
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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