Detailed financial statements for Viasat, Inc. (VSAT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Viasat, Inc. is a global innovator in broadband and communications technology, delivering its products and services worldwide. The company's operations are divided into two main segments. Its Satellite Services division provides satellite-based internet access and voice-over-IP for homes and businesses, offers in-flight entertainment systems and aviation software to airlines, and delivers community internet services.
Analysis Summary
Viasat, Inc. reported revenue of $4.64B in the most recent fiscal year, growing at a 5-year CAGR of 19.3%.
Trailing-twelve-month margins: gross margin 30.4%, operating margin 2.4%, net margin -0.6%.
At $77.02 (closing price, October 30, 2026), VSAT has negative trailing earnings (P/E not meaningful) and an ROE of -0.64%. Market capitalisation stands at $10.6B, placing it among large-cap names.
Balance sheet quality for VSAT: debt-to-equity ratio of 1.49, current ratio of 1.68 over the last 12 months, net debt of $5.19B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $1.56B | $1.59B | $2.07B | $2.31B | $1.92B | $2.42B | $2.56B | $4.28B | $4.52B | $4.64B |
| Cost of Revenue | $1.05B | $1.12B | $1.54B | $1.61B | $1.36B | $1.71B | $1.83B | $2.90B | $3.03B | $3.37B |
| Gross Profit | $510.4M | $473.8M | $530.5M | $699.6M | $565.2M | $705.9M | $721.4M | $1.38B | $1.49B | $1.27B |
| Research & Development | $129.6M | $168.3M | $123.0M | $183.4M | $164.7M | $206.0M | $183.3M | $150.7M | $142.4M | $164.9M |
| Selling, General & Admin | $333.5M | $385.4M | $458.5M | $523.1M | $497.2M | $607.3M | $659.1M | $1.89B | $1.01B | $999.5M |
| Operating Expenses | $473.9M | $566.0M | $591.2M | $661.1M | $611.1M | $819.0M | $877.4M | $2.27B | $1.59B | $1.16B |
| Operating Income | $36.5M | -$92.2M | -$60.6M | $38.4M | -$46.0M | -$113.1M | -$156.0M | -$889.8M | -$97.5M | $108.1M |
| EBITDA | $283.4M | $154.2M | $258.1M | $380.6M | $351.1M | $415.8M | $403.9M | $364.0M | $1.24B | $1.83B |
| Interest Expense | $12.1M | $4.0M | $50.0M | $38.6M | $32.7M | $29.4M | $26.8M | $400.4M | $421.9M | $360.2M |
| Pre-tax Income | $25.4M | -$105.5M | -$110.5M | $21.7M | -$77.6M | -$138.2M | -$162.2M | -$1.19B | -$532.1M | $120.1M |
| Income Tax | $3.6M | -$35.2M | -$41.0M | $7.9M | -$11.2M | -$36.5M | $49.4M | -$139.5M | -$941,000 | $116.2M |
| Net Income | $23.8M | -$67.3M | -$67.6M | -$212,000 | $3.7M | -$15.5M | -$577.1M | -$1.07B | -$575.0M | -$34.1M |
| EPS | $0.41 | -$1.15 | -$1.13 | $0.00 | $0.06 | -$0.21 | -$7.60 | -$9.12 | -$4.42 | -$0.25 |
| EPS (Diluted) | $0.41 | -$1.14 | -$1.12 | $0.00 | $0.06 | -$0.21 | -$7.60 | -$9.12 | -$4.48 | -$0.25 |
| Shares Outstanding (Diluted) | 57.6 M | 58.9 M | 60.6 M | 61.6 M | 67.0 M | 73.4 M | 75.9 M | 117.2 M | 130.2 M | 134.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $1.14B | $1.16B | $1.17B | $1.16B |
| Gross Profit | $384.9M | $313.9M | $295.1M | $412.8M |
| Operating Income | $35.8M | $26.3M | -$624,000 | $47.3M |
| EBITDA | $366.3M | $520.2M | $532.3M | $376.4M |
| Net Income | -$61.4M | $25.0M | $58.8M | -$51.7M |
| EPS | -$0.47 | $0.18 | $0.41 | -$0.38 |
