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On November 18, 2025 Globalstar announced it surpassed more than 50% of a $2.0 billion pledge to the ITU Partner2Connect initiative, reporting over $1.0 billion invested toward space and ground infrastructure and commissioning replacement satellites while beginning the global buildout of its third-generation C‑3 system.
Technical Analysis
ADX registers 14.3, indicating no trend; this low strength reduces the reliability of momentum-based breakout expectations and supports a near-term range-bound outlook relative to the current valuation.
DI+ at 22.27 shows a decreasing trend, which carries bearish directional bias against the valuation and suggests selling pressure relative to recent highs.
DI- at 18.4 shows a dip & reversal, which signals increasing negative directional force and further pressures short-term price upside given the company’s over-valued status.
MACD shows a peak & reversal (MACD 0.05 vs signal 0.55), a bearish momentum profile that weakens the case for sustained upward re-rating from current levels.
MRO reads 10.45 with a dip & reversal; the positive MRO implies price sits above WMDST’s target and therefore carries downside potential that weighs on valuation support.
RSI at 54.94 with a decreasing trend indicates loss of near-term bullish momentum and aligns with technical signals pointing toward consolidation or pullback rather than immediate strength.
Price sits under the 12‑day EMA and under short-term averages (price $59.85 vs 20‑day/50‑day average $62.37, 12‑day EMA 62.09 showing a peak & reversal), reinforcing short-term downside tilt despite a long-term average well below current price (200‑day avg $36.63).
Bollinger bands place the close just below the 1‑sigma lower band (lower 1× std dev $59.86), creating a near-term mean‑reversion trigger zone but only if buying momentum returns; high 42‑day beta (2.91) increases the probability of volatile moves around that zone.
Fundamental Analysis
Revenue for the period totaled $73.845 million, with revenue growth QoQ down -15.87% and revenue growth YoY down -49.49%, indicating recent top‑line pressure despite product and contract activity. Operating income (EBIT) reached $10.271 million and EBITDA $31.964 million, producing an EBIT margin of 13.91% which sits below the industry peer mean of 20.57% and the industry peer median of 21.69%.
EPS delivered $0.01 versus an estimate of -$0.03, exceeding consensus by $0.04 — a 133.33% EPS surprise — which reduces near‑term execution risk but does not materially alter valuation given elevated price multiples.
Liquidity stands strong: current ratio 2.53 and cash plus short‑term investments $346.293 million yield a cash ratio 2.19, providing runway to fund infrastructure commitments tied to the $2.0 billion pledge and ongoing capital expenditures ($119.834 million CAPEX).
Leverage and coverage show mixed signals: total debt $564.75 million and net debt $162.291 million produce debt-to-EBITDA around 17.7, signaling high leverage relative to operating cash flow cadence, while interest coverage at 3.58 tracks slightly below the industry peer mean of 3.72.
Margins and cash flow offer constructive elements: gross margin 65.30% and operating margin 13.91% support strong cash conversion (operating cash flow $236.021 million, free cash flow $116.187 million and free cash flow yield 2.39%, above the industry peer mean of 1.56%), but free cash growth shows contraction YoY and QoQ changes that warrant monitoring.
Market multiples convey a valuation premium: price-to-book ~13.32, price-to-sales ~65.81, and trailing P/E ~3,836.6 with forward P/E ~272.7, all substantially above industry peer means and medians; WMDST values the stock as over‑valued given these multiples relative to operating performance and growth trajectories.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 308.2 M |
| Operating Cash Flow | $ 236.0 M | |
| Capital Expenditures | $ -119.83 M | |
| Change In Working Capital | $ 197.6 M | |
| Dividends Paid | $ -2.67 M | |
| Cash Flow Delta | $ 38.1 M | |
