olivLaw · US equity research
Gilat Satellite Networks Ltd. GILT
Radio & Tv Broadcasting & Communications Equipment · SIC 3663 · Vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)
Gilat Satellite Networks designs and manufactures ground equipment for satellite communications and provides managed connectivity services to operators, governments and defense customers. Revenue grew sharply in 2025, mainly due to the SBS acquisition, which makes the company relevant as NGSO constellations expand and demand grows for aviation and defense connectivity. However, reliance on a few large customers and on government contracts in Latin America remains a point of attention.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Gilat Satellite Networks Ltd. (GILT) stock was 7.06 USD (−4.21% on the day), with market capitalisation 521.2 m USD, P/E 20.8 on diluted EPS of 0.34 USD over the last 12 months, dividend yield 0.00%, beta 1.56, 52-week range 7.06–20.85 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 6.90 – 8.96
- in the lower half of the band · %B 0.08 · band width 26.0%
- SMA 50 / 200
- 9.11 / 13.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.53 / -0.53
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.9% | −1.1% | −23.8 pp | — |
| 3 months | −39.2% | −0.5% | −38.8 pp | — |
| 6 months | −64.5% | +4.4% | −68.8 pp | — |
| Year to date | −45.4% | +12.3% | −57.8 pp | — |
| 1 year | −47.1% | +13.5% | −60.7 pp | +3.5% |
| 3 years | +9.5% | +76.4% | −67.0 pp | +58.8% |
| 5 years | −16.4% | +63.7% | −80.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 57 percentile of its own 7-quarter history (min 10.3, median 14.9, max 64.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 266.4 m | 257.3 m | 166.1 m | 215.0 m | 239.8 m | 266.1 m | 305.4 m | 451.7 m |
| Revenue YoY | −5.8% | −3.4% | −35.4% | +29.4% | +11.6% | +10.9% | +14.8% | +47.9% |
| Net income | 18.4 m | 36.9 m | 35.1 m | -3.0 m | -5.9 m | 23.5 m | 24.8 m | 20.7 m |
| Net income YoY | +170.7% | +100.2% | −4.8% | −108.6% | unavailable | unavailable | +5.7% | −16.6% |
| Diluted EPS | 0.33 | 0.66 | 0.63 | -0.05 | -0.10 | 0.41 | 0.44 | 0.34 |
| Diluted EPS YoY | +175.0% | +100.0% | −4.5% | −107.9% | unavailable | unavailable | +7.3% | −22.7% |
| net % | 6.9% | 14.3% | 21.1% | -1.4% | -2.5% | 8.8% | 8.1% | 4.6% |
| Free cash flow | 21.3 m | 26.8 m | 38.4 m | 10.0 m | -2.0 m | 21.2 m | 25.1 m | 9.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 168.9 m USD
- Financial debt
- 2.0 m USD
- Net debt
- -166.9 m USD
- Equity
- 500.3 m USD
- Total assets
- 746.1 m USD
- Debt / equity
- 0.00x
- Current ratio
- 1.82x
- ROE
- 5.2%
- ROA
- 3.5%
- FCF margin
- 2.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 166.1 m | 215.0 m | 239.8 m | 266.1 m | 305.4 m | 451.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Cost of revenue | 124.8 m | 143.7 m | 152.9 m | 161.1 m | 192.1 m | 318.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | 41.4 m | 71.3 m | 86.9 m | 104.9 m | 113.3 m | 133.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Research & development | 26.3 m | 31.3 m | 35.6 m | 41.2 m | 38.1 m | 46.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 37.8 m | 2.2 m | 10.0 m | 28.1 m | 27.7 m | 23.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 10.3 m | 11.0 m | 11.6 m | 13.4 m | 13.6 m | 23.7 m | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | 48.1 m ≈ | 13.2 m ≈ | 21.6 m ≈ | 41.5 m ≈ | 41.3 m ≈ | 47.1 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | 2.6 m | -2.6 m | -3.8 m | -3.6 m | -3.0 m | -8.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | 35.9 m | 459.0 k | 7.1 m | 28.2 m | 29.2 m | 18.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 793.0 k | 3.5 m | 13.1 m | 4.7 m | 4.4 m | -1.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Net income | 35.1 m | -3.0 m | -5.9 m | 23.5 m | 24.8 m | 20.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | 0.63 | -0.05 | -0.10 | 0.41 | 0.44 | 0.34 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 55.6 m | 56.4 m | 56.6 m | 56.7 m | 57.0 m | 60.