Blacksky Technology Inc. key statistics and ratios

In fiscal 2025, Blacksky Technology Inc. had return on equity of -74.4%, an operating margin of -44.0%, debt equal to 219.1% of equity and a current ratio of 3.48. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Blacksky Technology Inc.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	−195.9%	−352.5%	−132.4%	−59.2%	−43.4%	−44.0%	−43.4%
Net margin	−92.4%	−720.7%	−113.5%	−57.0%	−56.0%	−65.9%	−61.2%
Free-cash-flow margin	−151.2%	−161.8%	−85.9%	−34.6%	−21.6%	−41.8%	−63.9%
Return on equity	—	—	−49.2%	−50.1%	−61.1%	−74.4%	−43.5%
Return on assets	−16.3%	−115.4%	−27.5%	−23.5%	−23.9%	−21.9%	−14.8%
Asset turnover	0.18	0.16	0.24	0.41	0.43	0.33	0.24
Current ratio	0.33	5.85	3.29	2.89	4.10	3.48	5.83
Debt to equity	—	41.3%	63.3%	90.8%	116.0%	219.1%	102.7%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	1.2%	0.3%	1.1%	0.7%	1.3%	0.4%	0.6%
SG&A as % of revenue	135.3%	254.2%	121.9%	76.8%	72.6%	82.0%	82.3%
Capital spending as % of revenue	1.3%	3.7%	17.9%	16.2%	15.4%	15.2%	14.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Blacksky Technology Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	−58.7%	−20.0%	−40.5%	−62.8%	−85.8%	−11.8%	−89.2%	−23.4%
Net margin	−55.8%	−63.9%	−43.4%	−185.8%	−78.2%	−2.5%	−142.8%	−62.5%
Free-cash-flow margin	−20.7%	−17.1%	77.1%	−49.2%	−218.3%	−38.5%	−30.0%	−20.8%
Current ratio	5.68	4.10	3.79	3.71	3.89	3.48	3.46	5.83
Debt to equity	89.6%	114.5%	129.8%	141.5%	214.2%	212.0%	250.8%	99.7%
R&D as % of revenue	0.2%	1.8%	0.8%	0.1%	0.2%	0.4%	0.8%	0.9%
SG&A as % of revenue	79.7%	62.8%	72.6%	102.1%	110.8%	61.2%	108.6%	71.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026

What it owns · $517m

Short-term assets $310mLonger-term assets $207m

What it owes, and who funded it · $517m

Short-term liabilities $53mLonger-term liabilities $252mShareholders' equity $212m

Short-term assets cover short-term liabilities $310m of assets due within a year against $53m of liabilities due within a year.
Short-term assets cover long-term liabilities $310m short-term assets against $252m of longer-dated liabilities.
More cash than debt $37m of cash against $211m of debt.
Debt below 40% of shareholders' equity Debt is 100% of equity.
Debt burden no higher than five years ago Debt to equity moved from 40% to 100% over five years.
A year's operating cash flow covers at least 20% of debt −$54m of operating cash flow against $211m of debt.
Operating profit covers interest at least five times over Operating income of −$47m against $16m of interest.

From Blacksky Technology Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

20 /100

Weak moat

How hard Blacksky Technology's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median -27.7% of total assets over 7 years.
Durability 10 / 20

Operating margin has been a median -72.0%; its worst year was -267.8%.
Cash conversion 2 / 20

Free cash flow was positive in 1 of 5 years, at a median -63.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Blacksky Technology Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Blacksky Technology Inc.