Buy Like Buffett
Watchlist

AST SPACEMOBILE, INC.

ASTS · Communications · $10.4B mkt cap · FY2025 filings · · Narrow moat ·

On the watchlist

Narrow moat
Share / Embed this score
Embed this score

The five investor questions

60

2021–2025 (latest 3 aligned FYs; v3 window cap 5): revenue $12.4M to $70.9M, increasing; diluted EPS -0.37 to -1.34, decreasing. 2 fiscal years were not jointly reported; CAGR uses the full 4-year elapsed span. Diluted EPS was derived from net income and diluted weighted-average shares in 2 years where the direct tag was absent.

71

Median gross margin 49.3% over 3y, stable.

—

Not enough years of ROIC data to score returns on capital.

78

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$40.66
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 18, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

7 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $6M (FY2020) to $70.9M (FY2025) — about 64.1% a year compounded over 5 years.

The balance sheet carried $2.2B of total debt in FY2025. Balance-Sheet Safety scores it 78/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2019–FY2025 · 7 fiscal years, normalized from ASTS’s SEC filings

Sales, as filed$70.9M FY2025
$0$50M2019202120232025
Revenue kept after cost of goods51.4% FY2022
0%20%40%2019202120232025
Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.

Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.

Cash an owner could take out−$342M FY2025
−$200M$02019202120232025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How AST SPACEMOBILE, INC. makes its money

AST SPACEMOBILE, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$70.9M100%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Income before tax−$457M−645%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Income tax$3.9M5%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
−$342M−482%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What AST SPACEMOBILE, INC. owns — and owes

AST SPACEMOBILE, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$5.0B100%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Cash and equivalents$2.3B47%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
$2.2B44%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Stockholders’ equity$2.4B48%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What drives AST SPACEMOBILE, INC.’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income−$342MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Income before tax−$457MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Operating incomeUnavailableFY2025
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Revenue$70.9MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Ending assets$5.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Beginning assets$955MFY2024
  • 10-K · FY 2024Filing detailsAccession 0000950170-25-030909 · filed Mar 3, 2025
  • 10-K · FY 2024Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Ending equity$2.4BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Beginning equity$669MFY2024
  • 10-K · FY 2024Filing detailsAccession 0000950170-25-030909 · filed Mar 3, 2025
  • 10-K · FY 2024Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Source: · event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

Where AST SPACEMOBILE, INC.'s cash went

AST SPACEMOBILE, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$71.5M−100%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Depreciation and amortization$51.1M71%
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001780312-26-000006 · filed Mar 2, 2026
· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding AST SPACEMOBILE, INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 18, 2026

Flagship explainer

What AST SPACEMOBILE, INC. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

31 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale63.1 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Oct 18, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for ASTS.

Track record

How AST SPACEMOBILE, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2019–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ASTS on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score501002005001,000Indexed price · log scale (2020 = 100)20192021202320252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, ASTS did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Communications context

#16 of 136 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #14PLNT PLANET FITNESS, INC.65.1Narrow moat
  2. #15MSGE MADISON SQUARE GARDEN ENTERTAINMENT CORP.63.7Narrow moat
  3. #17LTH Life Time Group Holdings, Inc.60.3Narrow moat
  4. #18GSAT GLOBALSTAR, INC.59.7Shallow moat

Compare ASTS with its nearest peers →All Communications companies on the Index →

Common questions about ASTS

Does AST SPACEMOBILE, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores AST SPACEMOBILE, INC. (ASTS) 63.1 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 71, returns on capital not measurable from the filings, balance-sheet safety 78, capital allocation 44.
How has ASTS's Moat Score changed over time?
The record logs 31 readings since Jul 17, 2026; the latest reads 63.1 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ASTS. See the disclaimer.