Viasat (VSAT)
Market Price (9/21/2026): $77.88 | Market Cap: $10.7 BilSector: Information Technology | Industry: Communications Equipment
Viasat (VSAT)
Market Price (9/21/2026): $77.88Market Cap: $10.7 BilSector: Information TechnologyIndustry: Communications Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 5.5% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Advanced Aviation & Space, and Cybersecurity. Themes include Wireless Services, Show more. | Stock price has recently run up significantly12M Rtn12 month market price return is 158% Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.2% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 68% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.4% Key risksVSAT key risks include [1] a substantial debt load and persistent unprofitability creating significant financial distress, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 5.5% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Advanced Aviation & Space, and Cybersecurity. Themes include Wireless Services, Show more. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 158% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -1.2% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 68% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.4% |
| Key risksVSAT key risks include [1] a substantial debt load and persistent unprofitability creating significant financial distress, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Viasat (VSAT) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q1 2027 financial results and segment weakness contributed to investor caution.
Viasat reported its fiscal Q1 2027 earnings on August 4, 2026, revealing a 1% year-over-year decline in revenue to $1.157 billion. More specifically, the Defense and Advanced Technologies segment experienced a 4% decrease in revenue and a 20% drop in Adjusted EBITDA.
2. Significant insider selling occurred during the period, potentially signaling a lack of confidence.
A director of Viasat sold 223,542 shares of company stock on August 7, 2026, totaling approximately $18,021,956.04. Such substantial insider selling can be interpreted negatively by the market.
Show more
Viasat (VSAT) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q1 2027 financial results and segment weakness contributed to investor caution.
Viasat reported its fiscal Q1 2027 earnings on August 4, 2026, revealing a 1% year-over-year decline in revenue to $1.157 billion. More specifically, the Defense and Advanced Technologies segment experienced a 4% decrease in revenue and a 20% drop in Adjusted EBITDA.
2. Significant insider selling occurred during the period, potentially signaling a lack of confidence.
A director of Viasat sold 223,542 shares of company stock on August 7, 2026, totaling approximately $18,021,956.04. Such substantial insider selling can be interpreted negatively by the market.
3. A large capital commitment for the Equatys joint venture raised concerns about financial leverage.
On September 15, 2026, Viasat announced a joint venture named Equatys, committing up to $400 million for a direct-to-device satellite network. This significant investment, alongside the company's existing net debt of $4.8 billion and projected fiscal year 2027 capital expenditures of $950 million to $1 billion, likely amplified investor concerns regarding capital allocation and overall financial burden.
4. Ongoing competitive pressures in the satellite communications market continued to weigh on the stock.
The satellite telecommunications sector, while growing, remains highly competitive, with established players and new entrants like SpaceX's Starlink intensifying the landscape. This competitive environment, coupled with the capital-intensive nature of the industry, creates a challenging operational and investment climate for Viasat.
Show less
Stock Movement Drivers
Fundamental Drivers
The -5.3% change in VSAT stock from 5/31/2026 to 9/20/2026 was primarily driven by a -4.6% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.62 | 76.38 | -5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,640 | 4,626 | -0.3% |
| P/S Multiple | 2.4 | 2.3 | -4.6% |
| Shares Outstanding (Mil) | 137 | 137 | -0.4% |
| Cumulative Contribution | -5.3% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| VSAT | -5.3% | |
| Market (SPY) | 0.9% | 49.3% |
| Sector (XLK) | -0.7% | 50.5% |
Fundamental Drivers
The 66.8% change in VSAT stock from 2/28/2026 to 9/20/2026 was primarily driven by a 68.2% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.78 | 76.38 | 66.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,616 | 4,626 | 0.2% |
| P/S Multiple | 1.3 | 2.3 | 68.2% |
| Shares Outstanding (Mil) | 136 | 137 | -1.0% |
| Cumulative Contribution | 66.8% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| VSAT | 66.8% | |
| Market (SPY) | 11.6% | 48.9% |
| Sector (XLK) | 36.8% | 47.6% |
Fundamental Drivers
The 136.3% change in VSAT stock from 8/31/2025 to 9/20/2026 was primarily driven by a 142.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.33 | 76.38 | 136.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,564 | 4,626 | 1.3% |
| P/S Multiple | 0.9 | 2.3 | 142.9% |
| Shares Outstanding (Mil) | 132 | 137 | -4.0% |
| Cumulative Contribution | 136.3% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| VSAT | 136.3% | |
| Market (SPY) | 19.4% | 51.7% |
| Sector (XLK) | 45.1% | 49.6% |
Fundamental Drivers
The 175.3% change in VSAT stock from 8/31/2023 to 9/20/2026 was primarily driven by a 142.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.74 | 76.38 | 175.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,761 | 4,626 | 67.5% |
| P/S Multiple | 0.9 | 2.3 | 142.0% |
| Shares Outstanding (Mil) | 93 | 137 | -32.1% |
| Cumulative Contribution | 175.3% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| VSAT | 175.3% | |
| Market (SPY) | 75.6% | 36.1% |
| Sector (XLK) | 119.9% | 33.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VSAT Return | 36% | -29% | -12% | -70% | 305% | 112% | 124% |
| Peers Return | 22% | -24% | 34% | 14% | 12% | 39% | 118% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| VSAT Win Rate | 67% | 50% | 50% | 17% | 58% | 78% | |
| Peers Win Rate | 63% | 40% | 50% | 52% | 52% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| VSAT Max Drawdown | -36% | -49% | -67% | -76% | -35% | -31% | |
| Peers Max Drawdown | -21% | -38% | -17% | -25% | -31% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: QCOM, MSI, NTAP, QRVO, ESE. See VSAT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | VSAT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.3% | -18.8% |
