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Sunday 1 November 2026
Export ASTS’s income statement to Excel — free account
AST SpaceMobile, Inc.
ASTS Technology Communication Equipment
AST SpaceMobile, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $70.9 million, up 1,505.2% from fiscal 2024.
- Revenue
- +2,626.6%
- EPS
- −87.8%
- Free cash flow
- −103.4%
- Total debt
- +506.3%
Quarter to June 2026, against a year earlier
40.97
2.10
−4.88%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 6 | 12 | 14 | — | 4 | 71 | 115 | +64.1% | 167 | 609 | 1,727 | +189.9% | |
| Gross margin, % | — | — | — | — | 49.30 | 39.03 | 51.44 | — | 100.00 | 50.34 | 38.91 | +1.0 pt | ||||||
| EBT | — | — | — | 1 | (24) | (73) | (102) | (221) | (525) | (457) | (806) | n/m | ||||||
| EBT margin, % | — | — | — | 0.00 | (406.80) | (587.91) | (741.38) | 0.00 | (11,883.25) | (644.57) | (698.80) | (644.6) pt | ||||||
| Net income | — | 0 | 0 | 1 | (24) | (73) | (103) | (223) | (526) | (461) | (811) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.00 | 0.69 | 0.24 | 0.25 | 0.00 | 0.03 | 0.28 | 0.39 | n/m | |||||
| Earnings | — | — | — | 0.03 | — | (0.37) | (0.58) | (1.07) | (1.94) | (1.34) | (2.14) | n/m | ||||||
| Cash flow | — | — | — | (0.07) | (2.65) | (1.55) | (2.87) | (1.82) | (0.82) | (0.28) | (0.48) | +26.2% | ||||||
| Capex | — | — | — | 0.00 | (3.54) | (1.06) | (1.05) | (1.45) | (1.13) | (4.38) | (5.32) | n/m | ||||||
| Free cash flow | — | — | — | (0.07) | (6.19) | (2.61) | (3.93) | (3.27) | (1.94) | (4.66) | (5.81) | +101.6% | ||||||
| Book value | — | — | — | 0.82 | 9.30 | 6.80 | 6.61 | 2.61 | 4.33 | 9.35 | 8.02 | +49.9% | ||||||
| Shares, m | — | — | — | 6 | 9 | 52 | 54 | 82 | 155 | 256 | 280 | +86.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | 0.00 | 33.11 | 17.56 | — | 737.88 | 262.16 | 105.98 | 210.1 | ||||||
| P/B | — | — | — | — | 4.88 | 1.17 | 0.67 | — | 4.87 | 7.77 | 5.10 | 3.9 | ||||||
| EV/Sales | — | — | — | — | 0.00 | 7.41 | 0.62 | — | 645.30 | 260.51 | 111.86 | 182.8 | ||||||
| EV/FCF | — | — | — | — | (15.24) | (0.68) | (0.04) | — | (9.49) | (16.26) | (7.43) | (8.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 0 | (23) | (80) | (156) | (149) | (126) | (72) | (145) | +135.3% | |||||
| Capex | — | — | — | — | (30) | (55) | (57) | (119) | (174) | (1,121) | (1,592) | +105.8% | ||||||
| Free cash flow | — | — | — | 0 | (53) | (135) | (214) | (268) | (300) | (1,193) | (1,737) | +276.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 0 | 38 | 314 | 241 | 61 | 524 | 2,308 | 2,303 | +331.3% | |||||
| Net debt | — | — | — | 0 | (43) | (320) | (234) | (29) | (409) | (117) | 677 | +148.8% | ||||||
| Shareholders’ equity | — | — | — | 5 | 80 | 352 | 360 | 214 | 669 | 2,392 | 2,398 | +179.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | (0.22) | (14.52) | (6.98) | (7.17) | (21.91) | (45.62) | (11.46) | (16.00) | (11.5) pt | |||||
| ROIC | — | — | — | (5.34) | (40.91) | (167.15) | (72.55) | (75.14) | (58.33) | (7.90) | (12.17) | (2.6) pt | ||||||
| ROE | — | — | — | (0.24) | (56.62) | (8.78) | (8.89) | (30.54) | (67.99) | (22.34) | (34.81) | (22.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | 3 | 183 | 386 | 342 | 489 | 578 | 1,126 | — | +168.6% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.03 | 0.03 | 0.04 | 0.00 | 0.01 | 0.06 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
