# ViaSat (VSAT.US)

Canonical: https://gigainvestors.com/s/VSAT

Analysis as of: 2026-10-16T07:32:57.303Z. Financial observations: FY1997–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $61.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 8

- Operating margin variation: 1.66×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.06×

- FY2019: -0.03×

- FY2020: 0.02×

- FY2021: -0.02×

- FY2022: -0.05×

- FY2023: -0.06×

- FY2024: -0.21×

- FY2025: -0.02×

- FY2026: 0.02×

- LTM to Jun 2026: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -1.3%

- ROIC, second-lowest year: -2.7%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 29.6%

- Recent gross margin (lower of latest and 3-year median): 27.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 36.3%

- ROIC including acquisitions, ten-year median: -3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 1.3%

- FY2018: -2.7%

- FY2019: -1.6%

- FY2020: 0.7%

- FY2021: -0.9%

- FY2022: -1.8%

- FY2023: -2.4%

- FY2024: -7.7%

- FY2025: -0.9%

- FY2026: 0.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$73M

- Net income, five-year total: -$623M

- Return on incremental invested capital: 1.5%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.6 pp

- Working capital / revenue, final three-year average: 16.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2023: $624M

- FY2024: -$1.1B

- FY2025: -$244M

- FY2026: $332M

- LTM to Jun 2026: $284M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -1.6% vs -0.9%

- Per-share earnings: 0.44 to -4.48 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.5%

- Ordinary dilution, 5-year annual growth: 15.2%

- Market cap gain: $2.6B

- Cumulative retained earnings: -$657M

- Diluted shares, 10-year annual growth: 10.5%

- Diluted shares, 5-year annual growth: 15.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: -$4.91

- Per-share value, starting three-year median: $0.44

- Per-share value, ending three-year median: -$4.48

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 0.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $779M

- Cumulative net income, 10 years: -$716M

- ROIC, first three-year median: -1.6%

- ROIC, last three-year median: -0.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.45

- FY2018: -$1.15

- FY2019: -$1.13

- FY2020: -$0.00

- FY2021: $0.06

- FY2022: -$0.21

- FY2023: $14.29

- FY2024: -$9.12

- FY2025: -$4.48

- FY2026: -$0.25

### accounting: pass

- Sloan accruals: -10.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.1%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.87×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -13.1%

- FY2018: -12.5%

- FY2019: -10.1%

- FY2020: -9.0%

- FY2021: -13.5%

- FY2022: -8.2%

- FY2023: 9.3%

- FY2024: -10.8%

- FY2025: -9.6%

- FY2026: -10.7%

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 32% since Jun 2026 · "Viasat (NASDAQ:VSAT) Misses Q2 CY2026 Revenue Estimates, Stock Drops" (finance.yahoo.com, Aug 2026) · sales -0.3%

Story as of 2026-10-16T09:59:49.518Z; price observation 2026-10-15.

- 2025-08-05: Viasat shares edge higher as Q1 earnings, revenue beat estimates ([investing.com](https://www.investing.com/news/earnings/viasat-shares-edge-higher-as-q1-earnings-revenue-beat-estimates-93CH-4171484))

- 2025-10-08: Viasat Awarded Contract by U.S. Space Force for Protected Tactical SATCOM-Global (PTS-G) Program ([finance.yahoo.com](https://finance.yahoo.com/news/viasat-awarded-contract-u-space-120000145.html))

- 2026-05-28: Viasat (NASDAQ:VSAT) Misses Q1 CY2026 Sales Expectations, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/viasat-nasdaq-vsat-misses-q1-203216345.html))

- 2026-08-04: Viasat (NASDAQ:VSAT) Misses Q2 CY2026 Revenue Estimates, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/viasat-nasdaq-vsat-misses-q2-211050944.html))

### Sales · FY2026–2027

sales -0.3%; source https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm; observed 2026-05-29.

- FY2018: $1.6B 

- FY2019: $2.1B 

- FY2020: $2.3B 

- FY2021: $1.9B 

- FY2022: $2.4B 

- FY2023: $2.6B 

- FY2024: $4.3B 

- FY2025: $4.5B 

- FY2026: $4.6B 

- FY2027: $4.6B 

### Gross margin · FY2026

gross margin 27.4%; source https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm; observed 2026-05-29.

