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Viasat

VSAT on Nasdaq. Viasat sells satellite broadband, communications equipment, and services to governments, militaries, businesses, and homes. Market value $9.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to March 2026.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Media & telecom stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to March 2026
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
138.7×full

You pay 138.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to March 2026
-1.8%five-year median

Each dollar kept in the business earns -2 cents a year. Above 10 is good.

Quality score: 45 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$74.38 a share, 155% above its 1-year low

Over the past year the price has ranged from $29.13 to $93.03.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.4
-0.7
n/a
n/a
n/a
20222023202420252026
Revenue
$2.4bn$2.6bn$4.3bn$4.5bn$4.6bn
Operating margin
-4.7%-6.1%-20.8%-2.2%2.3%
Debt to equity
0.960.651.491.581.41
Shares outstanding
0.08bn0.13bn0.13bn0.14bn0.14bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt1.41× equity
  • Revenue growth, five yearsStrong, 19.3% a year
  • Buying back its own sharesNo, 80% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.2 billion last quarter, about the same as a year ago.
  • A loss of $52 million, compared with a loss of $56 million a year ago.
  • It keeps 2 cents of each $1 of sales as operating profit, after losing 2 cents a year earlier.
  • 4% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $4.8 billion more than cash, down from $5.6 billion a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.1bn
December 2024$1.1bn
March 2025$1.1bn
June 2025$1.2bn
September 2025$1.1bn
December 2025$1.2bn
March 2026$1.2bn
June 2026$1.2bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$138m
December 2024-$158m
March 2025-$246m
June 2025-$56m
September 2025-$61m
December 2025$25m
March 2026$59m
June 2026-$52m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
29 May 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

4 long-term investors we follow own it, up from 3 last quarter. 485 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    14.0%
    Since 30 September 2025
  • 7.2%
    Since 31 March 2026
  • WP Triton Co-Invest, L.P.
    Passive investor
    at least 6.2%
    (filed with 11 related holders)
    Since 21 May 2025
  • 5.1%
    Since 31 March 2026
  • at least 3.7%−0.0 pts
    (filed with 1 related holder)
    Since 21 May 2025
    What they said

    On May 21, 2025, Triton LuxTopHolding SARL (the "Apax Investor"), CPP Investment Board Private Holdings (4) Inc. (the "CPPIB Investor"), Ontario Teachers' Pension Plan Board (the "OTPP Investor") and WP Triton Co-Invest, L.P. (the "WP Investor" and, together with the Apax…

    Read the filing
  • Triton LuxTopHolding SARL
    Passive investor
    at least 3.7%−0.0 pts
    (filed with 1 related holder)
    Since 21 May 2025
    What they said

    On May 21, 2025, Triton LuxTopHolding SARL (the "Apax Investor"), CPP Investment Board Private Holdings (4) Inc. (the "CPPIB Investor"), Ontario Teachers' Pension Plan Board (the "OTPP Investor") and WP Triton Co-Invest, L.P. (the "WP Investor" and, together with the Apax…

    Read the filing
  • Baupost Group
    Passive investor
    at least 2.1%−5.7 pts
    (filed with 2 related holders)
    Since 31 August 2025
  • Sold down below 5%
    Since 21 May 2025
    What they said

    Item 4 of the Schedule 13D is amended to add the following: On May 21, 2025, Triton LuxTopHolding SARL (the "Apax Investor"), CPP Investment Board Private Holdings (4) Inc. (the "CPPIB Investor"), Ontario Teachers' Pension Plan Board (the "OTPP Investor") and WP Triton…

    Read the filing
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 10 sold $70m, $46m of it under preset trading plans.

  • Palmer Benjamin Edward
    SVP, Pres Commercial
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    2,000
    Price
    $69.87
    Value
    $139,740
  • Chase Garrett L.
    SVP, Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    21 September 2026
    Shares
    4,000
    Price
    $76.91
    Value
    $307,647
  • STENBIT JOHN P
    Director
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    705
    Price
    $66.75
    Value
    $47,059
  • Palmer Benjamin Edward
    SVP, Pres Commercial
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    2,000
    Price
    $66.75
    Value
    $133,500
  • Chase Garrett L.
    SVP, Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    20 August 2026
    Shares
    4,000
    Price
    $74.90
    Value
    $299,616
  • BALDRIDGE RICHARD A
    Director
    Sold
    Date
    7 August 2026
    Shares
    223,542
    Price
    $80.62
    Value
    $18m
  • Blair Robert James
    SVP, General Counsel
    Sold
    Date
    7 August 2026
    Shares
    27,064
    Price
    $79.76
    Value
    $2m
  • WISE THERESA
    Director
    Sold
    under a preset trading plan
    Date
    4 August 2026
    Shares
    2,500
    Price
    $84.69
    Value
    $211,725
  • Palmer Benjamin Edward
    SVP, Pres Commercial
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    2,400
    Price
    $75.46
    Value
    $181,104
  • STENBIT JOHN P
    Director
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    616
    Price
    $75.46
    Value
    $46,483

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It isn't cheap on profits: 138.7× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.