AST SpaceMobile (MEX:ASTS) Operating Income: MXN-6,828 Mil (TTM As of Mar. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MEX:ASTS AST SpaceMobile Inc MEX:ASTS
23 GF Score
Price MXN1,016.74
GF Value MXN8,656.26
Valuation Possible Value Trap
! 6 Warning Signs
View Full Analysis

What is AST SpaceMobile Operating Income?

AST SpaceMobile MEX:ASTS +7.70% 23 Operating Income is MXN-6,828 Mil as of Mar. 2026. GuruFocus rates MEX:ASTS with a GF Score™ of 23/100 and a GF Value™ of MXN8,656.26 (Possible Value Trap). The stock has 6 warning signs investors should review.

AST SpaceMobile's Operating Income for the three months ended in Mar. 2026 was MXN-2,694 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was MXN-6,828 Mil.

Warning Sign:

AST SpaceMobile Inc has never been profitable in the past 3 years. It lost money every year.

Operating Margin % is calculated as Operating Income divided by its Revenue. AST SpaceMobile's Operating Income for the three months ended in Mar. 2026 was MXN-2,694 Mil. AST SpaceMobile's Revenue for the three months ended in Mar. 2026 was MXN266 Mil. Therefore, AST SpaceMobile's Operating Margin % for the quarter that ended in Mar. 2026 was -1,013.99%.

AST SpaceMobile's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. AST SpaceMobile's annualized ROC % for the quarter that ended in Mar. 2026 was -21.58%. AST SpaceMobile's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -58.34%.


AST SpaceMobile  (MEX:ASTS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

AST SpaceMobile's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-10777.208 * ( 1 - 0% )/( (46788.891 + 53084.355)/ 2 )
=-10777.208/49936.623
=-21.58 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=90287.548 - 1938.476 - ( 42055.607 - max(0, 2707.049 - 44267.23+42055.607))
=46788.891

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=109118.41 - 2262.365 - ( 54631.706 - max(0, 3078.182 - 56849.872+54631.706))
=53084.355

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

AST SpaceMobile's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-16166.964/( ( (25535.378 + max(-235.28, 0)) + (29890.607 + max(-656.71499999999, 0)) )/ 2 )
=-16166.964/( ( 25535.378 + 29890.607 )/ 2 )
=-16166.964/27712.9925
=-58.34 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(679.283 + 216.194 + 1316.146) - (1938.476 + 358.079 + 150.348)
=-235.28

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(495.052 + 302.156 + 1420.958) - (2262.365 + 466.344 + 146.172)
=-656.71499999999

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

AST SpaceMobile's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-2694.302/265.712
=-1,013.99 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


AST SpaceMobile Operating Income Related Terms


AST SpaceMobile Operating Income Historical Data

* Premium members only.

The historical data trend for AST SpaceMobile's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

AST SpaceMobile Operating Income Chart

AST SpaceMobile Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial -1,779.51 -2,841.82 -3,774.51 -5,062.97 -5,180.47

AST SpaceMobile Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1,288.11 -1,370.71 -1,461.59 -1,301.40 -2,694.30
MEX:ASTS
23GF Score
AST SpaceMobile Inc MEX:ASTS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

AST SpaceMobile Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was MXN-6,828 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of MXN-6,828 Mil mean?
AST SpaceMobile (MEX:ASTS) has a Operating Income of MXN-6,828 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on AST SpaceMobile and its competitors.
Is AST SpaceMobile's Operating Income too high?
AST SpaceMobile's current Operating Income is MXN-6,828 Mil. Overall, AST SpaceMobile has a GF Score™ of 23/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does AST SpaceMobile's Operating Income compare to ZBRA and VIAV?
AST SpaceMobile's Operating Income of MXN-6,828 Mil can be compared against companies in the Hardware industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Hardware company?
A good Operating Income depends on the Hardware industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on AST SpaceMobile and its competitors. AST SpaceMobile's current Operating Income is MXN-6,828 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AST SpaceMobile stock overvalued right now?
Based on GuruFocus' analysis, AST SpaceMobile (MEX:ASTS) is currently considered Possible Value Trap. The stock's GF Value™ is MXN8,656.26, compared to a current price of MXN1,016.74 — trading 88.3% below its estimated fair value. The current Operating Income is MXN-6,828 Mil. AST SpaceMobile's overall GF Score™ is 23/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For AST SpaceMobile (MEX:ASTS), the current Operating Income is MXN-6,828 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is AST SpaceMobile (MEX:ASTS) Overvalued in 2026?

Based on GuruFocus' analysis, AST SpaceMobile stock appears to be undervalued. The current stock price of MXN1,016.74 is trading 88.3% below its estimated GF Value™ of MXN8,656.26. GuruFocus considers AST SpaceMobile to be Possible Value Trap.

Key valuation signals for MEX:ASTS:

  • Operating Income: MXN-6,828 Mil
  • GF Value™: MXN8,656.26 vs. price of MXN1,016.74 (88.3% below fair value)
  • GF Score™: 23/100 with 6 warning signs

No single metric tells the full story. See the MEX:ASTS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


AST SpaceMobile Business Description

Address 2901 Enterprise Lane, Midland International Air & Space Port, Midland, TX, USA, 79706
AST SpaceMobile Inc is currently designing, developing and manufacturing the constellation of BlueBird (BB) satellites and has begun launching its planned space-based Cellular Broadband network distributed through a constellation of low Earth orbit (LEO) satellites. The company is building a cellular broadband network in space to operate directly with standard, unmodified mobile devices, and off-the-shelf mobile phones based on extensive IP and patent portfolio. It has focused on eliminating the connectivity gaps faced by mobile subscribers. The Company's spaceMobile Service is being designed to provide cost-effective, high-speed Cellular Broadband services to end-users who are out of terrestrial cellular coverage using existing mobile devices.
23GF Score

Get the complete analysis for MEX:ASTS

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN1,016.74
Price
MXN8,656.26
GF Value