AST SpaceMobile vs T-Mobile US
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The short version
- T-Mobile US is the larger business, with $88.3B of revenue in fiscal 2025 against $70.9M for AST SpaceMobile, about 1,246 times as much.
- AST SpaceMobile grew revenue faster (1,511.8%, against 8.5%).
- T-Mobile US turned more of its sales into free cash flow (20.4% FCF margin, against β1,602.2%).
| Latest fiscal year | ASTS Β· FY25 | TMUS Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.9B | $158.6B |
| Revenue | $70.9M | $88.3B |
| Free cash flow | β$1.1B | $18.0B |
| Net income | β$342M | $11.0B |
| Growth | ||
| Revenue growth | 1,511.8% | 8.5% |
| 5-year growth | β | 5.2% |
| Share count change | 65.7% | β3.6% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | 20.7% |
| Net margin | β482.2% | 12.5% |
| FCF margin | β1,602.2% | 20.4% |
| Return on capital | β | 9.8% |
| Return on equity | β22.3% | 18.2% |
| Balance sheet | ||
| Net debt | β$2.1B | $88.1B |
| Net debt / EBITDA | β | 2.8x |
| Dividends and buybacks | $0.0M | $14.1B |
| Valuation & quality | ||
| P/E | β | 15.3x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
ASTS β
TMUS $37.5B
FY17
ASTS β
TMUS $40.6B
FY18
ASTS β
TMUS $43.3B
FY19
ASTS β
TMUS $45.0B
FY20
ASTS β
TMUS $68.4B
FY21
ASTS $12.4M
TMUS $80.1B
FY22
ASTS $13.8M
TMUS $79.6B
FY23
ASTS $0.0M
TMUS $78.6B
FY24
ASTS $4.4M
TMUS $81.4B
FY25
ASTS $70.9M
TMUS $88.3B
ASTS
TMUS
Operating margin
FY16
ASTS β
TMUS 10.8%
FY17
ASTS β
TMUS 12.0%
FY18
ASTS β
TMUS 12.3%
FY19
ASTS β
TMUS 12.7%
FY20
ASTS β
TMUS 9.7%
FY21
ASTS β
TMUS 8.6%
FY22
ASTS β
TMUS 8.2%
FY23
ASTS β
TMUS 18.2%
FY24
ASTS β
TMUS 22.1%
FY25
ASTS β
TMUS 20.7%
ASTS
TMUS
Free cash flow
FY16
ASTS β
TMUS β$1.9B
FY17
ASTS β
TMUS β$1.4B
FY18
ASTS β
TMUS β$1.6B
FY19
ASTS β
TMUS $433M
FY20
ASTS β
TMUS β$2.4B
FY21
ASTS β$95.2M
TMUS $1.6B
FY22
ASTS β$214M
TMUS $2.8B
FY23
ASTS β$268M
TMUS $8.8B
FY24
ASTS β$300M
TMUS $13.5B
FY25
ASTS β$1.1B
TMUS $18.0B
ASTS
TMUS
Return on capital
FY16
ASTS β
TMUS 7.9%
FY17
ASTS β
TMUS 14.4%
FY18
ASTS β
TMUS 11.2%
FY19
ASTS β
TMUS 9.5%
FY20
ASTS β
TMUS 5.5%
FY21
ASTS β
TMUS 4.5%
FY22
ASTS β
TMUS 3.8%
FY23
ASTS β
TMUS 7.6%
FY24
ASTS β
TMUS 9.9%
FY25
ASTS β
TMUS 9.8%
ASTS
TMUS
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.