Does GLOBALSTAR, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores GLOBALSTAR, INC. (GSAT) 57.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 95, capital discipline 44.

How has GSAT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 57.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

GLOBALSTAR, INC.

GSAT · Communications · $150.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 90.5% over 2y, very stable.

Returns on capital0

Median ROIC -6.4%, above the 9% hurdle in 0% of years.

Balance-sheet safety95

Net debt/EBITDA 0.4x, no material interest expense disclosed.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $79.18
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $64.3M (FY2009) to $273.0M (FY2025) — about 9.5% a year compounded over 16 years.

It earned 1.5% on invested capital in FY2025, with a median of −6.9% across 17 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $483.8M of total debt in FY2025. Balance-Sheet Safety scores it 95/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how GSAT lands at 58/100 — a Shallow moat.

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.

RevenueSales, as filed$273.0M FY2025

Gross marginRevenue kept after cost of goods91.2% FY2017

Return on invested capitalOperating profit on the capital employed1.5% FY2025

Owner earningsCash an owner could take out−$8.7M FY2025

Gaps in a line mean that item isn’t in GSAT’s 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.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale57.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — GSAT has read Shallow moat for every logged capture since Jul 17, 2026.

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

Communications context

#14 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#12ZD ZIFF DAVIS, INC.57.9 out of 100, Shallow moatShallow moat
#13WMG Warner Music Group Corp.57.9 out of 100, Shallow moatShallow moat
#15CCOI COGENT COMMUNICATIONS HOLDINGS, INC.55.9 out of 100, Shallow moatShallow moat
#16SIRI SIRIUS XM HOLDINGS INC.52.9 out of 100, Shallow moatShallow moat

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

Common questions about GSAT

Does GLOBALSTAR, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores GLOBALSTAR, INC. (GSAT) 57.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 95, capital discipline 44.
How has GSAT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 57.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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