At a glance
Viasat Inc is worth $10.78B. Revenue grew 2.7% to $4.64B in fiscal 2026, at a loss; over 5 years it has grown 19.3% a year. It pays no dividend. The stock returned +98.6% over the past year with dividends reinvested and +6.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.5% in the 2020 crash (S&P 500: 33.7%) and 49.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 44 months after the lows.
The business in plain English
Viasat, based in Carlsbad, California, provides internet and data connections by satellite. It owns satellites, ground equipment and the terminals customers use to connect, and it also uses capacity on other operators' satellites. Customers include airlines, shipping companies, militaries, governments, businesses and households. As of March 31, 2026, it had 23 satellites in service or operational and eight more under development or awaiting launch. It grew sharply by acquiring Inmarsat on May 30, 2023, for about $550.7 million in cash and 46.36 million Viasat shares.
Communication services is the larger segment. It brought in about $3.3 billion, or 71.1%, of the $4.64 billion in revenue for the fiscal year ended March 31, 2026. As of that date, about 4,580 commercial aircraft and about 2,100 business jets used its in-flight internet. The segment also serves about 13,200 ships and provides secure links for military users. Its U.S. home and business internet service had about 130,000 subscribers paying an average of $113 a month.
The defense and advanced technologies segment made up 28.9% of revenue. It offers encryption and cybersecurity products that protect military and government communications, battlefield communications networks, satellite and antenna design, and technology licensing. Across the company, services made up 70.6% of revenue and products 29.4%, and 68.1% came from the U.S.
Price history
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VSAT +98.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Service | $3.27B | 70.6% |
| Product | $1.37B | 29.4% |
By business segment
| Communication Services | $3.30B | 71.1% |
| Defense And Advanced Technologies | $1.34B | 28.9% |
By geography
| US | $3.16B | 68.1% |
| Non Us | $1.48B | 31.9% |
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $1.16B, down 1.2% from a year earlier, and net income was $-51.7M.
- For fiscal 2026, revenue was $4.64B (+2.7% year over year; +19.3% a year from FY2021 to FY2026) with a -0.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +19.3% good |
|---|---|
| Operating margin | 2.3% weak |
| Return on equity (FY2026) | -0.7% weak |
| Return on assets (FY2026) | -0.2% weak |
| Net cash (cash minus debt) | $-4.83B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.92B | $3.7M | $-100.0M |
| FY2022 | $2.42B | $-15.5M | $-432.6M |
| FY2023 | $2.56B | $1.08B | $-709.1M |
| FY2024 | $4.28B | $-1.07B | — |
| FY2025 | $4.52B | $-575.0M | — |
| FY2026 | $4.64B | $-34.1M | — |
Valuation snapshot
| Market value | $10.78B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Viasat’s market value went from $3.28B at the end of 2016 to $10.78B on Oct 28, 2026, about 3.3 times as much; since the end of 2025 it is up 131%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.78B | +131.3% |
| 2025 | $4.66B | +326.6% |
| 2024 | $1.09B | -68.6% |
| 2023 | $3.48B | +45.5% |
| 2022 | $2.39B | -26.8% |
| 2021 | $3.27B | +48.3% |
| 2020 | $2.20B | -50.9% |
| 2019 | $4.49B | +27.7% |
| 2018 | $3.52B | -19.3% |
| 2017 | $4.36B | +33.0% |
| 2016 | $3.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VSAT price data to Oct 28, 2026 | +127.1% | +98.6% | +62.9% | +6.4% | +1.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +127.1% |
| 2025 | +304.9% |
| 2024 | -69.5% |
| 2023 | -11.7% |
| 2022 | -28.9% |
| 2021 | +36.4% |
| 2020 | -55.4% |
| 2019 | +24.2% |
| 2018 | -21.2% |
| 2017 | +13.0% |
| 2016 | +8.5% |
| 2015 | -3.2% |
| 2014 | +0.6% |
| 2013 | +61.0% |
| 2012 | -15.7% |
| 2011 | +3.9% |
| 2010 | +39.7% |
| 2009 | +32.0% |
| 2008 | -30.1% |
| 2007 | +15.5% |
| 2006 | +11.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49.8% over that stretch · deepest drop along the way 57.4%, back to its old high 18 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.9% over that stretch · deepest drop along the way 53.5%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.5% over that stretch · deepest drop along the way 49.1%, back to its old high 44.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 8 sales ($1.5M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 9, 2026 | Craig Andrew Miller SVP, Pres Viasat Government | sell (plan) | $418K |
| Oct 9, 2026 | Craig Andrew Miller SVP, Pres Viasat Government | sell (plan) | $369K |
| Sep 21, 2026 | Garrett L. Chase SVP, Chief Financial Officer | sell (plan) | $182K |
| Oct 20, 2026 | Garrett L. Chase SVP, Chief Financial Officer | sell (plan) | $176K |
| Oct 1, 2026 | Benjamin Edward Palmer SVP, Pres Commercial | sell (plan) | $140K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14% | Sep 30, 2025 |
| Vanguard Portfolio Management | 7.21% | Mar 31, 2026 |
| WP Triton Co-Invest, L.P. | 6.23% | May 21, 2025 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| BAUPOST GROUP LLC/MA | 2.15% | Aug 31, 2025 |
ETFs with the most weight in VSAT
| UFO Procure Space ETF | 4.42% |
| ROKT SPDR S&P Kensho Final Frontiers ETF | 2.67% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.44% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.58% |
| KOMP SPDR S&P Kensho New Economies Composite ETF | 0.39% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.34% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.23% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.21% |
What could go wrong
- Satellite malfunctions could cut service and revenue. Satellites face harsh conditions in space. Viasat's satellites have had malfunctions before, and future ones could cause outages, cut revenue or shorten a satellite's useful life. Insurance may not cover every loss.