| End Period Cash Flow | $ 346.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 73.8 M | |
| Forward Revenue | $ 229.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 25.6 M | |
| Depreciation | $ 21.7 M | |
| Depreciation and Amortization | $ 21.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 63.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 48.2 M | |
| EBITDA | $ 32.0 M | |
| EBIT | $ 10.3 M | |
| Operating Income | $ 10.3 M | |
| Interest Income | $ -11.03 M | |
| Interest Expense | — | |
| Net Interest Income | $ -11.03 M | |
| Income Before Tax | $ 2.2 M | |
| Tax Provision | $ 1.1 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 1.1 M | |
| Net Income From Continuing Operations | $ 1.1 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.03 | |
| EPS Actual | $ 0.01 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 133.333 % | |
| Forward EPS | $ 0.11 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.2 B | |
| Intangible Assets | $ 143.3 M | |
| Net Tangible Assets | $ 221.5 M | |
| Total Current Assets | $ 401.0 M | |
| Cash and Short-Term Investments | $ 346.3 M | |
| Cash | $ 346.3 M | |
| Net Receivables | $ 26.0 M | |
| Inventory | $ 11.4 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 45.2 M | |
| Short-Term Debt | $ 23.5 M | |
| Total Current Liabilities | $ 158.4 M | |
| Net Debt | $ 162.3 M | |
| Total Debt | $ 564.8 M | |
| Total Liabilities | $ 1.8 B | |
| EQUITY | ||
| Total Equity | $ 364.8 M | |
| Retained Earnings | $ -2.13 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.88 | |
| Shares Outstanding | 126.821 M | |
| Revenue Per-Share | $ 0.58 | |
| VALUATION | Market Capitalization | $ 4.9 B |
| Enterprise Value | $ 5.1 B | |
| Enterprise Multiple | 158.874 | |
| Enterprise Multiple QoQ | 34.705 % | |
| Enterprise Multiple YoY | 116.834 % | |
| Enterprise Multiple IPRWA | GSAT: 158.874 high: 48.571 mean: 23.899 median: 19.554 low: -79.564 |
|
| EV/R | 68.769 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.927 | |
| Asset To Liability | 1.203 | |
| Debt To Capital | 0.608 | |
| Debt To Assets | 0.261 | |
| Debt To Assets QoQ | -8.158 % | |
| Debt To Assets YoY | 592.575 % | |
| Debt To Assets IPRWA | high: 0.832 mean: 0.438 median: 0.419 GSAT: 0.261 low: 0.005 |
|
| Debt To Equity | 1.548 | |
| Debt To Equity QoQ | 2.897 % | |
| Debt To Equity YoY | 1663.098 % | |
| Debt To Equity IPRWA | high: 4.017 median: 1.651 mean: 1.649 GSAT: 1.548 low: 0.008 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.321 | |
| Price To Book QoQ | 50.037 % | |
| Price To Book YoY | 122.854 % | |
| Price To Book IPRWA | GSAT: 13.321 high: 6.375 mean: 3.223 median: 2.607 low: 0.0 |
|
| Price To Earnings (P/E) | 3836.6 | |
| Price To Earnings QoQ | 2009.462 % | |
| Price To Earnings YoY | -21.922 % | |
| Price To Earnings IPRWA | GSAT: 3836.6 high: 98.175 mean: 51.514 median: 47.99 low: -81.042 |
|
| PE/G Ratio | -41.563 | |
| Price To Sales (P/S) | 65.811 | |
| Price To Sales QoQ | 37.921 % | |
| Price To Sales YoY | 102.007 % | |
| Price To Sales IPRWA | high: 79.005 GSAT: 65.811 mean: 10.359 median: 5.096 low: 0.001 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 272.693 | |
| Forward PE/G | -2.954 | |
| Forward P/S | 21.168 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 6.73 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.036 | |
| Asset Turnover Ratio QoQ | -1.734 % | |
| Asset Turnover Ratio YoY | -53.755 % | |
| Asset Turnover Ratio IPRWA | high: 0.161 median: 0.129 mean: 0.124 GSAT: 0.036 low: 0.004 |
|
| Receivables Turnover | 2.91 | |
| Receivables Turnover Ratio QoQ | 3.223 % | |
| Receivables Turnover Ratio YoY | 73.413 % | |
| Receivables Turnover Ratio IPRWA | high: 4.536 GSAT: 2.91 mean: 1.626 median: 0.946 low: 0.226 |
|
| Inventory Turnover | 2.237 | |
| Inventory Turnover Ratio QoQ | 8.302 % | |
| Inventory Turnover Ratio YoY | 28.793 % | |
| Inventory Turnover Ratio IPRWA | high: 79.268 mean: 4.089 median: 3.42 GSAT: 2.237 low: 0.826 |
|
| Days Sales Outstanding (DSO) | 31.354 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -93.703 | |
