ViaSat (VSAT) AI Stock Analysis

• Market Cap: $6.22B
• Dividend Yield: N/A
• Average Volume (3M): 1.73M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.84
• 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: 1,394,406
• 30 Day Avg. Volume: 1,726,373
• 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: 1.94
• Enterprise Value/Revenue: 2.62
• Enterprise Value/Gross Profit: 8.20
• Enterprise Value/Ebitda: 7.45
• 1Y Price Target: $48.00
• Price Target Upside: 4.19% 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: $48.00 ▲(4.19% 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

Record backlog & contract visibility

A ~$4B record backlog provides multi-quarter revenue visibility and underpins recurring services across government, mobility and commercial channels. This durable contract pipeline supports predictable revenue conversion as satellites and installations are deployed, reducing near-term demand risk.

Sustained free cash flow generation

Material TTM operating cash flow and positive free cash flow mark a structural improvement in cash generation versus prior years. Strong cash flow enhances debt servicing, funds capex for satellite rollouts, and enables gradual deleveraging if sustained beyond one-off items.

High adjusted EBITDA margins and scalable economics

A ~33% adjusted EBITDA margin demonstrates strong underlying unit economics for connectivity and managed services. High EBITDA margins imply operating scalability across satellite capacity and managed services, improving the odds of reaching sustained net profitability as interest and one-offs normalize.

Negative Factors

Elevated leverage limits flexibility

Material leverage (debt-to-equity ~1.6x, net debt/EBITDA ~3.25x) constrains balance sheet flexibility and raises refinancing risk if cash generation weakens. Sustained deleveraging is required to absorb capex cycles and support strategic investments without increasing covenant pressure or funding cost.

Negative net income and earnings volatility

Despite strong top-line and EBITDA, persistent negative net margins and volatile historical earnings reflect heavy below-the-line charges, interest and one-offs. Until net profitability stabilizes, equity returns and reinvestment capacity remain uncertain and sensitive to macro or execution shocks.

Execution / timing risk and elevated capex for ViaSat‑3

Higher capex and reported ViaSat‑3 timing delays increase execution risk around capacity coming online and revenue ramp. Delays can push monetization, extend subsidy of operations, and require additional financing or cash reserves, stressing near-to-medium term deleveraging and margin recovery plans.

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 generates revenue through multiple streams, primarily from the sale of broadband services to residential and commercial customers. The company's consumer segment offers satellite internet services, which are billed through monthly subscriptions. Its enterprise segment provides customized networking solutions for businesses, including secure data transmission and connectivity services. Additionally, ViaSat earns revenue from government contracts, supplying secure communication systems for military and defense applications. Strategic partnerships with satellite operators and telecommunications companies also contribute to its earnings, enabling ViaSat to expand its service offerings and reach a broader customer base.

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: Positive
• Last Price: 46.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VSAT, the sentiment is Positive. The current price of 46.07 is above the 20-day moving average (MA) of 45.05, above the 50-day MA of 41.73, and above the 200-day MA of 29.32, indicating a bullish trend. The MACD of 1.29 indicates Positive momentum. The RSI at 52.92 is Neutral, neither overbought nor oversold. The STOCH value of 39.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VSAT.

ViaSat Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GILT	70 Outperform	$1.16B	47.95	5.15%	―	29.67%	41.90%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ASTS	60 Neutral	$29.09B	-63.60	-39.22%	―	641.24%	41.70%
LITE	59 Neutral	$50.04B	214.32	29.27%	―	33.62%	―
SATS	54 Neutral	$33.26B	-2.57	-98.16%	―	-44.95%	-430.47%
VSAT	53 Neutral	$6.22B	-17.62	-7.27%	―	1.23%	-31.80%

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.

Viasat Appoints New Chief Accounting Officer

On December 5, 2025, Viasat, Inc. announced the appointment of Camellia E. FitzGerald as the new Chief Accounting Officer, effective January 2, 2026, following the departure of Shawn Duffy from the role on December 31, 2025. FitzGerald has been with the company since 2014 and brings extensive experience from previous roles at Samsung Electronics America and CryoCor, Inc. This leadership transition is expected to maintain continuity in Viasat’s accounting operations and reflects the company’s strategic planning for future growth.

The most recent analyst rating on (VSAT) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on ViaSat stock, see the VSAT Stock Forecast page.