Forensic Analysis · Communication Services / Telecom · as of Sep 25, 2026
Ast Spacemobile, Inc. (ASTS)
A forensic read on Ast Spacemobile, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
11.2
Distress distance
Watch
Earnings quality
4
Forensic signals
-27.1
P / E (ttm)
-14.3%
ROE
$23.3B
Market cap
0.00%
Dividend yield
1511.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ast Spacemobile, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 11.2, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+158.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +158.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +2595% against revenue +1512% and inventory up +1031% on the year. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 21% of net operating assets, against an accruals ratio of 158.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
194d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 116 to 194 days FY2024→FY2025 (receivables +2595% vs revenue +1512%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Deferred revenue was roughly flat (-53%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +213% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +76.9%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$70.9M
Revenue Growth YoY+1511.8%
Revenue CAGR (2yr)+414.3%
Net Margin-482.2%
Free Cash Flow-$1.14B
Return on Equity-14.3%
Debt / Equity0.93x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ast Spacemobile, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
67% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 67% of revenue in FY2025 — about $0.19 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 65.7% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Ast Spacemobile, Inc. (ASTS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy