Free cash flow generation is highly erratic, swinging from a negative $138.7 million in 2025Q1 to a positive $187.8 million in 2024Q4, largely driven by lumpy capital expenditure cycles that reached 166.2% of revenue in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 605.01M | 621.65M | 439.19M | 74.34M | 63.8M | 131.88M | 22.21M | 3.05M | 5.92M | 13.86M | 8.81M | 2.16M | 3.98M | -6.46M | 6.87M | -5.5M | -23.34M | -18.42M | -30.59M | -7.67M | 14.57M | 13.69M | -4.85M |
| Operating CF Margin % | - | 227.72% | 175.43% | 33.22% | 42.96% | 106.1% | 17.29% | 2.31% | 4.55% | 12.3% | 9.1% | 2.39% | 4.42% | -7.81% | 9.01% | -7.56% | -34.35% | -28.66% | -35.54% | -7.79% | 10.66% | 10.77% | -5.75% |
| Operating CF Growth % | 805.67% | 41.54% | 490.78% | 16.52% | -51.62% | 493.66% | 628.84% | -48.51% | -57.28% | 57.23% | 307.63% | -45.69% | 161.61% | -194.01% | 224.91% | 76.42% | -26.68% | 39.76% | -298.81% | -152.63% | 6.4% | 382.41% | - |
| Net Income | -11.41M | -19.26M | -63.16M | -24.72M | -256.92M | -112.63M | -109.64M | 15.32M | -6.52M | -89.07M | -132.65M | 72.32M | -462.87M | -591.12M | -112.2M | -54.92M | -97.47M | -74.92M | -68.01M | -27.93M | 23.62M | 18.72M | 370K |
| Depreciation & Amortization | 83.52M | 87.4M | 88.99M | 88.19M | 93.88M | 96.24M | 101.06M | 95.77M | 90.44M | 77.5M | 77.39M | 77.25M | 86.15M | 90.59M | 69.8M | 53.72M | 0 | 21.86M | 26.96M | 21.25M | 6.97M | 3.04M | 1.96M |
| Stock-Based Compensation | 19.16M | 23.41M | 35.55M | 22.49M | 10.75M | 6.73M | 5.9M | 5.7M | 7M | 5.09M | 4.86M | 2.96M | 3.4M | 2.13M | 793K | 2M | 878K | 9.95M | 12.48M | 9.57M | 1.19M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 5.28M | 2.2M | 0 | -76.67M | -11.46M | -6.32M | -179.85M | 324.12M | 417.58M | -4.09M | 69.74M | 0 | 6.78M | 1.33M | -554K | -17.72M | 2.42M | -4.78M |
| Other Non-Cash Items | 36.39M | 38.71M | 45.04M | 24.38M | 209.6M | 37.26M | 32.12M | -107.92M | 3.67M | 34.09M | 63.49M | 27.48M | 49.72M | 78.15M | 46.33M | -75.25M | 78.62M | 17.08M | 5.7M | 22.42M | 7.14M | 898K | 941K |
| Working Capital Changes | 466.03M | 491.38M | 332.79M | -36M | 6.47M | 99M | -9.42M | -5.83M | -12M | -2.29M | 2.04M | 2.01M | 3.47M | -3.8M | 6.23M | -794K | -5.37M | 831K | -9.04M | -32.43M | -6.63M | -11.65M | -3.34M |
| Change in Receivables | 1.11M | 7.49M | 26.66M | 12.69M | -1.01M | 1.36M | -8.49M | -4.3M | -3.79M | -2.98M | -2.2M | -3.45M | -2.2M | -4.32M | -2.88M | -978K | -5.2M | 1.41M | -128K | 6.42M | 1.11M | 0 | 0 |
| Change in Inventory | 0 | 1.52M | 2.8M | -4.15M | -2.38M | -80K | 2.18M | -1.66M | -486K | 50K | 4.57M | 1.12M | 4.19M | 3.12M | -1.02M | 4.25M | -1.4M | 4.19M | -12.42M | -36.45M | -18.09M | -9.63M | 3.19M |
| Change in Payables | -2.77M | 1.05M | -1.38M | -3.41M | -11.37M | -3.65M | -197K | -173K | 3.98M | -1.11M | 102K | 702K | -1.73M | -2.6M | 3.43M | 6.77M | -155K | -8.58M | 6.83M | 2.49M | -746K | 0 | 0 |
| Cash from Investing | -476.23M | -550.38M | -260.57M | -175.61M | -39.95M | -45.19M | -14.54M | -11.49M | -17.4M | -20.78M | -24.62M | -33.48M | -19.28M | -37.12M | -58.01M | -99.42M | -205.39M | -311.69M | -258.58M | -183.38M | -160.32M | -10.14M | -4.01M |
| Capital Expenditures | -476.23M | -550.38M | -260.57M | -165.71M | -39.95M | -45.54M | -14.54M | -4.59M | -17.4M | -20.78M | -24.62M | -33.48M | -19.28M | -37.12M | -58.01M | -88.18M | -205.39M | -324.1M | -286.09M | -169.99M | -107.54M | -9.88M | -3.93M |
| CapEx % of Revenue | 168.27% | 201.62% | 104.08% | 74.04% | 26.9% | 36.63% | 11.31% | 3.49% | 13.37% | 18.44% | 25.41% | 37% | 21.4% | 44.88% | 76.01% | 121.09% | 302.31% | 504.21% | 332.45% | 172.76% | 78.69% | 7.77% | 4.65% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -9.98M | -9.91M | 0 | 0 | -7.32M | -6.9M | -7.03M | -11.91M | -13.23M | -25.2M | -14.6M | -34.83M | -56.68M | -10.44M | -197M | 14.23M | 28.29M | -11.73M | -52.58M | 86K | -88K |
| Cash from Financing | -12.81M | -16.18M | 157.18M | 125.79M | -6.05M | -140.28M | 1.16M | -7.92M | -18.2M | 63.79M | 18.5M | 33.28M | 5.34M | 48.97M | 52.39M | 82.64M | 194.67M | 386.76M | 252.53M | 193.49M | 170.6M | 2.9M | 2M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 2.85M | 1.88M | 177.97M | -181K | 919K | 43.68M | 638K | 4.28M | 59.95M | 160.99M | 51.34M | 39.73M | 9.55M | 86.41M | 244K | 525K | 6.32M | 1M | 520K | 152.66M | 163.99M | 0 | 0 |
| Dividends Paid | -10.61M | -10.61M | -10.63M | -11.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -181K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -8.56M | -626K | 461K | 0 | -6.17M | -276K | -54.45M | 0 | 0 | -164K | -18.32M | 44.77M | 12.95M | -70K | -63.05M | 0 | -8.69M | 6.81M | 4.15M | 7M |
| Net Change in Cash | 117.04M | 56.31M | 334.42M | 24.66M | 17.78M | -53.72M | 8.89M | -16.36M | -29.79M | 57.07M | 2.75M | 355K | -10.29M | 5.62M | 1.84M | -23.07M | -34.86M | 55.52M | -25.2M | -6.14M | 23.43M | 6.94M | -6.7M |
| Free Cash Flow | -70.05M | 76.79M | 178.62M | -92.46M | 23.85M | 86.34M | 7.68M | -5.1M | -11.48M | -6.92M | -15.8M | -31.32M | -15.3M | -43.58M | -51.14M | -93.69M | -228.73M | -342.52M | -316.67M | -177.66M | -92.97M | 3.81M | -8.78M |
| FCF Margin % | -24.75% | 28.13% | 71.35% | -41.31% | 16.06% | 69.47% | 5.98% | -3.87% | -8.82% | -6.14% | -16.32% | -34.61% | -16.98% | -52.69% | -67% | -128.64% | -336.66% | -532.87% | -367.99% | -180.55% | -68.03% | 3% | -10.4% |
| FCF Growth % | -208.89% | -57.01% | 293.19% | -487.71% | -72.38% | 1024.43% | 250.54% | 55.57% | -65.93% | 56.22% | 49.54% | -104.73% | 64.9% | 14.77% | 45.42% | 59.04% | 33.22% | -8.16% | -78.25% | -91.09% | -2540.88% | 143.4% | - |
| FCF per Share | -0.55 | 0.61 | 1.42 | -0.50 | 0.13 | 0.49 | 0.05 | -0.03 | -0.09 | -0.06 | -0.15 | -0.25 | -0.16 | -0.71 | -1.32 | -3.13 | -8.02 | -23.55 | -36.65 | -23.02 | -14.51 | 0.62 | -1.45 |
| FCF Conversion (FCF/Net Income) | 6.14x | -71.86x | -6.95x | -3.01x | -0.25x | -1.17x | -0.20x | 0.20x | -0.91x | -0.16x | -0.07x | 0.03x | -0.01x | 0.01x | -0.06x | 0.10x | 0.24x | 0.25x | 0.45x | 0.27x | 0.62x | 0.73x | -13.11x |
| Interest Paid | 0 | 0 | 15.67M | 13.51M | 0 | 5.53M | 10.92M | 27.35M | 25.87M | 24.07M | 21.78M | 19.68M | 20.22M | 21.41M | -27.38M | 19.36M | 17.19M | 15.38M | 15.99M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.94M | 333K | 197K | 188K | 68K | 45K | 155K | 115K | 171K | 445K | 61K | 116K | -223K | 97K | 111K | 308K | 1M | 0 | 0 | 0 | 0 |
Capital Intensive Spectrum Monetization
According to recent financial disclosures, Globalstar's operating cash flow frequently diverges from net income, as evidenced by the 2024Q4 period where the company reported a $50.2 million net loss alongside a substantial $340.7 million in operating cash flow, highlighting significant non-cash and working capital adjustments.
