Latest Ratios: P/E Ratio -550.0x · EV/EBITDA 105.1x · ROE -2.4%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.6B | $7.7B | $3.9B | $5.3B | $3.6B | $3.1B | $834M | $1.3B | $1.2B | $2.3B | $2.5B |
| Enterprise Value | $10.7B | $7.8B | $4.1B | $5.7B | $3.8B | $3.3B | $1.2B | $1.8B | $1.7B | $2.8B | $3.1B |
| P/E Ratio → | -550.00 | — | — | — | — | — | — | 836.56 | — | — | — |
| P/S Ratio | 38.92 | 28.34 | 15.61 | 23.86 | 24.19 | 24.71 | 6.49 | 9.78 | 9.37 | 20.35 | 26.04 |
| P/B Ratio | 29.40 | 21.75 | 10.89 | 14.09 | 11.41 | 8.40 | 1.97 | 3.16 | 3.40 | 7.87 | 15.59 |
| P/FCF | 149.09 | 108.57 | 21.88 | — | 146.69 | 35.57 | 108.65 | — | — | — | — |
| P/OCF | 17.09 | 12.45 | 8.90 | 71.83 | 56.31 | 23.29 | 37.56 | 422.49 | 205.87 | 165.43 | 286.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 28.71 | 16.21 | 25.36 | 25.47 | 26.76 | 9.51 | 13.37 | 12.81 | 24.54 | 31.89 |
| EV / EBITDA | 105.08 | 76.78 | 46.11 | 64.48 | — | 108.24 | 32.44 | 55.50 | 38.72 | 317.34 | 225.23 |
| EV / EBIT | 731.61 | — | — | 28664.99 | — | — | — | — | — | — | — |
| EV / FCF | — | 109.95 | 22.73 | — | 154.45 | 38.53 | 159.06 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.8% | 64.8% | 66.9% | 69.0% | 56.2% | 58.2% | 62.1% | 59.3% | 60.0% | 57.6% | 56.8% |
| Operating Margin | 5.4% | 5.4% | -0.4% | -0.1% | -148.8% | -52.7% | -46.0% | -48.6% | -36.4% | -61.1% | -65.7% |
| Net Profit Margin | -3.2% | -3.2% | -25.2% | -11.0% | -173.0% | -90.6% | -85.3% | 11.6% | -5.0% | -79.1% | -136.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.4% | -2.4% | -17.1% | -7.1% | -75.5% | -28.6% | -26.4% | 4.0% | -2.0% | -39.3% | -66.5% |
| ROA | -0.4% | -0.4% | -4.8% | -2.8% | -31.2% | -13.2% | -11.8% | 1.5% | -0.6% | -7.9% | -11.2% |
| ROIC | 2.3% | 2.3% | -0.1% | -0.0% | -29.5% | -6.9% | -5.2% | -5.7% | -4.5% | -6.9% | -6.0% |
| ROCE | 0.8% | 0.8% | -0.1% | -0.0% | -31.8% | -8.6% | -7.1% | -7.2% | -5.1% | -7.1% | -6.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.54 | 1.54 | 1.51 | 1.04 | 0.71 | 0.74 | 0.95 | 1.18 | 1.29 | 1.77 | 3.56 |
| Debt / EBITDA | 5.35 | 5.35 | 6.16 | 4.46 | — | 8.77 | 10.64 | 15.15 | 10.76 | 59.00 | 42.03 |
| Net Debt / Equity | — | 0.28 | 0.42 | 0.89 | 0.60 | 0.70 | 0.92 | 1.16 | 1.25 | 1.62 | 3.50 |
| Net Debt / EBITDA | 0.97 | 0.97 | 1.71 | 3.81 | — | 8.31 | 10.28 | 14.91 | 10.41 | 54.22 | 41.28 |
| Debt / FCF | — | 1.39 | 0.84 | — | 7.76 | 2.96 | 50.41 | — | — | — | — |
| Interest Coverage | — | — | -0.03 | 0.01 | -1.87 | -1.50 | -1.21 | -1.01 | -1.56 | -1.48 | -1.75 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.42 | 2.42 | 3.16 | 0.81 | 0.41 | 1.12 | 0.60 | 1.00 | 0.77 | 0.85 | 0.22 |
| Quick Ratio | 2.37 | 2.37 | 3.09 | 0.73 | 0.37 | 0.89 | 0.48 | 0.74 | 0.68 | 0.81 | 0.17 |
| Cash Ratio | 2.18 | 2.18 | 2.76 | 0.32 | 0.16 | 0.23 | 0.12 | 0.12 | 0.10 | 0.26 | 0.06 |
| Asset Turnover | — | 0.12 | 0.15 | 0.24 | 0.18 | 0.15 | 0.14 | 0.14 | 0.12 | 0.10 | 0.09 |
| Inventory Turnover | 9.99 | 9.99 | 7.71 | 4.76 | 7.02 | 3.76 | 3.54 | 3.28 | 3.65 | 6.57 | 5.17 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | 0.3% | 0.2% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 0.1% | — | — | — |
| FCF Yield | 0.7% | 0.9% | 4.6% | — | 0.7% | 2.8% | 0.9% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $127M | $126M | $184M | $180M | $177M | $164M | $166M | $127M | $117M | $106M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying GSAT stock.
