Recent News
On July 20–21 the company completed a private offering of convertible senior notes totaling roughly $1.0 billion (with an exercised option for additional notes). In mid- to late July management disclosed a pushback of commercial Direct‑to‑Device service deployment from late 2026 to early 2027 and revised the target of ~45 satellites to early‑2027 timing. Independent filings and counsel notices also showed investor litigation activity and mixed analyst commentary, including at least one bullish analyst note published in July.
Technical Analysis
Directional indicators show an emerging trend strength (ADX 23.71) while directional momentum leans bearish: DI- at 30.07 and increasing, DI+ at 16.18 and decreasing, indicating sellers currently dominate and trend strength sits in the emerging range.
MACD stands negative at -6.73 with a declining MACD_trend and a signal line at -5.84; momentum remains bearish and MACD sits below its signal line, so no bullish MACD cross appears.
MRO equals -9.47 and is decreasing; the oscillator sits below zero, implying price resides below model targets and leaving upward potential, though the increasing negative momentum suggests that potential remains unexpressed near term.
RSI at 43.0 with a peak-and-reversal signal indicates recent loss of upside momentum and supports the current downside bias; price sits below short and long moving averages (price $56.20 vs 20‑day $65.00, 50‑day $84.18, 200‑day $83.15), reinforcing a pressured price structure.
Bollinger bounds show the close trading marginally under the 1x lower band (lower 1x = $56.86), implying proximity to short-term volatility support; super trend resistance sits near $72.98 while 42‑day beta (3.84) and elevated volume history show above‑average sensitivity to sector news, so technical risk remains elevated despite lower immediate volume.
Fundamental Analysis
Revenue for the period totaled $14,735,000 with YoY revenue growth of 16.46% but a sharp QoQ contraction (revenue growth QoQ -127.14%), reflecting timing variability in commercialization. Gross margin stands at 20.94%, below the industry peer mean of 43.98% and indicating material cost structure dispersion versus peers.
Operating metrics show operating margin at -10.14% and EBIT margin at -15.21%; both fall well below the industry peer mean EBIT margin of 3.40% and the peer median. QoQ improvement in EBIT margin (+9.74 percentage points) contrasts with a dramatic YoY deterioration (-81.40 percentage points), signaling volatile operating leverage as capital intensity ramps.
Net income registered a loss of $191,012,000 and EBITDA negative at $206,519,000. EPS came in at -$0.66 versus an estimate of -$0.20, producing an EPS surprise of -230%, which reflects larger-than-forecast losses for the reported period. Forward EPS remains negative at -$0.065.
Liquidity and balance sheet: cash and short‑term investments total $3.03 billion, producing a cash ratio of 17.75 and a current ratio of 18.47, providing a large near‑term liquidity cushion relative to current liabilities of $170.7 million. Total debt stands at $2.99 billion with debt‑to‑assets 49.44% and debt‑to‑equity 1.44, reflecting meaningful leverage alongside substantial cash holdings.
Valuation multiples show extreme dispersion: P/B about 11.91 while P/S and EV/R are elevated (P/S 1,681.04; EVR 1,678.45), reflecting valuation measures that the market currently prices well above revenue and typical book comparisons. WMDST values the stock as over‑valued based on those valuation metrics together with negative operating profitability and high enterprise valuation versus fundamentals.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-11 |
| NEXT REPORT DATE: | 2026-08-10 |
| CASH FLOW | Begin Period Cash Flow | $ 2.8 B |
| Operating Cash Flow | $ -48.06 M | |
| Capital Expenditures | $ -279.26 M | |
| Change In Working Capital | $ 27.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 678.9 M | |