The persistent gap between net income and operating cash flow suggests that reported earnings are not a reliable proxy for the company's underlying cash-generative capacity. Investors should monitor whether these cash inflows are sustainable or merely the result of timing differences in wholesale contract payments.
As reported in quarterly filings, Globalstar's free cash flow trajectory remains highly erratic, swinging from a negative $138.7 million in 2025Q1 to a positive $187.8 million in 2024Q4, which underscores the sensitivity of cash generation to lumpy capital expenditure cycles and wholesale revenue recognition.
The lack of a stable free cash flow trend suggests that the business model is currently in a heavy investment phase rather than a mature harvest phase. This volatility makes it difficult to project long-term self-funding capabilities without further clarity on future constellation replenishment costs.
Based on the company's reported figures, capital expenditures have reached as high as 166.2% of revenue in 2026Q1, indicating that the firm remains in a capital-intensive phase required to maintain its satellite constellation and support terrestrial infrastructure development.
The high ratio of capital spending relative to revenue suggests that the company is prioritizing long-term asset maintenance and expansion over immediate cash preservation. This level of capital intensity warrants further investigation into whether these investments will yield sufficient returns to offset the ongoing depreciation burden.
Analysis of recent cash flow statements reveals that working capital changes, such as the $328.0 million inflow observed in 2024Q4, are the primary drivers of short-term liquidity, often overshadowing the core operational performance of the satellite services business.
These large, periodic swings in working capital appear to be tied to the timing of wholesale contract milestones and deferred revenue recognition. Analysts should be cautious in interpreting these movements as indicators of operational efficiency, as they may mask underlying trends in the core subscriber business.
As indicated by the provided data, Globalstar has maintained consistent, albeit modest, dividend payments while avoiding significant share repurchases, suggesting that management is currently prioritizing the preservation of cash for essential infrastructure and constellation-related capital requirements over direct shareholder returns.
The decision to maintain dividends while facing negative net income and high capital intensity appears to be a strategic choice to signal stability to investors. However, the sustainability of this policy may be tested if capital expenditure requirements for the next-generation constellation continue to escalate.
Quick answers to the most common questions about buying GSAT stock.
Globalstar, Inc. (GSAT) generated $621.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Globalstar, Inc. (GSAT) generated $76.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Globalstar, Inc. (GSAT) spent $550.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Globalstar, Inc. (GSAT) returned $10.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.