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AST SpaceMobile

ASTS on Nasdaq. AST SpaceMobile sells satellite cellular coverage to mobile operators and government users. Market value $11.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Media & telecom stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
-10.1%low

For every $100 of what the whole company costs, it produced $-10.14 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-91.2%five-year median

Each dollar kept in the business earns -91 cents a year. Above 10 is good.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$63.12 a share, 28% above its 1-year low

Over the past year the price has ranged from $49.31 to $133.86.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.2
-0.3
-0.3
-1.1
-1.6
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $1.6 billion in the past 12 months, a shortfall of $1.1 billion in the year to December 2025.

Revenue
$12m$14m$0$4m$71m
Operating margin
-572.2%-739.9%n/a-11506.9%-599.7%
Debt to equity
0.010.010.280.240.93
Shares outstanding
n/an/a0.08bn0.15bn0.26bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • Debt0.93× equity
  • Revenue growth, five yearsStrong, 64.1% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $32 million last quarter, up 2627% on a year ago.
  • A loss of $231 million, compared with a loss of $99 million a year ago.
  • Over the past 12 months it spent $1.6 billion more cash than it brought in, compared with $677 million a year earlier.
  • 24% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $684 million more than cash. A year ago it had $433 million more cash than debt.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1m
December 2024$2m
March 2025$718,000
June 2025$1m
September 2025$15m
December 2025$54m
March 2026$15m
June 2026$32m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$172m
December 2024-$36m
March 2025-$46m
June 2025-$99m
September 2025-$123m
December 2025-$74m
March 2026-$191m
June 2026-$231m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
2 March 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 752 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Abel Avellan
    Insider or founder
    20.8%0.0 pts
    Since 22 June 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended to include the following: On June 22, 2026, AA Gables 2, LLC ("AA Gables 2"), a Delaware limited liability company of which the Reporting Person is the sole member and managing member, entered into a variable prepaid forward…

    Read the filing
  • Rakuten Group, Inc.
    Passive investor
    at least 5.3%−1.9 pts
    (filed with 2 related holders)
    Since 1 May 2026
    What they said

    Item 4 of the Original Schedule 13D is hereby amended to add the following: The Trading Plan has been completed. All Sale Shares have been sold pursuant to the Trading Plan.

    Read the filing
  • at least 5.0%−1.0 pts
    (filed with 1 related holder)
    Since 29 January 2026
  • AT&T Inc.
    Passive investor
    at least 2.7%
    (filed with 1 related holder)
    Since 3 February 2025
    What they said

    The Reporting Persons acquired the securities of the Issuer for investment purposes. Reporting Persons or their affiliates may purchase additional securities or dispose of securities in varying amounts and at varying times depending upon Reporting Persons' continuing assessments…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • American Tower Corporation
    Sold down below 5%
    Since 9 December 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $806,436 of shares on the open market. 5 sold $21m, $13m of it under preset trading plans.

  • Yao Huiwen
    Chief Technology Officer
    Sold
    under a preset trading plan
    Date
    16 September 2026
    Shares
    40,000
    Price
    $58.93
    Value
    $2m
  • Gupta Shanti B.
    Chief Operating Officer
    Sold
    Date
    16 September 2026
    Shares
    12,000
    Price
    $58.89
    Value
    $706,680
  • Cisneros Adriana
    Director
    Bought
    Date
    31 August 2026
    Shares
    10,822
    Price
    $57.22
    Value
    $619,200
  • Johnson Andrew Martin
    CFO and CLO, Director
    Sold
    Date
    11 June 2026
    Shares
    45,809
    Price
    $93.81
    Value
    $4m
  • Yao Huiwen
    Chief Technology Officer
    Sold
    under a preset trading plan
    Date
    5 June 2026
    Shares
    40,000
    Price
    $96.37
    Value
    $4m
  • Johnson Andrew Martin
    CFO and CLO, Director
    Sold
    Date
    20 May 2026
    Shares
    5,000
    Price
    $90.25
    Value
    $451,250
  • Torres Julio A.
    Director
    Sold
    Date
    13 May 2026
    Shares
    15,000
    Price
    $76.34
    Value
    $1m
  • Yao Huiwen
    Chief Technology Officer
    Sold
    under a preset trading plan
    Date
    23 March 2026
    Shares
    40,000
    Price
    $88.88
    Value
    $4m
  • LARSON KEITH R
    Director
    Bought
    under a preset trading plan
    Date
    24 December 2025
    Shares
    625
    Price
    $80.00
    Value
    $50,000
  • LARSON KEITH R
    Director
    Bought
    under a preset trading plan
    Date
    17 December 2025
    Shares
    715
    Price
    $70.02
    Value
    $50,064

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.