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 Nov 7, 2026
$22.57T
Total Market Cap
$66.64
Avg Share Price
+2.18%
Avg Daily Change
$5.00 – $538.59
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 | MSTR | Strategy Inc | $128.93 | $-94.32 | -0.29% | — | 54.61B |
| 2 | STRC | Strategy Inc | $99.84 | $-94.32 | +0.28% | — | 54.61B |
| 3 | LITE | Lumentum Holdings Inc | $538.59 | $-81.42 | +5.67% | — | 47.41B |
| 4 | MAAS | Maase Inc-A | $10.18 | $-57.55 | -3.78% | — | 4.68B |
| 5 | BH | Biglari Holdings Inc-B | $372.88 | $-55.65 | +0.29% | — | 1.05B |
| 6 | SATS | Echostar Corp-A | $94.27 | $-50.13 | -0.36% | — | 30.12B |
| 7 | VOR | Vor Biopharma Inc | $19.68 | $-43.00 | -5.88% | — | 1.03B |
| 8 | CNXC | Concentrix Corp | $30.69 | $-38.80 | -1.35% | — | 1.85B |
| 9 | SONY | Sony Group Corporation | $27.00 | $-37.08 | -1.96% | — | 20.41T |
| 10 | LBRDK | Liberty Broadband-C | $36.02 | $-36.71 | +0.00% | — | 5.15B |
| 11 | LBRDA | Liberty Broadband-A | $35.99 | $-36.71 | +0.00% | — | 5.15B |
| 12 | TBBB | Bbb Foods Inc-Class A | $65.62 | $-29.34 | +2.20% | — | 10.56B |
| 13 | TFX | Teleflex Inc | $151.19 | $-23.29 | -0.63% | — | 6.34B |
| 14 | BMNR | Bitmine Immersion Technologi | $18.76 | $-20.69 | -1.26% | — | 11.32B |
| 15 | ENOV | Enovis Corp | $24.42 | $-19.27 | +16.90% | — | 1.65B |
| 16 | CAR | Avis Budget Group Inc | $118.83 | $-18.15 | -1.34% | — | 4.25B |
| 17 | ASST | Strive Inc-A | $21.45 | $-16.93 | +4.18% | — | 2.73B |
| 18 | WFG | West Fraser Timber Co Ltd | $67.86 | $-15.37 | -1.98% | — | 7.39B |
| 19 | MIRM | Mirum Pharmaceuticals Inc | $94.86 | $-14.55 | +1.41% | — | 6.20B |
| 20 | AGL | Agilon Health Inc | $112.19 | $-14.06 | +16.59% | — | 1.90B |
| 21 | PRAX | Praxis Precision Medicines I | $277.62 | $-13.37 | +5.72% | — | 7.75B |
| 22 | SYNA | Synaptics Inc | $116.70 | $-12.65 | +0.26% | — | 4.62B |
| 23 | PRGO | Perrigo Co Plc | $15.91 | $-12.59 | +1.27% | — | 2.16B |
| 24 | ACHC | Acadia Healthcare Co Inc | $29.96 | $-12.46 | +1.70% | — | 3.30B |
| 25 | FLR | Fluor Corp | $46.48 | $-12.18 | +3.33% | — | 6.02B |
| 26 | GLTO | Galecto Inc | $22.41 | $-12.01 | -1.93% | — | 1.73B |
| 27 | TAP | Molson Coors Beverage Co - B | $40.33 | $-11.54 | -4.50% | — | 7.55B |
| 28 | RAL | Ralliant Corp | $67.68 | $-10.93 | +7.72% | — | 6.95B |
| 29 | CE | Celanese Corp | $46.68 | $-10.68 | -2.42% | — | 5.12B |
| 30 | CNC | Centene Corp | $69.74 | $-10.44 | -5.97% | — | 34.83B |
| 31 | BEPC | Brookfield Renewable Corp | $31.61 | $-10.39 | +1.09% | — | 4.76B |
| 32 | STUB | Stubhub Holdings Inc-Class A | $6.14 | $-9.97 | -2.23% | — | 2.40B |