| Cash Conversion Cycle Days QoQ | 23.448 % | |
| Cash Conversion Cycle Days YoY | 275.839 % | |
| Cash Conversion Cycle Days IPRWA | high: 125.897 mean: -17.559 median: -22.508 GSAT: -93.703 low: -164.518 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.304 | |
| CapEx To Revenue | -1.623 | |
| CapEx To Depreciation | -5.524 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 849.9 M | |
| Net Invested Capital | $ 873.4 M | |
| Invested Capital | $ 873.4 M | |
| Net Tangible Assets | $ 221.5 M | |
| Net Working Capital | $ 242.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.186 | |
| Current Ratio | 2.532 | |
| Current Ratio QoQ | -9.959 % | |
| Current Ratio YoY | 132.122 % | |
| Current Ratio IPRWA | high: 2.673 GSAT: 2.532 mean: 0.897 median: 0.81 low: 0.502 |
|
| Quick Ratio | 2.46 | |
| Quick Ratio QoQ | -9.67 % | |
| Quick Ratio YoY | 148.683 % | |
| Quick Ratio IPRWA | GSAT: 2.46 high: 1.935 mean: 0.836 low: 0.759 median: 0.759 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 17.668 | |
| Cost Of Debt | 0.41 % | |
| Interest Coverage Ratio | 3.576 | |
| Interest Coverage Ratio QoQ | 67.117 % | |
| Interest Coverage Ratio YoY | 6.27 % | |
| Interest Coverage Ratio IPRWA | high: 4.818 median: 3.801 mean: 3.718 GSAT: 3.576 low: -37.499 |
|
| Operating Cash Flow Ratio | 0.176 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 171.804 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.408 | |
| Dividend Payout Ratio | 2.452 | |
| Dividend Rate | $ 0.02 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 13.263 % | |
| Revenue Growth | 9.973 % | |
| Revenue Growth QoQ | -15.868 % | |
| Revenue Growth YoY | -49.486 % | |
| Revenue Growth IPRWA | high: 12.285 % GSAT: 9.973 % mean: 0.671 % median: -0.371 % low: -8.313 % |
|
| Earnings Growth | -92.308 % | |
| Earnings Growth QoQ | -62.238 % | |
| Earnings Growth YoY | -33.11 % | |
| Earnings Growth IPRWA | high: 340.0 % median: 2.5 % mean: -6.052 % GSAT: -92.308 % low: -123.012 % |
|
| MARGINS | ||
| Gross Margin | 65.295 % | |
| Gross Margin QoQ | -2.106 % | |
| Gross Margin YoY | -6.707 % | |
| Gross Margin IPRWA | high: 88.072 % GSAT: 65.295 % mean: 63.876 % median: 62.516 % low: 0.448 % |
|
| EBIT Margin | 13.909 % | |
| EBIT Margin QoQ | 51.961 % | |
| EBIT Margin YoY | 4.055 % | |
| EBIT Margin IPRWA | high: 63.744 % median: 21.687 % mean: 20.567 % GSAT: 13.909 % low: -31.685 % |
|
| Return On Sales (ROS) | 13.909 % | |
| Return On Sales QoQ | 51.961 % | |
| Return On Sales YoY | 4.055 % | |
| Return On Sales IPRWA | high: 34.674 % median: 22.213 % mean: 21.57 % GSAT: 13.909 % low: -31.685 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 116.2 M | |
| Free Cash Flow Yield | 2.391 % | |
| Free Cash Flow Yield QoQ | -0.084 % | |
| Free Cash Flow Yield YoY | 930.603 % | |
| Free Cash Flow Yield IPRWA | high: 7.901 % GSAT: 2.391 % mean: 1.556 % median: 1.22 % low: -7.031 % |
|
| Free Cash Growth | 51.54 % | |
| Free Cash Growth QoQ | -133.194 % | |
| Free Cash Growth YoY | -160.663 % | |
| Free Cash Growth IPRWA | high: 135.766 % GSAT: 51.54 % mean: 19.675 % median: -14.012 % low: -144.792 % |
|
| Free Cash To Net Income | 106.594 | |
| Cash Flow Margin | 37.717 % | |
| Cash Flow To Earnings | 25.552 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.054 % | |
| Return On Assets QoQ | -94.886 % | |
| Return On Assets YoY | -94.991 % | |
| Return On Assets IPRWA | high: 3.292 % median: 1.258 % mean: 1.115 % GSAT: 0.054 % low: -3.042 % |
|
| Return On Capital Employed (ROCE) | 0.513 % | |
| Return On Equity (ROE) | 0.003 | |
| Return On Equity QoQ | -94.383 % | |
| Return On Equity YoY | -88.14 % | |
| Return On Equity IPRWA | high: 0.223 median: 0.05 mean: 0.041 GSAT: 0.003 low: -0.102 |
|
| DuPont ROE | 0.3 % | |
| Return On Invested Capital (ROIC) | 0.929 % | |
| Return On Invested Capital QoQ | 62.982 % | |
| Return On Invested Capital YoY | -101.955 % | |
| Return On Invested Capital IPRWA | high: 7.24 % median: 3.288 % mean: 3.09 % GSAT: 0.929 % low: -4.021 % |
|