Globalstar, Inc.'s current P/E ratio is -550.0x. This places it at the 50th percentile of its historical range.
Globalstar, Inc.'s current EV/EBITDA is 105.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 53.0x.
Globalstar, Inc.'s return on equity (ROE) is -2.4%. The historical average is -41.9%.
Based on historical data, Globalstar, Inc. is trading at a P/E of -550.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Globalstar, Inc.'s current dividend yield is 0.10%.
Globalstar, Inc. has 64.8% gross margin and 5.4% operating margin.
Globalstar, Inc.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Dependence on wholesale partner
Metrics are mathematically derived from official filings.
Spectrum Premium Distorts Valuation
According to recent SEC filings, GSAT trades at a P/E of -549.27 and EV/EBITDA of 104.94, implying the market capitalizes future spectrum monetization rather than current earnings, with a dividend yield of 0.1%.
The negative P/E and sky-high EV/EBITDA reflect that the market is pricing in substantial future cash flows from terrestrial 5G licensing, not the legacy satellite business. The 0.1% dividend yield offers no income support, making the stock a pure capital appreciation play. Compared to IRDM's 47.36 P/E and 1.2% yield, GSAT's valuation implies a premium for its regulatory spectrum rights, but this premium is vulnerable to execution delays.
Earned ROE Far Below Authorized
Based on reported figures, GSAT's ROE swung from 5.4% in Q2 2025 to -9.2% in Q2 2026, indicating the company is not consistently earning its allowed return on spectrum assets, with negative net margins in most quarters.
The authorized ROE for spectrum assets is not explicitly disclosed, but the persistent negative ROE suggests that the regulatory compact is not being met. The Q2 2026 ROE of -9.2% is a sharp deterioration from the positive 5.4% in Q2 2025, driven by a net margin of -45.1%. This volatility indicates that the company's earnings power is highly dependent on wholesale contract timing and non-cash charges, making it difficult to assess a stable return on invested capital.
Fixed Costs Undermine Margin Stability
As reported in financial statements, GSAT's operating margin swung from 13.9% in Q3 2025 to -7.4% in Q2 2026, with D&A averaging $21.8M per quarter, indicating high fixed costs that limit operating leverage despite high gross margins.
The operating margin volatility is a direct result of the high fixed cost structure of maintaining a LEO constellation. While gross margins are high (64.8%), the operating margin is thin and negative in several quarters, suggesting that the company has not reached the scale to cover its fixed costs. The negative net margin of -45.1% in Q2 2026 includes significant non-cash charges, but the underlying cash generation is also weak, as evidenced by negative free cash flow in three of the last five quarters.
Leverage Creeps Higher as Equity Erodes
According to recent SEC filings, GSAT's debt-to-capital ratio rose from 0.52 in 2024Q3 to 0.58 in 2026Q2, while equity fell from $394.1M to $292.6M, indicating rising leverage and a strained balance sheet.
The debt-to-capital ratio of 0.58 is moderate, but the trend is concerning as equity continues to erode due to persistent losses. The interest coverage ratio of -1.10 in Q2 2026 indicates that operating income is insufficient to cover interest expenses, a sign of financial stress. However, the company's cash position of $447M provides a temporary buffer, and the FFO/debt ratio of 0.58 suggests some cash flow generation, but the reliance on external funding for capex remains a key risk.
Dividend Yield Minimal, Coverage Secure
Based on reported figures, GSAT's dividend yield is 0.1%, with operating cash flow covering the dividend by an average of 47.1 times in Q2 2026, indicating a highly secure but negligible dividend.
The dividend is essentially symbolic, offering no income to shareholders. The high coverage ratio is a result of the tiny dividend relative to operating cash flow, but the company's negative net income and heavy capex requirements mean that internal funding of the buildout is insufficient. The dividend is not a meaningful return component; instead, investors are relying on capital appreciation from spectrum monetization.
Misapplied P/E Obscures Spectrum Value
The most commonly misapplied ratio for GSAT is the P/E, which is negative and meaningless given the company's focus on spectrum monetization; instead, EV/EBITDA and asset-based valuations are more appropriate.
Comparing GSAT's P/E to traditional utilities or even satellite peers like IRDM is misleading because GSAT's earnings are heavily distorted by non-cash depreciation and impairment charges. The negative P/E of -549.27 reflects accounting losses, not economic value. A better metric is EV/EBITDA, which at 104.94 still appears high but captures the company's cash-generative potential from wholesale contracts. Additionally, investors should focus on the value of the spectrum assets, which are not reflected in the P/E. The market's focus on P/E may cause it to undervalue the strategic importance of the Band n53 spectrum.