Latest Ratios: P/E Ratio -55.4x · EV/EBITDA N/A · ROE -22.3%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $22.2B | $18.6B | $3.3B | $493M | $262M | $411M | $703M | $284M | — |
| Enterprise Value | $22.1B | $18.5B | $2.9B | $481M | $37M | $102M | $667M | $259M | — |
| P/E Ratio → | -55.38 | — | — | — | — | — | — | — | — |
| P/S Ratio | 312.61 | 262.16 | 737.88 | — | 18.98 | 33.11 | 117.73 | 200.68 | — |
| P/B Ratio | 7.94 | 7.77 | 4.87 | 2.31 | 0.73 | 1.17 | 8.78 | 9.54 | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 260.79 | 649.16 | — | 2.64 | 8.23 | 111.74 | 183.18 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.4% | 53.4% | 100.0% | — | 51.4% | 39.0% | 49.3% | 32.5% | 54.2% |
| Operating Margin | -405.7% | -405.7% | -5494.8% | — | -1054.4% | -675.8% | -393.3% | -770.0% | -1286.2% |
| Net Profit Margin | -482.2% | -482.2% | -6792.3% | — | -228.9% | -246.3% | -403.2% | -769.8% | -1246.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.3% | -22.3% | -68.0% | -30.5% | -8.9% | -14.1% | -43.9% | -52.1% | -36.8% |
| ROA | -11.5% | -11.5% | -45.6% | -21.9% | -7.2% | -11.2% | -35.5% | -44.3% | -33.6% |
| ROIC | -16.8% | -16.8% | -76.2% | -99.6% | -123.3% | -143.6% | -71.5% | -164.3% | -69.6% |
| ROCE | -10.0% | -10.0% | -40.7% | -61.3% | -35.0% | -32.9% | -40.4% | -52.1% | -38.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.94 | 0.94 | 0.26 | 0.34 | 0.04 | 0.04 | 0.09 | 0.06 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.04 | -0.59 | -0.06 | -0.63 | -0.88 | -0.45 | -0.83 | -0.59 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -11.67 | -11.67 | -27.10 | -47.99 | -473.52 | — | -2435.70 | -22.85 | — |
Net cash position: cash ($2.3B) exceeds total debt ($2.2B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 16.35 | 16.35 | 7.90 | 2.31 | 9.65 | 15.71 | 3.88 | 4.47 | 7.07 |
| Quick Ratio | 16.27 | 16.27 | 7.90 | 2.31 | 9.65 | 15.64 | 3.69 | 4.45 | 7.04 |
| Cash Ratio | 15.54 | 15.54 | 7.44 | 1.85 | 8.58 | 15.05 | 3.26 | 4.27 | 6.15 |
| Asset Turnover | — | 0.01 | 0.00 | — | 0.03 | 0.03 | 0.06 | 0.04 | 0.03 |
| Inventory Turnover | 2.75 | 2.75 | — | — | — | 5.36 | 1.17 | 5.24 | 5.09 |
| Days Sales Outstanding | — | 2506.11 | — | — | 44.17 | 63.94 | 127.29 | 84.67 | 462.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.1% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.1% | — |
| Shares Outstanding | — | $256M | $155M | $82M | $54M | $52M | $52M | $29M | $25.9B |
Satellite deployment and launch
As reported in recent financial statements, the company trades at a price-to-sales ratio of 300.99, a valuation multiple that suggests investors are pricing in a rapid transition to a high-margin, recurring revenue model rather than the current project-based, non-recurring engineering revenue stream.
The extreme P/S multiple indicates that the market is valuing the company as a software-defined network play rather than a traditional hardware manufacturer. This valuation implies an expectation of massive scalability once the constellation reaches operational density, though it leaves little room for execution errors in the deployment phase.
Based on the provided financial data, the company's ROIC has remained consistently negative, reaching -11.5% in 2026Q1, which reflects the heavy burden of pre-commercial infrastructure investment that has yet to generate the operational returns necessary to offset the massive capital base.
The persistent decay in return on invested capital is a direct consequence of the high fixed-cost profile associated with satellite fabrication and ASIC development. Until the constellation achieves sufficient scale to generate recurring service revenue, these returns will likely remain suppressed, warranting caution regarding the efficiency of current capital allocation.
According to quarterly filings, the cash conversion cycle reached 2914 days in 2026Q1, a figure that highlights the extreme inefficiency of working capital management during the current build-out phase where inventory and receivables are heavily tied to long-term, milestone-based government and MNO contracts.
The volatility in the cash conversion cycle suggests that the company's operational efficiency is currently secondary to the timing of milestone payments. Investors should monitor whether this cycle compresses as the business shifts toward a more predictable, subscription-based model, which would be a key indicator of operational maturity.
As indicated by the reported figures, the company maintains a debt-to-equity ratio of 0.01 as of 2026Q1, suggesting that the current capital structure is heavily reliant on equity financing rather than debt, which significantly mitigates immediate refinancing risks in a high-interest-rate environment.
The minimal reliance on debt provides the company with a degree of financial flexibility that is rare for such a capital-intensive enterprise. While this avoids immediate covenant pressure, it also implies that the company's growth is entirely dependent on its ability to continue raising equity or securing non-dilutive strategic funding.
The most commonly misapplied metric for this business is the traditional EV/EBITDA ratio, which obscures the company's true potential by penalizing the massive, front-loaded R&D and infrastructure costs that are essential for building a proprietary, large-aperture phased-array network.
Using EBITDA to evaluate a pre-commercial satellite operator ignores the fact that the company is effectively building a utility-like network where the marginal cost of service will eventually be near zero. Analysts should instead focus on the progress of MNO agreements and the successful deployment of ASIC-based satellites as more accurate proxies for future value.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying ASTS stock.
AST SpaceMobile, Inc.'s current P/E ratio is -55.4x. This places it at the 50th percentile of its historical range.
AST SpaceMobile, Inc.'s return on equity (ROE) is -22.3%. The historical average is -34.6%.
Based on historical data, AST SpaceMobile, Inc. is trading at a P/E of -55.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AST SpaceMobile, Inc. has 53.4% gross margin and -405.7% operating margin.