ViaSat Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The business itself works: 23 satellites in service, roughly 4,580 commercial aircraft connected, firm backlog of $4,072.9 million and a defense segment that earns reliably at $216.3 million of segment operating profit. The balance sheet carries no going concern warning either: equity stood at $4,729.3 million on March 31, 2026, cash at $1,746.8 million alongside $1,148.2 million of undrawn credit facilities, and all covenants were met at the balance sheet date. What decides the level is nonetheless a single line: against operating income of $108.1 million, fiscal 2026 carried interest expense of $360.3 million — interest coverage of 0.3, so the business does not earn its own interest. It is made sharper by the fact that the $104.8 million of pre-tax income contains two one-time events worth $320.6 million combined; without the Ligado settlement and the sale of the Navarino UK stake the line would read a pre-tax loss of roughly $215.8 million. With $6.6 billion of debt whose most expensive piece costs 9 percent and an Altman Z-score of 1.0 as of July 24, 2026, that finding touches the substance and not merely the earnings power — hence red. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Viasat has turned the corner operationally. After two disastrous years, fiscal 2026 produced an operating profit of $108.1 million, operating cash flow reached $1,589.9 million, and debt fell from $7.2 billion to $6.6 billion. The company's own filings also show the limits: interest expense of $360.3 million is more than three times operating income, and $320.6 million of the $104.8 million of pre-tax income came from two one-time events — the Ligado settlement and the sale of the Navarino UK stake. The core segment is flat at $3,299.7 million and the fixed broadband business has shrunk by a third in two years. Only the defense segment earns reliably, at $216.3 million. Not investment advice.
Operating turnaround
Operating income moved from minus $889.8 million in fiscal 2024 through minus $97.5 million in 2025 to plus $108.1 million in fiscal 2026. Operating cash flow rose to $1,589.9 million while purchases of property, equipment and satellites fell to $992.8 million, leaving roughly $597.1 million of free cash flow after two negative years. Revenue grew to $4,640.3 million.
Interest burden and balance sheet
Against operating income of $108.1 million, fiscal 2026 carried interest expense of $360.3 million — an interest coverage ratio of 0.3. The principal amount of debt stood at $6.6 billion on March 31, 2026, the most expensive piece being $1.975 billion of Inmarsat notes at 9.000 percent. The Altman Z-score stood at 1.0 as of July 24, 2026.
Earnings quality
Pre-tax income of $104.8 million includes $152.5 million of interest income from the Ligado settlement and a $168.1 million gain on the sale of the Navarino UK stake — $320.6 million combined. Without those two events the year would have produced a pre-tax loss of roughly $215.8 million. Even with them, the loss attributable to Viasat shareholders was $34.1 million.
Core business and competition
Communication services was flat in fiscal 2026 at $3,299.7 million against $3,298.5 million. Inside the segment aviation grew from $864.8 million in fiscal 2024 to $1,191.4 million, while fixed and other services fell from $906.8 million to $607.7 million. The company's own risk factors name increasing adoption of low-orbit services including Starlink as a cause of significant industry disruption.
Defense business
The smaller segment is the reliable earner: $216.3 million of segment operating profit in fiscal 2026 on $1,340.6 million of revenue (2025: $216.7 on $1,221.1; 2024: $154.4 on $1,142.2). Information security and cyber defense grew from $302.1 million to $414.5 million, tactical networking from $202.1 million to $329.4 million. Segment firm backlog stood at $1,211.9 million.
Valuation and dilution
At an anchor price of $71.70 (July 24, 2026) and 136,568,953 shares, market capitalization is roughly $9.8 billion and enterprise value roughly $15.3 billion — 2.1 times sales and 8.4 times earnings before interest, taxes, depreciation and amortization. Nine analyst votes averaged a $94.56 target. Since May 29, 2026 an unlimited shelf registration has been effective, with room for 63.4 million authorized but unissued shares.
Worth Noting
Viasat reached our research list through one screen of our in-house stock scanner as of July 25, 2026: rank 11 of 28 in "Richard Moglen: 1 Week Top Performers" (U.S. selection), relative strength rating 96. The screen requires at least a 15 percent price gain over four trading days, at least $10 million of average daily dollar volume and a strength rating of 70 or higher; it is recomputed daily, so the placement is a snapshot.
On the fiscal year: Viasat closes its books on March 31. The fiscal 2026 year reviewed here covers April 1, 2025 through March 31, 2026, and the annual report was filed on May 29, 2026. Since that filing, only Forms 4 and 144 and the shelf registration of May 29, 2026 have been added through the data date.
