Astroscale Holdings Inc. (186A) AI Stock Analysis

• Market Cap: ¥142.47B
• Dividend Yield: N/A
• Average Volume (3M): 6.36M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.41
• Revenue Growth: 85.06%
• EPS Growth: 43.93%
• Country: JP
• Employees: 494
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): -10.72
• Shares Outstanding: 135,681,500
• 10 Day Avg. Volume: 12,134,070
• 30 Day Avg. Volume: 6,356,840
• PEG Ratio: -0.05
• Price to Book (P/B): 14.81
• Price to Sales (P/S): 36.93
• P/FCF Ratio: -7.01
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -64.52
• Revenue Forecast (FY): ¥6.49B

• Rating: 51 Neutral
• Price Target: ¥997.00 ▲(70.72% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is held back primarily by weak financial performance, with persistent losses and negative operating/free cash flow despite strong revenue growth and improved leverage. Technicals are a key offset, showing a strong uptrend and positive momentum, while valuation remains challenged due to negative earnings (negative P/E) and no indicated dividend yield.

Positive Factors

Strong revenue growth

Sustained high revenue growth (+25.48% TTM) indicates accelerating demand for Astroscale’s in-orbit services and successful commercial traction. Over 2-6 months this growth supports scale benefits, allows amortization of development costs across missions, and strengthens contract negotiation leverage.

Niche in-orbit services expertise

Astroscale’s specialized capabilities in rendezvous, capture and docking address a structural industry need—space sustainability. High technical barriers and growing regulatory and operator emphasis on debris mitigation create durable demand and partner opportunities with agencies and primes over the medium term.

Improving free cash flow growth

A 27.93% improvement in free cash flow growth signals improving cash conversion dynamics despite overall negative cash flows. This trend, if sustained, can reduce external financing needs for missions, improve funding optionality, and provide a firmer base for scaling operations over the next several quarters.

Negative Factors

Persistent unprofitability

Negative net and EBIT margins indicate the core business is not yet profitable, requiring ongoing investment or external funding. Over 2-6 months, sustained unprofitability constrains reinvestment in missions and tech, increases reliance on financing, and raises execution risk if contract timing slips.

Negative operating and free cash flow

Negative operating and free cash flows point to continued cash burn from operations and missions. This structural cash deficit increases dependence on equity or debt financing, which can be dilutive or costly, and limits the company’s ability to absorb program delays or scale without external capital.

Very weak return on equity

A deeply negative ROE (-105.17%) shows current operations destroy shareholder value relative to equity invested. Persisting at this level over months undermines investor confidence, complicates capital raises, and pressures management to materially improve margins or cash generation to sustain long-term strategy.

Astroscale Holdings Inc. Business Overview & Revenue Model

Company Description

Astroscale Holdings Inc. (186A) is a pioneering company in the space industry, focused on satellite servicing and space debris removal. The company operates primarily in the aerospace and defense sectors, offering innovative solutions for sustainable space operations. Core products and services include space debris mitigation technologies, satellite servicing missions, and end-of-life satellite management, all aimed at ensuring the long-term sustainability of Earth's orbital environment.

How the Company Makes Money

Astroscale generates revenue through a combination of government contracts, commercial partnerships, and private sector collaborations. Key revenue streams include the sale of its debris removal services to governmental space agencies, satellite servicing contracts with private companies, and funding from research and development grants. Significant partnerships with organizations like the Japan Aerospace Exploration Agency (JAXA) and various international space agencies also contribute to its earnings, as these collaborations often lead to joint missions and shared funding opportunities. Additionally, Astroscale may explore commercializing its technology through licensing agreements, further enhancing its revenue potential.

Astroscale Holdings Inc. Financial Statement Overview

Summary

Revenue growth is strong (+25.48% TTM), but the business remains unprofitable with deeply negative margins (net margin -2.59%, EBIT margin -2.32%). Balance sheet leverage improved (debt-to-equity 0.92), yet ROE is very weak (-105.17%). Cash flow is also a concern with negative operating and free cash flow despite improved free cash flow growth (+27.93% TTM).

Income Statement

Astroscale Holdings Inc. shows significant revenue growth in the TTM period, with a 25.48% increase. However, the company struggles with profitability, as indicated by negative margins across the board, including a net profit margin of -2.59% and an EBIT margin of -2.32%. The consistent negative margins highlight ongoing operational challenges.

