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Friday 6 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

32.12 1.92 +6.36%
Market cap
$11.8B
P/E
0.0×
Fwd P/E
−17.9×
Dividend yield
—
F-score
n/a
Altman Z
4.40
Beneish M
16.88
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

AST SpaceMobile, Inc. (ASTS) valuation and DCF model

What the price implies · reverse DCF

At $32.12 the price implies the cash flow shrinking by more than 20% a year.

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

Both are growth in revenue, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record AST SpaceMobile, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Revenue and margin
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in revenue. It usually slows as the company matures.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against AST SpaceMobile, Inc.’s own cost of capital: risk-free 4.3% + beta 2.84 × equity premium 4.5% = 17.1% cost of equity; weighted, 17.1%.

Use 17.1%
Equity value $(21.60b) ▼ below market cap $8.98b
Base case value per share $(77.25) equity value ÷ 279.64m shares
Current price $32.12 market price per share
Below today’s price 340.5% downside at the base case’s assumptions

How we got there$(22.13b) 10 years of cash to equity+$1.21b terminal value−$677.48m net debt=$(21.60b) equity value÷279.64m shares=$(77.25) per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Communication Equipment).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E — 493.50× 493.50× — 29.86× —
P/B 3.80× 3.66× 3.25× 17% above 1.72× 121% above
EV/Sales 84.86× 199.97× 167.88× 49% below 1.76× 4714% above
P/B EV/Sales
33.20×217.31×401.41×585.51×10Y avg 167.88×202120222022202420252026

ASTS trades at 84.86× EV/Sales, against a 10-year average of 167.88× (range 0.62×–645.30×). That is dearer than 60% of the last 5 year-end readings; re-rating to the average implies $65.92 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.