GSATGlobalstar, Inc.

Communications Services, NEC

Revenue: $273M; 9.0% YoY
Operating margin: 2.7%; 818% YoY
EBITDA: $94M; 7.5% YoY
Market cap: $10.4B
Employees: 477; $572K revenue each
Net debt / EBITDA: -0.5×; −$51M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$572K · 52nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.4B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$37M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$124M	$149M	$224M	$250M	$273M	9.0%
Operating income	−$66M	−$221M	−$165K	−$949K	$7M	883%
Net income	−$113M	−$257M	−$25M	−$63M	−$9M	86%
Operating cash flow	$132M	$64M	$74M	$439M	$622M	42%
Stock-based comp	$7M	$11M	$22M	$36M	$23M	34%
Dividends	$0	$0	$12M	$11M	$11M	0.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 15, 2026	FL INVESTMENT HOLDINGS LLC	SCHEDULE 13D/A	19.0%	Active
Sep 12, 2022	Globalstar, Inc.	SC 13D/A	21.0%	Passive
Sep 7, 2022	Globalstar, Inc.	SC 13D/A	21.0%	Passive
Feb 25, 2020	Globalstar, Inc.	SC 13D/A	13.8%	Passive
Jan 3, 2020	Globalstar, Inc.	SC 13D/A	0.0%	Passive
May 10, 2019	Mudrick Capital Management, L.P.	SC 13D/A	0.2%	Passive
Jan 4, 2019	FL INVESTMENT HOLDINGS LLC	SC 13D/A	9.8%	Passive

Insider trading

Open-market buys, 12 mo: $30M · 1
Open-market sells, 12 mo: $67M · 40
Net: −$37M

Pay vs performance

No pay-versus-performance disclosure yet.