AST SpaceMobile, Inc. (ASTS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-101.4%

-$0.55

vs $38.24 price

Levered DCF

-$2.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.68

Grey zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-54.2×	-10.88×	-5.64×	-8.31×	-21.46×	-28.89×	-98.7×	-48,850×
P/B	10.1×	6.8×	4.98×	1.96×	4.1×	9.06×	10.46×	27,792.02×
P/S	262.16×	737.88×	0×	18.98×	33.11×	117.73×	200.68×	712,131.57×
EV / EBITDA	-68.19×	-22.56×	-4.07×	-1.35×	-2.99×	-39.25×	-33.27×	-75,937×
Gross margin	53.4%	-1333.7%	0.0%	51.4%	39.0%	49.3%	32.5%	54.2%
Operating margin	-405.7%	-5494.8%	0.0%	-1054.4%	-675.8%	-393.3%	-770.0%	-1286.2%
Net margin	-482.2%	-6792.3%	0.0%	-228.9%	-246.3%	-403.2%	-769.8%	-1246.6%
Current ratio	16.35×	7.9×	2.31×	9.65×	15.71×	3.88×	4.47×	7.07×
Debt / equity	1.22×	0.36×	0.74×	0.1×	0.13×	0.09×	0.06×	0×
Interest coverage	-7.98×	-13×	-49.29×	-674.83×	0×	-2,347×	-22.49×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-18.6%	-62.6%	-88.5%	-23.7%	-30.5%	-31.0%	-40.1%	-48.7%
Return on invested capital	-5.9%	-27.5%	-70.3%	-35.4%	-19.8%	-27.0%	-34.6%	-38.0%
Return on assets	-6.8%	-31.4%	-24.3%	-7.2%	-6.9%	-24.1%	-30.3%	-33.6%
Free cash flow yield	-6.1%	-9.2%	-54.3%	-81.5%	-32.8%	-7.6%	-1.6%	-0.0%
Earnings yield	-1.8%	-9.2%	-17.7%	-12.1%	-7.4%	-3.4%	-3.8%	-0.0%
Enterprise value	$25.2B	$4B	$659.3M	$131.6M	$250.8M	$921.1M	$361.7M	$345.3B
Net debt / EBITDA	0.26×	2.18×	0.08×	2.31×	3.68×	1.52×	2.28×	1.57×
Cash conversion cycle (days)	-190	-98	0	-713	-188	-162	-439	-577