| 33 | GRAL | Grail Inc | $121.44 | $-9.75 | +1.94% | — | 5.32B |
| 34 | BBUC | Brookfield Business-Cl A | $29.64 | $-9.74 | -1.98% | — | 8.89B |
| 35 | WLK | Westlake Corp | $63.49 | $-9.64 | -4.21% | — | 8.35B |
| 36 | MARA | Mara Holdings Inc | $6.35 | $-9.35 | +8.09% | — | 2.42B |
| 37 | MIDD | Middleby Corp | $136.50 | $-9.26 | +4.89% | — | 5.99B |
| 38 | BLSH | Bullish | $21.31 | $-9.11 | +2.90% | — | 3.11B |
| 39 | LBTYB | Liberty Global Ltd-B | $11.45 | $-9.06 | +1.87% | — | 3.22B |
| 40 | LBTYA | Liberty Global Ltd-A | $9.90 | $-9.06 | +1.96% | — | 3.22B |
| 41 | LBTYK | Liberty Global Ltd-C | $9.72 | $-9.06 | +2.15% | — | 3.22B |
| 42 | ZBIO | Zenas Biopharma Inc | $28.46 | $-8.97 | +0.28% | — | 1.81B |
| 43 | INBX | Inhibrx Biosciences Inc | $80.28 | $-8.88 | -7.47% | — | 1.18B |
| 44 | KMPR | Kemper Corp | $33.76 | $-8.40 | -4.44% | — | 1.98B |
| 45 | OC | Owens Corning | $121.31 | $-8.06 | -2.37% | — | 9.78B |
| 46 | SBET | Sharplink Inc | $6.42 | $-8.02 | -10.21% | — | 1.34B |
| 47 | MRNA | Moderna Inc | $254.19 | $-7.98 | +5.27% | — | 105.54B |
| 48 | STEP | Stepstone Group Inc-Class A | $47.45 | $-7.72 | +10.84% | — | 5.79B |
| 49 | VAC | Marriott Vacations World | $111.02 | $-7.68 | +3.58% | — | 3.61B |
| 50 | PCVX | Vaxcyte Inc | $63.89 | $-7.64 | +3.18% | — | 10.11B |
| 51 | FISV | Fiserv Inc | $62.88 | $-7.42 | +0.22% | — | 33.16B |
| 52 | CYTK | Cytokinetics Inc | $53.69 | $-7.22 | -3.35% | — | 7.59B |
| 53 | AGIO | Agios Pharmaceuticals Inc | $31.38 | $-7.01 | +0.58% | — | 1.69B |
| 54 | VISN | Vistance Networks Inc | $5.50 | $-6.90 | +1.67% | — | 1.24B |
| 55 | SAM | Boston Beer Company Inc-A | $220.66 | $-6.78 | -1.92% | — | 2.28B |
| 56 | NKTR | Nektar Therapeutics | $36.15 | $-6.60 | -6.06% | — | 1.25B |
| 57 | IRON | Disc Medicine Inc | $78.91 | $-6.57 | +0.56% | — | 3.50B |
| 58 | IP | International Paper Co | $34.53 | $-6.51 | +0.85% | — | 18.19B |
| 59 | PENN | Penn Entertainment Inc | $17.38 | $-6.35 | +0.23% | — | 2.28B |
| 60 | ARX | Accelerant Holdings-Cl A | $19.81 | $-6.31 | +0.00% | — | 4.32B |
| 61 | GVA | Granite Construction Inc | $121.69 | $-6.28 | -8.08% | — | 5.33B |
| 62 | BETA | Beta Technologies Inc -Cl A | $27.12 | $-6.26 | +12.77% | — | 5.65B |
| 63 | NUVL | Nuvalent Inc-A | $123.96 | $-6.05 | +0.02% | — | 9.79B |
| 64 | MDGL | Madrigal Pharmaceuticals Inc | $399.63 | $-5.96 | -0.12% | — | 9.26B |
| 65 | VERA | Vera Therapeutics Inc | $29.79 | $-5.86 | -1.18% | — | 2.49B |
| 66 | BIPC | Brookfield Infrastructure-A | $39.34 | $-5.55 | +3.74% | — | 4.84B |
| 67 | SNDA | Sonida Senior Living Inc | $34.30 | $-5.26 | +0.15% | — | 1.57B |
