AST SpaceMobile vs. Boeing: Which High Flying Stock Is a Better Buy in 2026?

As we look toward 2027, the contrast between a high-flying satellite newcomer and a legacy aerospace giant creates a unique dilemma for investors. You must choose between AST SpaceMobile Inc (NASDAQ:ASTS) and Boeing Co (NYSE:BA).

AST SpaceMobile is pioneering a space-based cellular network, while Boeing continues to be a titan in commercial aviation and defense. This comparison pits a speculative, rapid-growth technology story against a massive industrial turnaround effort. Deciding which to buy requires balancing the potential for massive disruption against the stability of established manufacturing.

The case for AST SpaceMobile

AST SpaceMobile is building the first space-based cellular broadband network designed to connect directly to standard smartphones for commercial and government use. Its strategy, detailed in its latest annual report, relies on partnering with mobile network operators like AT&T Inc (NYSE:T) and Verizon Communications (NYSE:VZ) to fill coverage gaps for nearly 3 billion subscribers. With definitive agreements with these major carriers and various U.S. government agencies, customer concentration like this adds a layer of risk to the business. That said, it also counts Vodafone Group (NASDAQ:VOD) and Saudi Telecom Co as strategic international partners who help it navigate local regulatory markets.

In FY 2025, revenue reached approximately $70.9 million, a substantial jump from the $4.4 million reported in the prior fiscal year. The company reported a net loss of nearly $342 million for the period. While revenue growth is accelerating as the company begins its commercial rollout, profitability remains a distant goal during this build-out phase.

The current debt-to-equity ratio is roughly 1.2x, showing the company relies more on debt than equity to fund its operations. Free cash flow, which is cash flow from operations minus capital expenditures, was more than negative $1.1 billion for FY 2025, as the firm invested heavily in its proprietary manufacturing and launch capabilities.

The case for Boeing Co

Boeing operates in the industrial stocks sector, manufacturing commercial airplanes, defense products, and space systems. According to its latest annual report, the company serves airlines and U.S.-allied government customers in over 150 countries. Revenue is heavily concentrated among a few major airline customers and defense programs, and customer concentration like this adds a layer of risk to the business.

In FY 2025, revenue reached approximately $89.5 billion, a 34.5% increase from the prior year. The company reported net income of roughly $2.2 billion for the period. This resulted in a net margin of about 2.5%, a notable improvement from the negative margin reported in the previous fiscal year.

As of its December 2025 balance sheet, the debt-to-equity ratio was nearly 10x, indicating that total liabilities are 10 times shareholder equity. The so-called current ratio, which measures the ability to pay short-term obligations with short-term assets, was roughly 1.1x. Free cash flow, calculated as cash from operations minus capital expenditures, was approximately negative $1.9 billion for the fiscal year. Note that stock-based compensation (SBC) accounted for roughly 40% of operating cash flow, thereby inflating reported cash generation, since SBC is a non-cash expense added back in the cash flow statement.

Risk profile comparison

AST SpaceMobile carries risks related to its development-stage technology and the deployment of its satellite constellation. It depends on third-party launch providers and faces potential manufacturing delays or cost overruns that could drain capital. The company also faces competition from well-capitalized entities like Amazon.com Inc (NASDAQ:AMZN) and must navigate an ongoing 2026 lawsuit regarding finder's fees.

Boeing faces operational risks regarding the production and certification of its 737 and 777X aircraft programs. Quality issues and labor-related conflicts, involving a workforce where 40% are unionized, create ongoing uncertainty. The company also faces intense market pressure from Airbus while managing high debt levels and the integration of the Spirit AeroSystems acquisition.

Valuation comparison

Boeing appears more affordable based on its P/S ratio, while AST SpaceMobile does not have a Forward P/E based on future earnings estimates because it is not expected to turn a profit in the coming year..

Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

AST SpaceMobile expects its space-based network to give it a significant business in a few years. Essentially, AST SpaceMobile is a direct-to-device play to provide full mobile phone compatibility for major carriers without the need for specialized equipment. Many of its potential clients are also equity holders in the company, including AT&T, Verizon, Bell Canada, Rakuten, Vodafone, Alphabet Inc(NASDAQ:GOOGL), American Tower (NYSE:AMT), and Telus (NYSE:TU).

By the end of 2026, the company should have 45 satellites, which will allow it to fully service the U.S., and that should start to supercharge revenue growth. For fiscal 2026, Wall Street sees $149 million in sales, jumping to $725 million the following year, when the company is projected to turn its first modest profit. Free cash flow appears much more manageable, with analysts expecting positive free cash flow in 2029.

Boeing, meanwhile, is still working to recover from safety and supply chain issues. While revenue will rise about 9% to $97.7 billion this year, the company's net income will fall dramatically to around $85 million, according to consensus Wall Street analyst forecasts.

But don't count Boeing out. It is among the largest aerospace and defense companies, giving it excellent long-term prospects due to its leading position in the growing commercial aerospace industry. In the first quarter of its current fiscal year, the order backlog rose in the double digits, setting a new record. Backlogs mean future sales are strong and show the industry believes in the business.

If you're looking for a long-term growth opportunity, AST Spacemobile offers a likelihood of much better returns than Boeing, but with more risk. For those looking for a stable blue chip for the long haul, go with Boeing.

Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile, Alphabet, Amazon, American Tower, and Boeing. The Motley Fool recommends TELUS, Verizon Communications, and Vodafone Group Public. The Motley Fool has a disclosure policy.