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Friday 6 November 2026
Export GSAT’s income statement to Excel — free account
Globalstar, Inc.
GSAT Communication Services Telecom Services
Globalstar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $273.0 million, up 9.04% from fiscal 2024.
- Revenue
- −3.98%
- EPS
- −1,300.0%
- Free cash flow
- −42.8%
- Total debt
- −30.6%
Quarter to September 2026, against a year earlier
83.70
0.88
−1.04%
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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 Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 97 | 113 | 130 | 132 | 128 | 124 | 149 | 224 | 250 | 273 | 278 | +12.2% | 289 | 349 | 414 | +14.9% | |
| Gross margin, % | 56.83 | 57.56 | 59.97 | 59.28 | 62.11 | 58.19 | 56.22 | 68.96 | 66.94 | 64.80 | 0.00 | +8.0 pt | ||||||
| EBT | (139) | (89) | (6) | 16 | (109) | (113) | (257) | (24) | (61) | (3) | (62) | (35.3%) | ||||||
| EBT margin, % | (143.70) | (78.90) | (4.91) | 12.05 | (84.82) | (90.85) | (172.95) | (10.54) | (24.38) | (1.02) | (22.46) | +142.7 pt | ||||||
| Net income | (133) | (89) | (7) | 15 | (110) | (113) | (257) | (25) | (63) | (9) | (71) | (26.2%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 1.36 | 1.45 | 1.54 | 1.36 | 1.17 | 1.06 | 1.24 | 1.83 | 1.99 | 2.15 | 2.14 | +5.2% | |||||
| Earnings | (1.80) | (1.20) | (0.08) | 0.15 | (1.05) | (0.90) | (2.10) | (0.30) | (0.59) | (0.15) | (0.64) | (24.1%) | ||||||
| Cash flow | 0.12 | 0.18 | 0.07 | 0.03 | 0.20 | 1.12 | 0.53 | 0.61 | 3.49 | 4.90 | 3.65 | +50.5% | ||||||
| Capex | (0.16) | (0.11) | (0.12) | (0.08) | (0.07) | (0.07) | (0.06) | (0.07) | (0.05) | (0.04) | (0.05) | (13.5%) | ||||||
| Free cash flow | (0.04) | 0.06 | (0.05) | (0.05) | 0.14 | 1.05 | 0.47 | 0.54 | 3.44 | 4.86 | 3.60 | n/m | ||||||
| Book value | 2.28 | 3.74 | 4.24 | 4.21 | 3.86 | 3.10 | 2.62 | 3.10 | 2.85 | 2.81 | 2.14 | +2.3% | ||||||
| Shares, m | 71 | 78 | 85 | 97 | 110 | 118 | 120 | 122 | 126 | 127 | 128 | +6.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 405.06 | 58.89 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 46.4 | |||||
| P/S | 19.46 | 13.26 | 6.25 | 5.72 | 4.33 | 16.48 | 15.76 | 15.33 | 15.61 | 28.34 | 39.06 | 14.1 | ||||||
| P/B | 11.65 | 5.13 | 2.26 | 1.85 | 1.32 | 5.61 | 7.44 | 9.05 | 10.89 | 21.75 | 39.13 | 7.7 | ||||||
| EV/Sales | 25.30 | 16.89 | 9.23 | 9.19 | 7.20 | 18.30 | 16.86 | 16.69 | 16.09 | 28.48 | 39.14 | 16.4 | ||||||
| EV/FCF | (954.46) | 381.20 | (269.92) | (237.30) | 61.68 | 18.33 | 53.22 | 73.97 | 9.83 | 13.10 | 24.52 | (85.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 9 | 14 | 6 | 3 | 22 | 132 | 64 | 74 | 439 | 622 | 473 | +60.5% | |||||
| Capex | (11) | (9) | (10) | (8) | (7) | (8) | (8) | (8) | (7) | (6) | (7) | (7.7%) | ||||||
| Free cash flow | (3) | 5 | (4) | (5) | 15 | 124 | 56 | 66 | 432 | 616 | 466 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (134) | (24) | (37) | 0 | (46) | 7 | (116) | (33) | 306 | 291 | 142 | n/m | |||||
| Net debt | 566 | 409 | 388 | 458 | 368 | 227 | 163 | 304 | 120 | 36 | 23 | (26.3%) | ||||||
| Shareholders’ equity | 162 | 291 | 359 | 407 | 423 | 365 | 315 | 379 | 359 | 356 | 277 | +9.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (11.50) | (7.88) | (0.60) | 1.52 | (11.83) | (13.23) | (33.27) | (4.25) | (5.60) | (0.95) | (3.51) | +10.6 pt | |||||
| ROIC | (5.43) | (6.11) | (3.96) | (4.63) | (4.67) | (6.91) | (28.91) | (0.02) | (0.12) | 1.18 | 2.21 | +6.6 pt | ||||||
| ROE | (66.50) | (39.32) | (2.00) | 4.00 | (26.41) | (28.57) | (75.93) | (10.18) | (20.00) | (5.39) | (25.50) | +61.1 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 344 | 333 | 353 | 336 | 346 | 329 | 332 | 348 | 389 | 477 | — | +3.7% | |||||