- New satellites may be delayed or underperform. As of March 31, 2026, eight satellites were under development or awaiting launch. Construction delays, cost overruns or launch failures could limit their usefulness, and past satellites had construction issues that reduced their output.
- Heavy debt limits flexibility. Viasat had about $6.57 billion of debt and $1.74 billion of cash and investments as of June 30, 2026. Lender rules (covenants) could restrict spending, and refinancing, or replacing maturing debt, may prove difficult.
- Strong competition, including for airline contracts. Rivals may have greater resources. About 1,000 more airline aircraft are expected to get Viasat in-flight internet under existing deals, but competition and aircraft-maker delays mean some may never be activated.
- Reliance on government and a few contracts. Viasat relies on U.S. government contracts, and a few contracts produce a significant portion of revenue. Budget changes, cancellations, audits or overruns on fixed-price contracts, where Viasat bears extra costs, could hurt results.
- Dilution and a volatile share price. The share count rose 87.7% between October 22, 2021 and July 23, 2026, partly to pay for Inmarsat. More share issuance could shrink each owner's stake, and the price has swung sharply.
Recent events
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Executive or board change
- Executive or board change
- Quarterly results released
For income and retirement investors
Viasat paid no dividends and did not repurchase any of its own shares in fiscal years 2022 through 2026. For an investor who needs regular income, the stock provides none; any return depends on the share price. The share count went the other way, rising 87.7% between October 22, 2021 and July 23, 2026, which thins each owner's stake. Viasat reported net losses in fiscal 2022, 2024, 2025 and 2026, and had about $6.57 billion of debt as of June 30, 2026.
The shares have fallen hard in past downturns: 57.4% from peak to low in the 2008 financial crisis and 53.5% in the 2020 COVID crash, recovering about 18 and 10.6 months after those lows. In the 2022 bear market (a long market decline) they fell 49.1% and did not regain their prior high until March 19, 2026, about 44.3 months later. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
Does Viasat pay a dividend?
No. Viasat paid no dividends and did not repurchase any of its shares in fiscal years 2022 through 2026, so shareholders' returns depended entirely on the share price. The company reported a net loss of $34.1 million for the fiscal year ended March 31, 2026. It had about $6.57 billion of debt as of June 30, 2026.
How does Viasat make money?
Viasat earns most of its revenue from satellite connectivity services. In the fiscal year ended March 31, 2026, services brought in 70.6% of its $4.64 billion in revenue and products 29.4%. As of that date, airlines paid for its in-flight internet on about 4,580 commercial aircraft. It also served about 13,200 ships and about 130,000 U.S. home and business internet subscribers. The defense and advanced technologies segment, 28.9% of revenue, provides encryption, battlefield networking and satellite design work.
Is Viasat profitable?
Not by net income. Viasat lost $34.1 million on $4.64 billion of revenue in the fiscal year ended March 31, 2026. It did earn $108.1 million of operating income, which is profit from its main business before interest and taxes. Losses were far larger in fiscal 2024, at $1.07 billion, and in fiscal 2025, at $575 million. Fiscal 2023 showed a $1.08 billion profit. The company lost another $51.7 million in the quarter ended June 30, 2026.
What did Viasat pay for Inmarsat?
Viasat paid about $550.7 million in cash plus 46.36 million shares of its common stock for Inmarsat, completing the deal on May 30, 2023. Inmarsat's results sit inside the communication services segment. Revenue jumped from about $2.56 billion in fiscal 2023 to about $4.28 billion in fiscal 2024, the first fiscal year to include Inmarsat. The new shares helped lift Viasat's share count 87.7% between October 22, 2021 and July 23, 2026.
How volatile is Viasat stock?
Very volatile. As of October 28, 2026, the shares were up 127.1% year to date and 98.6% over one year. That followed a 304.9% gain in 2025 and a 69.6% loss in 2024. Volatility, a measure of how widely the price swings, was 78.9% over one year. Beta was 3.27, meaning the stock tended to move about 3.3 times as much as the broad market. Over about 21 years of price history, its worst decline from a peak was 92.8%.