AST SpaceMobile, Inc. vs peers in Communication Equipment (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| NOK Nokia Corporation | $52.7B | 4.6× | — | +8.48% (above 0%: growing) | n/m | −624.57% (below 0%: shrinking) | 44.57% | (1.04%) | Compare |
| CIEN Ciena Corporation | $49.6B | 69.3× | 55.3× | +37.05% (above 0%: growing) | +437.14% (above 0%: growing) | −13.59% (below 0%: shrinking) | 45.43% | 18.02% | Compare |
| UI Ubiquiti Inc. | $36.7B | 35.7× | 28.0× | +23.47% (above 0%: growing) | +6.80% (above 0%: growing) | +134.17% (above 0%: growing) | 45.80% | 36.27% | Compare |
| ERIC Ericsson | $33.4B | 14.3× | — | −3.14% (below 0%: shrinking) | −7.14% (below 0%: shrinking) | −89.23% (below 0%: shrinking) | 45.78% | 11.24% | Compare |
| ZBRA Zebra Technologies Corporation | $17.9B | 32.7× | 24.3× | +20.42% (above 0%: growing) | +122.27% (above 0%: growing) | +52.31% (above 0%: growing) | 52.99% | 20.62% | Compare |
| ASTS AST SpaceMobile, Inc. | $16.8B | — (loss-making) | — (loss-making) | +2,626.64% (above 0%: growing) | n/m | −103.37% (below 0%: shrinking) | 25.23% | (944.09%) | |
| VSAT Viasat Inc. | $10.7B | — (loss-making) | — (loss-making) | −1.24% (below 0%: shrinking) | n/m | −31.14% (below 0%: shrinking) | 35.70% | 4.09% | Compare |
| VIAV Viavi Solutions Inc. | $8.2B | — (loss-making) | 26.6× | +52.53% (above 0%: growing) | +250.00% (above 0%: growing) | +2,728.57% (above 0%: growing) | 59.06% | 13.83% | Compare |
| AAOI Applied Optoelectronics, Inc. | $6.7B | — (loss-making) | 19.6× | +86.42% (above 0%: growing) | n/m | −191.62% (below 0%: shrinking) | 27.72% | (12.88%) | Compare |
| Median of peers | $25.6B | 32.7× | 26.6× | +21.94% | +122.27% | −22.37% | 45.60% | 12.54% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
44.22%
Held by the ten largest
27.26%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 28.04m | 7.21% | +3.48m |
| Rakuten Group, Inc. | 15.51m | 3.99% | −15.51m |
| BlackRock | 15.27m | 3.92% | +756.25k |
| Alphabet Inc. | 8.94m | 2.30% | 0.00 |
| UBS | 7.67m | 1.97% | +2.28m |
| Morgan Stanley | 7.32m | 1.88% | +4.12m |
| State Street | 6.53m | 1.68% | +948.36k |
| Marex Group Ltd | 6.22m | 1.60% | +3.58m |
| Vodafone Ventures Ltd | 5.47m | 1.41% | 0.00 |
| Geode Capital Management | 5.11m | 1.31% | +340.04k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 28 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 14.22m | 18.16m | 615.00 |
| 2021 | 9.00k | 9.00k | 67.00 |
Ownership
Directors and executive officers, together
71.90%
Abel Avellan
71.60%
The Vanguard Group
2.00%
Rakuten Mobile, Inc.
1.90%
Vodafone Ventures Limited
1.30%
ATC TRS II LLC
less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
AST SpaceMobile is building a satellite network intended to connect ordinary mobile phones when they are outside the reach of terrestrial cellular networks. Its planned SpaceMobile Service would use satellites in low Earth orbit and radio spectrum controlled by mobile network operators. The company is headquartered in Texas.
Rather than selling subscriptions directly to most users, AST intends to work with mobile operators that would offer the service to their existing customers. The service is designed to work with unmodified phones, without requiring a separate satellite handset or other equipment. Users could be prompted to connect when they leave terrestrial coverage or purchase a plan through their mobile provider.