Viasat, Inc.
- Open
- 70.29
- Day high
- 75.32
- Day low
- 68.91
- Prev close
- 70.39
- Volume
- 2.4M
- Mkt cap
- $10.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.1
- P/S
- 2.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$29.0M over the last 3 months (0 open-market buys, 16 sales)
- 🏛Institutions accumulating (13F)
Viasat, Inc. (VSAT) is a Technology company listed on NASDAQ. The stock is up 357% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 16 sales (SEC Form 4). Drillr has 1 published research article covering VSAT.
Viasat, Inc. (VSAT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VSAT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | $0.10 | $-0.02 | -120.0% | $1.2B | -2.0% |
| Feb 5, 2026 | $0.05 | $0.79 | +1480.0% | $1.2B | -3.0% |
| Nov 7, 2025 | $-0.11 | $0.09 | +181.8% | $1.1B | -2.2% |
| May 20, 2025 | $0.03 | $-0.02 | -166.7% | $1.1B | +1.4% |
| Feb 6, 2025 | $-0.53 | $-1.23 | -132.1% | $1.1B | -1.3% |
| May 21, 2024 | $-0.60 | $-0.72 | -20.0% | $1.2B | +5.1% |
| Nov 8, 2023 | $0.48 | $-6.16 | -1383.3% | $1.2B | +14.9% |
| May 17, 2023 | $14.41 | $15.56 | +8.0% | $666M | -1.0% |
| Feb 7, 2023 | $-0.35 | $-0.61 | -74.3% | $651M | -8.5% |
| May 25, 2022 | $-0.06 | $-0.39 | -550.0% | $702M | -3.1% |
| Feb 3, 2022 | $-0.01 | $-0.09 | -1700.0% | $720M | +1.0% |
| Aug 5, 2021 | $0.01 | $0.23 | +1449.9% | $665M | +0.0% |
VSAT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | STENBIT JOHN Pdirector | Sell | 528 | $88.79 |
| Jul 6, 2026 | STENBIT JOHN Pdirector | Option | 1,250 | $37.43 |
| Jul 6, 2026 | Palmer Benjamin Edwardofficer: SVP, Pres Commercial | Sell | 2,400 | $88.79 |
| Jun 24, 2026 | Chase Garrett L.officer: SVP, Chief Financial Officer | Sell | 1,000 | $62.42 |
| Jun 24, 2026 | Chase Garrett L.officer: SVP, Chief Financial Officer | Sell | 2,000 | $61.80 |
| Jun 9, 2026 | Miller Craig Andrewofficer: SVP, Pres Viasat Government | Option | 9,804 | — |
| Jun 9, 2026 | Palmer Benjamin Edwardofficer: SVP, Pres Commercial | Option | 6,250 | — |
| Jun 9, 2026 | FitzGerald Camellia Eofficer: Chief Accounting Officer | Option | 2,500 | — |
| Jun 9, 2026 | Curran Lisa Lofficer: CO, Enterprise & Strategy | Tax | 707 | $67.18 |
| Jun 9, 2026 | DANKBERG MARK Ddirector, officer: Chairman and CEO | Sell | 4,100 | $69.00 |
| Jun 9, 2026 | Chandran Girishofficer: CTO, SVP Engineering | Tax | 1,986 | $67.18 |
| Jun 9, 2026 | WISE THERESAdirector | Option | 2,500 | $37.43 |
| Jun 9, 2026 | DANKBERG MARK Ddirector, officer: Chairman and CEO | Sell | 10,390 | $66.48 |
| Jun 9, 2026 | Chandran Girishofficer: CTO, SVP Engineering | Tax | 3,372 | $67.18 |
| Jun 9, 2026 | Curran Lisa Lofficer: CO, Enterprise & Strategy | Grant | 16,383 | — |
Source: VSAT SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full VSAT insider & 13F page →Viasat, Inc. company profile
Overview
Viasat, Inc. (NASDAQ:VSAT) is a global communications company founded in 1986 and headquartered in Carlsbad, California. The company went public in 1996 and has evolved from a defense contractor specializing in satellite communication equipment into a comprehensive satellite broadband services provider. Viasat operates through multiple business segments, offering satellite-based internet services, government communication systems, and commercial networking equipment. The company completed a major acquisition of Inmarsat in 2023, significantly expanding its global satellite coverage and L-band capabilities to become one of the world's largest satellite operators.
Business
Viasat operates in the satellite communications industry, providing broadband internet and communication services through a constellation of geostationary satellites positioned approximately 22,000 miles above Earth. The company's core business revolves around delivering high-speed internet connectivity to areas where traditional terrestrial infrastructure is unavailable or inadequate, such as rural regions, aircraft, ships, and remote government installations. The company operates through three primary business segments. Satellite Services represents the largest revenue contributor, providing direct-to-consumer broadband internet services to residential customers in underserved areas, in-flight connectivity services to commercial airlines (currently serving over 3,500 aircraft), and maritime broadband services to cruise ships, cargo vessels, and offshore energy platforms. This segment generates approximately 60-65% of total revenue. Government Systems focuses on secure communication solutions for defense and government customers, including information assurance products, tactical data links, and specialized satellite communication equipment for military applications. This segment typically accounts for 25-30% of revenue and has shown consistent growth driven by increasing defense spending on secure communications. Commercial Networks manufactures and sells satellite communication equipment, ground terminals, antenna systems, and provides design services for satellite infrastructure. This segment includes the production of specialized chips and components used in satellite communications, representing approximately 10-15% of total revenue. Following the 2023 Inmarsat acquisition, Viasat gained access to both Ka-band and L-band satellite spectrum, with L-band providing global coverage including polar regions and offering more reliable connectivity for maritime and aviation applications, though at lower data speeds compared to Ka-band services.
