Is AST SpaceMobile Stock Cheap Enough Yet

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AST SpaceMobile (ASTS) stock closed on October 26, 2026, 70.4% below its highest close of the past year, a peak set on May 28. Over the past month alone, the stock lost 36.2% while the S&P 500 slipped 0.8%. A buyer at today's price is betting on a space-based cellular network whose BlueBird satellites are still being built and launched. So has the price come down far enough to match what AST SpaceMobile sells today?

Investors Still Pay Steeply For AST SpaceMobile's Sales

Even after the fall, AST SpaceMobile stock trades at 102.3 times its sales over the twelve months to June 2026, against 3.2 times for the S&P 500. The company lost money on both earnings and operating cash flow over those months, so a price-to-earnings multiple has no meaning here.

Against its own past, the sales multiple is far from a peak. It reached 2,820.0 times at the end of June 2024, and its low was 12.8 times at the end of 2022.

AST SpaceMobile has narrowed its loss relative to sales. Its operating loss came to 410.3% of revenue over the latest twelve months, down from 5,315% a year earlier. The loss was larger against sales in 18 of the 21 quarter ends on record since late 2020. Revenue in the second quarter came mainly from commercial gateway deliveries and U.S. government service milestones, management said on the August 10 call.

The multiple now sits well below its peak, alongside an operating loss near its smallest. That makes the stock cheaper than it was, not cheap. The price still appears to assume a far larger business than the one AST SpaceMobile runs today.

AST SpaceMobile's Guided Revenue Is Mostly Still Ahead

AST SpaceMobile booked $46.2 million of revenue in the first half of 2026, against a full-year guide of $150 million to $200 million that management kept unchanged in August. Management expects revenue to keep growing each quarter, likely weighted towards the fourth.

Analysts expect third-quarter revenue of $47.2 million, up from $31.5 million in the second. Further out, management said on the call that it still aims to approach $1 billion of revenue in its first year of commercial service.

When Does AST SpaceMobile Report Next?

AST SpaceMobile is expected to report its third-quarter results for the three months to September in November 2026. The stock has moved both ways following its recent reports. Over the two trading days after each of its last six reports, the shares rose three times and fell three times, with moves ranging from a 20.7% gain after the March 2026 report to a 9.4% drop after the May 2026 report.

A buyer who waits for that report is not shielded from the wider market either. During the 2025 tariff shock, the stock fell 36.0% from peak to low, against 19.0% for the S&P 500.

Third-quarter revenue, measured against what analysts expect, is the number to watch in that report.

How To Act On ASTS?

Not necessarily on AST SpaceMobile alone, if your goal is long-term wealth. Wealth is built by owning the companies that keep outperforming, the leaders of their industries, wherever they are. In AST SpaceMobile's own industry, Lumentum stock rose 913% and Applied Optoelectronics stock rose 859% over the five years to October 2026, while AST SpaceMobile stock rose 257%.

Finding companies like these takes comparison across industries and sectors, and that is what the Trefis High Quality (HQ) Portfolio does. It holds 30 quality companies in equal weight and, since its inception in September 2020, has returned more than 105%, ahead of a benchmark that combines the S&P 500, S&P Mid-cap and Russell 2000. See how we find the leaders.

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