AST SpaceMobile vs Shenandoah Telecommunications
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The short version
- Shenandoah Telecommunications is the larger business, with $358M of revenue in fiscal 2025 against $70.9M for AST SpaceMobile, about 5.0 times as much.
- AST SpaceMobile grew revenue faster (1,511.8%, against 9.1%).
- Shenandoah Telecommunications turned more of its sales into free cash flow (β72.1% FCF margin, against β1,602.2%).
| Latest fiscal year | ASTS Β· FY25 | SHEN Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.9B | $575M |
| Revenue | $70.9M | $358M |
| Free cash flow | β$1.1B | β$258M |
| Net income | β$342M | β$32.9M |
| Growth | ||
| Revenue growth | 1,511.8% | 9.1% |
| 5-year growth | β | 10.1% |
| Share count change | 65.7% | 2.6% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β6.5% |
| Net margin | β482.2% | β9.2% |
| FCF margin | β1,602.2% | β72.1% |
| Return on capital | β | β1.3% |
| Return on equity | β22.3% | β3.7% |
| Balance sheet | ||
| Net debt | β$2.1B | $617M |
| Net debt / EBITDA | β | 5.8x |
| Dividends and buybacks | $0.0M | $6.4M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 4 | 3 |
Revenue
FY16
ASTS β
SHEN $535M
FY17
ASTS β
SHEN $612M
FY18
ASTS β
SHEN $193M
FY19
ASTS β
SHEN $207M
FY20
ASTS β
SHEN $221M
FY21
ASTS $12.4M
SHEN $245M
FY22
ASTS $13.8M
SHEN $249M
FY23
ASTS $0.0M
SHEN $269M
FY24
ASTS $4.4M
SHEN $328M
FY25
ASTS $70.9M
SHEN $358M
ASTS
SHEN
Operating margin
FY16
ASTS β
SHEN 4.2%
FY17
ASTS β
SHEN 7.6%
FY18
ASTS β
SHEN β1.5%
FY19
ASTS β
SHEN β0.7%
FY20
ASTS β
SHEN β1.2%
FY21
ASTS β
SHEN β1.0%
FY22
ASTS β
SHEN β7.0%
FY23
ASTS β
SHEN 0.1%
FY24
ASTS β
SHEN β8.7%
FY25
ASTS β
SHEN β6.5%
ASTS
SHEN
Free cash flow
FY16
ASTS β
SHEN β$11.7M
FY17
ASTS β
SHEN $76.4M
FY18
ASTS β
SHEN $209M
FY19
ASTS β
SHEN $192M
FY20
ASTS β
SHEN $182M
FY21
ASTS β$95.2M
SHEN β$411M
FY22
ASTS β$214M
SHEN β$114M
FY23
ASTS β$268M
SHEN β$141M
FY24
ASTS β$300M
SHEN β$257M
FY25
ASTS β$1.1B
SHEN β$258M
ASTS
SHEN
Return on capital
FY16
ASTS β
SHEN 1.5%
FY17
ASTS β
SHEN 4.2%
FY18
ASTS β
SHEN β0.3%
FY19
ASTS β
SHEN β0.1%
FY20
ASTS β
SHEN β0.2%
FY21
ASTS β
SHEN β0.3%
FY22
ASTS β
SHEN β2.2%
FY23
ASTS β
SHEN 0.0%
FY24
ASTS β
SHEN β2.1%
FY25
ASTS β
SHEN β1.3%
ASTS
SHEN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.