- FY2017: 32.7% 

- FY2018: 29.7% 

- FY2019: 25.7% 

- FY2020: 30.3% 

- FY2021: 29.4% 

- FY2022: 29.2% 

- FY2023: 28.2% 

- FY2024: 32.3% 

- FY2025: 33.0% 

- FY2026: 27.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in communication equipment; annual sales are USD 4.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm (filed 2026-05-29); FY2026: revenue 4640280000; grossProfit 1272509000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VSAT.US: Viasat, Inc. engages in the provision of broadband and communications products and services in the United States and internationally. It operates in segments, Communication Services; and Defense and Advanced Technologies. It offers satellite-based broadband and narrowband communications solutions; broadband services, including broadband internet access and voice over internet protocol; fixed and mobile broadband and narrowband services; develops and sells satellite, wireless products, and terminals; and design, develop, and produce space system solutions for geostationary, medium, and low earth orbit. The company also provides in-flight connectivity, narrowband safety operational data, and other complementary services; multimedia connectivity for military and government; tactical and beyond-line-of-sight communications; intelligence surveillance and reconnaissance; L-band advanced communications element terminals; enterprise connectivity solutions; Internet-of-Things; and L-band managed, energy, and prepaid internet services. In addition, it offers networking, cybersecurity, and information assurance products and services; high assurance internet protocol encryption solutions; MOJO expeditionary tactical gateway; government satellite communication systems, mobile and fixed broadband modems, ground and airborne terminals, antennas and gateways, Ka-band earth stations, and other multi-band/multi-function antennas, as well as design products for manpacks, aircraft, unmanned aerial vehicles, seagoing vessels, ground-mobile vehicles, space-based systems, and fixed applications. Further, the company designs and develops GEO, LEO, and MEO satellites, payload, antenna technologies, and other small satellite platforms; develops commercial communication satellite product, orchestration of sovereign and multi-orbit solutions, and direct-to-device; and licenses intellectual property. Viasat, Inc. was incorporated in 1986 and is headquartered in Carlsbad, California.

### Why customers stay

Margins ranged from 27.4% to 33% during 2024–26; it lost 1.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-29); FY2024: grossProfit / revenue = 32.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-29); FY2025: grossProfit / revenue = 33%.

- Source: https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm (filed 2026-05-29); FY2026: grossProfit / revenue = 27.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-29); 10-year return on capital observations [[2017,0.013400002865536362],[2018,-0.027293272221680896],[2019,-0.016304753422344245],[2020,0.006602544714664761],[2021,-0.008792097618958817],[2022,-0.017851321852050833],[2023,-0.024157894932920577],[2024,-0.07689934327579703],[2025,-0.00871623400450881],[2026,0.008541697582370677]]; median -0.01254842552065153. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 29% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm (filed 2026-05-29); Gross margin observations: [[2021,0.29423471974794857],[2022,0.2920362952019689],[2023,0.28222199097238904]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back USD 18.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-29); FY2023: growth capex 209705366.7284143; upkeep 954611633.2715857; cash acquisitions 0; owner earnings 623765366.7284143. Growth capex plus acquisitions / owner earnings = 0.3361927062868167.

- Source: https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm (filed 2026-05-29); FY2026: growth capex 0; upkeep 992774000; cash acquisitions 0; owner earnings 332299000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-29); Dividend observations: [[2017,189872000],[2018,752503000],[2019,1110000000],[2020,38410000],[2021,419101000],[2022,20549000],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm (filed 2026-05-29); FY2026: cash repurchases 18332000 USD.

### Are managers owners

Insiders own 4.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VSAT.US SharesStats.PercentInsiders = 4.875 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-29); Closing price 61.5 USD; reporting-to-trading FX 1; FY2026 annual sales per share 34.437748619604584; price multiple 1.7858310274379994. FY2026 cash earnings/share 2.4661506263729738. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $70.66 per share