| End Period Cash Flow | $ 3.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 14.7 M | |
| Forward Revenue | $ 374.4 K | |
| COSTS | ||
| Cost Of Revenue | $ 11.6 M | |
| Depreciation | $ 17.6 M | |
| Depreciation and Amortization | $ 17.6 M | |
| Research and Development | $ 91.2 M | |
| Total Operating Expenses | $ 164.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 3.1 M | |
| EBITDA | $ -206.52 M | |
| EBIT | $ -224.13 M | |
| Operating Income | $ -149.41 M | |
| Interest Income | $ 27.0 M | |
| Interest Expense | $ 24.3 M | |
| Net Interest Income | $ 2.7 M | |
| Income Before Tax | $ -248.41 M | |
| Tax Provision | $ 1.2 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ -191.01 M | |
| Net Income From Continuing Operations | $ -249.58 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.20 | |
| EPS Actual | $ -0.66 | |
| EPS Difference | $ -0.46 | |
| EPS Surprise | -230.0 % | |
| Forward EPS | $ -0.07 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.1 B | |
| Intangible Assets | $ 267.7 M | |
| Net Tangible Assets | $ 1.8 B | |
| Total Current Assets | $ 3.2 B | |
| Cash and Short-Term Investments | $ 3.0 B | |
| Cash | $ 3.0 B | |
| Net Receivables | $ 27.5 M | |
| Inventory | $ 16.8 M | |
| Long-Term Investments | $ 973.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 60.9 M | |
| Short-Term Debt | $ 8.2 M | |
| Total Current Liabilities | $ 170.7 M | |
| Net Debt | — | |
| Total Debt | $ 3.0 B | |
| Total Liabilities | $ 3.4 B | |
| EQUITY | ||
| Total Equity | $ 2.1 B | |
| Retained Earnings | $ -1.02 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.97 | |
| Shares Outstanding | 298.454 M | |
| Revenue Per-Share | $ 0.05 | |
| VALUATION | Market Capitalization | $ 24.8 B |
| Enterprise Value | $ 24.7 B | |
| Enterprise Multiple | -119.756 | |
| Enterprise Multiple QoQ | -70.418 % | |
| Enterprise Multiple YoY | 5.364 % | |
| Enterprise Multiple IPRWA | high: 77.442 mean: 48.532 median: 30.638 low: 24.602 ASTS: -119.756 |
|
| EV/R | 1678.446 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.91 | |
| Asset To Liability | 1.785 | |
| Debt To Capital | 0.59 | |
| Debt To Assets | 0.494 | |
| Debt To Assets QoQ | 10.687 % | |
| Debt To Assets YoY | 41.126 % | |
| Debt To Assets IPRWA | high: 0.871 ASTS: 0.494 median: 0.414 mean: 0.41 low: 0.001 |
|
| Debt To Equity | 1.439 | |
| Debt To Equity QoQ | 18.292 % | |
| Debt To Equity YoY | 70.494 % | |
| Debt To Equity IPRWA | high: 1.597 ASTS: 1.439 median: 0.002 mean: -10.017 low: -25.554 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 11.912 | |
| Price To Book QoQ | -11.788 % | |
| Price To Book YoY | 16.32 % | |
| Price To Book IPRWA | ASTS: 11.912 high: 3.699 median: 0.938 mean: -2.482 low: -10.699 |
|
| Price To Earnings (P/E) | -125.749 | |
| Price To Earnings QoQ | -62.47 % | |
| Price To Earnings YoY | 2.325 % | |
| Price To Earnings IPRWA | high: 661.024 mean: 100.582 median: 50.409 low: -47.351 ASTS: -125.749 |
|
| PE/G Ratio | -0.817 | |
| Price To Sales (P/S) | 1681.037 | |
| Price To Sales QoQ | 267.101 % | |
| Price To Sales YoY | -79.272 % | |
| Price To Sales IPRWA | ASTS: 1681.037 high: 4.659 mean: 3.97 median: 3.921 low: 2.232 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -1184.148 | |
| Forward PE/G | -7.697 | |
| Forward P/S | 57934.123 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.627 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.003 | |
| Asset Turnover Ratio QoQ | -81.476 % | |
| Asset Turnover Ratio YoY | 329.032 % | |
| Asset Turnover Ratio IPRWA | high: 0.481 mean: 0.265 median: 0.109 low: 0.078 ASTS: 0.003 |
|
| Receivables Turnover | 0.452 | |
| Receivables Turnover Ratio QoQ | -79.511 % | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | high: 7.517 mean: 4.76 median: 2.67 low: 1.969 ASTS: 0.452 |
|
| Inventory Turnover | 0.81 | |
| Inventory Turnover Ratio QoQ | -68.479 % | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | high: 8.707 mean: 3.664 median: 3.199 low: 0.874 ASTS: 0.81 |
|
