BKSY vs HAWK: How BlackSky Technology and HawkEye 360 Compare (2026)
Last updated August 2026
Short answer
HAWK is the larger of the two ($2.47B market cap): the incumbent the market prices for continued execution (152.01x forward earnings). BKSY is the smaller challenger ($943.24M), priced similarly on forward earnings (-61.19x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
BKSY vs HAWK: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | BKSY | HAWK | What it tells you |
|---|---|---|---|
| Market cap | $943.24M | $2.47B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | -61.19 | 152.01 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Price vs 52-week range | 26% of range | 44% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
Before you buy: how BKSY and HAWK affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BKSY and HAWK share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BKSY and HAWK exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does BlackSky Technology (BKSY) do?
BlackSky Technology provides real-time geospatial intelligence. It owns and operates a constellation of small satellites that image the Earth many times per day and delivers that imagery, plus AI-driven analysis, through its Spectra software platform. Rather than competing purely on the sharpest single image, BlackSky emphasizes revisit rate and speed: monitoring locations frequently and turning raw pictures into alerts and analytics within minutes. Its customers are concentrated in US and international government and defense agencies that need timely situational awareness, alongside some commercial accounts.
What does HawkEye 360 (HAWK) do?
HawkEye 360 operates a commercial radio-frequency intelligence constellation. Its satellites fly in clusters of three, which lets the company triangulate the origin of a signal rather than just detect it, and the product line is built around that geolocation: RFGeo-style detections of maritime VHF and radar emitters, GNSS and GPS interference mapping, air defense radar monitoring, and communications mapping. Clusters 13 and 14 went up in the first quarter of 2026 and took the fleet to roughly 42 spacecraft. Customers are almost entirely governmental, including the National Reconnaissance Office, the National Geospatial-Intelligence Agency, the U.S. Navy in the Indo-Pacific, NASA, and a growing set of allied ministries of defense. The December 2025 acquisition of Innovative Signal Analysis pushed the company further into the analytics and wide-area surveillance software layer that sits on top of the raw detections. Headcount is about 395.
BKSY vs HAWK: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- BKSY drivers: Gen-3 satellite rollout; Government backlog and contract wins.
- HAWK drivers: Allied defense budgets outside the U.S. intelligence community; GPS interference and air defense monitoring as new service lines.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is that BlackSky is a smaller-cap, capital-intensive space company that has historically been unprofitable, so the thesis depends on execution that has not fully played out. For HAWK, customer concentration is severe: the National Reconnaissance Office, the National Geospatial-Intelligence Agency, and a handful of allied ministries account for the bulk of revenue, and the NRO award signed in December 2025 runs only 23 months, so renewal risk is dated and specific.
BKSY or HAWK: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BKSY if you believe its drivers more; HAWK if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BKSY and HAWK guides.
BKSY vs HAWK: the full fundamentals
BKSY. Figures are approximate, tied to the asOf date, and should be verified against live filings before acting. For an early-stage, high-growth space company, revenue growth, backlog conversion, adjusted EBITDA, and free cash flow matter more than any single earnings multiple, and traditional valuation ratios are hard to apply while profitability is still emerging. Guidance depends heavily on launch timing and government contract flow, so treat targets as goals rather than certainties.
HAWK. HawkEye 360 completed its NYSE IPO on May 7, 2026, selling roughly 18.4 million shares at roughly $26 for roughly $435.9 million in proceeds, and it has roughly 98 million shares outstanding. Second-quarter 2026 results are scheduled for August 13, 2026, which makes the first-quarter figures above the most recent audited-cadence datapoints. The multiple is set on trailing revenue that is doubling, so the number people actually argue about is what 2027 revenue looks like if allied awards keep converting into backlog.
Headline figures (approximate, Jul 2026): BKSY shows revenue growth Guided to roughly $130 million to $150 million for 2026, up meaningfully from about $107 million in 2025, profitability Historically unprofitable; guiding to positive adjusted EBITDA in 2026 as a step toward sustained profits, cash flow Has pointed to consecutive quarters of positive free cash flow, though still capital-intensive, backlog Contract backlog reported in the high-$300 million range, providing forward revenue visibility; HAWK shows revenue (ttm) ~$144.5 million, up ~74% year over year, revenue (q1 2026) ~$49.8 million, up ~117%; international ~$20.9 million, adjusted ebitda (q1 2026) ~$7.4 million, up ~92%, net income (ttm) ~negative $7.4 million; Q1 2026 net loss ~$9.0 million.
The bottom line: BKSY vs HAWK
BKSY and HAWK are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BKSY and HAWK exposure against your real portfolio. It is not an investment adviser.
Wondering how BKSY or HAWK fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in BlackSky Technology with AI
Connect the broker you already use and ask Walnut's AI how BKSY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between BKSY and HAWK?
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BlackSky Technology provides real-time geospatial intelligence. HawkEye 360 operates a commercial radio-frequency intelligence constellation. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is BKSY or HAWK the better stock?
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Neither is universally better. HAWK is the larger incumbent; BKSY is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, BKSY or HAWK?
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On forward P/E (as of August 2026), BKSY trades at -61.19x and HAWK at 152.01x, so BKSY is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both BKSY and HAWK?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of BKSY vs HAWK?
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BKSY: The dominant risk is that BlackSky is a smaller-cap, capital-intensive space company that has historically been unprofitable, so the thesis depends on execution that has not fully played out. Building, launching, and operating satellites is expensive and technically risky; a launch failure or on-orbit problem could set back the Gen-3 rollout. Revenue is concentrated in government and defense customers, so budget cycles, procurement delays, or the loss of a major contract could hit results hard. Because the company is still scaling toward sustained profitability, it may need additional capital, and raising it could dilute shareholders or add debt. The stock is small and can be volatile, and it competes with better-capitalized rivals like Planet Labs and Maxar as well as niche players. Guidance for revenue, adjusted EBITDA, and backlog conversion may not be met if launches slip or demand softens. HAWK: Customer concentration is severe: the National Reconnaissance Office, the National Geospatial-Intelligence Agency, and a handful of allied ministries account for the bulk of revenue, and the NRO award signed in December 2025 runs only 23 months, so renewal risk is dated and specific. Backlog fell to roughly $285 million from roughly $302.7 million at the end of 2025, meaning the company burned through more contract value than it booked in the quarter. GAAP net loss widened to roughly $9.0 million and free cash flow was roughly negative $7.3 million, and the launch cadence that drives the growth story is exactly what keeps cash flow negative. Cash of roughly $106.1 million as of March 31, 2026 preceded the roughly $435.9 million of IPO proceeds and a new roughly $125 million revolver maturing in 2031, so liquidity is comfortable for now but tied to continued capital-markets access. The stock listed on May 7, 2026 at roughly $26 and has traded between roughly $17.02 and roughly $35.73 since, and post-IPO lockup expirations plus a roughly 17x trailing revenue multiple mean a single missed quarter moves the price hard.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell BKSY or HAWK; figures are approximate and dated (as of August 2026). Verify current data before investing.