Revenue model
Viasat generates revenue through multiple business models across its segments. The Satellite Services segment operates primarily on subscription-based recurring revenue, charging monthly fees to residential broadband customers (typically $50-150 per month depending on data plans), and service contracts with airlines and maritime operators for connectivity services. Airlines either pay Viasat directly for connectivity services or share revenue from passenger internet purchases. The Government Systems segment operates on a project-based model, winning multi-year contracts through competitive bidding processes with defense agencies and government customers. Revenue recognition typically follows contract milestones and deliverables, providing relatively stable cash flows once contracts are secured. The Commercial Networks segment generates revenue through equipment sales, with customers including other satellite operators, telecommunications companies, and system integrators. This segment also provides engineering services and licensing of proprietary technologies. Several factors significantly impact Viasat's margins and profitability. Satellite capacity utilization is crucial - higher subscriber density and data usage improve margins as the fixed costs of satellite operations are spread across more users. Competition from terrestrial broadband providers, particularly fiber expansion into rural areas, can pressure pricing and subscriber growth. Fuel costs affect aviation customers' willingness to pay for connectivity services. The company's margins also depend heavily on successful satellite launches and operations, as satellite failures can eliminate capacity and require expensive insurance claims. Regulatory changes affecting spectrum allocation or international operations can impact service delivery costs. The capital-intensive nature of the business means that achieving scale economies through subscriber growth is essential for margin expansion.
Competitive moat
Viasat's competitive moat is moderately strong but faces increasing challenges. The company's primary moat stems from its substantial capital investments in satellite infrastructure, which creates high barriers to entry. Building and launching geostationary satellites requires hundreds of millions of dollars per satellite, specialized technical expertise, and regulatory spectrum rights that are difficult to obtain. The company's proprietary ground network infrastructure and antenna technology provide additional differentiation, particularly in delivering higher throughput compared to traditional satellite operators. The Inmarsat acquisition strengthened Viasat's moat by providing global L-band coverage and established customer relationships in maritime and government markets, creating a more comprehensive service offering that competitors cannot easily replicate. The company's focus on Ka-band high-throughput satellites provides superior bandwidth compared to older satellite technologies. However, Viasat's moat faces significant erosion from multiple directions. Low Earth Orbit (LEO) satellite constellations like SpaceX's Starlink offer lower latency and potentially lower costs due to smaller, mass-produced satellites. Terrestrial broadband expansion, particularly fiber and 5G networks, continues to reduce the addressable market for satellite broadband in many regions. The company's geostationary satellite approach, while providing wide coverage, suffers from inherent latency issues (approximately 600ms round-trip) that make it unsuitable for real-time applications. The recent ViaSat-3 satellite anomaly, which significantly impaired the performance of a key satellite, demonstrates the operational risks inherent in the business model. Additionally, the company operates in a capital-intensive industry with long development cycles, making it difficult to respond quickly to technological disruptions or changing market conditions.
Risks & safety
Viasat presents moderate financial risk with mixed safety indicators: • Liquidity Position: Strong with $1.56 billion in cash and short-term investments as of Q3 2024, providing substantial runway for operations and debt service • Debt Burden: High debt-to-equity ratio of 1.58, reflecting significant leverage from satellite investments and the Inmarsat acquisition • Cash Flow: Operating cash flow positive at $219 million in Q3 2024, but free cash flow negative at -$33 million due to continued capital expenditures • Current Ratio: Healthy at 1.80, indicating adequate short-term liquidity coverage • Valuation Metrics: Trading at attractive multiples with P/E of -1.73 (due to losses), P/B of 0.23, and EV/EBITDA of 6.53 • Profitability: Negative net income of -$147 million in Q3 2024, though positive EBITDA of $270 million indicates operational cash generation • Other Considerations: High capital expenditure requirements (~$1.7 billion annually) for satellite development, insurance coverage for satellite failures providing some risk mitigation, and exposure to technological disruption from LEO competitors
Recent development
Over the past few years, Viasat has undergone significant strategic transformation centered on three major developments. The most significant was the completion of the Inmarsat acquisition in 2023, a $7.3 billion transaction that doubled the company's size and provided global L-band satellite coverage. This acquisition aimed to generate $1.5 billion in synergies and $100 million in annual cash savings by fiscal 2025, positioning Viasat as a comprehensive global satellite operator serving both commercial and government markets. The company has been executing a strategic pivot toward mobility markets, de-emphasizing residential broadband services which now represent less than 15% of total revenue. Management has focused resources on higher-growth aviation and maritime connectivity services, targeting the $108 billion global mobile broadband market. The in-flight connectivity business has shown strong growth, expanding from 2,230 aircraft in 2023 to over 3,500 aircraft by late 2024. ViaSat-3 satellite constellation development represents the company's major technology advancement, though it has faced significant challenges. The ViaSat-3 Americas satellite suffered a major antenna deployment anomaly that reduced its capacity to less than 10% of nominal throughput. Despite this setback, the company is proceeding with ViaSat-3 Flight 2 and Flight 3 launches, while pursuing insurance claims totaling $421 million. The constellation is designed to provide global coverage with dramatically increased bandwidth capacity. Recent strategic initiatives include exploration of direct-to-device satellite services through partnerships with companies like Skylo and Ligado, focusing on 3GPP Release-17 compliant products for filling cellular coverage gaps. The company has also been developing new monetization strategies for airline partners, including advertising and destination-driven services, while maintaining R&D spending at 3.5-4% of revenue to support network convergence and service enhancements.
VSAT company profile · for informational purposes only — not investment advice.
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