AST SpaceMobile vs EchoStar
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The short version
- EchoStar is the larger business, with $15.0B of revenue in fiscal 2025 against $70.9M for AST SpaceMobile, about 212 times as much.
- AST SpaceMobile grew revenue faster (1,511.8%, against β5.2%).
- EchoStar turned more of its sales into free cash flow (β7.1% FCF margin, against β1,602.2%).
| Latest fiscal year | ASTS Β· FY25 | ECHO Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.9B | $31.3B |
| Revenue | $70.9M | $15.0B |
| Free cash flow | β$1.1B | β$1.1B |
| Net income | β$342M | β$14.5B |
| Growth | ||
| Revenue growth | 1,511.8% | β5.2% |
| 5-year growth | β | 51.4% |
| Share count change | 65.7% | 4.9% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β118.1% |
| Net margin | β482.2% | β96.6% |
| FCF margin | β1,602.2% | β7.1% |
| Return on capital | β | β39.9% |
| Return on equity | β22.3% | β111.7% |
| Balance sheet | ||
| Net debt | β$2.1B | $23.0B |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $0.0M | $48.5M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 4 | 1 |
Revenue
FY16
ASTS β
ECHO $1.8B
FY17
ASTS β
ECHO $1.5B
FY18
ASTS β
ECHO $1.8B
FY19
ASTS β
ECHO $1.9B
FY20
ASTS β
ECHO $1.9B
FY21
ASTS $12.4M
ECHO $19.8B
FY22
ASTS $13.8M
ECHO $18.6B
FY23
ASTS $0.0M
ECHO $17.0B
FY24
ASTS $4.4M
ECHO $15.8B
FY25
ASTS $70.9M
ECHO $15.0B
ASTS
ECHO
Operating margin
FY16
ASTS β
ECHO 16.4%
FY17
ASTS β
ECHO 2.0%
FY18
ASTS β
ECHO 2.1%
FY19
ASTS β
ECHO 3.9%
FY20
ASTS β
ECHO 6.0%
FY21
ASTS β
ECHO 17.3%
FY22
ASTS β
ECHO 12.0%
FY23
ASTS β
ECHO β1.6%
FY24
ASTS β
ECHO β1.9%
FY25
ASTS β
ECHO β118.1%
ASTS
ECHO
Free cash flow
FY16
ASTS β
ECHO $81.0M
FY17
ASTS β
ECHO $144M
FY18
ASTS β
ECHO $179M
FY19
ASTS β
ECHO $238M
FY20
ASTS β
ECHO $126M
FY21
ASTS β$95.2M
ECHO $3.0B
FY22
ASTS β$214M
ECHO $571M
FY23
ASTS β$268M
ECHO β$668M
FY24
ASTS β$300M
ECHO β$292M
FY25
ASTS β$1.1B
ECHO β$1.1B
ASTS
ECHO
Return on capital
FY16
ASTS β
ECHO 4.5%
FY17
ASTS β
ECHO 0.6%
FY18
ASTS β
ECHO 0.7%
FY19
ASTS β
ECHO 1.5%
FY20
ASTS β
ECHO 0.9%
FY21
ASTS β
ECHO 14.2%
FY22
ASTS β
ECHO 9.0%
FY23
ASTS β
ECHO β0.7%
FY24
ASTS β
ECHO β0.6%
FY25
ASTS β
ECHO β39.9%
ASTS
ECHO
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.