GOGO

Gogo's headline FY2025 revenue growth of +104.7% to $910M is almost entirely inorganic — the MD&A confirms the numbers now fold in the Satcom Direct acquisition (note the earnout liability, inventory step-up amortization, and acquisition/integration costs stripped out of Adjusted EBITDA). Organically the legacy business ('Gogo BA') was growing far more modestly ($398M→$445M FY2023→FY2024). So this is a leveraged roll-up story, not a suddenly-doubled organic franchise, and that framing matters for every multiple.

The operating engine is genuinely improving: operating income more than doubled to $114M (12.5% margin), operating cash flow tripled to $124M, and cash tripled to $125M. Against $59.4M of capex that implies roughly ~$65M of free cash flow — a ~13% FCF yield on a $481M market cap, and P/S of just 0.5x. That is the bull case, and it is why this isn't a sell. But the gap between $114M operating income and $12.9M net income is the whole story: interest on $834M of long-term debt consumes nearly all operating profit, leaving a 1.4% net margin and EPS that actually FELL 10% to $0.09 even as revenue doubled. On that EPS the stock trades at 39.7x — expensive, not cheap.