Globalstar
GSAT on Nasdaq. Globalstar sells satellite voice and data services to retail, business, and government customers. Market value $1.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 800.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 0 cents a year. Above 10 is good.
Quality score: 46 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$83.63 a share, 106% above its 1-year low
Over the past year the price has ranged from $40.50 to $84.85.
Dividend: 0.1% a year
Paid every year for 3 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $124m | $149m | $224m | $250m | $273m |
| Operating margin | |||||
| Operating margin | -52.7% | -148.8% | -0.1% | -0.4% | 2.7% |
| Debt to equity | |||||
| Debt to equity | 0.65 | 0.61 | 0.95 | 1.43 | 1.36 |
| Shares outstanding | |||||
| Shares outstanding | 1.77bn | 0.12bn | 0.12bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 7 checks we could run
- Profit backed by cash (accruals)No
- Debt1.36× equity
- Revenue growth, five yearsStrong, 16.3% a year
- Buying back its own sharesYes, 93% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $65 million last quarter, down 4% on a year ago.
- A loss of $27 million, after a profit of $19 million a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, up from 1 cents a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- It has $51 million more cash than debt. A year ago debt was $183 million more than cash.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $72m |
| December 2024 | $61m |
| March 2025 | $60m |
| June 2025 | $67m |
| September 2025 | $74m |
| December 2025 | $72m |
| March 2026 | $70m |
| June 2026 | $65m |
| Quarter to | Amount |
|---|---|
| September 2024 | $10m |
| December 2024 | -$50m |
| March 2025 | -$17m |
| June 2025 | $19m |
| September 2025 | $1m |
| December 2025 | -$12m |
| March 2026 | -$17m |
| June 2026 | -$27m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 312 funds in all.
Sold out this quarter
Largest holders overall
- BlackRock$263mCut
- Vanguard Capital Management$188m
- Vanguard Portfolio Management$178mCut
- Norges Bank$169mNew
- VAN ECK Associates$116mAdded
- Pentwater Capital Management LP$110mNew
- State Street$105mCut
- Geode Capital Management$98mCut
- Beck Mack & Oliver$90m
- Millennium Management$84mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- James Monroe IIIInsider or founderat least 57.6%(filed with 9 related holders)Since 13 April 2026
What they said
Item 4 of the Schedule 13D is hereby amended to add the following: The information in Item 3 of this Schedule 13D is incorporated herein by reference. On April 13, 2026, Globalstar, Inc. (the "Issuer") entered into an Agreement and Plan of Merger (the "Merger Agreement") with…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
James Monroe III Insider or founder | at least 57.6% (filed with 9 related holders) | 13 April 2026 | What they saidItem 4 of the Schedule 13D is hereby amended to add the following: The information in Item 3 of this Schedule 13D is incorporated herein by reference. On April 13, 2026, Globalstar, Inc. (the "Issuer") entered into an Agreement and Plan of Merger (the "Merger Agreement") with… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $30m of shares on the open market. 6 sold $67m, $1m of it under preset trading plans.
- Ponder L Barbee IVGeneral CounselSold
- Date
- 21 September 2026
- Shares
- 1,692
- Price
- $82.96
- Value
- $140,363
- Lynch James FDirectorSold
- Date
- 18 September 2026
- Shares
- 361,600
- Price
- $82.52
- Value
- $30m
- Monroe James IIIDirectorBought
- Date
- 18 September 2026
- Shares
- 361,600
- Price
- $82.52
- Value
- $30m
- Wolff Benjamin GDirectorSold
- Date
- 27 August 2026
- Shares
- 19,998
- Price
- $81.98
- Value
- $2m
- Lynch James FDirectorSold
- Date
- 26 August 2026
- Shares
- 110,000
- Price
- $81.78
- Value
- $9m
- Wolff Benjamin GDirectorSold
- Date
- 21 August 2026
- Shares
- 19,998
- Price
- $82.21
- Value
- $2m
- Clary RebeccaVP & Chief Financial OfficerSold
- Date
- 14 August 2026
- Shares
- 24,100
- Price
- $82.17
- Value
- $2m
- Taylor Timothy EvanVP, Finance & Operations, DirectorSold
- Date
- 13 August 2026
- Shares
- 75,000
- Price
- $82.82
- Value
- $6m
- Taylor Timothy EvanVP, Finance & Operations, DirectorSold
- Date
- 12 August 2026
- Shares
- 75,000
- Price
- $83.15
- Value
- $6m
- Wolff Benjamin GDirectorSold
- Date
- 12 August 2026
- Shares
- 32,711
- Price
- $83.19
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Ponder L Barbee IV General Counsel | Sold | 1,692 | $82.96 | $140,363 |
| 18 September 2026 | Lynch James F Director | Sold | 361,600 | $82.52 | $30m |
| 18 September 2026 | Monroe James III Director | Bought | 361,600 | $82.52 | $30m |
| 27 August 2026 | Wolff Benjamin G Director | Sold | 19,998 | $81.98 | $2m |
| 26 August 2026 | Lynch James F Director | Sold | 110,000 | $81.78 | $9m |
| 21 August 2026 | Wolff Benjamin G Director | Sold | 19,998 | $82.21 | $2m |
| 14 August 2026 | Clary Rebecca VP & Chief Financial Officer | Sold | 24,100 | $82.17 | $2m |
| 13 August 2026 | Taylor Timothy Evan VP, Finance & Operations, Director | Sold | 75,000 | $82.82 | $6m |
| 12 August 2026 | Taylor Timothy Evan VP, Finance & Operations, Director | Sold | 75,000 | $83.15 | $6m |
| 12 August 2026 | Wolff Benjamin G Director | Sold | 32,711 | $83.19 | $3m |
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 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 63% last year. Losing that customer would hurt.
“For the years ended December 31, 2025, 2024 and 2023, the Customer under the Updated Services Agreements was responsible for 63%, 58%, and 49%, respectively, of our total revenue.”
From the 10-K filed 27 February 2026, Item 1. Business. 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 isn't cheap on profits: 800.4× operating profit.
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.