Satellogic Inc. (NASDAQ: SATL)

Sector: Industrials Industry: Aerospace & Defense CIK: 0001874315
Market Cap 283.00 Mn
P/B -4.97
P/E -2.32
P/S 20.41
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 28.97
Total Debt (Qtr) 95.28 Mn
Debt/Equity (Qtr) -1.67

About

Satellogic Inc., a company known by its ticker symbol SATL, operates in the geospatial industry, offering high-resolution Earth observation (EO) data to its customers. Established in 2010, Satellogic has been at the forefront of creating a fully automated and searchable EO catalog, making it a leading player in the industry. The company's primary business activities encompass Asset Monitoring, Constellation-as-a-Service (CaaS), and Space Systems. The Asset Monitoring business focuses on tracking and monitoring assets, providing real-time updates...

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 29.09M provide 31.39x coverage of short-term debt 927000, demonstrating strong liquidity position and minimal refinancing risk.
  • Tangible assets of 70.87M provide exceptional 8.74x coverage of deferred revenue 8.11M, showing strong service capability backing.
  • Robust tangible asset base of 70.87M provides 27.17x coverage of working capital 2.61M, indicating strong operational backing.
  • Retained earnings of (435.37M) represent substantial 7.65x of equity (56.89M), indicating strong internal capital generation.
  • Cash reserves of 29.09M provide robust 0.88x coverage of current liabilities 32.90M, indicating strong short-term solvency.

Bear case

  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 8.11M, which is 0x, raising concerns about future service delivery capabilities.
  • Retained earnings of (435.37M) provide limited buffer against comprehensive income items of 542000, which is -803.27x, indicating elevated exposure to market risks.
  • Other non-current assets of 4.42M provide minimal coverage for long-term debt of 94.35M, which is 0.05x, indicating potential asset-liability mismatch.
  • Current liabilities of 32.90M significantly exceed receivables of 2.59M, which is 12.72x, indicating potential working capital stress.
  • Other current liabilities of 29.57M represent a high 11.44x of receivables 2.59M, suggesting potential short-term liquidity pressure.

Segments Breakdown of Revenue (2024)

Product and Service Breakdown of Revenue (2024)

Peer comparison

Companies in the Aerospace & Defense
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GE General Electric Co 342.94 Bn 42.54 7.80 20.84 Bn
2 RTX RTX Corp 252.05 Bn 38.24 2.93 40.71 Bn
3 BA Boeing Co 174.43 Bn -17.16 2.16 53.35 Bn
4 LMT Lockheed Martin Corp 126.61 Bn 30.15 1.73 22.19 Bn
5 GD General Dynamics Corp 95.62 Bn 22.69 1.86 8.01 Bn
6 NOC Northrop Grumman Corp /De/ 89.30 Bn 22.22 2.18 16.96 Bn
7 HWM Howmet Aerospace Inc. 88.16 Bn 60.80 11.05 3.19 Bn
8 TDG TransDigm Group INC 80.97 Bn 43.39 9.17 30.02 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 5.20 3.58
EV to Cash from Ops. EV/CFO -17.49 58.38
EV to Debt EV to Debt 3.87 98.04
EV to EBIT EV/EBIT -3.07 19.42
EV to EBITDA EV/EBITDA -14.05 33.60
EV to Free Cash Flow [EV/FCF] EV/FCF -14.47 91.66
EV to Market Cap EV to Market Cap 1.30 1.13
EV to Revenue EV/Rev 26.56 11.27
Price to Book Value [P/B] P/B -4.97 4.81
Price to Earnings [P/E] P/E -2.32 31.79
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -3.75
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 22.95
Dividend per Basic Share Div per Share (Qtr) 0.00 0.70
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 14.15
Interest Coverage Int. cover (Qtr) 0.00 -18.00
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -50.32
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 1,609.43
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.75
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -30.98
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 10.65
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 -26.90
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -27.25
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 -99.21
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 6.61
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 -5.55
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.51
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 0.88 1.76
Current Ratio Curr Ratio (Qtr) 1.08 3.72
Debt to Equity Ratio Debt/Equity (Qtr) -1.67 0.07
Interest Cover Ratio Int Coverage (Qtr) 0.00 -18.00
Times Interest Earned Times Interest Earned (Qtr) 0.00 -18.00
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -345.84
EBIT Margin % EBIT Margin % (Qtr) 0.00 -382.63
EBT Margin % EBT Margin % (Qtr) 0.00 -387.93
Gross Margin % Gross Margin % (Qtr) 0.00 -33.31
Net Profit Margin % Net Margin % (Qtr) 0.00 -389.13