Globalstar, Inc.GSAT
NasdaqGS•Communication Services•Telecom Services
Globalstar, Inc. provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally. It offers duplex two-way voice and data products, including mobile voice and data services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications. The company also provides data transmissions using a mobile or fixed device that transmits the location of the device and other information to a central monitoring station, including commercial IoT products; communication and data transmissions using SPOT family of devices, such as SPOT X, SPOT Gen4, and SPOT Trace that emergency alerts, and transmit messages and the location of the device; and voice communication and data transmissions. In addition, it offers commercial IoT devices to track assets comprising cargo containers and rail cars, monitor utility meters, and monitor oil and gas assets; small satellite transmitter modules, such as the STX-3, ST-150 and ST100, and chips that enable an integrator's products to access its network; engineering and other communication services using MSS and terrestrial spectrum licenses; and hardware and software designs to develop specific applications operating over satellite network, as well as the installation of gateways and antennas. It distributes its products through retailers and sales force, as well as www.findmespot.com e-commerce website. The company serves forestry, maritime, government, oil and gas, mining, leisure, emergency services, construction, and transportation sectors. Globalstar, Inc. was founded in 1993 and is headquartered in Covington, Louisiana.
Globalstar, Inc. (GSAT) reported trailing twelve months revenue of $283.02M as of March 2026, a 11.5% increase year-over-year. Quarterly revenue reached $70.06M, reflecting continued top-line momentum.
Globalstar, Inc. reported a TTM net loss of $8.74M, with quarterly EBITDA of $26.57M. The operating margin expanded from -14.2% to 11.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (11.7%) and net margin (-24.9%) indicates significant non-operating expenses or interest burden. Net margin has improved from -28.9% a year ago, signaling stronger bottom-line efficiency.
GSAT trades at a P/S of 36.8x. The price-to-book ratio of 30.4x indicates a significant premium over book value.
The company generated $29.22M in free cash flow over the trailing twelve months, a 156.6% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $2.38B in total assets with $432.16M in long-term debt against $342.82M in stockholders equity for a debt-to-equity ratio of 1.3. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 3.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~24.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg 18.4x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 2.2% — mild dilution. Compare to earnings growth to assess net per-share impact.