MeritValue

Globalstar, Inc.

GSATdata completeness 88%17 fiscal years on file
The thesis, from the filings

Globalstar, Inc. earns about -10% on invested capital, and has bought back 93% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$124.3M1$148.5M2$223.8M3$250.3M3$273M3
Net income−$112.6M4−$256.9M5−$24.7M6−$63.2M6−$8.65M6
Operating cash flow$131.9M7$63.8M8$74.3M9$439.2M9$621.7M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$475.9M10$323.8M11$720.6M12$1.02B13$967.6M13
Cash & equivalents$14.3M14$32.1M15$56.7M16$391.2M17$447.5M17
Diluted shares1.77B120.1M122.3M125.9M126.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$28.06
your share of equity
Profit it earned you last year
−$0.68
Free cash flow it threw off
—
Debt you’d be carrying
$76.33

10 shares is a claim on $28.06 of net worth that earned you −$0.68 last year, against $76.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY21 -11%FY22 -33%FY23 -2%FY24 -5%FY25 -0%

It earned an average -10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 103% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001366868-24-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001366868-25-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001366868-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001366868-24-000028 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001366868-25-000033 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001366868-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001366868-24-000028 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001366868-25-000033 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001366868-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001366868-23-000022 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001366868-24-000028 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001366868-25-000033 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001366868-26-000012 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001366868-23-000022 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001366868-24-000028 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001366868-25-000033 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001366868-26-000012 (CashAndCashEquivalentsAtCarryingValue)