| Revenue/emp, $m | 0.28 | 0.34 | 0.37 | 0.39 | 0.37 | 0.38 | 0.45 | 0.64 | 0.64 | 0.57 | — | +8.2% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Globalstar, Inc. vs peers in Telecom Services (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 |
|---|---|---|---|---|---|---|---|---|---|
| CHTR Charter Communications, Inc. | $22.2B | 3.2× | 2.8× | −1.74% (below 0%: shrinking) | +14.35% (above 0%: growing) | +45.18% (above 0%: growing) | 39.27% | 22.65% | Compare |
| VIV Telefonica Brasil S.A. | $18.1B | 29.4× | 13.0× | +20.64% (above 0%: growing) | +33.01% (above 0%: growing) | +3.07% (above 0%: growing) | 45.54% | 16.48% | Compare |
| TIGO Millicom International Cellular SA | $13.3B | 19.9× | 23.4× | +59.40% (above 0%: growing) | −83.95% (below 0%: shrinking) | +66.11% (above 0%: growing) | 75.26% | 21.20% | Compare |
| SKM SK Telecom Co., Ltd. | $11.2B | 23.6× | — | +0.47% (above 0%: growing) | +406.25% (above 0%: growing) | −29.63% (below 0%: shrinking) | 89.10% | 12.99% | Compare |
| GSAT Globalstar, Inc. | $10.8B | — (loss-making) | — (loss-making) | −3.98% (below 0%: shrinking) | n/m | −42.79% (below 0%: shrinking) | 0.00% | 10.73% | |
| TLK PT Telekomunikasi Indonesia, Tbk | $10.8B | 8.0× | — | −8.61% (below 0%: shrinking) | +5,809.09% (above 0%: growing) | −24.07% (below 0%: shrinking) | 100.00% | 24.01% | Compare |
| KT KT Corporation | $8.7B | 9.9× | — | −10.06% (below 0%: shrinking) | −39.60% (below 0%: shrinking) | −46.85% (below 0%: shrinking) | 9.71% | 9.71% | Compare |
| TIMB TIM S.A. Sponsored ADR | $8.7B | 10.7× | 13.0× | +18.33% (above 0%: growing) | +14.29% (above 0%: growing) | +17.75% (above 0%: growing) | 55.35% | 24.42% | Compare |
| LBTYB Liberty Global Ltd | $7.1B | — (loss-making) | — | −7.65% (below 0%: shrinking) | n/m | +429.69% (above 0%: growing) | 50.62% | 0.26% | Compare |
| Median of peers | $11.0B | 10.7× | 13.0× | −0.63% | +14.35% | +10.41% | 52.98% | 18.84% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
25.87%
Held by the ten largest
14.39%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 4.95m | 3.82% | −193.60k |
| BlackRock | 3.24m | 2.49% | −767.62k |
| Norges Bank | 2.08m | 1.61% | +2.08m |
| VanEck | 1.43m | 1.10% | +452.93k |
| Pentwater Capital Management LP | 1.36m | 1.04% | +1.36m |
| State Street | 1.29m | 0.99% | −249.73k |
| Geode Capital Management | 1.21m | 0.93% | −245.95k |
| BECK MACK & OLIVER LLC | 1.10m | 0.85% | −12.78k |
| Millennium Management | 1.03m | 0.79% | +1.03m |
| Arrowstreet Capital | 991.12k | 0.76% | +905.61k |
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 2 April 2026
Ownership
Directors and executive officers, together
60.00%
James Monroe IIIFL Investment Holdings, LLC Thermo Funding Company, LLCThermo Funding II LLCGlobalstar Satellite, L.P.Monroe Irr. Educational TrustThermo Properties II LLCJames Monroe III Grantor TrustThermo Investments LPThermo XCOM LLC
58.00%
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
Globalstar, Inc. (GSAT) Latest News
28 Oct
29 Sep
21 Sep
17 Aug
16 Aug
6 Aug
27 Jul
GSAT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Globalstar provides satellite communications services to businesses, governments and individuals, as well as wholesale satellite capacity to Apple. Its network connects devices in places where cellular or wireline networks are unavailable, unreliable or disrupted. Dr. Paul E. Jacobs is chief executive officer.
The Globalstar System combines low-Earth-orbit satellites, ground stations called gateways, and licensed radio spectrum. A satellite relays a device’s signal to a gateway, which connects the communication to a telephone network, another wireless network or the internet. A gateway and the subscriber must both have a line of sight to the satellite for service.