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Viasat, Inc. (VSAT)

NASDAQ / Technology / Communication Equipment

Share price

61.73 USD Market dataClose of Oct 14, 2026

Market capitalisation

8.50B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2026, filed May 29, 2026
Ratios computed
Oct 14, 2026
Filed years
15, FY2010 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-0.7% Computed

From the FY2026 filing

Read quality

Valuation

Price to book

1.78x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2026 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 1.56B USDFY2017 Net income: 21.8M USDFY2018 Revenue: 1.59B USDFY2018 Net income: -68.3M USDFY2019 Revenue: 2.07B USDFY2019 Net income: -66.5M USDFY2020 Revenue: 2.31B USDFY2020 Net income: 13.8M USDFY2021 Revenue: 1.92B USDFY2021 Net income: 3.7M USDFY2022 Revenue: 2.42B USDFY2022 Net income: -15.5M USDFY2023 Revenue: 2.56B USDFY2023 Net income: 1.08B USDFY2024 Revenue: 4.28B USDFY2024 Net income: -1.07B USDFY2025 Revenue: 4.52B USDFY2025 Net income: -575.0M USDFY2026 Revenue: 4.64B USDFY2026 Net income: -34.1M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -0.7% in FY2026, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Communication Equipment industry (47 companies), -0.7% sits at the 56th percentile; the middle half of that group runs from -16.6% to 9.0%.

Is it safe

Interest coverage was 0.30x in FY2026, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Viasat, Inc.'s operating margin stayed above the median of the Communication Equipment industry, year by year. (FY2021 to FY2026, 6 fiscal years of Viasat, Inc. with a comparable figure)
The direction
Which way Viasat, Inc.'s return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of Viasat, Inc.)
What could explain it
What in Viasat, Inc.'s filed statements could explain the movements. (7 readings drawn from the statement lines Viasat, Inc. filed)
What to check next
What to check next on Viasat, Inc., and where in its filings. (5 questions for Viasat, Inc.)
In one paragraph
One paragraph on Viasat, Inc.'s returns, cash, balance sheet and price. (9 of sixteen figures read for Viasat, Inc.)

These are VSAT’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research VSATPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed May 29, 2026, accession 0001193125-26-248290.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Viasat, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Return on equity-0.7% ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Return on capital employed, pre-tax0.8% ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Return on assets-0.2% ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Operating margin2.3% ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Net margin-0.7% ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
VSAT -0.7%
VIAV -2.0%PI -3.0%BDC 8.8%KN 7.5%ONDS -260.7%
-260.7%8.8%
Net margin: VSAT against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Viasat, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.49 ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Current ratio2.41 ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Quick ratio2.19 ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Interest coverage0.30x ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Altman Z-score0.91 ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Net debt5.33B ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Total assets 15.23BTotal liabilities 10.50BShareholders' equity 4.66BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Viasat, Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed May 29, 2026, 0001193125-26-248290).

Viasat, Inc: balance sheet position
Total assets15.23B FiledFY2026 10-K, filed May 29, 2026
Total liabilities10.50B FiledFY2026 10-K, filed May 29, 2026
Shareholders' equity4.66B FiledFY2026 10-K, filed May 29, 2026
Cash1.75B FiledFY2026 10-K, filed May 29, 2026
Total debt7.08B FiledFY2026 10-K, filed May 29, 2026
Net debt5.33B
Current ratio2.41
Debt to equity1.49

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Viasat, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
P/E on trailing twelve months2.32x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.78x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Price to sales1.79x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Enterprise value to EBIT124.95x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Enterprise value to EBITDA11.78x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Diluted earnings per share-0.25 USD FiledFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290

We publish no fair value or price target of our own. Value VSAT on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Viasat, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Viasat, Inc: valuation
Share price61.73 USD
Market capitalisation8.50B USD
Enterprise value to EBITDA11.78x
Graham numbern/m
Diluted earnings per share, FY2026-0.25 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 13, 2021: low 1.10x, median 88.58x, high 165.74x, latest 2.32x. 381 trading days with a meaningful ratio, 915 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Viasat, Inc

