ASTS
AST SpaceMobile, Inc.
ASTS offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
GDS
GDS Holdings Limited
GDS has the edge over ASTS overall, supported by lower modeled downside.
ASTS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Weak | |
| Unavailable |
ASTS's revenue is currently healthy, but its profitability and cash flow are weak. There isn't enough data to rate its balance sheet.
GDS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
GDS's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
ASTS PE Valuation
ASTS has no meaningful PE right now: it lost money over the past year.
GDS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 9.8x | $20.05 | — |
| Cheap | 11x | $22.42 | +12% |
| Fair | 21x | $43.89 | +119% |
| Expensive | 52x | $106 | +430% |
Historical ranges are pointers, not guarantees.
GDS's PE is 9.8x, but its earnings don't support one, so it isn't a reliable read right now.
ASTS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| -- | |
| Limited | |
| Low |
Analysts expect ASTS's losses to grow, with revenue growing. However, they disagree widely on these estimates.
GDS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect GDS to return to profit, with revenue growing.
ASTS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.15 | -$0.91 |
| Q2 2026 | -$2.16 | -$0.27 |
| Q1 2026 | -$1.80 | +$0.19 |
| Q4 2025 | -$1.34 | +$0.61 |
| Q3 2025 | -$1.24 | +$0.88 |
| Q2 2025 | -$1.89 | -$0.64 |
| Q1 2025 | -$1.99 | -$1.01 |
| Q4 2022 | -$0.58 | -$0.21 |
GDS has the stronger earnings trend. Trailing diluted EPS is down 273% for ASTS versus GDS down 40%.
GDS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2024 | -$3.24 | -$2.14 |
| Q2 2024 | -$3.43 | -$2.40 |
| Q1 2024 | -$3.43 | -$2.27 |
| Q4 2023 | -$3.54 | -$2.30 |
| Q3 2023 | -$1.10 | +$0.27 |
| Q2 2023 | -$1.03 | +$0.33 |
| Q1 2023 | -$1.16 | +$0.14 |
| Q4 2022 | -$1.24 | -$0.16 |
GDS has returned to profit: it earned $2.05 per share over the past year, after losing money the year before.
ASTS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $42.3M | +187% |
| Q2 2026 | $31.5M | +2627% |
| Q1 2026 | $14.7M | +1952% |
| Q4 2025 | $54.3M | +2731% |
| Q3 2025 | $14.7M | +1240% |
| Q2 2025 | $1.2M | +28% |
| Q1 2025 | $718K | +44% |
| Q3 2022 | $4.2M | +70% |
ASTS has the edge over GDS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -415% | +694 points |
| Q2 2026 | -948% | +10744 points |
| Q1 2026 | -1686% | +7083 points |
| Q4 2025 | -175% | +2446 points |
| Q3 2025 | -1109% | +4850 points |
| Q2 2025 | -11692% | -4693 points |
| Q1 2025 | -8769% | +2331 points |
| Q4 2024 | -2621% | N/A |
ASTS's operating margin was −415% last quarter, up 694 points from the same quarter a year ago.
GDS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $462.1M | +6.2% |
| Q1 2026 | $505.3M | +24% |
| Q4 2025 | $438.5M | +54% |
| Q3 2025 | $433.3M | +10% |
| Q2 2025 | $435.2M | +2.6% |
| Q1 2025 | $408.7M | +3.6% |
| Q4 2024 | $285.5M | -26% |
| Q3 2024 | $393.1M | +4% |
GDS's revenue has grown year over year for six quarters in a row: $462M last quarter, up 6.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 14% | -0.1 points |
| Q1 2026 | 27% | +14 points |
| Q4 2025 | 13% | -3.5 points |
| Q3 2025 | 13% | +0.9 points |
| Q2 2025 | 14% | +3.1 points |
| Q1 2025 | 13% | +5.1 points |
| Q4 2024 | 17% | +132 points |
| Q3 2024 | 12% | +8.4 points |
GDS has the edge over ASTS on profitability, with a higher operating margin.