| EPS (Diluted) | -$0.47 | $0.18 | $0.41 | -$0.38 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $130.1M | $71.4M | $261.7M | $304.3M | $295.9M | $310.5M | $1.35B | $1.90B | $1.61B | $1.75B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $263.7M | $267.7M | $300.3M | $330.7M | $238.7M | $312.2M | $419.9M | $939.7M | $709.6M | $753.4M |
| Inventory | $163.2M | $196.3M | $234.5M | $294.4M | $336.7M | $197.9M | $268.6M | $317.9M | $293.9M | $281.2M |
| Total Current Assets | $614.9M | $612.6M | $887.2M | $1.05B | $991.2M | $1.16B | $2.24B | $3.48B | $2.89B | $3.12B |
| Property, Plant & Equipment | $1.65B | $1.96B | $2.13B | $2.90B | $3.39B | $4.05B | $4.66B | $7.95B | $7.82B | $7.70B |
| Goodwill | $119.9M | $121.1M | $121.7M | $121.2M | $122.3M | $168.7M | $158.5M | $1.62B | $1.62B | $1.63B |
| Intangible Assets | $41.7M | $31.9M | $22.3M | $296.3M | $299.6M | $515.4M | $497.3M | $2.90B | $2.65B | $2.43B |
| Total Assets | $2.95B | $3.41B | $3.92B | $4.88B | $5.35B | $6.39B | $7.73B | $16.33B | $15.45B | $15.23B |
| Accounts Payable | $100.3M | $157.5M | $157.3M | $183.6M | $145.1M | $200.7M | $271.5M | $287.2M | $264.3M | $288.2M |
| Short-term Debt | $288,000 | $45.3M | $19.9M | $29.8M | $30.5M | $34.9M | $37.9M | $58.1M | $503.8M | $57.8M |
| Total Current Liabilities | $325.5M | $466.5M | $485.5M | $604.6M | $708.4M | $770.4M | $956.7M | $1.30B | $1.68B | $1.30B |
| Long-term Debt | $848.5M | $978.4M | $1.39B | $1.82B | $1.80B | $2.45B | $2.42B | $7.13B | $6.53B | $6.27B |
| Total Liabilities | $1.22B | $1.57B | $2.00B | $2.83B | $2.96B | $3.71B | $3.87B | $11.26B | $10.80B | $10.50B |
| Retained Earnings | $297.5M | $286.0M | $245.6M | $245.4M | $249.1M | $233.5M | $1.32B | $249.4M | -$325.5M | -$359.6M |
| Total Equity | $1.73B | $1.84B | $1.91B | $2.03B | $2.35B | $2.63B | $3.82B | $5.03B | $4.55B | $4.66B |
| Total Debt | $848.5M | $1.02B | $1.41B | $2.18B | $2.20B | $2.85B | $2.78B | $7.64B | $7.52B | $6.94B |
| Net Debt | $718.4M | $952.3M | $1.15B | $1.88B | $1.90B | $2.54B | $1.43B | $5.74B | $5.90B | $5.19B |
| Working Capital | $289.3M | $146.1M | $401.7M | $441.1M | $282.8M | $389.1M | $1.29B | $2.18B | $1.21B | $1.83B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.23B | $1.35B | $1.75B | $1.74B |
| Total Assets | $14.76B | $14.91B | $15.23B | $15.11B |
| Total Liabilities | $10.18B | $10.28B | $10.50B | $10.39B |
| Total Equity | $4.52B | $4.57B | $4.66B | $4.64B |
| Total Debt | $7.08B | $7.22B | $6.94B | $6.93B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | $21.8M | -$68.3M | -$66.5M | $13.8M | $17.1M | -$2.5M | $1.09B | -$1.06B | -$531.1M | -$34.1M |
| Depreciation & Amortization | $245.9M | $255.7M | $318.6M | $342.2M | $397.1M | $495.4M | $500.4M | $1.16B | $1.36B | $1.35B |
| Stock-based Compensation | $55.8M | $68.5M | $79.6M | $86.6M | $84.9M | $86.8M | $84.5M | $83.6M | $80.4M | $81.1M |
| Change in Working Capital | $42.6M | $89.2M | -$20.8M | -$48.1M | $180.9M | -$109.2M | -$31.6M | -$359.3M | -$147.6M | $227.3M |
| Operating Cash Flow | $411.3M | $358.6M | $327.6M | $436.9M | $727.2M | $505.6M | $367.9M | $688.2M | $908.2M | $1.59B |
