Astroscale Holdings Inc. (186A) AI Stock Analysis

• Market Cap: ¥128.49B
• Dividend Yield: N/A
• Average Volume (3M): 6.36M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.38
• 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): -59.62
• Revenue Forecast (FY): ¥6.49B

• Rating: 51 Neutral
• Price Target: ¥952.00 ▲(63.01% 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 top-line growth indicates expanding commercial demand and successful contract wins for in-orbit services. Over 2-6 months this supports scaling of mission capabilities and credibility with customers, enabling higher utilization of engineering capacity and deeper market penetration.

Contract-driven, mission-based business model

A milestone-based contract model with government and commercial customers creates durable, project-backed revenue streams and high switching costs. Partnerships with national agencies and primes underpin steady program pipelines and lower revenue volatility compared with spot sales.

Improving balance sheet leverage

Lower leverage improves financial flexibility for funding capital-intensive missions and reduces near-term refinancing risk. With a more balanced capital structure the company can better support multi-mission programs and negotiate longer-term contracts or partnerships.

Negative Factors

Persistent unprofitability

Negative operating and EBIT margins show the business has not yet converted revenue scale into sustainable profits. Over months this can necessitate continued external funding, constrain reinvestment in R&D and missions, and limit the firm's ability to self-fund growth initiatives.

Negative operating and free cash flow

Ongoing cash burn despite improving free cash flow growth means the company relies on financing or milestone billing timing to fund operations. Structurally negative cash generation raises execution risk for multi‑mission programs and increases sensitivity to funding market conditions.

Very weak returns on equity

A deeply negative ROE signals capital destruction and that invested funds are not generating economic returns. Persistently poor returns can lead to dilution via additional financing and reduces attractiveness to long-term investors, limiting strategic options.

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 makes money by providing in-orbit services and related mission programs to customers such as government space agencies and commercial satellite operators. Key revenue streams include (1) contracted mission revenue for designing, building, and operating spacecraft for specific debris-removal or servicing demonstrations/operations, where payments are typically milestone-based under development and service contracts; and (2) engineering and technology revenue from supplying mission components, software, and technical services associated with rendezvous, proximity operations, and capture/docking systems. Earnings can also be influenced by partnerships and collaborations with national space agencies and industry primes that fund or co-develop demonstration missions and operational concepts. null

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: Negative
• Last Price: 584.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:186A, the sentiment is Negative. The current price of 584 is below the 20-day moving average (MA) of 1019.65, below the 50-day MA of 947.58, and below the 200-day MA of 761.43, indicating a neutral trend. The MACD of 1.55 indicates Positive momentum. The RSI at 45.41 is Neutral, neither overbought nor oversold. The STOCH value of 38.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	¥58.43B	6.96	―	3.18%	2.98%	10.15%
6420	80 Outperform	¥140.62B	12.20	―	1.94%	11.63%	3.32%
6237	76 Outperform	¥55.49B	10.64	―	2.79%	2.85%	3.17%
6381	75 Outperform	¥64.19B	13.24	―	3.95%	-1.67%	-4.39%
6363	70 Outperform	¥66.55B	4.09	―	3.09%	6.35%	-34.20%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
186A	51 Neutral	¥128.49B	-17.32	―	―	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.