This $39 Billion Company Made Just $54.3 Million in the Last Year, but People Keep Buying It. Should You?

By Johnny Rice – Mar 9, 2026 at 8:27PM ESTKey PointsAST SpaceMobile trades at a steep 382x price-to-sales ratio, betting heavily on a future that hasn't yet materialized.Major carrier partnerships give AST SpaceMobile a path to potentially massive recurring revenue, but it's far from guaranteed. With only a handful of satellites currently in orbit, significant execution risk remains before the company can deliver on its ambitious promise.AST SpaceMobile (ASTS +0.47%) is one of the most aggressively valued stocks on the market. The company trades at a $39 billion market cap on just $54.3 million in trailing-12-month (TTM) revenue, a price-to-sales (P/S) ratio of over 382. ExpandNASDAQ: ASTSAST SpaceMobileToday's Change(0.47%) $0.42Current Price$89.90Key Data PointsMarket Cap$26BDay's Range$86.56 - $91.8552wk Range$18.22 - $129.89Volume362KAvg Vol16MGross Margin-14399.31% Why are investors paying such a premium for AST stock? If the company can deliver on its promise, the payoff could be enormous. AST is building a satellite constellation designed to deliver cellular broadband directly to standard smartphones. Its partners include AT&T, Verizon, Vodafone, and now TELUS -- carriers collectively serving billions of subscribers. If commercial service activates at scale, recurring revenue could reach tens of billions annually. It's also recently landed a defense contract, adding another potential revenue stream. Image source: Getty Images. Is AST SpaceMobile worth the risk? But that's a lot of "ifs." AST has a handful of satellites in orbit and plans to launch dozens more by year end, but it still has a long way to go, and there is significant execution risk. At this valuation, you're paying a premium for a future that's far from guaranteed. Still, there's enough of an opportunity here for investors with a very high risk tolerance.Read NextMar 7, 2026 •By Courtney CarlsenAlphabet Owns 8.9 Million Shares of This Hot Space Stock. Is It a Buy?Mar 5, 2026 •By Leo SunBetter Space Stock: AST SpaceMobile (ASTS) vs. Rocket Lab (RKLB)Mar 4, 2026 •By Rich SmithWhy AST SpaceMobile Stock Popped TodayFeb 22, 2026 •By Brett SchaferWhere Will AST SpaceMobile Stock Be in 5 Years?Feb 14, 2026 •By Rich SmithSpaceX IPO Poses Existential Threat to AST SpaceMobile, Verizon, and AT&TFeb 2, 2026 •By Jeremy BowmanWhy AST SpaceMobile Stock Jumped 53% in JanuaryAbout the AuthorJohnny Rice is a contributing writer for The Motley Fool covering tech stocks. He previously contributed to various financial publications.TMFJohnnyRiceStocks MentionedAST SpaceMobileNASDAQ: ASTS$89.90(+0.47%)+$0.43*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.