VIASAT INC VSAT
We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide. By leveraging our own satellite fleet and its advantages, existing national operator partnerships, plus coverage and capacity from leading third-party satellites and constellations, our services are designed to provide customers with the essential capacity density, market access, speed, bandwidth and responsiveness they need. Our end-to-end multi-band platform of satellites, ground infrastructure and user terminals enables us to provide a wide array of cost-effective, high-quality broadband, narrowband and other connectivity solutions to aviation, maritime, enterprise, consumer, military and government users around the globe, whether on the ground, in the air or at sea. In addition, our government business includes a portfolio of communications gateways; situational awareness and command and control products and services; satellite communication products and services across various frequency bands; and cybersecurity and information assurance products and services. We believe that our diversification strategy—anchored in a broad portfolio of customer-centric products and services and supported by our fleet of broadband and narrowband satellites—our vertical integration and our ability to effectively cross-deploy technologies between government and commercial applications and segments as well as across different geographic markets, provide us with a strong foundation to sustain and enhance our leadership in advanced communications and networking technologies. We conduct our business through two reportable segments: communication services and defense and advanced technologies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.64B | $4.52B | $4.28B | $2.56B | $2.42B | $1.92B | $2.31B | $2.07B | $1.59B | $1.56B |
| Cost of revenue | — | — | — | — | — | — | — | — | $567.1M | $524.9M |
| Gross profit | — | — | — | — | — | — | — | — | $1.03B | $1.03B |
| R&D | $164.9M | $142.4M | $150.7M | $128.9M | $149.5M | $108.5M | $130.4M | $123.0M | $168.3M | $129.6M |
| SG&A | $999.5M | $1.18B | $1.89B | $718.6M | $640.8M | $497.2M | $523.1M | $458.5M | $385.4M | $333.5M |
| Total operating expenses | $4.27B | $4.35B | $4.95B | $2.68B | — | — | — | — | — | — |
| Operating income | $108.1M | -$97.5M | -$889.8M | -$156.0M | -$113.1M | -$46.0M | $38.4M | -$60.6M | -$92.2M | $36.5M |
| Interest expense | $360.2M | $421.9M | $400.4M | $26.8M | $29.4M | $32.7M | $38.6M | $50.0M | $4.0M | $12.1M |
| Pre-tax income | $104.8M | -$545.3M | -$1.19B | -$162.2M | -$137.9M | -$78.2M | $1.4M | -$110.5M | -$105.5M | $25.4M |
| Income tax | $116.2M | $941.0K | $139.5M | $49.4M | $36.5M | $11.2M | $7.9M | $41.0M | $35.2M | $3.6M |
| Net income | -$34.1M | -$575.0M | -$1.07B | $1.08B | -$15.5M | $3.7M | $13.8M | -$66.5M | -$68.3M | $21.8M |
| EPS, basic | -0.25 | -4.48 | -9.12 | 14.29 | -0.21 | 0.06 | 0.00 | -1.13 | -1.15 | 0.45 |
| EPS, diluted | -0.25 | -4.48 | -9.12 | 14.29 | -0.21 | 0.06 | 0.00 | -1.13 | -1.15 | 0.45 |
| Shares, diluted (wtd. avg.) | $134.7M | $128.5M | $117.2M | $75.9M | $73.4M | $66.4M | $61.6M | $59.9M | $58.4M | $53.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.75B | $1.61B | $1.90B | $1.38B | $310.5M | $295.9M | $304.3M | $261.7M | $71.4M | $130.1M |
| Receivables | $753.4M | $699.6M | $678.2M | $419.9M | $312.2M | $238.7M | $330.7M | $300.3M | $267.7M | $263.7M |
| Inventory | $281.2M | $293.9M | $317.9M | $268.6M | $197.9M | $336.7M | $294.4M | $234.5M | $196.3M | $163.2M |
| Total current assets | $3.12B | $2.89B | $3.48B | $2.24B | $1.16B | $991.2M | $1.05B | $887.2M | $612.6M | $614.9M |
| Property, plant and equipment | $7.27B | $7.41B | $7.56B | $4.38B | $3.70B | $3.05B | $2.59B | $2.13B | — | — |
| Goodwill | $1.63B | $1.62B | $1.62B | $158.5M | $168.7M | $122.3M | $121.2M | $121.7M | $121.1M | $119.9M |
| Other intangibles | $2.00B | $2.27B | $2.54B | $201.2M | $236.0M | $9.6M | $14.4M | $22.3M | $31.9M | $41.7M |
| Total assets | $15.23B | $15.45B | $16.33B | $7.73B | $6.39B | $5.35B | $4.88B | $3.92B | $3.41B | $2.95B |
| Accounts payable | $288.2M | $264.3M | $287.2M | $271.5M | $200.7M | $145.1M | $183.6M | $157.3M | $157.5M | $100.3M |
| Short-term debt | $57.8M | $503.8M | $58.1M | $37.9M | $34.9M | $30.5M | $29.8M | $19.9M | $45.3M | $288.0K |
| Total current liabilities | $1.30B | $1.68B | $1.30B | $956.7M | $770.4M | $708.4M | $604.6M | $485.5M | $466.5M | $325.5M |
| Long-term debt | — | — | — | — | $2.49B | $1.83B | $1.85B | $1.39B | $978.4M | $848.5M |
| Total liabilities | $10.50B | $10.80B | $11.26B | $3.87B | $3.71B | $2.96B | $2.83B | $2.00B | $1.57B | $1.22B |
| Retained earnings | -$359.6M | -$325.5M | $249.4M | $1.32B | $233.5M | $249.1M | $245.4M | $245.6M | $286.0M | $297.5M |
| Total equity | $4.66B | $4.55B | $5.07B | $3.86B | $2.68B | $2.39B | $2.05B | $1.92B | $1.85B | $1.74B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.59B | $908.2M | $688.2M | $367.9M | $505.6M | $727.2M | $436.9M | $327.6M | $358.6M | $411.3M |
| Depreciation and amortisation | $1.04B | $1.04B | $867.6M | $409.6M | $407.4M | $330.9M | $279.7M | $262.3M | $210.4M | $200.7M |
| Stock-based compensation | $81.1M | $80.4M | $83.6M | $84.5M | $86.8M | $84.9M | $86.6M | $79.6M | $68.5M | $55.8M |
| Capital expenditure | — | — | — | $1.08B | $938.3M | $827.2M | $694.0M | $636.9M | $511.6M | $514.7M |
| Investing cash flow | -$759.0M | -$758.4M | -$1.29B | $768.0M | -$1.13B | -$885.3M | -$758.8M | -$489.4M | -$584.5M | -$715.0M |
| Financing cash flow | -$694.4M | -$442.6M | $1.12B | -$66.1M | $643.6M | $149.7M | $365.2M | $354.6M | $165.8M | $392.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-318060.
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