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividend per share | 0.36 | 0.62 | 0.00 | 0.00 | — | — | SEC (XBRL)· 20 Mar 2024derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 88.8 m | 81.9 m | 86.6 m | 104.0 m | 119.4 m | 168.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 28.0 m | 39.2 m | 50.6 m | 44.7 m | 49.6 m | 85.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 31.3 m | 28.4 m | 33.0 m | 38.5 m | 38.9 m | 45.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 238.9 m | 199.4 m | 215.1 m | 240.6 m | 255.6 m | 391.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 77.2 m | 72.4 m | 76.6 m | 74.3 m | 70.8 m | 75.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | 43.5 m | 43.5 m | 43.5 m | 54.7 m | 52.5 m | 169.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.1 m | 640.0 k | 309.0 k | 16.1 m | 12.9 m | 54.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 412.2 m | 367.7 m | 385.4 m | 426.9 m | 429.7 m | 746.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 20.5 m | 19.8 m | 20.7 m | 13.9 m | 17.1 m | 31.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 4.0 m | 0 | — | — | 0 | 2.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 4.0 m | — | — | — | — | — | SEC (XBRL)· 08 Mar 2021verified |
| Current liabilities | 148.8 m | 108.5 m | 125.8 m | 126.6 m | 101.4 m | 215.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 250.4 m † | 248.3 m † | 244.1 m † | 274.7 m † | 304.4 m † | 500.3 m † | SEC (XBRL)· 16 Mar 2026verified |
| Shares outstanding at year end | 55.6 m | 56.5 m | 56.6 m | 57.0 m | 57.0 m | 73.8 m | SEC (XBRL)· 16 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 43.2 m | 18.9 m | 10.8 m | 31.9 m | 31.7 m | 20.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 4.7 m | 8.9 m | 12.8 m | 10.7 m | 6.6 m | 11.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | 38.4 m ≈ | 10.0 m ≈ | -2.0 m ≈ | 21.2 m ≈ | 25.1 m ≈ | 9.2 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -4.7 m | -11.1 m | -8.2 m | -12.7 m | -6.6 m | -136.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -24.1 m | -39.0 m | 0 | -1.6 m | -8.1 m | 163.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividends paid | 20.0 m | 35.0 m | 0 | 0 | — | — | SEC (XBRL)· 20 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 59 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 521.2 m USD
Key indicators
Coverage and freshness
Score by group
- Quality24
- Growth91
- Valuation55
- Balance sheet80
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.90 – 42.52 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)5.90 – 7.82 (Mid 6.65)WACC 9.3% · starting FCFF 16.3 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 19.3%
- Peers: EV/Sales7.23 – 42.52 (Mid 16.22)10 companies used · median multiple 2.3x · quartiles 0.8x – 6.6xAVNW, BKSY, CRNT, HLIT, KUST, MSI, QCOM, UI, VISN, WATT
- Peers: EV/EBITDA7.73 – 17.32 (Mid 12.28)6 companies used · median multiple 15.7x · quartiles 8.6x – 23.6xAVNW, CRNT, MSI, QCOM, UI, VISN
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 29.5% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 5.2% | 70 (vs peers) | 9% |
| FCF margin · Quality | 2.0% | 8 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 23.5% | 94 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 47.9% | 85 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -3.5x | 100 (vs peers) | 7% |
| Current ratio · Balance sheet | 1.8x | 60 (on a fixed band) | 7% |
| EV/Sales · Valuation | 0.8x | 70 (vs peers) | 18% |
| FCF yield · Valuation | 1.8% | 35 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet80/100 · 2/2 factors with a value
- Growth91/100 · 2/2 factors with a value
- Quality24/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation55/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GILAT SATELLITE NETWORKS LTD. (GILT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 451.7 m USD in 2025; YoY growth 47.9%; net margin 4.6%; ROE 5.2%; net debt/EBITDA -3.5x.
The estimated value range is 7.23–17.32 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 12.28 USD, the price of 7.06 USD leaves a potential of 74.0% (value / price − 1) and a margin of safety of 42.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 5.2%
- Revenue CAGR 3Y: 23.5%
- Revenue growth (YoY): 47.9%
- Net debt / EBITDA: -3.5x
- EV/Sales: 0.8x
- The price is below the estimated value range
What contradicts it
- Gross margin: 29.5%
- FCF margin: 2.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions).
Versus the vertical median
Radio & Tv Broadcasting & Communications Equipment (SIC 3663) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| QCOMQualcomm Inc | 185.3 bn | 13.6 | 52.8% | 31.6% | −2.6% | +3% / +34% |
| MSIMotorola Solutions, Inc. | 82.2 bn | 40.0 | 77.2% | 16.5% | +8.0% | +34% / +54% |
| UIUbiquiti Inc. | 34.0 bn | 35.4 | 91.1% | 29.3% | +27.2% | −4% / +400% |
| PLPlanet Labs PBC | 3.3 bn | — | -72.0% | -95.1% | +25.9% | +6% / +421% |
| ONDSOndas Inc. | 3.0 bn | 18.0 | 20.1% | 96.0% | +605.3% | −33% / +381% |
| VISNVistance Networks, Inc. | 1.5 bn | 0.2 | 22,304.0% | 247.7% | +39.7% | −67% / +286% |
| HLITHarmonic Inc. | 1.1 bn | — | -11.7% | -13.7% | −26.2% | +7% / −8% |
| BKSYBlacksky Technology Inc | 686.3 m | — | -44.8% | -61.2% | +4.4% | −5% / +59% |
| UMACUnusual Machines, Inc. | 650.9 m | — | -2.9% | -20.3% | +101.2% | +49% / unavailable |
| GILTGilat Satellite Networks Ltd. | 521.2 m | 20.8 | 5.2% | 4.6% | +47.9% | −47% / +9% |
| AVNWAviat Networks, Inc. | 254.8 m | 104.7 | 1.0% | 0.6% | +1.2% | −10% / −34% |
| BKTIBK Technologies Corp | 252.4 m | 19.7 | 30.6% | 15.0% | +12.5% | +5% / +415% |
| CRNTCeragon Networks Ltd | 176.8 m | — | -1.2% | -0.6% | −14.1% | −2% / +6% |
| VUZIVuzix Corp | 171.4 m | — | -122.7% | -519.0% | +9.1% | −25% / −3% |
| SATLSatellogic Inc. | 87.6 m | — | — | -325.6% | +37.6% | +95% / +140% |
| AIRGAirgain, Inc. | 55.4 m | — | -23.7% | -13.6% | −14.6% | +4% / +76% |
| WATTEnergous Corporation | 45.0 m | — | -32.8% | -76.4% | +633.1% | +30% / −87% |
| CMTLComtech Telecommunications Corp | 37.4 m | — | -50.5% | -14.5% | −17.0% | −59% / −90% |
| KUSTKustom Entertainment, Inc. | 22.6 m | — | -323.8% | -126.5% | +1.7% | −98% / −100% |
| ERICEricsson Lm Telephone Co | — | — | 27.9% | 12.0% | −4.5% | +15% / +126% |
| NOKNokia Corporation | — | — | 3.1% | 3.3% | +3.5% | +36% / +137% |
1- and 3-year price returns: for GILT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.81 Total return -46% · Per year -46% | 6.70 Total return -5% · Per year -5% | 10.05 Total return 42% · Per year 42% |
| 3 years | 4.52 Total return -36% · Per year -14% | 8.86 Total return 26% · Per year 8% | 14.48 Total return 105% · Per year 27% |
| 5 years | 5.36 Total return -24% · Per year -5% | 11.72 Total return 66% · Per year 11% | 20.85 Total return 195% · Per year 24% |
- Exit P/E± 2.22
- Net margin± 1.55
- Annual revenue growth± 1.16
- Annual dilution± 0.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Mar 2026; since then the company filed 6-K (15 Oct 2026), 6-K (08 Oct 2026), 6-K (07 Oct 2026), 6-K (05 Oct 2026), 6-K (09 Sept 2026), 6-K (08 Sept 2026).
