Globalstar, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Globalstar, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	96.9	113	130	132	128	124	149	224	250	273
Cost of revenue	9.91	9.94
Gross profit	87	103
Research and development	2.1	3.8	2.7	3.2	1.9	1	0.5	1.4	6.5	6.1
Selling, general and administrative	40.6	38.8	55.4	45.2	41.7	34.6	33.3	43.5	43.4	51.4
Operating income	-63.3	-68.4	-47.4	-64	-59.2	-65.5	-221	-0.17	-0.95	7.43
Other non-operating income	-75.9	-20.4	41	79.9	-49.8	-47.4	-35.8	-23.4	-60.1	-10.2
Pre-tax income	-139	-88.9	-6.39	15.9	-109	-113	-257	-23.6	-61	-2.77
Income tax	-6.54	0.19	0.13	0.55	0.66	-0.3	0.07	1.12	2.14	5.88
Net income	-133	-89.1	-6.52	15.3	-110	-113	-257	-24.7	-63.2	-8.65
EBITDA	14.1	9.05	43.1	31.7	37.7	30.7	-127	88	88	94.8
EPS, basic	-1.84	-1.23	-0.15	0.15	-1.08	-0.92	-2.15	-0.29	-0.59	-0.15
EPS, diluted	-1.84	-1.23	-0.15	-1.08	-1.08	-0.92	-2.15	-0.29	-0.59	-0.15
Shares, basic (weighted)	69.3	76	82.7	94.5	107	115	120	122	126	127
Shares, diluted (weighted)	69.3	76	82.7	108	107	115	120	122	126	127

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.2	41.6	15.2	7.61	13.3	14.3	32.1	56.7	391	447
Receivables	15.2	17.1	19.3	21.8	22.1	21.2	26.3	48.7	27	20
Inventory	8.09	7.27	14.3	16.3	13.7	13.8	9.26	14.6	10.7	9.61
Other current assets	4.59	6.75	13.4	16.9	15.6	19.6	13.6	22.6	18.7	19.7
Total current assets	38.1	136	123	63.3	68.5	68.9	81.2	143	448	497
Property, plant and equipment	1,040	971	883	800	716	672	560	624	674	1,305
Lease right-of-use assets			0	15.9	14.4	32	30.9	34.2	31.8	66.7
Goodwill								30.6	30.6	30.6
Intangible assets	1.28	1.97	25.1	25.2	27.5	31	30.4	60.7	85.2	92.3
Other non-current assets		1.23	1.34	0.54	1.07	1.97	2.7	3.7	4.21	2.55
Total assets	1,133	1,129	1,045	966	888	814	738	924	1,710	2,326
Accounts payable	7.5	6.05	7	8.02	2.92	6.25	3.84	2.03	29.7	56
Accrued liabilities	23.2	20.8	23.1	24.9	25.9	28.9	22.6	27	24.7	43.6
Deferred revenue	26.5	31.7	31.9	29.9	26	25.9	74.6	53.7	61.2	62
Short-term debt	75.8	79.2	96.2	0	58.8	0	0	34.6	34.6	31.8
Total current liabilities	172	160	160	63.1	114	61.6	197	176	141	205
Long-term debt	501	435	367	464	327	238	132	326	477	452
Lease liabilities			0	14.7	13.7	29.2	27.6	29.2	26.3	54.5
Other non-current liabilities	5.89	5.97	3.37	3.07	7.22	7.89	4	11.3	419	452
Total liabilities	971	838	687	967	465	449	424	545	1,351	1,971
Total debt	576	514	463	464	385	238	192	360	511	484
Paid-in capital	1,649	1,869	1,937	1,970	2,097	2,147	2,346	2,439	2,474	2,489
Retained earnings	-1,482	-1,571	-1,575	-1,559	-1,671	-1,783	-2,040	-2,065	-2,128	-2,137
Other comprehensive income	-5.38	-6.94	-3.84	-3.45	-2.94	1.89	9.24	5.07	13.5	3.29
Shareholders' equity	162	291	359	407	423	365	315	379	359	356
Total equity	162	291	359	-1.68	423	365	315	379	359	356
Total liabilities and equity	1,133	1,129	1,045	966	888	814	738	924	1,710	2,326

