---
title: "Satellite Communications Equipment Industry: Companies, KPIs & Risks"
description: "15 SEC filers are classified under the Standard Industrial Classification code that describes the satellite communications equipment industry."
canonical: https://www.getswoopr.com/stocks/industries/information-technology/satellite-communications-equipment/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Satellite Communications Equipment Industry

## Direct Answer

15 SEC filers are classified under the Standard Industrial Classification code that describes the satellite communications equipment industry, and their latest annual reports show $62.0 billion of combined revenue and a median operating margin of -27.8%. 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 communications equipment makers produce terminals, antennas, modems and ground systems used with satellite networks by governments, airlines, ships and consumers. Demand follows constellation rollouts and defense and mobility use. The first numbers to compare across companies here are orders and backlog, terminal shipments and gross margin.

## Key Industry Metrics

- **Orders and backlog**: New orders and those awaiting delivery. Orders lead revenue and follow constellation rollouts and defense programs, so backlog shows visibility but program delays move timing.
- **Terminal shipments**: The number of user terminals and antennas sold. Volume shows how quickly satellite services reach customers, and falling unit prices can increase volumes.
- **Gross margin**: Revenue left after components and assembly. Terminals sold in volume earn less than specialized government systems, so mix toward defense can lift it.
- **Government versus commercial mix**: Sales split between public-sector and commercial buyers. Government programs bring stable multi-year work, while commercial mobility and consumer demand are more cyclical.
- **R&D**: Money spent developing new antennas and modems. Technology must keep up with new networks and standards, so spending shows how much is reinvested to stay competitive.

## Primary Macro Drivers

- **Constellation deployment**: Satellite networks launching and expanding need user terminals and ground systems, so rollout schedules drive terminal shipments and orders.
- **Defense spending**: Governments buy secure terminals and ground systems under long programs, adding orders and backlog less tied to consumer demand.
- **Aviation and maritime connectivity**: Airlines and ships adding internet service buy antennas and modems, supporting orders from commercial mobility customers.
- **Terminal cost reductions**: Cheaper flat-panel and electronically steered antennas widen the buyer pool and support unit growth, though they also pressure price.

## Major Risks

- **Customer concentration**: A few network operators or government programs account for much of sales, so one decision moves results; watch top-customer share and backlog.
- **Competition from satellite operators' own terminals**: Network operators building their own terminals can displace outside makers; watch customer mix and terminal shipments.
- **Program delays**: Government and constellation schedules slip often, delaying revenue and leaving capacity idle; watch backlog conversion and book-to-bill.
- **Spectrum policy**: Rules on spectrum and licensing affect where and how terminals can operate, shifting demand and approval timing; watch regulatory disclosures and regional revenue.

## Industry Characteristics

| Characteristic | Profile |
| --- | --- |
| Cyclicality | Cyclical |
| Capital Intensity | Medium |
| Regulatory Intensity | Medium |
| Industry Maturity | Growth |
| Geographic Importance | U.S. / Global |

## Satellite Communications Equipment Filers in the SEC Record

15 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3663. Their latest fiscal years end between 2025 and 2026, and together they reported $62.0 billion of revenue. Median revenue growth over the prior year was 12.5%. Median operating margin was -27.8% and median net margin -12.4%. Median total liabilities were 58% of total assets, and 7 of 15 reported a profit in their latest year.

| Company | Revenue | Growth | Operating margin | Net margin | Year |
| --- | --- | --- | --- | --- | --- |
| [Qualcomm Inc](https://www.getswoopr.com/stocks/companies/qualcomm/) | $44.3 billion | 13.7% | 27.9% | 12.5% | FY 2025 |
| [Motorola Solutions, Inc.](https://www.getswoopr.com/stocks/companies/motorola-solutions/) | $11.7 billion | 8.0% | 25.6% | 18.4% | FY 2025 |
| [Ubiquiti Inc.](https://www.getswoopr.com/stocks/companies/ubiquiti-inc/) | $2.6 billion | 33.4% | 32.5% | 27.7% | FY 2025 |
| [Vistance Networks, Inc.](https://www.getswoopr.com/stocks/companies/vistance-networks-inc/) | $1.9 billion | 39.7% | 2.5% | 118.2% | FY 2025 |
| [Comtech Telecommunications Corp](https://www.getswoopr.com/stocks/companies/comtech-telecommunications-corp/) | $500 million | -7.6% | -27.8% | -31.1% | FY 2025 |
| [Aviat Networks, Inc.](https://www.getswoopr.com/stocks/companies/aviat-networks-inc/) | $435 million | 6.5% | 2.4% | 0.3% | FY 2025 |
| [Planet Labs Pbc](https://www.getswoopr.com/stocks/companies/planet-labs-pbc/) | $308 million | 25.9% | -30.9% | -80.2% | FY 2026 |
| [Blacksky Technology Inc.](https://www.getswoopr.com/stocks/companies/blacksky-technology-inc/) | $107 million | 4.4% | -44.0% | 0.1% | FY 2025 |

The 8 largest of 15 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 Communications Equipment 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 Communications Equipment industry?

Key performance indicators for the Satellite Communications Equipment industry include: Orders and backlog, Terminal shipments, Gross margin, Government versus commercial mix, R&D. 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 Communications Equipment industry?

The Satellite Communications Equipment industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.

What are the biggest risks in the Satellite Communications Equipment industry?

The primary risks for Satellite Communications Equipment companies include: Customer concentration, Competition from satellite operators' own terminals, Program delays, Spectrum policy. Investors should assess each company's exposure to these factors and its track record of navigating them.

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).