Satellite operator financial KPIs, 13th edition

18 October 2023 | Research

Luke Wyles

Report | PPTX and PDF (23 slides) | Satellite Capacity


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Analysys Mason's Satellite operator financial KPIs, 13th edition is the industry’s leading resource for the assessment and analysis of financial performance across the Global Satcom market. With more than 13 metrics dissected, this report examines core aspects of business such as financial performance with Revenue, EBITDA, debt and competitive ratios.

This report presents the complete Satcom Financial Index of quantitative and qualitative metrics for 13 operators. Limited metrics are analysed for another 14 non-reporting operators.

Questions answered in this report

  • How has the industry’s revenues grown in 2022 on a year-on-year basis, and over the last 5 years?
  • Which sectors are driving revenue growth in the global satcom market and which sectors are contracting on a revenue basis?
  • Which industry players are the top gainers in 2022 and which are the top losers?
  • What are the key financial metrics of leading industry players and how do they rank against each other?
  • What is the financial outlook of key industry players?

Who should read this report

  • National, regional and global satellite operators
  • Service providers and integrators
  • Telecoms and wireless operators
  • Broadcasters and pay-TV operators
  • Banks and financial institutions
  • Private equity, hedge funds and venture capital (new space)
  • Satellite manufacturers
  • Regulators and agencies funding telecoms research and development
  • Policy makers
  • Strategy consultancies
  • Space agencies and defence organisations
  • Launch service providers
  • Insurers

Covered in this report

  • Video and non-video revenue
  • In-depth financial analysis on global, regional and MSS operators
  • Qualitative analysis connecting historical financials with future predictions on multiple metrics
  • Trends analysis for revenue and EBITDA margins in the industry
  • Satcom Financial Index on operational, cash-capex, debt and ROI metrics for 13 operators
  • Limited metrics for 14 non-reporting operators
  • Discusses the long-term FCF and ROCE yield and examines which operators have booked the best return

Metrics assessed

Quantitative Qualititative
Revenue EBITDA/Adj. EBITDA margin
EBITDA/Adj. EBITDA Years of backlog to annual revenue ratio
Backlog  Annual capex/annual revenue ratio
Capex EBITDA to cash conversion ratio
Free cash flow Net debt to EBITDA/Adj. EBITDA ratio
  Interest coverage ratio (EBIT/interest expense)
  Turnover ratio (revenue/average total assets)
  Return on capital employed (EBIT/total assets – current liabilities

Companies assessed

Fully reporting operators Partially reporting operators Non-reporting operators
  • SES
  • Eutelsat
  • Telesat
  • Echostar-Hughes
  • Viasat
  • Yahsat
  • APT Satellite
  • Iridium
  • Globalstar
  • Hispasat
  • Sky Perfect ISAT
  • Thaicom
  • Amos-Spacecom
  • Intelsat
  • Inmarsat
  • Others: 14 additional operators are included in the analysis

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Authors

Luke Wyles

Analyst