| 68 | RARE | Ultragenyx Pharmaceutical In | $15.58 | $-5.19 | +0.06% | — | 1.54B |
| 69 | NOG | Northern Oil And Gas Inc | $23.03 | $-5.16 | +4.02% | — | 2.36B |
| 70 | CRNX | Crinetics Pharmaceuticals In | $84.95 | $-5.05 | +0.13% | — | 9.01B |
| 71 | MBLY | Mobileye Global Inc-A | $5.67 | $-4.94 | +10.53% | — | 4.87B |
| 72 | CRL | Charles River Laboratories | $337.52 | $-4.85 | +7.83% | — | 15.64B |
| 73 | ATKR | Atkore Inc | $94.96 | $-4.83 | +0.04% | — | 3.21B |
| 74 | THS | Treehouse Foods Inc | $24.43 | $-4.83 | -0.08% | — | 1.23B |
| 75 | PVLA | Palvella Therapeutics Inc | $175.92 | $-4.82 | +12.16% | — | 2.53B |
| 76 | LLYVK | Liberty Live Holdings-C | $106.30 | $-4.80 | -1.88% | — | 9.80B |
| 77 | LLYVA | Liberty Live Holdings-A | $102.14 | $-4.80 | -1.65% | — | 9.80B |
| 78 | RVMD | Revolution Medicines Inc | $192.28 | $-4.80 | +8.24% | — | 41.37B |
| 79 | CRSP | Crispr Therapeutics Ag | $50.07 | $-4.76 | +3.11% | — | 4.83B |
| 80 | XENE | Xenon Pharmaceuticals Inc | $39.17 | $-4.74 | +3.95% | — | 3.60B |
| 81 | VKTX | Viking Therapeutics Inc | $26.84 | $-4.66 | +4.07% | — | 3.34B |
| 82 | FBRX | Forte Biosciences Inc | $76.99 | $-4.60 | +0.03% | — | 1.63B |
| 83 | SEDG | Solaredge Technologies Inc | $27.59 | $-4.50 | +5.31% | — | 1.66B |
| 84 | CORZ | Core Scientific Inc | $11.93 | $-4.42 | +4.83% | — | 3.66B |
| 85 | WULF | Terawulf Inc | $11.07 | $-4.38 | +9.82% | — | 5.68B |
| 86 | TLN | Talen Energy Corp | $338.64 | $-4.36 | +7.09% | — | 14.73B |
| 87 | CLDX | Celldex Therapeutics Inc | $29.04 | $-4.36 | -3.52% | — | 2.35B |
| 88 | APGE | Apogee Therapeutics Inc | $135.07 | $-4.34 | -0.01% | — | 10.22B |
| 89 | IONQ | Ionq Inc | $32.62 | $-4.32 | +23.42% | — | 14.01B |
| 90 | FLUT | Flutter Entertainment Plc-Di | $81.70 | $-4.30 | -1.53% | — | 14.06B |
| 91 | CELC | Celcuity Inc | $66.48 | $-4.30 | +3.81% | — | 3.21B |
| 92 | MLYS | Mineralys Therapeutics Inc | $15.47 | $-4.24 | +1.51% | — | 1.36B |
| 93 | KOD | Kodiak Sciences Inc | $98.51 | $-4.19 | -0.38% | — | 6.17B |
| 94 | DNTH | Dianthus Therapeutics Inc | $86.86 | $-4.15 | +4.64% | — | 4.76B |
| 95 | INSM | Insmed Inc | $114.41 | $-4.10 | +5.19% | — | 23.86B |
| 96 | AVAV | Aerovironment Inc | $112.76 | $-4.07 | +10.46% | — | 5.19B |
| 97 | ACLX | Arcellx Inc | $115.07 | $-4.06 | +0.00% | — | 6.73B |
| 98 | QURE | Uniqure Nv | $22.97 | $-4.05 | -7.49% | — | 1.46B |
| 99 | CAG | Conagra Brands Inc | $15.24 | $-3.98 | -1.74% | — | 7.24B |
| 100 | VRDN | Viridian Therapeutics Inc | $28.49 | $-3.90 | -0.21% | — | 2.91B |
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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