BlackSky Technology Inc.

Where It Passes

Where It Falls Short

• Valuation0% pass✗ 28▾

  All 13 investors flag BKSY's valuation

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio9.0x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-2.6%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-2.6%, ROC=-9.0%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  Price / Book Value per Share9.0x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-4.7%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=9.0x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low308% of trailing low ($7.73)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-3.36%; #3707/6340 (top 58.5%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.2402; #3975/6449 (top 61.6%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share10.67x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.1351; #4138/5247 (top 78.9%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-50.90%; #5181/6202 (top 83.5%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Cash Flow0% pass✓ 1✗ 11▾

  No clean pass — all 10 investors flag at least one cash flow criterion

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing

  ✗LynchPositive and growing

  Operating Cash Flow$-28.3M

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=-7.33%, ROA=-18.19%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency0/8 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section
• Profitability6% pass✓ 5✗ 30▾

  15 of 16 flag BKSY's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)0/9 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)0/9 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-78.1%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-44.0% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-14.0%

  ✗Lynch> 15%

  EBIT / Enterprise Value-2.6%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-2.6%, ROC=-9.0%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-18.19%

  ✗PiotroskiROA > 0

  ROA Change YoY-22.51% -> -18.19% (delta: +4.32%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=-7.33%, ROA=-18.19%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue-24.8%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-14.0%

  ✗Dreman> 12%

  Margin of SafetyP/B=9.0x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-64.2% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency0/8 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-22.8%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-14.0%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-59.2% (2023) -> -44.0% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin -59.2% -> -44.0%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-3.36%; #3707/6340 (top 58.5%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-13.98%; #3545/5226 (top 67.8%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.2291; #4362/5884 (top 74.1%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years0/8 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts7% pass✓ 1✗ 14▾

  Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

  Overall verdict

  ✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (0/7)✗GreenblattRank #1997✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (1/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (0/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Growth13% pass✓ 3✗ 10▾

  7 of 8 flag BKSY's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: new vs Rev: 29.9%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction$0.00 (2018) -> $-2.09 (2025)

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency0/8 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth8.0%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin -59.2% -> -44.0%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Efficiency25% pass✓ 2✗ 9▾

  6 of 8 flag BKSY's efficiency — Buffett, Greenblatt, Piotroski +3 more

  Current Ratio5.27

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)-43.3%

  ✗Buffett> 10%

  ROIC - WACC-53.3%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-9.0%

  ✗Greenblatt> 25%

  Current Ratio Change YoY4.10 -> 3.48

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.40x -> 0.28x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities5.27

  ✓Dreman> 1.5

  Return on Invested Capital-5.2%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-25.0%; FY2024: ROIC=-17.4%; FY2025: ROIC=-12.5%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -12.5%)

  ✗SleepROIC > 12% in a majority of years
• Debt & Leverage33% pass✓ 6✗ 9▾

  8 of 12 flag BKSY's debt & leverage — Buffett, Lynch, Piotroski +5 more

  Total Debt / Shareholders' Equity0.94

  ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  LT Debt vs Net Current AssetsLT Debt $204.5M vs NCA $240.8M

  ✓GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.94, IC: -1.9x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.94

  ✗Lynch< 0.33

  Cash - Long-term Debt$-177.1M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change41.60% -> 50.01%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities5.27

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Debt Levels0.94

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-1.9x, D/EBITDA=81.4x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.94

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.9356; #3148/4210 (top 74.8%)

  ✗AsnessTop 30% of eligible cross-section