NASDAQ/TASE · Satellite comms · Ground systems, IFC & defense SATCOM
Gilat Satellite Networks
Gilat is an Israel-listed maker of satellite ground equipment (VSATs, modems, gateways) and the SkyEdge family of multi-orbit networking platforms. Its 2025 acquisition of Stellar Blu (SBS) added the Sidewinder ESA antenna for in-flight connectivity (IFC), and its 2023 DataPath acquisition added defense SATCOM for the U.S. Department of Defense. 2025 revenue was $451.7 million, split across Defense, Commercial (IFC) and Peru divisions.
GILT Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, Gilat Satellite Networks is directly linked to 1 companies (0 supply, 1 revenue relationships) and reaches 1 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · $451.7M (up 48% from $305.4M in 2024)
- Customer concentration · European customer ~24%, U.S. customer ~20%, PRONATEL (Peru) ~14% (FY2025). Equipment 73%, services 27%.
- Segments · Defense Division · Commercial Division · Peru Division
Revenue from
- SES S.A. High confidence· revenue context $452M · 2025 · 2025 total revenue (+48%); 2026 guidance $500-520M
SES adopted Gilat's SkyEdge IV multi-orbit ground platform for SES-17 (GEO VHTS) and O3b mPOWER (NGSO). O3b mPOWER service went live via SkyEdge IV in 2024, so the relationship is current.Mentions EN consensus (via MarketBeat) Published Jun 1, 2026: Gilat analyst Strong Buy, median target $19 (2026)Mentions HE New-Tech Online Published Mar 19, 2026: Gilat, AWS and SES demonstrate a cloud-based virtual SATCOM architectureConfirms EN SatNews Published May 7, 2024: SES's O3b mPOWER system launches service via Gilat's SkyEdge IV platformMentions EN Via Satellite Published Feb 10, 2022: Gilat Secures New SkyEdge IV Orders from Intelsat, SES - IFC 서비스 사업자·항공사 (기내 커넥티비티) High confidence· Amount $60M · 2025-08 · single Sidewinder ESA order (over $60M)
The Commercial Division supplies commercial and business aviation IFC via Stellar Blu's Sidewinder ESA antenna. In August 2025 Gilat won over $60 million in Sidewinder ESA terminal orders from a satellite operator, supporting airline fleet retrofits and the first production for an eventual Boeing OEM linefit terminal.Confirms EN GlobeNewswire Published Aug 20, 2025: Gilat Awarded Over $60 Million for Stellar Blu ESA Sidewinder Terminals - PRONATEL (페루 정부통신청) High confidence· Market share 14% · FY2025 · consolidated revenue
The Peru Division builds and operates PRONATEL's large-scale Regional Projects. PRONATEL accounted for about 14% of 2025 revenue. - 미 국방부·미 정부 (방산 SATCOM) High confidence
The Defense Division (DataPath, Wavestream) supplies SATCOM to the U.S. Department of Defense and other U.S. government classified programs; DataPath performs classified contracts under a FOCI Proxy Agreement. (DoD-specific revenue share is not separately disclosed.)
Pays to
- ESA 안테나·서브어레이·반도체 부품 (비공개) Medium confidence
The Sidewinder IFC ESA terminal consumes electronically steered antennas, scalable subarrays and semiconductor components; meeting high-volume and delivery requirements is key to SBS's revenue. Specific suppliers are undisclosed. - RF 전력증폭기(SSPA·BUC)·트랜시버·위탁생산 (비공개) Medium confidence
Gilat's equipment consumes RF components such as SSPAs, BUCs, transceivers, low-profile antennas and modems, including Wavestream's defense-grade amplifiers. Specific suppliers and contract manufacturers are undisclosed.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| SES S.A. | lead1 | +2.8 | +10.6 | -13 | -36 | +141.5 | +15.8 |
| Gilat Satellite Networks | node | +18.1 | -18 | +5.3 | +0.7 | +110.4 | -7.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a single-vendor satellite-ground-equipment maker that has spread demand across three axes — defense, IFC and emerging-market infrastructure. 2025 revenue of $451.7M (+48%) splits across Stellar Blu (IFC ESA), DataPath (US DoD defense SATCOM) and Peru's PRONATEL, keeping single-customer and single-market risk low, with regional spread of Europe 24%, US 20% and PRONATEL 14%. The growth front is IFC: after over $60M of Sidewinder ESA orders in August 2025, a shift into Boeing OEM linefit would pull airline retrofit volume behind it. Owning the ground layer of mixed GEO+NGSO networks like SES O3b mPOWER via multi-orbit SkyEdge IV is the differentiator; risks are Stellar Blu's ability to execute high-volume production and delivery, and limited revenue visibility given the classified nature of the defense business.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 1 · Sell 0 · Avg. target $20 · Price $12.01 (07-10) · Upside +67%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Needham & Company | Buy | $20 | Jun 16, 2026 | Report ↗ |
| Zacks Research | Hold | — | Jun 16, 2026 | Report ↗ |
| Freedom Capital Markets | Strong-Buy | — | Feb 12, 2026 | Report ↗ |
| William Blair · Louie DiPalma | Outperform | — | Sep 26, 2024 | Report ↗ |
Buy with a $20 target on defense and IFC growth and Stellar Blu Sidewinder orders.
Analyses covering this node
- When budgets move, primes move: the European-Korean defense re-rating Jul 5, 2026
- The satcom re-rating: from Starlink fear to sovereignty and D2D demand Jul 3, 2026