위성통신사업자의 재무 KPI(2025년)

"Traditional satcom players are struggling due to competitive pressure from Starlink and are shifting their focus towards mergers and multi-orbit service offerings."

This report provides financial data for major satellite communications (satcom) operators. Our metric-based analysis compares operators' performance and allows for competitive ranking across the industry.

Report overview

• Financial analysis of reports from 14 major satellite operators, including global and regional fixed satellite service (FSS) players, as well as mobile satellite services (MSS) providers
• Reported and calculated financial metrics for the operators covered for the past 6 years
• Financial data as reported, in original currencies and financial periods, as well as converted calendar-year figures in US dollars for easy comparison
• Analysis of the state of the satellite industry in 2024, including the most significant changes in operator performance
• Strategic recommendations for satellite operators in response to current and anticipated financial trends

Coverage

Absolute metrics

• Revenue
• (Adjusted) EBITDA
• Backlog
• Capex
• Free cash flow
• Operating cash flow
• Operating income (EBIT)
• Net cash for investing activities
• Net interest expense
• Total and net debt
• Cash and cash equivalents
• Average total assets
• Current liabilities

Comparative metrics

• (Adjusted) EBITDA margin
• Backlog/revenue ratio
• Capex/revenue ratio
• Cash conversion ratio
• Net debt/(adjusted) EBITDA ratio
• Times interest earned
• Turnover ratio
• Return on capital employed (ROCE)

Operator coverage

Global:

• EchoStar (Hughes)
• Eutelsat
• Intelsat
• SES
• Telesat
• Visat

Regional:

• APT Satellite
• Hispasat
• SKY Perfect JSAT
• Spacecom
• Space42 (Yahsat)
• Thaicom

MSS:

• Globalstar
• Iridium

Questions answered in this report

• How did the satcom operators analysed in this report perform financially in 2024?
• How do these operators compare with one another and the wider industry?

Who should read this report

This report is suitable for anyone assessing the financial condition of reporting satcom operators or interested in the financial health of the satcom market. This includes:

• satellite operators, service integrators, investors and advisers, industry and innovation agencies and sovereign funds looking to understand the satcom competitive landscape
• satellite manufacturers and launch providers looking to shape their strategies in response to shifting demand in the satcom market
• financial, competitive intelligence and business strategy teams with satcom and connectivity interests.

Companies mentioned

APT Satellite, EchoStar (Hughes), Eutelsat, Globalstar, Hispasat, Intelsat, Iridium, SES, SKY Perfect JSAT, Space42 (Yahsat), Spacecom, Telesat, Thaicom, Viasat (Inmarsat)