Explain this page
Arphra AIPlain-English read on AST SpaceMobile, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $4.44B | $25.32B | — | — | — | — |
| Enterprise value | — | — | — | $4.05B | $25.23B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 916.27 | 355.70 | — | — | — | — |
| EV / FCF | — | — | — | -13.48 | -22.20 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | -9.21% | -1.84% | — | — | — | — |
| Free cash flow yield | — | — | — | -9.21% | -6.11% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +39.03% | +51.44% | — | +100.00% | +53.42% | +78.22% | +77.95% | +78.58% | +78.44% |
| Operating margin | -675.80% | -1054.35% | — | -5494.84% | -405.70% | -2876.60% | -3018.69% | -3000.16% | -2921.99% |
| EBITDA margin | -675.80% | -705.74% | — | -10026.73% | -521.63% | -2866.33% | -2869.80% | -3016.60% | -2886.84% |
| EBIT margin | -699.28% | -739.82% | — | -11460.41% | -593.70% | -5883.79% | -6116.58% | -5929.28% | -6020.48% |
| Pre-tax margin | -587.91% | -741.38% | — | -11883.25% | -644.57% | -6301.83% | -6170.27% | -6267.54% | -6096.23% |
| Net margin | -246.30% | -228.86% | — | -6792.28% | -482.16% | -3655.30% | -3675.45% | -3720.65% | -3627.83% |
| Cost structure | |||||||||
| Cost of revenue / sales | +60.97% | +48.56% | — | 0.00% | +46.58% | +23.84% | +22.85% | +23.29% | +23.17% |
| R&D intensity | +427.56% | +722.11% | — | +2767.63% | +39.64% | +1445.63% | +1411.77% | +1386.80% | +1439.29% |
| SG&A intensity | +287.27% | +349.60% | — | +1393.53% | +143.38% | +746.98% | +789.42% | +747.87% | +757.65% |
| Effective tax rate | — | — | — | — | — | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -8.68% | -8.79% | -41.00% | -44.85% | -14.29% | -44.46% | -44.35% | -44.55% | -42.20% |
| Return on assets (ROA) | -6.88% | -7.22% | -24.26% | -31.44% | -6.82% | -24.75% | -25.91% | -25.61% | -25.63% |
| Return on capital (ROC) | -22.96% | -39.12% | -77.63% | -28.83% | -6.21% | -24.45% | -25.34% | -25.38% | -24.07% |
| Return on invested capital (ROIC) | -17.22% | -29.34% | -58.23% | -21.62% | -4.66% | -18.34% | -19.00% | -19.03% | -18.05% |
| Asset turnover | +2.79% | +3.15% | 0.00% | +0.46% | +1.41% | +0.68% | +0.70% | +0.69% | +0.71% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -246.30% | -228.86% | — | -6792.28% | -482.16% | -3655.30% | -3675.45% | -3720.65% | -3627.83% |
| Asset turnover (× revenue / assets) | +2.79% | +3.15% | 0.00% | +0.46% | +1.41% | +0.68% | +0.70% | +0.69% | +0.71% |
| Equity multiplier (× assets / equity) | +126.13% | +121.83% | +168.99% | +142.65% | +209.60% | +179.62% | +171.14% | +173.94% | +164.63% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.03 | 0.03 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Fixed-asset turnover | 0.12 | 0.09 | 0.00 | 0.01 | 0.05 | — | — | — | — |
| Inventory turnover | 5.36 | — | — | — | 2.75 | — | — | — | — |
| Receivables turnover | 5.71 | 8.26 | 0.00 | — | 0.15 | — | — | — | — |
| Payables turnover | 1.14 | 0.48 | 0.00 | 0.00 | 0.71 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 63.94 | 44.17 | — | — | 2506.11 | — | — | — | — |
| Days inventory outstanding (DIO) | 68.14 | — | — | — | 132.68 | — | — | — | — |
| Days payables outstanding (DPO) | 320.36 | 757.24 | — | — | 516.73 | — | — | — | — |
| Cash conversion cycle | -188.28 | -713.07 | — | — | 2122.06 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.62 | 4.95 | 1.70 | 0.42 | 0.21 | 0.40 | 0.41 | 0.39 | 0.41 |
| FCF / Net income | 4.41 | 6.76 | 3.06 | 1.00 | 3.32 | 1.12 | 1.17 | 1.12 | 1.17 |
| FCF margin | -1087.36% | -1546.10% | — | -6796.51% | -1602.21% | -4082.53% | -4300.48% | -4161.44% | -4251.59% |
| OCF margin | -645.67% | -1131.75% | — | -2855.21% | -100.84% | -1459.09% | -1491.42% | -1437.10% | -1469.95% |
| CapEx / Revenue | +441.69% | +414.35% | — | +3941.31% | +1501.37% | +2684.23% | +2755.53% | +2671.42% | +2797.11% |
