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Satellite Communications

Satellite Operator Financial KPIs, 13th Edition

PUBLISHED: October 2023

Available Licenses: Corporate: $8,995

  • Report Summary
  • Key Features
  • Table of Contents
  • Supporting Articles

NSR’s Satellite Operator Financial KPIs, 13th Edition (SOF-KPI13) 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, SOF-KPI13 examines core aspects of business such as financial performance with Revenue, EBITDA, Debt and Competitive ratios.

SOF-KPI13 presents the complete Satcom Financial Index of both quantitative and qualitative metrics for 13 operators. Limited metrics are analysed for another 14 non-reporting operators.

Key questions answered in this report:
  • How has the industry’s revenues grown in 2022 on a year-on-year basis, and over the last five 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 purchase this report:
  • National, Regional and Global Satellite Operators
  • Service Providers and Integrators
  • Telecommunication 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 Telecom Research and Development
  • Policy Makers
  • Strategy Consultancies
  • Space Agencies and Defence Organizations
  • Launch Service Providers
  • Insurers
NSR Difference – What sets this report apart from our competition?

Built on 10+ years of in-house research and innovation in cross-analysing infrastructure, capacity supply, demand, pricing, and funding developments, NSR’s Satellite Operator Financial KPIs, 13th Edition (SOF-KPI13) offers a complete picture of current financial performance trends in the satcom industry. NSR’s latest report offers readers unique insight focused on financial analysis of individual satellite operators on a YoY basis. Leading the future, SOF-KPI13 benchmarks financial performance as well as the anticipated ability to survive, sustain or future-proof growth, keeping readers ahead of the curve.

Covered in this Report:
  • Assesses Video vs. Non-Video Revenues Positioning
  • In-depth financial analysis on global, regional and MSS operators
  • Qualitative analysis connecting historical financials with future predictions on multiple metrics.
  • Trends analysis for revenues 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:

Companies Assessed:

Other Reports Related to this Subject Matter

GSESatellite Capacity Pricing

Table of Contents
  • List of Key Abbreviations & Definitions
  • Executive Summary
  • Chapter 1: Satcom Financial Index
    • 1.1 Operational Metrics
    • 1.1.1 Revenues
    • 1.1.2 EBITDA/Adj. EBITDA and EBITDA/Adj. EBITDA Margin
    • 1.1.3 Backlog & Years of Backlog to Annual Revenues Ratio
    • 1.2 Debt Position & Solvency Metrics
    • 1.2.1 Net Debt to EBITDA/Adj. EBITDA Ratio and Interest Coverage Ratio
    • 1.3 CapEx & Cash Generation Metrics
    • 1.3.1 Annual CapEx and Total CapEx to Annual Revenues Ratio
    • 1.3.2 Free Cash Flow & Cash Conversion
    • 1.4 Competitive Advantage Metrics
    • 1.4.1 Turnover Ratio & Return on Capital Employed
  • Chapter 2: Satcom Market Key Indicators
    • 2.1 Video & Non-Video Revenues per Operator
  • Chapter 3: Individual Satellite Operator Analysis – Global Operators
    • 3.1 SES Financial Performance, 2022
    • 3.2 Eutelsat Financial Performance, Fiscal Year 2022/23
    • 3.3 Telesat Financial Performance, 2022
    • 3.4 Echostar-Hughes Financial Performance, 2022
    • 3.5 Viasat Financial Performance, Fiscal Year 2022/23
  • Chapter 4: Individual Satellite Operator Analysis – Others
    • 4.1 Yahsat Financial Performance, 2022
    • 4.2 JSAT Financial Performance, Fiscal Year 2022/23
    • 4.3 Hispasat Financial Performance, 2022
    • 4.4 APT Satellite Financial Performance, 2022
    • 4.5 Thaicom Financial Performance, 2022
    • 4.6 Spacecom Financial Performance, 2022
  • Chapter 5: Individual Satellite Operator Analysis – MSS Operators
    • 5.1 Iridium Financial Performance, 2022
    • 5.2 Globalstar Financial Performance, 2022
  • Appendix: Financial Index Definitions & Methodology
  • About the authors
  • About Analysys Mason
  • Research from Analysys Mason
  • Consulting from Analysys Mason

List of Exhibits

Ch. 1 Comparative Metrics T&C

  1. 2018 -2022 GEO Operator Revenues (US$ M), “Big Six” & MSS Operators
  2. 2018 -2022 Operator Revenues (US$ M)
  3. 2018 -2022 Operator EBITDA/Adj. EBITDA (US$ M)
  4. 2018 -2022 Operator EBITDA/Adj. EBITDA Margin
  5. 2018 -2022 Operator Backlog (US$ M)
  6. 2018 -2022 Operator Years of Backlog to Annual Revenue Ratio
  7. 2018 -2022 Operator Net Debt to EBITDA/Adj. EBITDA Ratio
  8. 2018 – 2022 Operator Total Debt to Total Assets Ratio
  9. 2018 – 2022 Operator Interest Service Coverage Ratio
  10. 2018 – 2022 Operator Annual CapEx (US$ M)
  11. 2018 – 2022 Operator Total CapEx to Cash Flow from Operating Activities Ratio
  12. 2018 – 2022 Operator Total CapEx to Annual Revenues Ratio
  13. 2018 – 2022 Operator EBITDA to Cash Conversion Ratio
  14. 2018 – 2022 Operator Free Cash Flow (US$ M)
  15. 2018 – 2022 Turnover Ratio
  16. 2018 – 2022 Return on Capital Employed

Ch.2 Sec Indicators T&C

  1. Video and Non-video Revenues (US$ M) per Operator

Ch.3 Global Operators T&C

  1. SES T&C
    1. SES Key Metrics, 2018 – 2022
    2. SES Revenues, 2018 – 2022
    3. SES Adj. EBITDA and Adj. EBITDA Margin, 2018 – 2022
    4. SES Backlog & Years of Backlog to Annual Revenues, 2018 – 2022
    5. SES Annual CapEx, 2018 – 2022
    6. SES Free Cash Flow, 2018 – 2022
    7. SES Total CapEx to Revenues Ratio and Total CapEx to Operating Cash Flow Ratio, 2018 – 2022
    8. SES Adj. EBITDA to Cash Conversion Ratio, 2018 – 2022
    9. SES Debt and Solvency Ratios 2018 – 2022
    10. SES Competitive Ratios 2018 – 2022
  2. Eutelsat T&C
    1. Eutelsat Key Metrics, FY 2018/19 – FY 2022/23
    2. Eutelsat Revenues, FY 2018/19 – FY 2022/23
    3. Eutelsat EBITDA and EBITDA Margin, FY 2018/19 – FY 2022/23
    4. Eutelsat Backlog & Years of Backlog to Annual Revenues, FY 2018/19 – FY 2022/23
    5. Eutelsat Annual CapEx, FY 2018/19 – FY 2022/23
    6. Eutelsat Free Cash Flow, FY 2018/19 – FY 2022/23
    7. Eutelsat Total CapEx to Revenues Ratio and Total CapEx to Operating Cash Flow Ratio, FY 2018/19 – FY 2022/23
    8. Eutelsat EBITDA to Cash Conversion Ratio, FY 2018/19 – FY 2022/23
    9. Eutelsat Debt and Solvency Ratios FY 2018/19 – FY 2022/23
    10. Eutelsat Competitive Ratios FY 2018/19 – FY 2022/23
  3. Telesat T&C
    1. Telesat Key Metrics, 2018 – 2022
    2. Telesat Revenues, 2018 – 2022
    3. Telesat Adj. EBITDA and Adj. EBITDA Margin, 2018 – 2022
    4. Telesat Backlog & Years of Backlog to Annual Revenues, 2018 – 2022
    5. Telesat Annual CapEx, 2018 – 2022
    6. Telesat Free Cash Flow, 2018 – 2022
    7. Telesat Total CapEx to Revenues Ratio and Total CapEx to Operating Cash Flow Ratio, 2018 – 2022
    8. Telesat EBITDA to Cash Conversion Ratio, 2018 – 2022
    9. Telesat Debt and Solvency Ratios 2018 – 2022
    10. Telesat Competitive Ratios 2018 – 2022
  4. Echostar-Hughes T&C
    1. Echostar Key Metrics, 2018 – 2022
    2. Echostar Revenues, 2018 – 2022
    3. Hughes Adj. EBITDA and Adj. EBITDA Margin, 2018 – 2022
    4. Echostar Fixed Broadband Subscriptions, 2018 – 2022
    5. Echostar Operational Expenses, 2018 – 2022
    6. Echostar Backlog & Years of Backlog to Total Revenues, 2018 – 2022
    7. Echostar Annual CapEx and Free Cash Flow, 2018 – 2022
    8. Echostar Total CapEx to Revenues Ratio and Total CapEx to Operating Cash Flow Ratio, 2018 – 2022
    9. Echostar EBITDA to Cash Conversion Ratio, 2018 – 2022
    10. Echostar Debt and Solvency Ratios 2018 – 2022
    11. Echostar Competitive Ratios 2018 – 2022
  5. Viasat T&C
    1. Viasat Key Metrics, FY 2018/19 – FY 2022/23
    2. Viasat Revenues, FY 2018/19 – FY 2022/23
    3. Viasat EBITDA and EBITDA Margin, FY 2018/19 – FY 2022/23
    4. Viasat Broadband and Aircraft Subscriptions, FY 2018/19 – FY 2022/23
    5. Viasat Operational Expenses, FY 2018/19 – FY 2022/23
    6. Viasat Backlog & Years of Backlog to Total Revenues, FY 2018/19 – FY 2022/23
    7. Viasat Annual CapEx and Free Cash Flow, FY 2018/19 – FY 2022/23
    8. Viasat Total CapEx to Revenues Ratio and Total CapEx to Cash Flow from Operating Activities Ratio, FY 2018/19 – FY 2022/23
    9. Viasat Debt and Solvency Ratios, FY 2018/19 – FY 2022/23
    10. Viasat Competitive Ratios, FY 2018/19 – FY 2022/23

Other Operator T&C

  1. Yahsat T&C
    1. Yahsat Key Metrics, 2018 – 2022
    2. Yahsat Revenues, 2018 – 2022
    3. Yahsat Adj. EBITDA and Adj. EBITDA Margin, 2018 – 2022
    4. Yahsat Backlog & Years of Backlog to Annual Revenues, 2019 – 2022
    5. Yahsat Annual CapEx, 2018 – 2022
    6. Yahsat Free Cash Flow, 2018 – 2022
    7. Yahsat Total CapEx to Revenues Ratio and Total CapEx to Operating Cash Flow Ratio, 2018 – 2022
    8. Yahsat EBITDA to Cash Conversion Ratio, 2018 – 2022
    9. Yahsat Debt and Solvency Ratios 2018 – 2022
    10. Yahsat Competitive Ratios 2018 – 2022
  2. Sky Perfect JSAT T&C
    1. SKY Perfect JSAT Space & Satellite Business Revenues, FY 2018/19 – FY 2022/23
    2. SKY Perfect JSAT Space & Satellite Business EBITDA and EBITDA Margin, FY 2018/19 – FY 2022/23
    3. SKY Perfect JSAT Space & Satellite Business Annual CapEx, FY 2018/19 – FY 2022/23
    4. SKY Perfect JSAT Space & Satellite Business Total CapEx to Revenues Ratio, FY 2018/19 – FY 2022/23
  3. Hispasat T&C
    1. Hispasat Key Metrics, 2018 – 2022
    2. Hispasat Revenues, 2018 – 2022
    3. Hispasat EBITDA and EBITDA Margin, 2018 – 2022
    4. Hispasat EBITDA to Cash Conversion Ratio, 2018 – 2022
    5. Hispasat Debt and Solvency Ratios 2018 – 2022
    6. Hispasat Competitive Ratios 2018 – 2022
  4. APT Corp T&C
    1. APT Satellite Key Metrics 2018 – 2022
    2. APT Satellite Revenues, 2018 – 2022
    3. APT Satellite EBITDA and EBITDA Margin, 2018 – 2022
    4. APT Satellite Annual CapEx, 2018 – 2022
    5. APT Satellite Free Cash Flow, 2018 – 2022
    6. APT Satellite Total CapEx to Operating Cash Flow & CapEx to Revenues Ratio, 2018 – 2022
    7. APT Satellite EBITDA to Cash Conversion Ratio, 2018 – 2022
    8. APT Satellite Net Debt and Solvency Ratios, 2018 – 2022
    9. APT Satellite Competitive Ratios, 2018 – 2022
  5. Thaicom T&C
    1. Thaicom Satellite Business Services Revenues, 2018 – 2022
    2. Thaicom Free Cash Flow, 2018 – 2022
  6. Spacecom T&C
    1. Spacecom Revenues, 2018 – 2022
    2. Spacecom EBIT and EBIT Margin, 2018 – 2022
  7. MSS Operators T&C
  8. Iridium T&C
    1. Iridium Key Metrics, 2018 – 2022
    2. Iridium Revenues, 2018 – 2022
    3. Iridium EBITDA and EBITDA Margin, 2018 – 2022
    4. Iridium Annual CapEx and Free Cash Flow, 2018 – 2022
    5. Iridium Total CapEx to Revenues Ratio and Total Capex to Operating Cash Flow Ratio, 2018 – 2022
    6. Iridium Debt and Solvency Ratios 2018 – 2022
    7. Iridium Competitive Ratios 2018 – 2022
  9. Globalstar T&C
    1. Globalstar Key Metrics, 2018 – 2022
    2. Globalstar Revenues, 2018 – 2022
    3. Globalstar Adj. EBITDA and Adj. EBITDA Margin, 2018 – 2022
    4. Globalstar Annual CapEx and Free Cash Flow, 2018 – 2022
    5. Globalstar Total CapEx to Revenues Ratio and Total CapEx to Operating Cash Flow Ratio, 2018 – 2022
    6. Globalstar Debt and Solvency Ratios 2018 – 2022
    7. Globalstar Competitive Ratios 2018 – 2022

Bottom Line

How mega-constellations are impacting satellite operators’ financials

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