- 2016-11: $71.28 per share

- 2016-12: $66.22 per share

- 2017-01: $64.91 per share

- 2017-02: $68.84 per share

- 2017-03: $63.82 per share

- 2017-04: $64.03 per share

- 2017-05: $65.25 per share

- 2017-06: $66.20 per share

- 2017-07: $66.09 per share

- 2017-08: $63.61 per share

- 2017-09: $64.32 per share

- 2017-10: $65.10 per share

- 2017-11: $74.24 per share

- 2017-12: $74.85 per share

- 2018-01: $75.62 per share

- 2018-02: $69.79 per share

- 2018-03: $65.72 per share

- 2018-04: $63.98 per share

- 2018-05: $62.61 per share

- 2018-06: $65.72 per share

- 2018-07: $70.34 per share

- 2018-08: $62.82 per share

- 2018-09: $63.95 per share

- 2018-10: $63.76 per share

- 2018-11: $69.14 per share

- 2018-12: $58.95 per share

- 2019-01: $62.69 per share

- 2019-02: $75.55 per share

- 2019-03: $77.50 per share

- 2019-04: $90.82 per share

- 2019-05: $87.03 per share

- 2019-06: $80.82 per share

- 2019-07: $81.59 per share

- 2019-08: $79.33 per share

- 2019-09: $75.32 per share

- 2019-10: $68.84 per share

- 2019-11: $73.50 per share

- 2019-12: $73.20 per share

- 2020-01: $63.65 per share

- 2020-02: $57.50 per share

- 2020-03: $35.92 per share

- 2020-04: $42.40 per share

- 2020-05: $42.00 per share

- 2020-06: $38.37 per share

- 2020-07: $37.96 per share

- 2020-08: $39.76 per share

- 2020-09: $34.39 per share

- 2020-10: $33.90 per share

- 2020-11: $34.00 per share

- 2020-12: $32.65 per share

- 2021-01: $43.54 per share

- 2021-02: $51.14 per share

- 2021-03: $48.07 per share

- 2021-04: $51.79 per share

- 2021-05: $53.18 per share

- 2021-06: $49.84 per share

- 2021-07: $49.64 per share

- 2021-08: $51.64 per share

- 2021-09: $55.07 per share

- 2021-10: $59.69 per share

- 2021-11: $44.29 per share

- 2021-12: $44.54 per share

- 2022-01: $44.02 per share

- 2022-02: $45.64 per share

- 2022-03: $48.80 per share

- 2022-04: $36.81 per share

- 2022-05: $39.49 per share

- 2022-06: $30.63 per share

- 2022-07: $32.93 per share

- 2022-08: $37.98 per share

- 2022-09: $30.23 per share

- 2022-10: $40.96 per share

- 2022-11: $34.09 per share

- 2022-12: $31.65 per share

- 2023-01: $34.45 per share

- 2023-02: $31.76 per share

- 2023-03: $33.84 per share

- 2023-04: $35.03 per share

- 2023-05: $44.61 per share

- 2023-06: $41.26 per share

- 2023-07: $30.94 per share

- 2023-08: $27.74 per share

- 2023-09: $18.46 per share

- 2023-10: $18.44 per share

- 2023-11: $20.45 per share

- 2023-12: $27.95 per share

- 2024-01: $22.23 per share

- 2024-02: $19.57 per share

- 2024-03: $18.09 per share

- 2024-04: $15.91 per share

- 2024-05: $16.89 per share

- 2024-06: $12.70 per share

- 2024-07: $20.22 per share

- 2024-08: $15.70 per share

- 2024-09: $11.94 per share

- 2024-10: $9.60 per share

- 2024-11: $9.33 per share

- 2024-12: $8.51 per share

- 2025-01: $9.62 per share

- 2025-02: $8.74 per share

- 2025-03: $10.42 per share

- 2025-04: $9.27 per share

- 2025-05: $8.73 per share

- 2025-06: $14.60 per share

- 2025-07: $16.43 per share

- 2025-08: $32.33 per share

- 2025-09: $29.30 per share

- 2025-10: $39.82 per share

- 2025-11: $34.33 per share

- 2025-12: $34.46 per share

- 2026-01: $45.17 per share

- 2026-02: $45.78 per share

- 2026-03: $45.80 per share

- 2026-04: $65.91 per share

- 2026-05: $80.62 per share

- 2026-06: $89.81 per share

- 2026-07: $76.93 per share

- 2026-08: $67.27 per share

- 2026-09: $70.38 per share

- 2026-10: $61.50 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm); period 2026-03-31, filed 2026-05-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.