| Capital Expenditure | -$585.7M | -$584.5M | -$686.8M | -$761.1M | -$885.3M | -$990.3M | -$1.16B | -$1.54B | -$1.03B | -$992.8M |
| Acquisitions | -$156.9M | $8.5M | -$2.3M | 0 | 0 | -$139.5M | $1.93B | -$342.6M | $20.3M | 0 |
| Stock Repurchased | -$21.7M | -$24.2M | -$28.8M | -$28.8M | -$13.7M | -$23.0M | -$46.5M | -$11.7M | -$5.5M | -$18.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$174.4M | -$225.9M | -$359.3M | -$324.1M | -$158.1M | -$484.7M | -$796.5M | -$851.2M | -$122.0M | $597.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $282.2M | $726.9M | $322.3M | $260.6M |
| Capital Expenditure | -$213.7M | -$282.7M | -$298.3M | -$218.9M |
| Free Cash Flow | $68.5M | $444.2M | $24.0M | $41.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $20.1M | 0 | $22.1M | $24.2M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +2.3% | +29.7% | +11.7% | -16.8% | +25.8% | +5.7% | +67.6% | +5.5% | +2.7% |
| Net Income Growth (YoY) | | -383.2% | -0.5% | +99.7% | +1,841.0% | -520.9% | -3,615.0% | -85.2% | +46.2% | +94.1% |
| EPS Growth (YoY) | | -380.5% | +1.7% | +100.0% | | -477.7% | -3,519.0% | -20.0% | +51.5% | +94.3% |
| Shares Change (YoY) | | +2.3% | +2.8% | +1.8% | +8.7% | +9.5% | +3.4% | +54.4% | +11.1% | +3.5% |
| FCF Growth (YoY) | | -29.5% | -59.1% | +9.8% | +51.2% | -206.6% | -64.3% | -6.9% | +85.7% | +589.5% |
| Gross Margin | 32.7% | 29.7% | 25.7% | 30.3% | 29.4% | 29.2% | 28.2% | 32.3% | 33.0% | 27.4% |
| Operating Margin | 2.3% | -5.8% | -2.9% | 1.7% | -2.4% | -4.7% | -6.1% | -20.8% | -2.2% | 2.3% |
| EBITDA Margin | 18.2% | 9.7% | 12.5% | 16.5% | 18.3% | 17.2% | 15.8% | 8.5% | 27.4% | 39.5% |
| Net Margin | 1.5% | -4.2% | -3.3% | -0.0% | 0.2% | -0.6% | -22.6% | -25.0% | -12.7% | -0.7% |
| FCF Margin | -11.2% | -14.2% | -17.4% | -14.0% | -8.2% | -20.1% | -31.2% | -19.9% | -2.7% | 12.9% |
| Effective Tax Rate | 14.2% | 33.4% | 37.1% | 36.4% | 14.4% | 26.4% | -30.5% | 11.8% | 0.2% | 96.7% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | -$3.03 | -$3.83 | -$5.93 | -$5.26 | -$2.36 | -$6.60 | -$10.49 | -$7.26 | -$0.94 | $4.43 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 57.6 M | 58.4 M | 59.9 M | 61.6 M | 66.4 M | 73.4 M | 75.9 M | 117.2 M | 130.2 M | 134.7 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -0.64% |
| Return on Invested Capital | 0.05% |
| Return on Assets | -0.19% |
| Gross Margin | 30.41% |
| Operating Margin | 2.35% |
| Net Margin | -0.64% |
Financial Health
| Debt / Equity | 1.49 |
| Current Ratio | 1.68 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.79 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 155.66 | -57.15 | -69.11 | -10,442.55 | 864.57 | -232.38 | -4.45 | -1.88 | -2.36 | -183.20 |
| P/B | 2.12 | 2.09 | 2.45 | 1.09 | 1.36 | 1.36 | 0.67 | 0.40 | 0.30 | 1.32 |
| P/S | 2.36 | 2.41 | 2.26 | 0.96 | 1.66 | 1.48 | 1.01 | 0.47 | 0.30 | 1.33 |
| Gross Margin | 32.7% | 29.7% | 25.7% | 30.3% | 29.4% | 29.2% | 28.2% | 32.3% | 33.0% | 27.4% |
| Operating Margin | 2.3% | -5.8% | -2.9% | 1.7% | -2.4% | -4.7% | -6.1% | -20.8% | -2.2% | 2.3% |
| Net Margin | 1.5% | -4.2% | -3.3% | -0.0% | 0.2% | -0.6% | -22.6% | -25.0% | -12.7% | -0.7% |