AST SpaceMobile

ASTS · Nasdaq · Communication Services · Financials, fiscal 2021 to 2025

ASTS · Last close · October 26, 2026

$39.45

AST SpaceMobile's revenue rose 1511.8% to $71 million in fiscal 2025. Its net margin was −482.2%, up from −6,820.1% a year earlier. Free cash flow was −$1.1 billion. The diluted share count rose 65.7%.

AST SPACEMOBILE, INC. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001780312-26-000006 Updated October 11, 2026

Revenue

$71M

1511.8%

Net margin

−482.2%

6337.9 pts

Net income

−$342M

Free cash flow

−$1.1B

Return on equity

−22.3%

45.6 pts

Market cap

$11.8B

Oct 26 close

P/E

—

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. AST SpaceMobile's figures start in 2021, the year it listed by merging with New Providence Acquisition Corp; the 2020 figures in its filings mix that blank-check company's and AST's own. AST SpaceMobile's income statement has no operating income line in the SEC's structured data, so operating income and the ratios built on it are left blank. AST SpaceMobile's filings from 2022 tag its earnings per share only for its Class A shares, so per-share figures are blank from then.

What AST SpaceMobile does

AST SpaceMobile is building a network of satellites in low Earth orbit meant to give ordinary smartphones cellular broadband service where land-based coverage does not reach. The company calls the planned product the SpaceMobile Service. It is still in development, and the company has not yet started to earn revenue from it. It also pursues government uses for its technology and patents.

The plan is to work through mobile network operators (MNOs), the phone companies that already serve users. AST says it has partnerships with over 50 of them, with nearly 3 billion subscribers worldwide. Users would not need new equipment or have to sign up with AST. AST intends to use a revenue-sharing model in its agreements with the operators, though it describes this as an intention.

The network uses spectrum, the radio frequencies that carry signals, that belongs to the operators, and AST has signed usage agreements for more. These include an agreement with Ligado Networks for mid-band spectrum, which still depends on conditions including regulatory approval. AST says it owns the technology and controls the manufacturing, itself or through contract makers, for approximately 95% of the sub-systems in its Block 2 satellites. It reported a net loss attributable to common stockholders of $341.9 million for 2025.

Its biggest risks, as it describes them

The service is still in development and may not be finished on time or at all, and may cost more than planned.
It must raise a lot more money, and it has a history of losses and may never be profitable.
Dependence on mobile network operators and on regulatory approvals to use the spectrum it needs.
Dependence on its founder, Chairman and Chief Executive Officer.
Reliance on outside suppliers for equipment, satellite parts and launches, and strong competition.

From AST SpaceMobile's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

AST SpaceMobile lost money in fiscal 2025: a net loss of $342 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value AST SpaceMobile yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from AST SpaceMobile's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. AST SpaceMobile's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to AST SpaceMobile's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 9% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $39.45
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and AST SpaceMobile's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	636	469	155	1,075	4,336
Debt incl. finance leases	5	5	60	158	2,220
Net debt (negative means net cash)	−632	−464	−96	−917	−2,116
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.0x	0.0x	0.3x	0.2x	0.9x
Interest coverage	−5,609.0x	−511.5x	−48.1x	−27.1x	−13.4x
Current ratio	15.7x	9.7x	2.3x	7.9x	16.4x
Quick ratio	15.6x	9.7x	2.3x	7.9x	16.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $806,435 of AST SpaceMobile shares on the open market, and 7 insiders sold $451.6 million, $12.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 16, 2026	Huiwen YaoChief Technology Officer	Sold plan	40,000	$58.93	$2.4 million	Form 4
Sep 16, 2026	Shanti B. GuptaChief Operating Officer	Sold	12,000	$58.89	$706,680	Form 4
Aug 31, 2026	Adriana CisnerosDirector	Bought	10,822	$57.22	$619,200	Form 4
Jun 11, 2026	Andrew Martin JohnsonCFO and CLO, Director	Sold	45,809	$93.81	$4.3 million	Form 4
Jun 5, 2026	Huiwen YaoChief Technology Officer	Sold plan	40,000	$96.37	$3.9 million	Form 4
May 20, 2026	Andrew Martin JohnsonCFO and CLO, Director	Sold	5,000	$90.25	$451,250	Form 4
May 13, 2026	Julio A. TorresDirector	Sold	15,000	$76.34	$1.1 million	Form 4
Apr 15, 2026	Rakuten Group Inc.10% owner	Sold	1,350,000	$86.22	$116.4 million	Form 4
Apr 14, 2026	Rakuten Group Inc.10% owner	Sold	1,690,000	$91.42	$154.5 million	Form 4
Mar 23, 2026	Huiwen YaoChief Technology Officer	Sold plan	40,000	$88.88	$3.6 million	Form 4
Dec 24, 2025	Keith R LarsonDirector	Bought plan	625	$80.00	$50,000	Form 4
Dec 17, 2025	Keith R LarsonDirector	Bought plan	715	$70.02	$50,064	Form 4

The latest 12 of 19 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	—	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	3 of 8	4 of 8
Accruals ratio	15.4%	−26.4%	−9.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put AST SpaceMobile side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AST SpaceMobile	FY25	1,511.8%	—	−1,602.2%	—	—	4
Shenandoah Telecommunications	FY25	9.1%	−6.5%	−72.1%	−1.3%	5.8x	3	Compare
Veon	FY25	9.9%	32.7%	—	36.4%	0.6x	—	Compare
EchoStar	FY25	−5.2%	−118.1%	−7.1%	−39.9%	—	1	Compare
Rogers Communications	FY25	5.4%	45.2%	10.1%	15.0%	2.7x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	12	14	0	4	71
Revenue growth	—	11.4%	−100.0%	—	1,511.8%
Gross profit	5	7	0	—	—
Research and development	23	46	48	29	28
Operating income	—	—	—	—	—
Net income	−31	−32	−88	−300	−342
Diluted EPS (US$)	−0.37	—	—	—	—
Diluted shares (millions)	52	—	82	154	256
Cash flow
Cash from operations	−80	−156	−149	−126	−72
Capital expenditure	15	57	119	174	1,065
Free cash flow	−95	−214	−268	−300	−1,136
Dividends paid	0	0	0	0	0
Share buybacks	0	0	0	0	0
Acquisitions	0	0	0	0	0
Stock-based compensation	4	9	13	32	48
Balance sheet at fiscal year end
Cash and short-term investments	636	469	155	1,075	4,336
Debt incl. finance leases	5	5	60	158	2,220
Total assets	444	438	361	955	5,014
Total liabilities	92	78	147	285	2,622
Shareholders' equity	352	360	214	669	2,392
Margins and ratios
Gross margin	39.0%	51.4%	—	—	—
Operating margin	—	—	—	—	—
Net margin	−246.3%	−228.9%	—	−6,820.1%	−482.2%
Free cash flow margin	−767.2%	−1,546.1%	—	−6,824.3%	−1,602.2%
Return on capital	—	—	—	—	—
Return on equity	—	−8.9%	−30.5%	−68.0%	−22.3%
Return on assets	—	−7.2%	−21.9%	−45.6%	−11.5%
Net debt to EBITDA	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AST SpaceMobile's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AST SpaceMobile.