ASTS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$464.2M | -$161.4M |
| Q2 2026 | -$694.8M | -$341.1M |
| Q1 2026 | -$309.7M | -$160.7M |
| Q4 2025 | -$330.7M | -$220.3M |
| Q3 2025 | -$302.9M | -$239.1M |
| Q2 2025 | -$353.6M | -$315.3M |
| Q1 2025 | -$149M | -$61.3M |
| Q4 2024 | -$110.5M | -$63.2M |
ASTS has burned cash in almost every quarter: −$1.8B over the past year, against −$916M the year before.
GDS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $24.3M | +$78.4M |
| Q1 2026 | -$48.4M | -$14M |
| Q4 2025 | -$2M | -100% |
| Q3 2025 | -$102.8M | -$80.8M |
| Q2 2025 | -$54.1M | +$172M |
| Q1 2025 | -$34.4M | +$125.9M |
| Q4 2024 | $625.5M | +$680.8M |
| Q3 2024 | -$22M | +$123.3M |
GDS has the edge over ASTS on cash flow, with more consistent year-over-year improvement.
ASTS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +1.1M shares |
| 1 year | +10% | +27.3M shares |
| 3 years | +235% | +211M shares |
| 5 years | +480% | +248M shares |
| Available history | +944% | +271M shares |
ASTS has the edge over GDS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
GDS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.2% | +5.5M shares |
| 1 year | +15% | +34.8M shares |
| 3 years | +41% | +76.1M shares |
| 5 years | +44% | +78.8M shares |
GDS has 259M diluted shares, up 15% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
GDS hasn't bought back shares in the past year.
ASTS Net Leverage
ASTS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
GDS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 5.8x | High |
| Q1 2026 | 5.7x | High |
| Q4 2025 | 5.5x | High |
| Q3 2025 | 4.6x | High |
| Q2 2025 | 5.9x | High |
| Q1 2025 | 6.3x | High |
| Q4 2024 | 8.0x | High |
| Q3 2024 | 25.7x | High |
GDS's net debt is about 5.8 years of its operating earnings (EBITDA), down from 5.9 years a year ago.
ASTS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.1 | Neutral |
| Stochastic | 11.9 | Oversold |
ASTS's weekly RSI is 34 (neutral) and its Stochastic is 12 (oversold).
GDS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.5 | Neutral |
| Stochastic | 7.0 | Oversold |
GDS's weekly RSI is 31 (neutral) and its Stochastic is 7 (oversold).
ASTS PE vs Technology Sector
ASTS has no meaningful PE right now: it lost money over the past year.
GDS PE vs Technology Sector
| Metric | GDS | Sector median | Relative |
|---|---|---|---|
| PE | 9.8x | 28x | 65% below |
| PE % | 0 | 35 | 35 pts below |
GDS is trading at 9.8x earnings, a 65% discount to the Technology sector's median of 28x, though its earnings don't support one.
ASTS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $44.9 | 23% below |
| 20 week MA | $57.1 | 40% below |
| 50 week MA | $75.5 | 54% below |
| 100 week MA | $57.8 | 40% below |
| 200 week MA | $33.6 | 2.8% above |
ASTS has the edge over GDS on trend strength, trading above more of its moving averages.
GDS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $25.1 | 20% below |
| 20 week MA | $29.3 | 32% below |
| 50 week MA | $35.6 | 44% below |
| 100 week MA | $33.1 | 39% below |
| 200 week MA | $23.0 | 13% below |
GDS is in a downtrend: it's below all five of its weekly moving averages, and 13% below its 200-week average.
ASTS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.87 | $13.4 | +36% |
| 2021 | $13.4 | $8.71 | -35% |
| 2022 | $8.71 | $3.97 | -54% |
| 2023 | $3.97 | $6.03 | +52% |
| 2024 | $6.03 | $22.9 | +280% |
| 2025 | $22.9 | $72.0 | +214% |
| 2026 YTD | $72.0 | $34.5 | -52% |
ASTS's yearly returns have swung widely, from +280% in 2024 to −54% in 2022. It's down 52% so far in 2026.
GDS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.7 | $91.3 | +77% |
| 2021 | $91.3 | $47.1 | -48% |
| 2022 | $47.1 | $19.4 | -59% |
| 2023 | $19.4 | $9.12 | -53% |
| 2024 | $9.12 | $22.3 | +144% |
| 2025 | $22.3 | $35.4 | +59% |
| 2026 YTD | $35.4 | $20.1 | -43% |
GDS has the edge over ASTS on returns for 2026, with the stronger performance.