| Days Sales Outstanding (DSO) | 201.818 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 79.507 | |
| Cash Conversion Cycle Days QoQ | -113.802 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | ASTS: 79.507 high: 10.475 median: 5.174 mean: -13.457 low: -136.613 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.005 | |
| CapEx To Revenue | -18.952 | |
| CapEx To Depreciation | -15.854 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.0 B | |
| Net Invested Capital | $ 5.1 B | |
| Invested Capital | $ 5.1 B | |
| Net Tangible Assets | $ 1.8 B | |
| Net Working Capital | $ 3.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 17.748 | |
| Current Ratio | 18.469 | |
| Current Ratio QoQ | 12.94 % | |
| Current Ratio YoY | 73.864 % | |
| Current Ratio IPRWA | ASTS: 18.469 high: 1.903 median: 1.857 mean: 1.781 low: 1.21 |
|
| Quick Ratio | 18.37 | |
| Quick Ratio QoQ | 12.891 % | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | ASTS: 18.37 high: 2.208 median: 0.909 mean: 0.873 low: 0.402 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -14.485 | |
| Cost Of Debt | 0.557 % | |
| Interest Coverage Ratio | -9.232 | |
| Interest Coverage Ratio QoQ | 117.673 % | |
| Interest Coverage Ratio YoY | -25.545 % | |
| Interest Coverage Ratio IPRWA | high: 33.802 mean: 15.347 median: 0.82 low: -0.162 ASTS: -9.232 |
|
| Operating Cash Flow Ratio | -0.901 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 166.928 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 20.676 % | |
| Revenue Growth | -72.866 % | |
| Revenue Growth QoQ | -127.144 % | |
| Revenue Growth YoY | 16.464 % | |
| Revenue Growth IPRWA | high: -0.556 % median: -0.693 % mean: -0.695 % low: -1.084 % ASTS: -72.866 % |
|
| Earnings Growth | 153.846 % | |
| Earnings Growth QoQ | -464.374 % | |
| Earnings Growth YoY | 1284.628 % | |
| Earnings Growth IPRWA | ASTS: 153.846 % high: 51.613 % mean: 6.702 % median: 6.383 % low: -115.385 % |
|
| MARGINS | ||
| Gross Margin | 20.943 % | |
| Gross Margin QoQ | -54.31 % | |
| Gross Margin YoY | -79.057 % | |
| Gross Margin IPRWA | high: 57.509 % median: 45.972 % mean: 43.981 % low: 37.838 % ASTS: 20.943 % |
|
| EBIT Margin | -1521.099 % | |
| EBIT Margin QoQ | 974.078 % | |
| EBIT Margin YoY | -81.402 % | |
| EBIT Margin IPRWA | high: 8.616 % median: 4.714 % mean: 3.397 % low: -2.97 % ASTS: -1521.099 % |
|
| Return On Sales (ROS) | -1013.994 % | |
| Return On Sales QoQ | 661.857 % | |
| Return On Sales YoY | -87.602 % | |
| Return On Sales IPRWA | high: 8.616 % median: 8.248 % mean: 2.349 % low: -6.871 % ASTS: -1013.994 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -327.32 M | |
| Free Cash Flow Yield | -1.321 % | |
| Free Cash Flow Yield QoQ | -8.518 % | |
| Free Cash Flow Yield YoY | -48.378 % | |
| Free Cash Flow Yield IPRWA | high: 2.56 % median: 2.155 % mean: 0.343 % ASTS: -1.321 % low: -2.818 % |
|
| Free Cash Growth | -8.866 % | |
| Free Cash Growth QoQ | -203.587 % | |
| Free Cash Growth YoY | -125.42 % | |
| Free Cash Growth IPRWA | high: 22.591 % ASTS: -8.866 % median: -27.004 % mean: -143.961 % low: -301.573 % |
|
| Free Cash To Net Income | 1.714 | |
| Cash Flow Margin | -1043.678 % | |
| Cash Flow To Earnings | 0.805 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -3.452 % | |
| Return On Assets QoQ | 76.573 % | |
| Return On Assets YoY | -12.23 % | |
| Return On Assets IPRWA | high: 3.143 % mean: 0.882 % median: -0.167 % low: -1.285 % ASTS: -3.452 % |
|
| Return On Capital Employed (ROCE) | -3.812 % | |
| Return On Equity (ROE) | -0.092 | |
| Return On Equity QoQ | 128.678 % | |
| Return On Equity YoY | 14.282 % | |
| Return On Equity IPRWA | high: 0.38 mean: 0.179 median: 0.062 low: -0.006 ASTS: -0.092 |
|
| DuPont ROE | -9.732 % | |
| Return On Invested Capital (ROIC) | -2.663 % | |
| Return On Invested Capital QoQ | 78.008 % | |
| Return On Invested Capital YoY | -52.967 % | |
| Return On Invested Capital IPRWA | high: 6.382 % mean: 2.823 % median: 0.495 % low: -0.342 % ASTS: -2.663 % |
|