On identity: the company is registered with the SEC as Viasat, Inc., CIK 0000797721, and EDGAR lists no former names. Not to be confused with the British Inmarsat group acquired in 2023, which continues as a subsidiary and whose notes and term loans make up a substantial share of consolidated debt. No merger or acquisition agreement existed as of the date of this analysis.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at VSAT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 28.40 $ to 89.80 $ · Last price: 73.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Communication Equipment
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| ViaSat Inc VSAT | 10.0 | – | 8.3 | 33.2 | -1.8 | 2.7 | 125.7 |
| Cisco Systems Inc CSCO | 436.0 | 35.3 | 22.8 | 64.5 | 25.0 | 5.3 | 66.2 |
| Hewlett Packard Enterprise Co HPE | 78.0 | 57.4 | 14.2 | 36.6 | 8.7 | 14.1 | 152.6 |
| Motorola Solutions Inc MSI | 76.3 | 37.7 | 22.9 | 52.1 | 19.8 | 8.0 | -2.7 |
| Lumentum Holdings Inc LITE | 71.0 | 154.2 | 114.9 | 44.2 | 21.8 | 21.0 | 447.1 |
| Ciena Corp CIEN | 48.8 | 113.9 | 47.4 | 44.1 | 15.2 | 18.8 | 152.4 |
| Ubiquiti Networks Inc UI | 36.1 | – | 27.8 | 46.2 | 36.9 | 33.5 | -1.3 |
| Telefonaktiebolaget LM Ericsson B ERIC | 33.6 | 13.2 | 7.0 | 47.6 | 0.0 | -14.2 | 30.2 |
| Ast Spacemobile Inc ASTS | 24.4 | – | -2.3 | 38.9 | -1,014.0 | 1,505.2 | 52.3 |
| Median of companies shown | 48.8 | 47.5 | 22.8 | 44.2 | 15.2 | 14.1 | 66.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 1,559 | 36 | 24 | 0.41 | 411 | 1,735 | 2,955 |
| 2018 | 1,595 | -92 | -67 | -1.14 | 359 | 1,837 | 3,414 |
| 2019 | 2,068 | -61 | -68 | -1.12 | 328 | 1,908 | 3,915 |
| 2020 | 2,309 | 38 | 0 | 0.00 | 437 | 2,028 | 4,884 |
| 2021 | 1,921 | -46 | 4 | 0.06 | 727 | 2,351 | 5,349 |
| 2022 | 2,417 | -113 | -16 | -0.21 | 506 | 2,634 | 6,389 |
| 2023 | 2,556 | -156 | -577 | -7.60 | 368 | 3,824 | 7,730 |
| 2024 | 4,284 | -890 | -1,069 | -9.12 | 688 | 5,025 | 16,329 |
| 2025 | 4,520 | -97 | -575 | -4.42 | 908 | 4,554 | 15,449 |
| 2026 | 4,640 | 108 | -34 | -0.25 | 1,590 | 4,660 | 15,227 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.23 | – | 1,124 | -0.40 | -14.10 | 220 | -33 |
| 2025: Q1 | -1.91 | – | 1,147 | -0.30 | -21.50 | 298 | 51 |
| 2025: Q2 | -0.43 | – | 1,171 | 4.00 | -4.80 | 259 | 60 |
| 2025: Q3 | -0.47 | – | 1,141 | 1.70 | -5.40 | 282 | 69 |
| 2025: Q4 | 0.19 | – | 1,157 | 3.00 | 2.20 | 727 | 444 |
| 2026: Q1 | 0.44 | – | 1,171 | 2.10 | 5.00 | 322 | 24 |
| 2026: Q2 | -0.38 | 11.60 | 1,157 | -1.20 | -4.50 | 261 | 261 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mike Webster: Swing Trading List
- Oliver Kell: Strength on Down Day
- RS Leader (≥90)
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | 0.09 | -0.30 – 0.40 | 4,851 | -90.9% | 4 |
| 03/31/2028 | 0.17 | -0.33 – 0.57 | 5,073 | 77.3% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 5.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $578.3M |
|---|---|
| Market cap | $9.97B |
| Free cash flow in year ten | $1.01B |
| Terminal value as a share of market value | 53.1% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Viasat setzt KI- und Maschinenlern-Technik im eigenen Betrieb ein und investiert weiter darin (eigener Risikofaktor im Geschäftsbericht 10-K für das Geschäftsjahr 2026); verkauft aber keine KI-Produkte und weist keine KI-Umsätze aus.