Balance Sheet

The company's debt-to-equity ratio improved to 0.92 in the TTM period, indicating better leverage management compared to previous years. However, return on equity remains negative at -105.17%, reflecting continued losses. The equity ratio is stable, suggesting a balanced asset structure despite profitability issues.

Cash Flow

Astroscale's cash flow situation is concerning, with negative operating and free cash flows. The free cash flow growth rate improved by 27.93% in the TTM period, but the operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio of 1.31 suggests some efficiency in cash flow management despite overall losses.

Breakdown	TTM	Apr 2025	Apr 2025	Apr 2023	Apr 2022
Income Statement
Total Revenue	4.35B	2.46B	2.85B	1.79B	910.37M
Gross Profit	483.75M	-3.88B	-2.75B	-5.57B	-1.97B
EBITDA	-9.11B	-17.76B	-7.99B	-8.70B	-5.36B
Net Income	-11.27B	-21.55B	-9.18B	-9.26B	-5.48B
Balance Sheet
Total Assets	36.08B	33.63B	24.99B	30.44B	20.13B
Cash, Cash Equivalents and Short-Term Investments	20.02B	21.30B	14.20B	22.68B	16.87B
Total Debt	11.57B	13.93B	13.18B	9.73B	2.50B
Total Liabilities	23.45B	27.50B	19.59B	15.55B	6.03B
Stockholders Equity	12.63B	6.13B	5.40B	14.89B	14.09B
Cash Flow
Free Cash Flow	-15.23B	-12.95B	-13.99B	-9.48B	-6.01B
Operating Cash Flow	-11.65B	-12.25B	-12.82B	-7.94B	-5.50B
Investing Cash Flow	-4.58B	-1.04B	-1.18B	-1.63B	-662.66M
Financing Cash Flow	8.19B	20.82B	4.15B	15.23B	13.79B

Astroscale Holdings Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 584.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:186A, the sentiment is Positive. The current price of 584 is below the 20-day moving average (MA) of 1054.35, below the 50-day MA of 896.94, and below the 200-day MA of 752.18, indicating a neutral trend. The MACD of 14.21 indicates Positive momentum. The RSI at 49.82 is Neutral, neither overbought nor oversold. The STOCH value of 15.66 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:186A.

Astroscale Holdings Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6364	84 Outperform	¥65.06B	11.68	―	3.18%	2.98%	10.15%
6420	80 Outperform	¥164.83B	12.82	―	1.94%	11.63%	3.32%
6237	76 Outperform	¥64.73B	14.88	―	2.79%	2.85%	3.17%
6381	75 Outperform	¥69.80B	16.94	―	3.95%	-1.67%	-4.39%
6363	70 Outperform	¥69.83B	14.83	―	3.09%	6.35%	-34.20%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
186A	51 Neutral	¥142.47B	-11.26	―	―	85.06%	43.93%

Astroscale Holdings Inc. Corporate Events

Astroscale Wins JAXA Funding to Develop GEO Satellite Refueling Technology

Astroscale’s Japanese subsidiary, Astroscale Inc., has been selected by the Japan Aerospace Exploration Agency (JAXA) to participate in the second phase of the Space Strategy Fund, securing eligibility for up to ¥1.5 billion in funding over four years to develop electric propellant refueling technology for geostationary orbit services. Positioned as a strategically important initiative amid rising demand for refueling across defense and commercial sectors, the project aims to build core technologies for repeated in-orbit refueling and propellant transfer, support the standardization of interfaces among orbital transfer vehicles and other space logistics systems, and enhance the economic viability of GEO satellite operations, with expected long-term contributions to Astroscale’s financial results from the fiscal year ending April 2027 and a stronger competitive foothold in the emerging global on-orbit servicing market.

The most recent analyst rating on (JP:186A) stock is a Hold with a Yen1023.00 price target. To see the full list of analyst forecasts on Astroscale Holdings Inc. stock, see the JP:186A Stock Forecast page.

