VSAT·Satellite Communications (GEO SATCOM operator + defense systems)

Viasat

ConvictionModerate

Capital-intensive owner-operator: builds/operates GEO satellite fleet and sells managed connectivity (aviation IFC, maritime, government SATCOM, fixed broadband) as service/subscription revenue, plus government/defense product & systems contracts (Defense & Advanced Technologies). Revenue is a mix of recurring service and contracted backlog-driven product/government work.

Revenue

$4.64B FY2026fact, FYE 31 Mar 2026

Rev growth

+3% YoYfact, FY2026

Gross margin

~33%fact, FY2026; est. blended

Op margin

slightly negative~ -1.8% GAAP (fact/est, FY2026) — adj. EBITDA $1.55B (~33% margin) is the cleaner read

Capex intensity

~21%just under $1B capex / $4.64B rev) (fact, FY2026

Market cap

~$8.5Bfact, ~$70/sh, 13 Jun 2026

Price · 1-year trend

real · weekly

$74+390% 1yUSD

52-week range

$14 – $90

52w lowas of 2026-07-10 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityWeak

Space / launch economics

Full context

position · longModerate

Space / launch economics

Full context

book · long

Space / launch economics

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-05-29. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’22

$2.8B

FY’23

$2.6B-8%

FY’24

$4.3B+68%

FY’25

$4.5B+6%

FY’26

$4.6B+3%

Margins & balance sheet — FY’26

Operating margin2.3%

Net margin-0.7%

Net debt$797M

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Viasat

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence