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U.S. Alternative Carriers Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies30
  • 7D11.1%
  • 3M1.2%
  • 1Y122.7%
  • YTDn/a

In the last week, the Alternative Carriers industry is up 20%, with AST SpaceMobile up 18%. During this same period, the Liberty Latin America underperformed, falling 7.4%. This takes the industry's 12 month performance to a gain of 129%. Earnings are forecast to grow by 62% annually.

Industry Valuation and Performance

Has the U.S. Alternative Carriers Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026US$55.3bUS$12.3b-US$2,936,605,632.5015x-18.8x4.5x
Sat, 06 Dec 2025US$46.2bUS$12.3b-US$2,935,475,987.8514.8x-15.7x3.8x
Mon, 03 Nov 2025US$47.2bUS$12.2b-US$3,442,169,241.2415.9x-13.7x3.8x
Wed, 01 Oct 2025US$33.0bUS$12.1b-US$4,805,726,654.4416.4x-6.9x2.7x
Fri, 29 Aug 2025US$32.0bUS$12.1b-US$4,806,770,487.7723.1x-6.7x2.6x
Sun, 27 Jul 2025US$32.1bUS$12.0b-US$1,346,962,557.8551.3x-23.8x2.7x
Tue, 24 Jun 2025US$29.5bUS$11.9b-US$1,351,172,894.7248.5x-21.8x2.5x
Thu, 22 May 2025US$20.2bUS$11.6b-US$1,343,697,454.9052.2x-15x1.7x
Sat, 19 Apr 2025US$22.3bUS$12.6bUS$562.7m22.9x39.6x1.8x
Mon, 17 Mar 2025US$26.0bUS$12.5bUS$661.8m18.5x39.3x2.1x
Wed, 12 Feb 2025US$25.8bUS$15.4b-US$4,986,621,971.3698.6x-5.2x1.7x
Fri, 10 Jan 2025US$24.2bUS$15.4b-US$4,983,714,919.9671.8x-4.9x1.6x
Sun, 08 Dec 2024US$26.5bUS$15.4b-US$4,980,844,651.0679.1x-5.3x1.7x
Tue, 05 Nov 2024US$28.2bUS$15.4b-US$4,321,501,052.7570.9x-6.5x1.8x
Thu, 03 Oct 2024US$28.1bUS$15.3b-US$2,262,969,459.8377.6x-12.4x1.8x
Sat, 31 Aug 2024US$27.3bUS$15.3b-US$2,263,125,042.9072.4x-12x1.8x
Mon, 29 Jul 2024US$24.9bUS$15.2b-US$975,985,274.8738.9x-25.6x1.6x
Wed, 26 Jun 2024US$19.8bUS$15.2b-US$1,779,776,753.64109.4x-11.1x1.3x
Fri, 24 May 2024US$19.4bUS$15.2b-US$1,779,775,872.43109.6x-10.9x1.3x
Sun, 21 Apr 2024US$18.6bUS$15.6b-US$3,025,374,249.9380.3x-6.2x1.2x
Tue, 19 Mar 2024US$19.0bUS$15.6b-US$3,012,313,291.8280.6x-6.3x1.2x
Thu, 15 Feb 2024US$21.9bUS$15.4b-US$4,174,016,632.4945.3x-5.2x1.4x
Sat, 13 Jan 2024US$26.3bUS$32.0b-US$15,448,916,881.0014.5x-1.7x0.8x
Mon, 11 Dec 2023US$23.7bUS$32.0b-US$15,448,796,839.0011.8x-1.5x0.7x
Wed, 08 Nov 2023US$23.1bUS$32.1b-US$15,340,860,255.009.6x-1.5x0.7x
Fri, 06 Oct 2023US$24.8bUS$32.8b-US$13,163,139,872.008.6x-1.9x0.8x
Sun, 03 Sep 2023US$27.6bUS$32.8b-US$13,163,103,360.0011.4x-2.1x0.8x
Tue, 01 Aug 2023US$24.8bUS$33.2b-US$5,758,493,082.0014.2x-4.3x0.7x
Thu, 29 Jun 2023US$25.8bUS$33.1b-US$3,283,740,932.0024.7x-7.9x0.8x
Sat, 27 May 2023US$24.9bUS$33.1b-US$3,311,076,042.0023.7x-7.5x0.8x
Mon, 24 Apr 2023US$27.1bUS$34.1b-US$1,325,847,184.0017.5x-20.5x0.8x
Wed, 22 Mar 2023US$27.4bUS$34.0b-US$1,330,622,315.0020.3x-20.6x0.8x
Fri, 17 Feb 2023US$29.9bUS$34.1bUS$3.0b28.6x9.9x0.9x
Sun, 15 Jan 2023US$33.2bUS$35.1bUS$6.6b29.3x5x0.9x
Price to Earnings Ratio

5x


Total Market Cap: US$33.2bTotal Earnings: US$6.6bTotal Revenue: US$35.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Alternative Carriers Industry Price to Earnings3Y Average -5.8x202420252026
Current Industry PE
  • Investors are optimistic on the American Alternative Carriers industry, and appear confident in long term growth rates.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 4.3x.
Past Earnings Growth
  • Total earnings for the Alternative Carriers industry have declined over the last three years, with the industry now making a loss overall.
  • Revenues have also declined 30% per year, which is driving profits down.

Industry Comparison

How does U.S. Alternative Carriers compare with similar industries?