In brief
Gilat Satellite Networks designs and manufactures ground equipment for satellite communications and provides managed connectivity services to operators, governments and defense customers. Revenue grew sharply in 2025, mainly due to the SBS acquisition, which makes the company relevant as NGSO constellations expand and demand grows for aviation and defense connectivity. However, reliance on a few large customers and on government contracts in Latin America remains a point of attention.
SWOT
Strengths
- The company has a large installed base, decades of satellite technology experience and a patent portfolio, enabling it to deliver integrated solutions to demanding customers.
- Diversification across three divisions and a mix of product sales and recurring services provides a more balanced revenue base than in the past.
- A global footprint with network operations centers and research centers in several regions supports local deployment and customer support.
Weaknesses
- Revenue depends on a few large customers, and losing one of them could significantly affect results.
- Gross margin declined in 2025, partly due to dilution from the SBS acquisition and amortization of acquired intangibles.
- The company had major losses in the past and carries a large accumulated deficit, while operating cash flow was modest relative to revenue.
Opportunities
- Demand for IFC terminals and defense equipment could grow, and the commercial division could benefit from integrating SBS products.
- Multi-orbit architectures combining LEO, MEO and GEO could open new contracts for the SkyEdge IV platform.
- Government digital inclusion programs and cellular network modernization could generate new long-term projects.
Threats
- NGSO constellations such as Starlink and Amazon Leo could reduce demand for GEO services and equipment.
- Competitive tenders and possible delays in delivering large projects could bring penalties and affect financial results.
- Political and regional instability, including in Israel and Latin America, could disrupt operations and government contracts.
Risks
- Customer concentrationhigh
A small number of customers generate a large share of revenue, and reduced purchases or contract terminations could materially affect results.
- Execution of large projectshigh
Delays or cost overruns on large projects could lead to penalties and tie up cash, since the company invests before receiving full payment.
- NGSO competitionmedium
LEO constellations could reduce the market share of Gilat's existing customers and the long-term demand for GEO systems.
- Political risk in Latin Americamedium
Government contracts can be terminated unilaterally, and political changes in the region could delay projects.
- Acquisition integrationlow
Integrating SBS and DataPath could prove harder than planned, and expected benefits could be delayed or fail to materialize.
Investment thesis
What would need to be true (bull case)
- If the commercial division sustains its growth after the SBS acquisition and IFC demand stays strong, the company could build on its 2025 results.
- If diversification into defense and managed services continues, dependence on large contracts could gradually decline.
- If the NGSO expansion plan built around SkyEdge IV succeeds, the company could benefit from the market's shift toward multi-orbit architectures.
What would break the thesis
- If one large customer reduces its purchases, revenue could fall quickly given the current concentration.
- If gross margin stays below earlier levels, profitability could be pressured while SBS is still scaling up production.
- If NGSO constellations quickly win the broadband market, demand for GEO equipment could weaken significantly.
What to watch
- Gross margin trend and commercial division results after the SBS integrationQ1 2027
- Additional payments tied to SBS performance milestones and their cash impact2027
- Share of revenue from the two largest customers and any new contractsnext 10-K
- Impact of regional conflicts on operations and personnelnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Mar 2026; since then the company filed 6-K (15 Oct 2026), 6-K (08 Oct 2026), 6-K (07 Oct 2026), 6-K (05 Oct 2026), 6-K (09 Sept 2026), 6-K (08 Sept 2026).
