GSAT · Communication(communications services, nec) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Globalstar, Inc. reported revenue of $273.0 million in fiscal 2025, after growing 8.6% a year over the previous 9 years. Its operating margin widened from -36.4% in 2018 to 2.7%, and it earned 2.8% on its invested capital in the latest year. On the accounting screens, it passes 2 of 3 Piotroski tests and its Altman Z'' of -1.96 is in the distress zone; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025273.0M+8.6% a year over 9 years
Operating margin2.7%gross margin —
Return on invested capital2.8%0.9% on average over 3 years
Free cash flow—
Net debt ÷ EBITDA0.4×net debt 36.3M
Piotroski F-score2/3tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
1-for-15 before fiscal 2022.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-400.0M-200.0M0200.0M400.0M
2018Revenue 130.1MOperating income -47.4M
2019Revenue 131.7MOperating income -64.0M
2020Revenue 128.5MOperating income -59.2M
2021Revenue 124.3MOperating income -65.5M
2022Revenue 148.5MOperating income -221.0M
2023Revenue 223.8MOperating income -165,000
2024Revenue 250.3MOperating income -949,000
2025
2025
2025Revenue 273.0MOperating income 7.4M
2018201920202021202220232024202520252025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+2.9%
+12.9%
+8.6%
Dividend per share
-0.3%
—
—
Shares
+0.2%
+1.1%
+4.6%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
-200.0%-150.0%-100.0%-50.0%0.0%50.0%
2018Operating -36.4%Net -5.0%Free cash flow -1.1%
2019Operating -48.6%Net 11.6%Free cash flow -1.2%
2020Operating -46.0%Net -85.3%
2021Operating -52.7%Net -90.6%
2022Operating -148.8%Net -173.0%
2023Operating -0.1%Net -11.0%
2024Operating -0.4%Net -25.2%
2025
2025
2025Operating 2.7%Net -3.2%
2018201920202021202220232024202520252025
Return on invested capital
Return on invested capital
-60.0%-40.0%-20.0%-0.0%20.0%
2018Return on invested capital -5.9%
2019Return on invested capital -7.1%
2020Return on invested capital -7.4%
2021Return on invested capital -10.9%
2022Return on invested capital -49.5%
2023Return on invested capital -0.0%
2024Return on invested capital -0.1%
2025
2025
2025Return on invested capital 2.8%
2018201920202021202220232024202520252025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
-2.4%
Return on assets
-0.4%
Asset turnover
0.12×
Research & development
2.2% of revenue
Overheads (SG&A)
18.8% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-300.0M-200.0M-100.0M0100.0M
2018Net income -6.5MFree cash flow -1.4MAfter stock-based pay -8.4M
2019Net income 15.3MFree cash flow -1.5MAfter stock-based pay -7.2M
2020Net income -109.6M
2021Net income -112.6M
2022Net income -256.9M
2023Net income -24.7M
2024Net income -63.2M
2025
2025
2025Net income -8.7M
2018201920202021202220232024202520252025
Where 10 years of operating cash went, 2018–2025
1.4B generated by the business. Each band is its share of that total.
Reinvested in the business 1%11.9M
Acquisitions 0%0
Dividends 2%33.2M
Share buybacks 0%0
Kept, or used to pay down debt 97%1.3B
Over the same years it paid 117.5M in stock. The share count rose 49.8%.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-3.00$-2.00$-1.00$0.00$1.00
2018Earnings per share $-0.08Free cash flow per share $-0.02
2019Earnings per share $0.14Free cash flow per share $-0.01
2020Earnings per share $-1.00
2021Earnings per share $-0.96Dividend per share $0.00
2022Earnings per share $-2.14Dividend per share $0.00
2023Earnings per share $-0.20Dividend per share $0.10
2024Earnings per share $-0.50Dividend per share $0.08
2025
2025
2025Earnings per share $-0.07Dividend per share $0.08
2018201920202021202220232024202520252025
Shares outstanding
Diluted shares
80.0M100.0M120.0M140.0M
2018Diluted shares 84.6M
2019Diluted shares 110.3M
2020Diluted shares 109.5M
2021Diluted shares 117.7M
2022Diluted shares 120.1M
2023Diluted shares 122.3M
2024Diluted shares 125.9M
2025Diluted shares 126.4M
2025Diluted shares 126.4M
2025Diluted shares 126.8M
2018201920202021202220232024202520252025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
0200.0M400.0M600.0M
2018Net debt 448.2M
2019Net debt 456.6M
2020Net debt 372.1M
2021Net debt 223.6M
2022Net debt 100.0M
2023Net debt 303.6M
2024Net debt 120.3M
2025
2025
2025Net debt 36.3M
2018201920202021202220232024202520252025
Net debt ÷ EBITDA
0.4×
Interest coverage
— operating income ÷ interest
Current ratio
2.42 current assets ÷ current liabilities
Cash conversion cycle
— collects in 27d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
2of 3 tests passed
–ProfitableReturn on assets above zero — not reportedno data
✓Cash from operationsOperating cash flow above zeropassed
–Profitability improvedReturn on assets higher than a year before — not reportedno data
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-1.96distress zone
1.12.6
Working capital ÷ assets 0.13 × 6.56+0.82
Retained earnings ÷ assets -0.92 × 3.26-2.99
Operating income ÷ assets 0.00 × 6.72+0.02
Equity ÷ liabilities 0.18 × 1.05+0.19
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
The effective tax rate is -212.0%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$29.8M1 purchase(s) by 1 insider(s)
Sold on the open market$42.3M5 sale(s) by 3 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