US Market1.52%
Telecom0.60%
Telecom Services and Carriers-0.61%
Alternative Carriers11.07%
Integrated Telecom Services-2.20%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ASTS AST SpaceMobileUS$85.7318.0%
+US$3.7b		280.9%PS1299.2x
LUMN Lumen TechnologiesUS$7.921.9%
+US$153.8m		43.5%PS0.6x
SIFY Sify TechnologiesUS$13.4710.5%
+US$92.6m		361.3%PS2.1x
IRDM Iridium CommunicationsUS$18.003.6%
+US$64.9m		-38.0%PE15x
CCOI Cogent Communications HoldingsUS$22.122.6%
+US$26.6m		-69.8%PS1.2x

Latest News

ATEX
US$21.99
Anterix
7D
0.7%
1Y
-26.1%
SIFY
US$13.47
Sify Technologies
7D
10.5%
1Y
361.3%
GSAT
US$60.85
Globalstar
7D
-0.3%
1Y
104.9%

GSAT: Future Will Hinge On Spectrum Monetization And Potential Sale Talks

Narrative Update Analysts have lifted their fair value estimate for Globalstar from US$45.00 to US$60.00, citing its mix of a funded satellite business and underused terrestrial spectrum, alongside expectations for a satellite internet of things market that could reach US$4.9b by 2030. Analyst Commentary Recent research points to a mixed setup for Globalstar, with the latest coverage highlighting both the potential upside and some clear execution questions.
LUMN
US$7.92
Lumen Technologies
7D
1.9%
1Y
43.5%

LUMN: Turnaround And Modernization Efforts Will Face Ongoing Revenue And Execution Risks

Analysts have lifted their price target on Lumen Technologies to $8.00 from $4.25, citing stronger than expected Q3 performance across revenue, EBITDA, and free cash flow, along with reaffirmed 2025 guidance and ongoing modernization and stabilization efforts. Analyst Commentary Analyst reactions to the latest results highlight a mix of optimism on execution and cash generation, balanced by caution around sustainability and long term growth.
ELWT
US$4.14
Elauwit Connection
7D
-18.3%
1Y
n/a
LILA
US$6.84
Liberty Latin America
7D
-7.4%
1Y
2.9%

LILA: Future Performance Will Hinge On Sustaining EBITDA And Free Cash Flow

Analysts have raised their price target on Liberty Latin America to $13 from $12, reflecting higher fair value assumptions and growing confidence that recent 7% Q3 rebased EBITDA growth signals sustainable earnings and margin improvement. Analyst Commentary While the latest price target increase to $13 signals improved sentiment around Liberty Latin America's earnings trajectory, not all market observers are fully convinced that the recent momentum can be sustained over the medium term.
IRDM
US$18.00
Iridium Communications
7D
3.6%
1Y
-38.0%

IRDM: Competitive Pressures And Spectrum Deals Will Shape Balanced Outlook

Analysts have reduced their fair value estimate for Iridium Communications to approximately $16.00 per share from about $25.00 per share, citing slower expected revenue growth amid mounting competitive pressures and spectrum deals by rival satellite operators. This is partly offset by a modestly improved profit margin outlook and a lower assumed future price to earnings multiple.
BAND
US$14.65
Bandwidth
7D
-5.2%
1Y
-10.8%

BAND: AI Voice Integrations Will Drive Long-Term Upside Potential

Analysts have modestly increased their price target for Bandwidth to approximately $23.67 per share, citing a slightly higher discount rate and stable expectations for revenue growth, profit margins, and future valuation multiples. What's in the News Issued full year 2025 guidance, projecting revenue between $747 million and $760 million, signaling confidence in continued top line growth (Corporate Guidance) Announced support for OpenAI's latest Realtime API, integrating SIP-based voice calling so enterprises can deploy their own GPT powered conversational voice agents on Bandwidth's edge infrastructure (Product Related Announcement) Expanded its open, multi pathway AI strategy with options ranging from pre built integrations with platforms like Google Dialogflow and Cognigy to standards based APIs such as OpenAI's Realtime API, broadening routes to build AI enhanced communications (Product Related Announcement) Highlighted advantages of its owned and operated global cloud communications network, positioning low latency, high fidelity voice and intelligent routing as key enablers for mission critical conversational AI use cases (Product Related Announcement) Valuation Changes Fair Value: Unchanged at approximately $23.67 per share, indicating stable long term intrinsic value expectations.
CCOI
US$22.12
Cogent Communications Holdings
7D
2.6%
1Y
-69.8%

CCOI: Dividend Reset And Wavelength Competition Will Shape Risk-Reward Outlook

Analysts have reduced their fair value estimate for Cogent Communications Holdings to $23 from $30 per share. This change reflects a higher perceived risk profile and competitive headwinds in wavelength services, despite slightly better margin expectations and a lower projected future P/E multiple.
ASTS
US$85.73
AST SpaceMobile
7D
18.0%
1Y
280.9%
LBTY.A
US$10.97
Liberty Global
7D
-1.5%
1Y
-12.3%

LBTY.A: Future Cash Returns And Buybacks Will Support Upside Post Leadership Shift

Analysts have raised their price target on Liberty Global by $2 to $13, citing updated assumptions for fair value, discount rate, and long term growth and profitability expectations. Analyst Commentary Recent target revisions suggest that bullish analysts see the updated $13 price target as better reflecting Liberty Global's underlying asset base and cash flow potential, particularly as assumptions around long term growth and discount rates are recalibrated.
TSAT
US$29.98
Telesat
7D
3.0%
1Y
74.9%

Telesat Continues Making Progress, But It Will Take Time

Dec 15
IOTR
US$2.43
iOThree
7D
-0.6%
1Y
n/a
NXPL
US$0.62
NextPlat
7D
16.4%
1Y
-49.5%

Positive Sentiment Still Eludes NextPlat Corp (NASDAQ:NXPL) Following 28% Share Price Slump

Dec 05
Positive Sentiment Still Eludes NextPlat Corp (NASDAQ:NXPL) Following 28% Share Price Slump