Direct Answer
9 SEC filers are classified under the Standard Industrial Classification code that describes the satellite & space communications industry, and their latest annual reports show $16.6 billion of combined revenue and a median operating margin of -21.5%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Satellite and space communications companies build, launch and operate satellites for broadcasting, broadband, mobility and government use. Revenue is mainly capacity leases and service subscriptions under contracts, with heavy up-front investment. The first numbers to compare across companies here are capacity leased and utilization, contract backlog and revenue per terminal.
Key Industry Metrics
- Capacity leased and utilization: The satellite bandwidth sold and the share of it in use. High utilization means better returns on a satellite with large fixed cost; low utilization suggests spare capacity.
- Contract backlog: Contracted revenue not yet earned. It gives visibility for operators with long contracts, and its decline can signal that fewer new deals are replacing expiring ones.
- Revenue per terminal: Revenue divided by customer terminals or user devices. It shows pricing and usage per customer, and lower values may reflect growth in cheaper consumer plans.
- Capital spending per satellite: The cost of building and launching each satellite. Lower figures indicate cheaper manufacturing and launches, which determines how fast a constellation can pay back.
- Debt: Borrowings used to fund satellites. Because up-front cost is large and revenue is slow to arrive, leverage matters for resilience through the build period.
Primary Macro Drivers
- Broadband and mobility demand: Airlines, ships and remote sites buy connectivity that satellites provide, so their demand shows in capacity leased, utilization and revenue per terminal.
- Government and defense spending: Defense and civil agencies sign long contracts for secure links, supporting backlog and steady utilization.
- Launch costs: Cheaper launches reduce the capital cost of each satellite, shown in capital spending per satellite and fleet renewal plans.
- Spectrum rules: Frequency allocations and licence conditions decide what services can be sold and where, affecting capacity and growth options.
Major Risks
- Competition from low-earth-orbit constellations: New low-orbit fleets offer faster service at lower prices; watch utilization, contract renewal pricing and backlog.
- Launch and in-orbit failures: A launch loss or in-orbit failure removes capacity and revenue and may not be fully insured; watch insurance notes and fleet health.
- Capital intensity: Satellites are paid for before revenue arrives, so debt and depreciation weigh on results; watch capital spending, debt and utilization.
- Customer concentration: A few government or network customers can account for much revenue, so a lost renewal matters; watch backlog and customer concentration.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Growth |
| Geographic Importance | Global |
Satellite & Space Communications Filers in the SEC Record
9 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 4899. Their latest fiscal years end between 2024 and 2025, and together they reported $16.6 billion of revenue. Median revenue growth over the prior year was -2.4%. Median operating margin was -21.5% and median net margin -3.2%. Median total liabilities were 63% of total assets, and 3 of 9 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Echostar Corp | $15.0 billion | -5.2% | -118.1% | -0.3% | FY 2025 |
| Gogo Inc. | $910 million | 104.7% | 12.5% | 1.4% | FY 2025 |
| Globalstar, Inc. | $273 million | 9.0% | 2.7% | -3.2% | FY 2025 |
| Buzzfeed, Inc. | $185 million | -2.4% | -25.8% | -31.2% | FY 2025 |
| Kvh Industries Inc \de\ | $111 million | -2.5% | -10.1% | -6.7% | FY 2025 |
| Spire Global, Inc. | $72 million | -35.2% | -134.1% | 71.7% | FY 2025 |
| Ast Spacemobile, Inc. | $71 million | 1511.8% | n/a | -482.2% | FY 2025 |
| Elauwit Connection, Inc. | $22 million | 154.5% | -17.1% | -19.6% | FY 2025 |
The 8 largest of 9 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Satellite & Space Communications guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Satellite & Space Communications industry?
Key performance indicators for the Satellite & Space Communications industry include: Capacity leased and utilization, Contract backlog, Revenue per terminal, Capital spending per satellite, Debt. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Satellite & Space Communications industry?
The Satellite & Space Communications industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Satellite & Space Communications industry?
The primary risks for Satellite & Space Communications companies include: Competition from low-earth-orbit constellations, Launch and in-orbit failures, Capital intensity, Customer concentration. Investors should assess each company's exposure to these factors and its track record of navigating them.