  1. Viavi Solutions Inc. (VIAV)Market cap 9.51B USD
  2. Impinj, Inc. (PI)Market cap 5.88B USD
  3. Belden Inc. (BDC)Market cap 4.07B USD
  4. Knowles Corporation (KN)Market cap 2.98B USD
  5. Ondas Holdings Inc. (ONDS)Market cap 3.57B USD

Same industry (Communication Equipment) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Viasat, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Free cash flow
Why n/a

The FY2026 filing carries no free cash flow we could read.

n/a ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
FY2017 Free cash flow: -103.4M USDFY2017 Net income: 21.8M USDFY2018 Free cash flow: -153.0M USDFY2018 Net income: -68.3M USDFY2019 Free cash flow: -309.3M USDFY2019 Net income: -66.5M USDFY2020 Free cash flow: -257.0M USDFY2020 Net income: 13.8M USDFY2021 Free cash flow: -100.0M USDFY2021 Net income: 3.7M USDFY2022 Free cash flow: -432.6M USDFY2022 Net income: -15.5M USDFY2023 Free cash flow: -709.1M USDFY2023 Net income: 1.08B USDFY2024 Net income: -1.07B USDFY2025 Net income: -575.0M USDFY2026 Net income: -34.1M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Viasat, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2026Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.78xFY2026Oct 14, 2026
124.95xFY2026Oct 14, 2026
n/aFY2026Oct 14, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2026May 29, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
n/aFY2026Oct 14, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
1.49FY2026May 29, 2026
2.41FY2026May 29, 2026
1.79xFY2026Oct 14, 2026
n/mFY2026Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.91FY2026Oct 14, 2026
-2.56FY2026May 29, 2026
6/9FY2026May 29, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 15 filed fiscal years on record, FY2010 to FY2026, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports Viasat, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Viasat, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20264.64B108.1M-34.1M-0.25n/a2.3%-0.7%10-K, May 29, 20260001193125-26-248290
FY20254.52B-97.5M-575.0M-4.48n/a-2.2%-12.6%10-K, May 27, 20250000950170-25-077138
FY20244.28B-889.8M-1.07B-9.12n/a-20.8%-21.3%10-K, May 29, 20240000950170-24-066031
FY20232.56B-156.0M1.08B14.29-709.1M-6.1%28.4%10-K, May 22, 20230000950170-23-023444
FY20222.42B-113.1M-15.5M-0.21-432.6M-4.7%-0.6%10-K, May 31, 20220000950170-22-010881
FY20211.92B-46.0M3.7M0.06-100.0M-2.4%0.2%10-K, May 28, 20210001564590-21-030718
FY20202.31B38.4M13.8M0.00-257.0M1.7%0.7%10-K, May 29, 20200001564590-20-027420
FY20192.07B-60.6M-66.5M-1.13-309.3M-2.9%-3.5%10-K, May 29, 20190001564590-19-020649
FY20181.59B-92.2M-68.3M-1.15-153.0M-5.8%-3.7%10-K, May 30, 20180001564590-18-014641
FY20171.56B36.5M21.8M0.45-103.4M2.3%1.3%10-K, May 25, 20170001193125-17-182146
  • Revenue, compound annual growth FY2017 to FY2026: 12.9%
  • Earnings: Earnings was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2017 and 2023, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Viasat, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.56 ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Piotroski F-score6/9 ComputedFY2026 10-K, filed May 29, 2026, 0001193125-26-248290
Named tests met1 of 30 Computed
Beta1.92 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 1 met, 23 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Owner earnings yield
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(13)
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 13 figures could not be read on this company, among them P/E Ratio, Return on Invested Capital, PEG Ratio. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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