ViaSat (VSAT) AI Stock Analysis

• Market Cap: $6.30B
• Dividend Yield: N/A
• Average Volume (3M): 1.57M
• Price to Earnings (P/E): 44.9
• Beta (1Y): 0.81
• Revenue Growth: 1.23%
• EPS Growth: -31.80%
• Country: US
• Employees: 7,500
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 0.18
• Shares Outstanding: 135,831,400
• 10 Day Avg. Volume: 1,923,148
• 30 Day Avg. Volume: 1,566,786
• PEG Ratio: 0.05
• Price to Book (P/B): 0.30
• Price to Sales (P/S): 0.30
• P/FCF Ratio: -11.12
• Enterprise Value/Market Cap: 1.99
• Enterprise Value/Revenue: 2.72
• Enterprise Value/Gross Profit: 8.52
• Enterprise Value/Ebitda: 7.73
• 1Y Price Target: $48.00
• Price Target Upside: 3.47% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -1.26
• Revenue Forecast (FY): $4.67B

• Rating: 53 Neutral
• Price Target: $47.00 ▲(1.31% Upside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

VSAT scores in the low-to-mid range primarily because financial performance remains constrained by ongoing net losses and elevated leverage despite improved TTM cash flow. Earnings-call data adds support through positive free-cash-flow expectations, record backlog, and deleveraging progress, while technicals and valuation are weaker due to near-term trend softness and negative earnings (negative P/E).

Positive Factors

Strong TTM revenue and EBITDA margin

Sustained top-line momentum and a ~30% adjusted EBITDA margin indicate structural operating leverage across ViaSat’s segments. This level of underlying profitability before D&A and interest supports reinvestment in satellites and services and improves durability of cash generation once revenue ramps persist.

Material free cash flow turnaround

A large swing to positive operating and free cash flow strengthens the company's ability to fund satellite builds, service installs and debt reduction without recurring external financing. If sustained, this improves liquidity, covenant headroom and the path to sub-3.0x net leverage targets.

Record backlog and mobility/defense traction

A record multi‑billion backlog and growing DAT and maritime orders provide predictable multi‑period revenue visibility. Large uninstalled order bases and durable government contracts create a runway for recurring service revenue and installation-driven growth once capacity and installs scale.

Negative Factors

Elevated leverage and debt burden

Higher leverage reduces financial flexibility and raises sensitivity to cash‑flow swings. Covenants tied to financing (e.g., export credit facility) and material scheduled repayments increase the importance of sustained FCF and operational execution to avoid constrained capital allocation or refinancing risk over the medium term.

Negative net income and earnings volatility

Persistently negative net margins and prior sharp swings in profitability imply susceptibility to below‑the‑line items, interest and one‑offs. Until net income stabilizes positive, returns (ROE) remain negative and investor reliance on FCF and EBITDA metrics increases, raising execution risk versus profit recovery.

Reliance on one-time cash and ViaSat‑3 timing/capex risk

Dependence on nonrecurring receipts and proceeds masks underlying run‑rate cash generation; concurrently, ViaSat‑3 timing shifts and elevated capex needs create execution and timing risk for the revenue recovery that underpins deleveraging plans, making near‑term FCF durability uncertain.

ViaSat Business Overview & Revenue Model

Company Description

Viasat, Inc. provides broadband and communications products and services worldwide. The company's Satellite Services segment offers satellite-based fixed broadband services, including broadband internet access and voice over internet protocol services to consumers and businesses; in-flight entertainment and aviation software services to commercial airlines; community internet services; mobile broadband services, including satellite-based internet services to energy offshore vessels, cruise ships, consumer ferries, and yachts; and energy services, which include ultra-secure solutions IP connectivity, bandwidth-optimized over-the-top applications, industrial internet-of-things big data enablement, and industry-leading machine learning analytics. Its Commercial Networks segment offers fixed broadband satellite communication systems comprising satellite network infrastructure and ground terminals; mobile broadband satellite communication systems; antenna systems for terrestrial and satellite applications, such as earth imaging, remote sensing, mobile satellite communication, Ka-band earth stations, and other multi-band antennas; design and technology services comprising analysis, design, and development of satellites and ground systems; application specific integrated circuit and monolithic microwave integrated circuit chips; and network function virtualization, as well as space system design and development products and services include architectures for GEO, MEO, LEO satellites, and other satellite platforms. The company was incorporated in 1986 and is headquartered in Carlsbad, California.

How the Company Makes Money

Viasat makes money primarily by selling connectivity services, satellite capacity, and related networking products and managed solutions to three main customer groups: (1) Consumer and small-business broadband: It generates recurring revenue from subscription fees for satellite internet service (monthly plans) and may also earn revenue from equipment sales/leases (e.g., customer premises terminals/modems) and installation-related charges where applicable. (2) Mobility and commercial services (including aviation, maritime, and enterprise): It earns revenue by providing in-flight connectivity and related services to airlines (often under multi-year service agreements), selling or leasing onboard/ground equipment, and delivering satellite capacity and managed network services to maritime and other mobile platforms as well as enterprise customers. This stream includes service revenue tied to connectivity usage/commitments and, in some cases, hardware and integration revenue. (3) Government and defense: It generates revenue from the sale of secure communications, networking systems, and mission-focused services to U.S. and allied government customers, typically through contracts that may include product sales, systems integration, and recurring service/managed-service components. Across these markets, a key economic driver is monetizing owned/leased satellite capacity and ground network infrastructure through long-term service agreements and recurring subscriptions, supplemented by hardware, engineering, and support services. Specific partnership terms, pricing, or segment revenue percentages not publicly available are null.

