BlackSky Technology

BKSY

Aerospace & Defense · Industrials

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

BlackSky Technology operates a network of small satellites in low Earth orbit that take frequent photos of locations around the world. It sells access to these images and the analysis built on top of them, primarily to U.S. government agencies, defense contractors, and intelligence customers. The company is part of the growing commercial satellite imagery industry, competing with firms like Planet Labs and Maxar.

BlackSky makes money by charging customers for subscriptions to its data platform, which delivers satellite images and AI-powered monitoring reports on demand. It operates mainly in the United States, with most revenue tied to government contracts. A 69% gross margin suggests the data business is efficient once satellites are in orbit, but the company is still spending heavily to grow, reflected in a deeply negative operating margin. The key risk is customer concentration — if U.S. government spending on commercial imagery slows or shifts to competitors, revenue could drop sharply.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+50.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+57.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

21.6%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~8 years

$234M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$234M cash & investments at current burn rate

Revenue accelerating

BlackSky Technology grew revenue 50% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-23.4%

Thin — -23.4% gross margin

Profit after running costs

Operating Margin

-23.4%

Losing money on operations — -23.4%

Return on the money invested

ROCE

-20.3%

Weak — -20.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+4.1%

Slow sales growth (+4.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-64.7%

Burning cash (-64.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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