BlackSky Technology
BKSY on NYSE. BlackSky sells satellite imagery and analysis to government and commercial customers. Market value $875m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-7.50 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -31 cents a year. Above 10 is good.
Quality score: 18 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$22.66 a share, 83% above its 1-year low
Over the past year the price has ranged from $12.41 to $52.88.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $70 million in the past 12 months, a shortfall of $45 million in the year to December 2025.
| Revenue | |||||
| Revenue | $34m | $65m | $94m | $102m | $107m |
| Operating margin | |||||
| Operating margin | -352.5% | -132.4% | -59.2% | -43.4% | -44.0% |
| Debt to equity | |||||
| Debt to equity | 0.40 | 0.63 | 0.91 | 1.16 | 2.19 |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.14bn | 0.03bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)1 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt2.19× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 66% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $33 million last quarter, up 50% on a year ago.
- A loss of $21 million, compared with a loss of $41 million a year ago.
- It loses 43 cents on each $1 of sales, compared with 43 cents a year earlier.
- Over the past 12 months it spent $70 million more cash than it brought in. A year earlier it had $2 million spare.
- 18% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $180 million more than cash, up from $101 million a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $23m |
| December 2024 | $30m |
| March 2025 | $30m |
| June 2025 | $22m |
| September 2025 | $20m |
| December 2025 | $35m |
| March 2026 | $21m |
| June 2026 | $33m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$13m |
| December 2024 | -$19m |
| March 2025 | -$13m |
| June 2025 | -$41m |
| September 2025 | -$15m |
| December 2025 | -$868,000 |
| March 2026 | -$30m |
| June 2026 | -$21m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 228 funds in all.
Sold out this quarter
- Polen CapitalDan DavidowitzSold out
Largest holders overall
- BlackRock$86mAdded
- Tema ETFs$40mAdded
- Tidal Investments$39mNew
- Vanguard Capital Management$39mAdded
- AWM Investment Company$34mCut
- Driehaus Capital Management$29mNew
- VAN ECK Associates$29mAdded
- State Street$27mCut
- Morgan Stanley$26mAdded
- Cercano Management$26mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Ajay RoyanPassive investorat least 6.6%(filed with 4 related holders)Since 7 August 2025
- BlackRock, Inc.Passive investor6.5%+1.2 ptsSince 30 September 2025
- Nantahala Capital Management, LLCPassive investorat least 4.5%(filed with 2 related holders)Since 31 December 2024
- Bank of New York Mellon CorpPassive investorat least 1.8%−3.4 pts(filed with 2 related holders)Since 30 June 2026
- Newton Investment Management North America, LLCPassive investorSold down below 5%Since 31 March 2026
- AWM Investment Company, Inc.Passive investorSold down below 5%Since 31 December 2025
- Walleye Capital LLCPassive investorSold down below 5%Since 30 September 2024
- Mithril LPPassive investorSold down below 5%Since 5 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Ajay Royan Passive investor | at least 6.6% (filed with 4 related holders) | 7 August 2025 | |
BlackRock, Inc. Passive investor | 6.5%+1.2 pts | 30 September 2025 | |
Nantahala Capital Management, LLC Passive investor | at least 4.5% (filed with 2 related holders) | 31 December 2024 | |
Bank of New York Mellon Corp Passive investor | at least 1.8%−3.4 pts (filed with 2 related holders) | 30 June 2026 | |
Newton Investment Management North America, LLC Passive investor | Sold down below 5% | 31 March 2026 | |
AWM Investment Company, Inc. Passive investor | Sold down below 5% | 31 December 2025 | |
Walleye Capital LLC Passive investor | Sold down below 5% | 30 September 2024 | |
Mithril LP Passive investor | Sold down below 5% | 5 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $5m, $1m of it under preset trading plans.
- O'Toole Brian ECEO and President, DirectorSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 20,000
- Price
- $22.88
- Value
- $457,600
- Lin Christiana LGeneral Counsel & CAOSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 6,000
- Price
- $23.10
- Value
- $138,600
- Dubois Henry EdwardChief Financial OfficerSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 4,000
- Price
- $22.97
- Value
- $91,880
- O'Toole Brian ECEO and President, DirectorSold
- Date
- 11 September 2026
- Shares
- 56,280
- Price
- $20.95
- Value
- $1m
- Lin Christiana LGeneral Counsel & CAOSold
- Date
- 11 September 2026
- Shares
- 13,052
- Price
- $20.95
- Value
- $273,439
- Dubois Henry EdwardChief Financial OfficerSold
- Date
- 11 September 2026
- Shares
- 15,225
- Price
- $20.95
- Value
- $318,964
- O'Toole Brian ECEO and President, DirectorSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 20,000
- Price
- $21.83
- Value
- $436,600
- Dubois Henry EdwardChief Financial OfficerSoldunder a preset trading plan
- Date
- 28 August 2026
- Shares
- 4,000
- Price
- $23.78
- Value
- $95,120
- O'Toole Brian ECEO and President, DirectorSold
- Date
- 10 June 2026
- Shares
- 15,512
- Price
- $34.10
- Value
- $528,959
- Dubois Henry EdwardChief Financial OfficerSold
- Date
- 10 June 2026
- Shares
- 14,749
- Price
- $34.10
- Value
- $502,941
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | O'Toole Brian E CEO and President, Director | Sold under a preset trading plan | 20,000 | $22.88 | $457,600 |
| 21 September 2026 | Lin Christiana L General Counsel & CAO | Sold under a preset trading plan | 6,000 | $23.10 | $138,600 |
| 21 September 2026 | Dubois Henry Edward Chief Financial Officer | Sold under a preset trading plan | 4,000 | $22.97 | $91,880 |
| 11 September 2026 | O'Toole Brian E CEO and President, Director | Sold | 56,280 | $20.95 | $1m |
| 11 September 2026 | Lin Christiana L General Counsel & CAO | Sold | 13,052 | $20.95 | $273,439 |
| 11 September 2026 | Dubois Henry Edward Chief Financial Officer | Sold | 15,225 | $20.95 | $318,964 |
| 9 September 2026 | O'Toole Brian E CEO and President, Director | Sold under a preset trading plan | 20,000 | $21.83 | $436,600 |
| 28 August 2026 | Dubois Henry Edward Chief Financial Officer | Sold under a preset trading plan | 4,000 | $23.78 | $95,120 |
| 10 June 2026 | O'Toole Brian E CEO and President, Director | Sold | 15,512 | $34.10 | $528,959 |
| 10 June 2026 | Dubois Henry Edward Chief Financial Officer | Sold | 14,749 | $34.10 | $502,941 |
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 serious warning signs we check for were found. 1 thing worth knowing.
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 17 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 43% last year. Losing that customer would hurt.
“U.S. federal government and agencies | United States | 43% | 60%”
From the 10-K filed 17 March 2026, Item 8. Financial Statements and Notes (table). Read it in the filing
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
- It carries a lot of debt: 2.2× its equity.
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
Your first deep dive is free.
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.