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-133	-89.1	-6.52	15.3	-110	-113	-257	-24.7	-63.2	-8.65
Depreciation and amortization	77.4	77.5	90.4	95.8	96.8	96.2	93.9	88.2	89	87.4
Stock-based compensation	4.86	5.09	7	5.7	5.9	6.73	10.8	22.5	35.5	23.4
Deferred income tax	0	0	0	0.4	0.36	-0.46	0	0.03	0.38	0.07
Change in receivables	-2.2	-2.98	-3.79	-4.3	-8.49	1.36	-1.01	12.7	26.7	7.49
Change in inventory	4.57	0.05	-0.49	-1.66	2.18	-0.08	-2.38	-4.15	2.8	1.52
Change in payables	0.1	-1.11	3.98	-0.17	-0.2	-3.65	-11.4	-3.41	-1.38	1.05
Cash from operations	8.81	13.9	5.92	3.05	22.2	132	63.8	74.3	439	622
Capital expenditures	-9.39	-5.53	-7.35	-4.59
Cash from investing	-24.6	-20.8	-17.4	-11.5	-14.5	-45.2	-40	-176	-261	-550
Stock issued	0	115	59.1	3.61	0	43.7	0	0	176	0
Dividends paid						0	0	-11.9	-10.6	-10.6
Cash from financing	18.5	63.8	-18.2	-7.92	1.16	-140	-6.05	126	157	-16.2
Exchange rate effect	0.06	0.2	-0.11	0	0.05	-0.13	-0.02	0.14	-1.38	1.22
Net change in cash	2.82	57.1	-29.8	-16.4	8.9	-53.7	17.8	24.7	334	56.3
Free cash flow	-0.57	8.33	-1.43	-1.55
Interest paid	21.8	24.1	25.9	27.4	10.9	5.53	0	13.5	15.7	0
Income taxes paid	0.17	0.12	0.16	0.05	0.07	0.19	0.2	0.3	1.9	6.48

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $82.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	4.7%	Operating income / revenue.
EBITDA margin	32.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-16.3%	Pre-tax income / revenue.
Net margin	-19.4%	Net income / revenue.
Operating cash flow margin	203.7%	Cash from operations / revenue.
Return on equity (ROE)	-18.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.2%	Net income / average total assets.
Return on invested capital (ROIC)	4.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	24.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	27.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	20.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	41.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	113.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	94.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	36.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	46.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.55x	Current assets / current liabilities.
Quick ratio	1.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.23x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.7%	Total debt / total assets.
Liabilities / assets	88.0%	Total liabilities / total assets.
Net debt	-$51.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$163.6M	Current assets - current liabilities.
Tangible book value	$292.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.11x	Revenue / average total assets.
Fixed asset turnover	0.18x	Revenue / average property, plant and equipment.
Receivables turnover	13.7x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.17	Revenue / diluted weighted shares.
Operating cash flow per share	$4.43	Cash from operations / diluted weighted shares.
Book value per share	$2.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.27	Tangible book value / shares outstanding.
Cash per share	$3.17	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$10.74B	Share price x shares outstanding.
Enterprise value	$10.69B	Market cap + total debt - cash - short-term investments.
P/S	38.3x	Market cap / revenue.
P/B	36.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	36.7x	Market cap / tangible book value, when positive.
P/OCF	18.8x	Market cap / cash from operations, when positive.
EV/Sales	38.1x	Enterprise value / revenue.
EV/EBIT	811x	Enterprise value / operating income, when both are positive.
EV/EBITDA	118x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-0.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was Globalstar, Inc.'s revenue in fiscal 2025?

Globalstar, Inc. reported revenue of $273.0M for fiscal 2025, 9% higher than the year before.

Was Globalstar, Inc. profitable in fiscal 2025?

No. It reported a net loss of $8.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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