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. In the quarter to June 2026, revenue grew 2,626.6%, EPS fell 87.8%, free cash flow fell 103.4% and total debt rose 506.3%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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AST SpaceMobile, Inc. (ASTS) Altman Z-score
AST SpaceMobile, Inc.'s Altman Z-score for fiscal 2025 is 4.40, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.40 | (1.56) |
| FY2024 | 5.96 | 4.69 |
| FY2022 | 1.27 | (1.42) |
| FY2021 | 2.69 | (0.02) |
| FY2020 | 2.71 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.46 | — | 0.55 | |
| Retained earnings / total assets | (0.17) | — | −0.23 | |
| EBIT / total assets | (0.06) | — | −0.19 | |
| Market value of equity / total liabilities | 7.09 | — | 4.25 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Safe zone | 4.40 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.05 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UI Ubiquiti Inc. compare | 30.4× |
| CIEN Ciena Corporation compare | 5.8× |
| ASTS AST SpaceMobile, Inc. | 4.4× |
| ZBRA Zebra Technologies Corporation compare | 3.3× |
| AAOI Applied Optoelectronics, Inc. compare | 3.0× |
| ERIC Ericsson compare | 2.9× |
| NOK Nokia Corporation compare | 2.0× |
| VSAT Viasat Inc. compare | 0.8× |
| VIAV Viavi Solutions Inc. compare | −29.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets