Forensic Analysis · Communication Services / Telecom · as of Aug 11, 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.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
12.6
Distress distance
Watch
Earnings quality
5
Forensic signals
-39.4
P / E (ttm)
-14.3%
ROE
$26.8B
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). 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 an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 12.6, placing it in the Safe zone. 5 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +2595% against revenue +1512% and inventory up +1031% on the year. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 21% of net operating assets, diverging from the balance-sheet accrual read.
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.
-13.2%
FY2025
Return on invested capital.Return on invested capital is -13.2% in the latest fiscal year and rising from -47% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
n/m (stock split)
FY2023–FY2025
Key fundamentals
Latest Revenue$70.9M
Revenue Growth YoY+1511.8%
Revenue CAGR (3yr)+72.4%
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
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.
67% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 67% of revenue in FY2025 — about $0.19 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 65.7% a year, small enough that totals and per-share results tell the same story.
Ast Spacemobile, Inc. (ASTS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy