One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Momentus Inc.
MNTS · NCM · Industrials · Aerospace & Defense
Current price
$4.23
52-week range
$3.11 - $34.46
Market cap
$92.91M
Balance sheet
Healthy
-40.26x Concerning
Net cash $99.75M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 245.7% last year.
- Risk Operating margin compressed from -30526.8% to -32420.0% over 3 years.
- Risk Return on equity was -68.3% last year — the company lost money on shareholders' equity.
What this company does
Momentus Inc.
Momentus is a commercial space company that provides "last-mile" delivery services for satellites. It builds space vehicles that transport other companies' satellites from a rocket's initial drop-off point to their final, precise orbits. The company makes money by charging satellite operators for this transportation service, which is critical for getting their technology deployed and working correctly in space.
How the company got here
Momentus was founded in 2017 to create a new kind of 'space tug' that uses water for propulsion. The company went public in 2021 through a SPAC merger (a faster way for a private company to be listed on the stock market). It faced early troubles, including regulatory issues and a settlement with the SEC (the U.S. government agency that oversees investing) for overstating the success of a technology test. After a change in leadership, the company shifted its focus more towards U.S. government and defense customers. A successful test mission in 2023 was a key turning point, proving its technology could work in space after an earlier mission failed.
What it actually does
Think of Momentus as a 'last-mile delivery' service for space. When a big rocket carries dozens of small satellites into orbit, it drops them all off in roughly the same place. Momentus uses its own smaller spacecraft, called the Vigoride, to act as a space tug, picking up those satellites and moving them to their final, precise orbital destinations. The company also offers to 'host' other companies' equipment on its spacecraft, providing power and communications for experiments or sensors in orbit. Its key technology is an engine that uses water as a propellant (the fuel that makes it move), which is designed to be a cost-effective and safe option.
In-Space Transportation Services
This is the company's main delivery service, where it gets paid to move satellites to a specific address in space. Customers are typically satellite operators who buy a spot on a large 'rideshare' rocket (a launch that carries satellites from many different customers at once). Momentus' Vigoride vehicle finishes the journey by transporting the satellite from the rocket's drop-off point to its unique, custom orbit. This service makes up the core of the company's business, generating revenue (the money earned from sales) from mission contracts with both commercial and government clients.
Hosted Payloads and In-Orbit Services
Instead of just dropping off a satellite, Momentus also rents out space on its Vigoride spacecraft. A customer can attach their equipment, known as a payload (like a sensor, camera, or communications device), and use the Vigoride for power, positioning, and data transmission for an extended period. This is like providing a mobile, powered platform in space for other companies' technology. This business line generates ongoing service fees and is a growing focus, particularly with government customers who need to run experiments or demonstrations in orbit.
Satellite and Component Sales
Momentus also designs and sells the core components used to build satellites. This includes satellite buses (the main body of a satellite that houses all the critical systems) and specialized parts like its innovative solar arrays (panels that convert sunlight into electricity). Other companies or government agencies that are building their own spacecraft can buy these parts directly from Momentus. This creates an additional revenue stream (a source of income) from selling the hardware and technology the company develops for its own missions.
What management is betting on now
The company's main strategy is to win more contracts from the U.S. government and defense agencies, which they see as their most important and stable customers. They are focused on successfully completing missions to prove their technology is reliable, which is critical for building trust and securing future business. Management is also investing in developing new technologies, like more powerful satellite platforms and unique solar arrays, to sell as products and improve their services. A key goal is to shift from one-time mission fees to recurring revenue (a more predictable and steady stream of income) by expanding their hosted payload services and planning for future work like satellite servicing.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-4.50M
FY2024 Q4
$-5.74M
FY2025 Q1
$-4.17M
FY2025 Q2
$-3.25M
FY2025 Q4
$-10.54M
FY2026 Q1
$-6.01M
FY2026 Q2
$-9.10M
Revenue
$25.00K
Net income
$-8.27M
Diluted EPS
-0.70
Operating cash flow
$-9.07M
Free cash flow
$-9.10M
Fetching…
Sources
Revenue
$3.21M
Net income
$-9.48M
Diluted EPS
-2.15
Operating cash flow
$-5.81M
Free cash flow
$-6.01M
Fetching…
Sources
Revenue
$363.00K
Net income
$-6.77M
Diluted EPS
-45.15
Operating cash flow
$-10.53M
Free cash flow
$-10.54M
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Sources
Revenue
$234.00K
Net income
$-11.07M
Diluted EPS
-1.08
Operating cash flow
$-5.32M
Free cash flow
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Sources
Revenue
$191.00K
Net income
$-6.45M
Diluted EPS
-1.23
Operating cash flow
$-3.25M
Free cash flow
$-3.25M
Fetching…
Sources
Revenue
$322.00K
Net income
$-6.17M
Diluted EPS
-1.64
Operating cash flow
$-4.17M
Free cash flow
$-4.17M
Fetching…
Sources
Revenue
$285.00K
Net income
$-11.86M
Diluted EPS
-21.66
Operating cash flow
$-5.74M
Free cash flow
$-5.74M
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Sources
Revenue
$107.00K
Net income
$-7.76M
Diluted EPS
-0.45
Operating cash flow
$-4.50M
Free cash flow
$-4.50M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $4.23
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $99.7M - more cash than debt. Interest coverage -40.3x.
Net debt
$-99.75M
Interest coverage
-40.26x
Momentus Inc. is healthier than 0 of 1 peers on balance-sheet leverage.
Healthy
Worse cushion
Baseline
Better cushion
MNTS
BASELINE
Momentus Inc.
Total debt $7.85M Interest coverage -40.26x This is the baseline the peer rows are being compared against.
What you should know
The case for and against MNTS
1 Reward
2 Risks
Rewards
-
Revenue grew 245.7% last year.
Risks
-
Operating margin compressed from -30526.8% to -32420.0% over 3 years.
-
Return on equity was -68.3% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-2.73x
P/B
0.75x
P/S
24.21x
EV/EBITDA
0.22x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
63.6%
Operating margin
-32,420.0%
Net margin
0.0%
ROE
-68.3%
ROA
-28.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.07x
Current ratio
13.70x
Quick ratio
13.11x
Total debt
$7.85M
Total cash
$107.60M
Growth
How the business has been compounding
Revenue TTM
$3.84M
Revenue 5Y CAGR
35.4%
EPS TTM
-0.99
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-30.74M
Free CF TTM
$-23.29M
FCF margin
-606.9%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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