Astroscale Wins First Direct NASA Study Deal for Habitable Worlds Observatory

Astroscale U.S. Inc., the U.S. subsidiary of Astroscale Holdings Inc., has been selected by NASA to conduct a study on how its on-orbit servicing technologies could support the Habitable Worlds Observatory, the planned space telescope dedicated to searching for signs of life on exoplanets. The study, which is expected to become Astroscale’s first direct contract with NASA, will examine how robotic servicing could reduce program risk, enhance scientific output, optimize resources, minimize downtime, and maximize maintenance and upgrade opportunities for the observatory, echoing the long-term value generated by servicing missions to the Hubble Space Telescope. While the contract amount and period are yet to be determined and any financial impact for the year ending April 2026 is expected to be minimal, Astroscale anticipates that revenue from the project will start contributing from fiscal 2027 onward and sees the engagement as a strategically important step that could lead to future on-orbit repair and upgrade business opportunities.

The most recent analyst rating on (JP:186A) stock is a Sell with a Yen584.00 price target. To see the full list of analyst forecasts on Astroscale Holdings Inc. stock, see the JP:186A Stock Forecast page.

Astroscale Wins ¥999 Million Defense Contract for Satellite Grapple Technology

Astroscale Japan Inc., a subsidiary of Astroscale Holdings Inc., has secured a ¥999 million contract from Japan’s Ministry of Defense to research and ground‑demonstrate a grapple mechanism for inspecting and protecting national satellites in geostationary orbit, under a program running through March 2028. Building on an earlier Ministry of Defense contract for a responsive space system demonstration satellite, the new project underscores Astroscale’s growing role in Japan’s defense‑oriented space capabilities and aims to deliver a versatile docking and grappling system that supports “mission assurance” for critical satellites; revenue from the contract is expected to be recognized over the project period with minimal impact on results for the fiscal year ending April 2026 but contributions from fiscal 2027 onward.

The most recent analyst rating on (JP:186A) stock is a Sell with a Yen584.00 price target. To see the full list of analyst forecasts on Astroscale Holdings Inc. stock, see the JP:186A Stock Forecast page.

Astroscale Wins ESA Contract to Develop In-Orbit Satellite Refurbishment Service

Astroscale’s UK subsidiary, Astroscale Ltd, has won an eight‑month, €399,000 study contract from the European Space Agency to develop concepts for an In-Orbit Refurbishment and Upgrading Service (IRUS), marking the company’s first move into satellite refurbishment and upgrade as a new service domain. Working with BAE Systems and drawing on its ELSA-M and COSMIC platforms, Astroscale will examine how robotic servicing technologies can dock with existing satellites to replace degraded or outdated subsystems, extending spacecraft life and capabilities; the initiative is positioned as a strategic step in expanding Astroscale’s in-orbit servicing portfolio and advancing ESA’s circular space economy goals, though the company does not expect a material impact on its current fiscal-year results.

The most recent analyst rating on (JP:186A) stock is a Sell with a Yen584.00 price target. To see the full list of analyst forecasts on Astroscale Holdings Inc. stock, see the JP:186A Stock Forecast page.

Astroscale Records Significant Foreign Exchange Gain

Astroscale Holdings Inc. reported a foreign exchange gain of ¥1,002 million for the three months ending October 31, 2025, primarily due to currency fluctuations affecting its foreign currency cash and loans. This gain is part of a larger ¥2,324 million gain for the six-month period, reflecting positively on the company’s financial results and indicating effective management of foreign currency exposure.

The most recent analyst rating on (JP:186A) stock is a Hold with a Yen646.00 price target. To see the full list of analyst forecasts on Astroscale Holdings Inc. stock, see the JP:186A Stock Forecast page.

Astroscale Holdings Reports Improved Financial Performance Amidst Ongoing Challenges

Astroscale Holdings Inc. reported a significant improvement in its financial performance for the six months ending October 31, 2025, with revenue more than doubling compared to the previous year. Despite an increase in revenue, the company still reported a loss, though it was substantially lower than the previous year’s figures, indicating progress towards financial stability. The company’s financial position strengthened, with an increase in total assets and equity, suggesting a positive trajectory in its operations.

The most recent analyst rating on (JP:186A) stock is a Hold with a Yen646.00 price target. To see the full list of analyst forecasts on Astroscale Holdings Inc. stock, see the JP:186A Stock Forecast page.