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what it is
Viasat sells internet and secure communications through satellites, ground gear, and terminals to homes, planes, businesses, and governments.
how it gets paid
Last year Viasat made $4.5B in revenue. fixed broadband services was the main engine at $1.4B, or 31% of sales.
why it's growing
Revenue grew 5.5% last year. Says fiscal third-quarter revenue edged 3% higher and EPS beat by $0.48 a share.
what just happened
Viasat’s quarter mattered because EPS came in at $0.18 versus a -$0.30 estimate.
At a glance
B balance sheet — gets the job done, barely
20/100 earnings predictability — expect surprises
1.5% return on capital — nothing to write home about
xvary composite: 38/100 — weak
-$1.15 fy2027 eps est
What they do
Viasat sells internet and secure communications through satellites, ground gear, and terminals to homes, planes, businesses, and governments.
You do not swap out satellites, ground infrastructure, and user terminals like you switch phone plans. Viasat serves consumers, enterprises, military, and government users through one end-to-end network and employs about 7,000 people. That setup creates switching costs (painful to leave) → customers depend on installed hardware and network access → so what: once you are in, moving is slow and expensive.
How they make money
$4.5B
annual revenue · their business grew +5.5% last year
fixed broadband services
$1.4B
+3.0%
government satcom and tactical systems
$1.3B
+2.0%
aviation and mobility connectivity
$1.1B
+6.0%
managed network and satellite capacity
$0.5B
+5.0%
user terminals and ground equipment
$0.2B
4.0%
The products that matter
delivers satellite connectivity
Satellite Services
$4.5B revenue base
It is the revenue engine supporting the entire company. On a $4.5B base, even a modest slowdown makes the $6.2B debt load feel heavier.
core
sells defense communications tech
Government Systems
14% growth last quarter
This unit grew 14% last quarter. In a company that grew 5.5% overall, that is where the momentum lives.
bright spot
builds future network capacity
Space Systems
long-cycle capital spend
This is the long game. It matters because Viasat is funding future capacity while already carrying $6.2B in long-term debt.
long bet
Key numbers
$6.2B
long-term debt
Debt is bigger than the company's roughly $6B market cap. Translation: long-term debt → money owed for years → so what: the balance sheet matters as much as the business.
2.2%
operating margin
Operating margin → profit before interest and taxes → so what: the core business still loses money before the debt bill even arrives.
1.5%
return on capital
Return on capital → profit generated from the money tied up in the business → so what: each $1 invested only produces about 1.5 cents of profit.
$38
18-month target
Target price → where analysts think the stock lands next → so what: $38 sits about 16% below the current $45.23 price.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $6.2B (51% of capital)
- net profit margin 1.5% — keeps 2 cents of every dollar in revenue
- return on equity 2% — $0.02 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in VSAT 3 years ago → it's now worth $13,740.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Viasat’s quarter mattered because EPS came in at $0.18 versus a -$0.30 estimate.
Value Line says fiscal third-quarter revenue edged 3% higher and EPS beat by $0.48 a share. EDGAR shows a separate latest-quarter line of $3.5B revenue and -$0.69 EPS, so you should treat quarter labels carefully and focus on the beat versus estimate.
$3.5B
revenue
$0.18
eps
+200%
latest qtr vs. last year revenue
the number that mattered
The $0.48-per-share beat versus the -$0.30 estimate mattered most because it showed cost control improved faster than expected, even with profitability still weak.
-
viasat’s stock price has picked up some steam since our december review.
-
indeed, theses shares have risen roughly 40% in value over the last three months compared to a 4% uptick in the s&p 500 index.investor enthusiasm was first driven by the late-january announcement that the satellite communications provider was selected as one of four commercial companies to support nasa’s direct-to-earth communications. the long-term contract is part of a five-year award worth up to $4.82 billion, with an option for a five-year extension. management indicated that its rte network will offer nasa important technological advantages using its ka-band network capabilities and planned l-band spectrum expansions.
-
fiscal third-quarter results were encouraging.viasat managed to snap back towards profitability in the december period after being mired in the red for the last five years.
-
in fact, the share earnings result of $0.18 well exceeded our forecast of a $0.30 deficit, while revenues edged 3% higher, vs. prior year.
-
revenues for the smaller defense and advanced technologies (dat) business grew 14%, while the communications services (cs) unit (71% of total) rose 1%.rapid growth in the dat unit and the government satellite communications arm of the cs segment are bright spots. the company continues to win new business from secular drivers, such as u.s. government investments in multiple-orbits satellite networks for tactical communications and military awards.
source: company earnings report, 2026
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What could go wrong
the #1 risk is debt-funded satellite execution.
med
debt is competing with equity for the same oxygen
Viasat carries $6.2B of long-term debt, equal to 51% of capital, against a roughly $6B market cap. When debt rivals the equity value, small operating misses stop being small.
This is the leverage risk in one line: the balance sheet leaves less room for patience than the business model would like.
med
satellite buildouts do not forgive delays
This is a capital-intensive network business. Launch issues, deployment delays, or slower-than-expected utilization can stretch the payback period while financing costs keep running.
The quiet part: interest expense does not care whether the satellite is on schedule.
med
the brightest segment may be doing too much of the work
Government Systems grew 14% last quarter while total company revenue grew 5.5% last year. If the faster lane slows, the overall turnaround story gets harder to defend.
That matters because the stock is reacting to signs of improvement, not to a fully repaired earnings base.
With $6.2B in long-term debt and only a 2.2% net margin last quarter, Viasat does not have much room for a costly delay or a demand wobble.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
debt versus equity value
A roughly $6B market cap against $6.2B of long-term debt is the number pair that governs the entire story.
calendar
next proof of profitability
One quarter at $0.18 EPS is a start. You need to see whether profit shows up again, not just once.
trend
government systems growth
The 14% growth rate is the best number on the page outside the profit rebound. If it cools, the narrative cools with it.
metric
revenue path to $5B
Analysts see about $5B of revenue for fy2026. The next question is simple: does that extra scale finally carry the earnings line with it.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think the recent rally does not guarantee smooth sailing next.
risk profile
below average
stability score 4 — this stock has been more volatile than most, which fits the 5 / 100 price stability score.
chart momentum
top 20%
technical score 2 — the tape looks better than the fundamental track record.
earnings predictability
20 / 100
Analysts do not see this as a clean model. Expect surprises, and expect them to matter.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 148 buyers vs. 85 sellers in 4q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$15
$61
$45
current price
$38
target midpoint · 16% from current · 3-5yr high: $50 (+10% · 3% ann'l return)
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