View the full file — quotes, sources, reviewed filings
„We use artificial intelligence and machine learning technologies (collectively, AI Technologies) in our business, and continue to invest in this area."
Wir setzen Technologien der künstlichen Intelligenz und des maschinellen Lernens (zusammen „KI-Technologien“) in unserem Geschäft ein und investieren weiterhin in diesen Bereich.
10-K · 2026-05-29 · View SEC filing
„We are focused on continuing to increase our customer interactions and have incorporated new technologies, tools and learnings from artificial intelligence and machine learning to enhanced customer intimacy techniques and customer advisory councils."
Wir arbeiten daran, unsere Kundenkontakte weiter auszubauen, und haben neue Technologien, Werkzeuge und Erkenntnisse aus künstlicher Intelligenz und maschinellem Lernen in verbesserte Verfahren zur Kundennähe und in Kundenbeiräte einfließen lassen.
10-K · 2026-05-29 · View SEC filing
Filings Reviewed: 10-K 2026-05-29 · 10-Q 2026-02-06 · 10-Q 2025-11-10 · 10-Q 2025-08-08 · 10-K 2025-05-27 · 8-K 2026-05-07
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 22.0%
- More than 10% revenue growth is expected for the coming year 4.6%
- Share count grows by less than 3% a year 21.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 15.5%
- Gross margin at 40% or higher and without meaningful erosion 27.4%
- Goodwill from acquisitions does not grow faster than revenue 10.7%
- Net debt below twice EBITDA 2.8 x EBITDA
- Operating cash flow covers the profits of the last three years 4,864 m
- Return on capital at 15% or higher, or up versus two years ago 0.8%
- Insiders hold at least 10% or are net buyers 5.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 12.9%
- Exp. sales growth 3Y > 5% 4.6%
- EBIT growth 10Y > 5% 12.8%
- Exp. EBIT growth 3Y > 5% 4.6%
- Net debt < 4x EBIT 48.0x
- EBIT positive, 10Y straight 3
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -5.7%
- ROCE > 15% 0.8%
- Expected return > 10% 10.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Stenbit John P | Director | Other | 6,933 | 0.00 | – |
| Sep 3, 2026 | Yoon Jinhy | Director | Other | 1,231 | 0.00 | – |
| Sep 3, 2026 | Yoon Jinhy | Director | Other | 1,231 | 0.00 | – |
| Sep 3, 2026 | Wise Theresa | Director | Other | 6,388 | 0.00 | – |
| Sep 3, 2026 | Stenbit John P | Director | Other | 6,388 | 0.00 | – |
| Sep 3, 2026 | Paull Michael | Director | Other | 6,388 | 0.00 | – |
| Sep 3, 2026 | Pak Sean | Director | Other | 6,388 | 0.00 | – |
| Sep 3, 2026 | Pak Sean | Director | Other | 6,388 | 0.00 | – |
| Sep 3, 2026 | LaPlante William Albert | Director | Other | 6,388 | 0.00 | – |
| Sep 3, 2026 | Frenkel Barbara L | Director | Other | 5,974 | 0.00 | – |
The company
About the Company
Viasat, Inc. bietet Breitband- und Kommunikationsprodukte sowie -dienstleistungen in den USA und international an.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 7,000
- Headquarters
- Carlsbad, CA
- Address
- 6155 El Camino Real, 92009 Carlsbad, United States
- Phone
- 760 476 2200
- Website
- viasat.com
- IPO Date
- 12/03/1996
- ISIN
- US92552V1008
- Stock Split
- 2:1 on 09/01/2000
Management
| Name | Title | Birth Year |
|---|---|---|
| Mark D. Dankberg | Co-Founder, Chairman & CEO | 1955 |
| Garrett L. Chase | Senior VP & CFO | 1972 |
| Girish Chandran | Corporate Chief Technology Officer & Senior VP of Engineering | 1965 |
| Robert James Blair J.D. | Senior VP, General Counsel & Secretary | 1974 |
| Craig Andrew Miller | Senior VP & President of Viasat Government | 1972 |
| Camellia E. FitzGerald | Chief Accounting Officer | 1978 |
| Peter A. Lopez CFA, CPA | Investor Relations Officer | – |
| Paul G. Castor | Chief Corporate Counsel & VP | – |
| James Michael Dodd | Senior VP & President of Commercial Services | 1962 |
| Benjamin Edward Palmer O.B.E. | President of Commercial | 1971 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.