| CapEx / D&A | 18.81 | 12.16 | 2.18 | 2.75 | 20.83 | — | — | — | — |
| Stock-based comp / Revenue | +30.12% | +67.93% | — | +725.19% | +66.96% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -0.37 | -0.58 | -1.07 | -1.94 | -1.34 | -1.44 | -0.53 | 1.24 | 3.21 |
| EPS · basic | -0.37 | -0.58 | -1.07 | -1.94 | -1.34 | -1.45 | -0.53 | 1.24 | 3.22 |
| Book value / share | 6.80 | 6.61 | 2.61 | 4.33 | 9.35 | 54.05 | 241.75 | 617.95 | 1062.39 |
| Tangible BV / share | 6.73 | 6.61 | 2.61 | 4.33 | 8.39 | 54.05 | 241.75 | 617.95 | 1062.39 |
| Sales / share | 0.24 | 0.25 | 0.00 | 0.03 | 0.28 | 0.66 | 2.92 | 7.40 | 12.36 |
| Operating CF / share | -1.55 | -2.87 | -1.82 | -0.82 | -0.28 | -9.59 | -43.50 | -106.33 | -181.64 |
| Free cash flow / share | -2.61 | -3.93 | -3.27 | -1.94 | -4.44 | -26.84 | -125.44 | -307.90 | -525.35 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +11.45% | -100.00% | — | +1505.21% | +138.98% | +343.58% | +151.22% | +67.51% | +99.90% |
| Gross profit · YoY | — | +46.86% | -100.00% | — | +757.54% | +249.90% | +342.06% | +153.25% | +67.20% | +118.13% |
| Profit | ||||||||||
| Operating income · YoY | — | -73.87% | -52.55% | -9.17% | -18.52% | -1594.46% | -365.49% | -149.68% | -63.14% | — |
| EBITDA · YoY | — | -16.38% | -66.05% | -173.42% | +16.49% | -1213.16% | -344.12% | -164.07% | -60.30% | — |
| Net income · YoY | — | -3.56% | -176.74% | -242.71% | -13.95% | -1711.69% | -346.03% | -154.31% | -63.33% | — |
| Operating | ||||||||||
| EBIT · YoY | — | -17.91% | -111.66% | -133.88% | +16.84% | -2268.33% | -361.13% | -143.53% | -70.08% | — |
| R&D · YoY | — | +88.22% | +26.51% | -3.19% | -77.01% | +8614.24% | +333.19% | +146.78% | +73.85% | +132.66% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -56.76% | -84.48% | -81.31% | +30.93% | -7.40% | +63.17% | +334.47% | +158.62% | — |
| EPS · basic · YoY | — | -56.76% | -84.48% | -81.31% | +30.93% | -7.90% | +63.00% | +332.09% | +159.18% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $13.16M | $12.77M | $72.87M | $173M | $2.24B | $6.01B | $27.27B | $65.55B | $112.11B |
| Net debt | -$308.63M | -$225.82M | -$12.75M | -$391.99M | -$97.05M | -$7.86B | -$32.19B | -$89.69B | -$135.32B |
| Net debt / EBITDA | 3.68 | 2.31 | 0.08 | 0.88 | 0.26 | 1.62 | 1.49 | 1.57 | 1.48 |
| Debt / equity | 0.04 | 0.04 | 0.34 | 0.26 | 0.94 | 0.43 | 0.44 | 0.42 | 0.41 |
| Debt / assets | +2.96% | +2.91% | +20.19% | +18.12% | +44.66% | +24.00% | +25.57% | +23.89% | +25.04% |
| Equity / assets | +79.28% | +82.08% | +59.18% | +70.10% | +47.71% | +55.67% | +58.43% | +57.49% | +60.74% |
| Coverage | |||||||||
| EBITDA / interest expense | — | -451.71 | -35.92 | -23.71 | -10.26 | -11.89 | -12.02 | -12.77 | -12.31 |
| Operating income / interest | — | -674.83 | -49.29 | -13.00 | -7.98 | -11.94 | -12.65 | -12.70 | -12.46 |
| Interest expense | $0 | $216K | $4.51M | $18.68M | $36.07M | $408.41M | $1.79B | $4.46B | $7.42B |
| Liquidity | |||||||||
| Current ratio | 15.71 | 9.65 | 2.31 | 7.90 | 16.35 | — | — | — | — |
| Quick ratio | 15.15 | 8.64 | 1.88 | 7.44 | 18.78 | — | — | — | — |
| Cash ratio | 15.05 | 8.58 | 1.85 | 7.44 | 15.54 | — | — | — | — |
| Working capital | $314.43M | $240.51M | $60.66M | $524.3M | $2.31B | — | — | — | — |
| Working capital / revenue | +2534.67% | +1739.70% | — | +11867.45% | +3254.70% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 355.70x | 916.27x |
| Earnings yield | -1.8% | -9.2% |
| FCF yield | -6.1% | -9.2% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | -18.6% | -62.6% |
| ROA | -6.8% | -31.4% |
| ROIC | -5.9% | -27.5% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 0.26 | 0.88 |
| Interest coverage | — | — |
| Current ratio | 16.35x | 7.90x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).