ViaSat Financial Statement Overview

Summary

Operational trends are improving (TTM revenue +72.6% and strong ~30% EBITDA margin) and TTM cash generation rebounded (positive operating cash flow and free cash flow). However, net income remains negative (about -11% net margin), earnings have been volatile, and leverage is elevated (debt-to-equity ~1.6x), keeping overall financial risk moderate-to-high.

Income Statement

VSAT shows strong top-line momentum, with revenue up sharply in TTM (Trailing-Twelve-Months) (+72.6%) and continued improvement versus prior years. Gross margin has been relatively steady in the low-30% range, and EBITDA margin is strong in TTM (~30%), suggesting improving operating performance before depreciation/interest. The key weakness is profitability: net income remains negative in TTM (net margin about -11%), and results have been volatile (including a large profit in FY2023 followed by sizable losses in FY2024–FY2025), indicating uneven earnings quality and/or significant below-the-line pressure.

Balance Sheet

Leverage is elevated. Debt-to-equity sits around ~1.6x in both FY2025 and TTM (Trailing-Twelve-Months), and total debt increased materially versus FY2023, which reduces financial flexibility. Equity remains sizable (~$4.6B TTM), but returns are currently negative (ROE about -11% TTM) due to losses. Overall, the balance sheet looks more levered and risk-sensitive than it was two years ago, making consistent profitability and cash generation more important.

Cash Flow

Cash generation improved meaningfully in TTM (Trailing-Twelve-Months), with operating cash flow at ~$1.57B and free cash flow positive at ~$907M (a sharp swing from negative free cash flow in FY2024 and FY2025). Operating cash flow coverage also strengthened in TTM (~0.90), supporting better liquidity and debt service capacity. The main caution is sustainability: prior years showed recurring negative free cash flow, and free cash flow is not yet well-aligned with net income (profits are still negative), so investors will want to see this positive free-cash-flow run-rate persist.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	4.62B	4.52B	4.28B	2.56B	2.42B	1.92B
Gross Profit	1.47B	1.49B	1.38B	721.40M	705.90M	565.19M
EBITDA	1.62B	1.24B	363.98M	397.12M	403.70M	294.95M
Net Income	-338.96M	-574.96M	-1.07B	1.08B	-15.53M	3.69M
Balance Sheet
Total Assets	14.91B	15.45B	16.33B	7.73B	6.39B	5.35B
Cash, Cash Equivalents and Short-Term Investments	1.35B	1.61B	1.90B	1.35B	310.46M	295.95M
Total Debt	7.22B	7.52B	7.64B	2.78B	2.85B	2.20B
Total Liabilities	10.28B	10.80B	11.26B	3.87B	3.71B	2.96B
Stockholders Equity	4.57B	4.55B	5.03B	3.82B	2.63B	2.35B
Cash Flow
Free Cash Flow	1.32B	-122.00M	-851.19M	-796.46M	-484.67M	-158.06M
Operating Cash Flow	1.57B	908.19M	688.20M	367.86M	505.64M	727.22M
Investing Cash Flow	-897.14M	-758.36M	-1.29B	768.04M	-1.13B	-885.27M
Financing Cash Flow	-874.21M	-442.59M	1.12B	-66.13M	643.63M	149.69M

ViaSat Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 46.39
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VSAT, the sentiment is Neutral. The current price of 46.39 is below the 20-day moving average (MA) of 46.95, above the 50-day MA of 45.11, and above the 200-day MA of 32.11, indicating a neutral trend. The MACD of 1.11 indicates Negative momentum. The RSI at 49.74 is Neutral, neither overbought nor oversold. The STOCH value of 63.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VSAT.

ViaSat Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GILT	67 Neutral	$1.19B	37.11	5.50%	―	29.67%	41.90%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
LITE	61 Neutral	$50.43B	88.82	27.64%	―	33.62%	―
ASTS	54 Neutral	$34.36B	-54.37	-30.27%	―	641.24%	41.70%
VSAT	53 Neutral	$6.30B	44.93	-7.45%	―	1.23%	-31.80%
SATS	46 Neutral	$31.73B	-1.34	-177.50%	―	-44.95%	-430.47%

ViaSat Corporate Events

ViaSat Secures Major Export Credit Facility Financing

On January 21, 2026, ViaSat, Inc. and its UK subsidiary ViaSat Technologies Limited entered into a $188.7 million export credit facility with the U.S. Export-Import Bank, arranged by J.P. Morgan, to finance up to 85% of the construction, launch and insurance costs of the ViaSat-3 F1 satellite and to cover related exposure fees, with borrowing expected to be drawn in a single disbursement and repaid over semi-annual installments from May 25, 2026 through November 25, 2033 at a fixed CIRR-based interest rate and secured by first-priority liens on selected assets including the ViaSat-2 satellite. The facility, which includes leverage and interest coverage covenants and restrictions on asset sales, investments, capital expenditures, liens and dividends, enhances Viasat’s long-term funding for its next-generation satellite program while adding balance sheet discipline, and follows the company’s early repayment on November 21, 2025 of $300 million of borrowings under Inmarsat’s original senior secured term loan facility, leaving in place Inmarsat’s separate $1.3 billion senior secured term loan entered into in 2024.

The most recent analyst rating on (VSAT) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on ViaSat stock, see the VSAT Stock Forecast page.