The business
Gilat is a global provider of satellite-based broadband communications that designs and manufactures ground equipment, including the SkyEdge network platform, VSAT terminals, modems, on-the-move and ESA antennas, and SSPA and BUC amplifiers. The company also delivers integrated end-to-end solutions and managed services over networks it operates, mainly under BOT and BOO contracts. In fiscal 2025, approximately 73% of revenues came from product sales and 27% from services 1. Total revenues were $451.7 million in 2025, compared with $305.4 million in 2024 1.
From January 2025 Gilat reports three divisions: Gilat Commercial, Gilat Defense and Gilat Peru. The SBS acquisition, completed in January 2025, strengthened the commercial division's position in the IFC market, while the DataPath acquisition expanded defense activities. The company describes a large installed base of over 1.6 million terminals shipped to more than 100 countries since 1989 1.
The company reported net income in fiscal years 2023 through 2025, after major losses in earlier years, and its accumulated deficit stood at $614.7 million at December 31, 2025 1. Cash rose at the end of 2025 following two private placements of roughly $66 million in September and $100 million in December, but operating cash flow was modest 1.
Segments
Gilat Commercial
The commercial division offers satellite broadband networks for IFC, enterprise and cellular backhaul across HTS, VHTS and NGSO constellations. It represented 62% of 2025 revenues, at $281.4 million, up 81% from 2024, helped by the SBS contribution 1.
Gilat Defense
The defense division provides rapid-deployment communications for military forces and government agencies, with an emphasis on the U.S. Department of Defense following the DataPath acquisition. It represented 22% of 2025 revenues, at $100.4 million 1.
Gilat Peru
The Peru division executes large network projects, including the PRONATEL regional projects, combining fiber, wireless and satellite networks. It represented 16% of 2025 revenues, at $69.9 million, up 33%, and its gross margin rose to 42%, mainly from expansion projects 1.
Market context
Satellite communications remain important for connectivity in regions without reliable terrestrial infrastructure, and for mobility, defense and government applications. NGSO constellations such as Starlink, Amazon Leo, SES O3b mPOWER, Telesat Lightspeed and Eutelsat OneWeb are expanding total capacity and could reduce demand for GEO technology. The company expects long-term demand for satellite communications equipment to persist, especially in IFC and defense 1.
The market is competitive and large projects are awarded through tenders that require significant upfront investment. Growth of terrestrial fiber and microwave networks can limit demand for some satellite services, and NGSO competition may pressure pricing 1.
Trends
- Expansion of NGSO constellationsmixed
LEO and MEO constellations are expanding satellite capacity and bringing low-latency services, which could reduce demand for GEO systems, although Gilat is seeking to grow its NGSO presence through the SkyEdge IV platform.
- Demand for IFC and mobilitytailwind
Aviation, maritime and land mobility operators are adopting high-speed broadband, supporting demand for ESA and IFC terminals, an area where the SBS acquisition positions the company.
- Defense spending on resilient communicationstailwind
Defense agencies increasingly require resilient, mobile, high-throughput communications, which could support the defense division if these programs expand.
- Regional geopolitical tensionsheadwind
Conflicts in the Middle East, including hostilities resumed after February 2026, could affect personnel, operations and supply chains of the company's Israeli operations.
Competitive position
Gilat competes with NGSO and GEO operators such as SES, Viasat, Hispasat, Starlink, Amazon Leo, Telesat and Eutelsat OneWeb, as well as ground equipment suppliers. The company cites competition from new entrants, including software-focused firms and well-capitalized technology companies, that could reduce customers' reliance on traditional vendors 1.
Gilat's competitive strengths include a large installed base, in-house amplifier and antenna technology, turnkey delivery capabilities and experience in remote areas. The company argues that combining products with managed services differentiates it from equipment-only competitors 1.
- SES
Satellite operator that completed its acquisition of Intelsat in 2025 and is cited as a leader in satellite broadband markets.
- Viasat
Satellite operator and broadband service provider cited among leaders in satellite communications.
- Starlink
NGSO constellation that has grown rapidly and disrupted traditional satellite internet providers.
- Amazon Leo
LEO constellation under deployment that could intensify competition for the company's existing customers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)17 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Gilat Satellite Networks Ltd. · 16 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.