| % Gain to Breakeven | 21.0% | 23.1% |
| Time to Breakeven | 20 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.9% | -9.5% |
| % Gain to Breakeven | 95.9% | 10.5% |
| Time to Breakeven | 691 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.2% | -24.5% |
| % Gain to Breakeven | 76.2% | 32.4% |
| Time to Breakeven | 326 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.9% | -33.7% |
| % Gain to Breakeven | 107.9% | 50.9% |
| Time to Breakeven | 322 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.2% | -19.2% |
| % Gain to Breakeven | 12.6% | 23.8% |
| Time to Breakeven | 42 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -18.3% | -3.7% |
| % Gain to Breakeven | 22.4% | 3.9% |
| Time to Breakeven | 273 days | 6 days |
In The Past
Viasat's stock fell -17.3% during the 2025 US Tariff Shock. Such a loss loss requires a 21.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | VSAT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.9% | -9.5% |
| % Gain to Breakeven | 95.9% | 10.5% |
| Time to Breakeven | 691 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.2% | -24.5% |
| % Gain to Breakeven | 76.2% | 32.4% |
| Time to Breakeven | 326 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.9% | -33.7% |
| % Gain to Breakeven | 107.9% | 50.9% |
| Time to Breakeven | 322 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.0% | -17.9% |
| % Gain to Breakeven | 45.0% | 21.8% |
| Time to Breakeven | 84 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -57.4% | -53.4% |
| % Gain to Breakeven | 134.5% | 114.4% |
| Time to Breakeven | 549 days | 1085 days |
In The Past
Viasat's stock fell -17.3% during the 2025 US Tariff Shock. Such a loss loss requires a 21.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Viasat (VSAT)
Viasat, Inc. (VSAT) is a global communications company that provides advanced broadband and satellite services across a variety of markets. The company's core business involves delivering high-speed internet access and communication solutions to a diverse customer base. This includes providing satellite-based fixed broadband services to consumers and businesses, offering in-flight internet and entertainment to commercial airlines, and enabling mobile broadband for vessels in the maritime industry. Additionally, Viasat is a key provider of secure, jam-resistant communication systems and cybersecurity solutions for government agencies and military applications.
Beyond its direct service offerings, Viasat plays a significant role in developing the underlying infrastructure and technology for satellite communications. This encompasses designing and building satellite network infrastructure, ground terminals, and various antenna systems for applications ranging from earth imaging to mobile satellite communication. The company also innovates in areas such as application-specific integrated circuit (ASIC) chips and advanced software solutions for ultra-secure IP connectivity, industrial internet-of-things (IoT) enablement, and machine learning analytics. This comprehensive approach positions Viasat as both a service provider leveraging its own satellite technology and a developer of communication systems and components for others.
AI Analysis | Feedback
- Imagine a company that's part Starlink (for global satellite internet) and part a defense contractor (for secure government communications and technology).
- Like a satellite internet provider similar to Starlink, but also a major supplier of advanced communication systems for airlines and the military.
AI Analysis | Feedback
- Broadband Internet Services: Satellite-based fixed and mobile internet access for consumers, businesses, airlines, and maritime vessels.
- Voice over Internet Protocol (VoIP) Services: Voice communication provided over satellite broadband connections.
- In-flight Entertainment & Connectivity: Services delivering entertainment and internet access to commercial airline passengers.
- Advanced Communication Software: Solutions for secure IP connectivity, optimized applications, IoT enablement, and machine learning analytics.
- Satellite System Design & Development: Engineering services for the analysis, design, and development of satellite and ground systems.
- Cybersecurity & Information Assurance: Services and products safeguarding communication systems and data, primarily for government clients.
- Network Function Virtualization Services: Services that virtualize network functions for enhanced flexibility and efficiency.
- ASIC & MMIC Chips: Specialized integrated circuit chips for communication systems.
- Antenna Systems: A range of antennas for terrestrial, satellite, and mobile communication applications.
- Communication Hardware: Modems, terminals, and network access control systems for broadband and tactical applications.
- Satellite Communication Systems: Infrastructure and ground terminals for fixed and mobile satellite networks.
- Tactical Radio Systems: Secure and jam-resistant systems for government voice, video, and data transmission.
AI Analysis | Feedback
Viasat (VSAT) serves a diverse range of customers, encompassing individuals, commercial enterprises, and government entities. Given its significant direct-to-consumer satellite broadband subscriber base alongside its robust business-to-business and government operations, its major customers can be categorized as follows:
-
Individual Consumers: Viasat provides satellite-based fixed broadband internet access and Voice over Internet Protocol (VoIP) services directly to approximately 590,000 residential consumers and small businesses globally. This includes broadband internet access and voice services in unserved and underserved areas.
-
Commercial Enterprises and Service Providers: This broad category includes a variety of businesses across different sectors:
- Commercial Airlines: Viasat offers in-flight entertainment, internet connectivity, and aviation software services to commercial airlines for their passengers and operational needs.
- Maritime Operators: This includes companies operating energy offshore vessels, cruise ships, and consumer ferries, which utilize Viasat's mobile broadband services for their operations and customer connectivity.
- Other Businesses: Viasat provides advanced software and communication infrastructure services, including ultra-secure solutions IP connectivity, bandwidth-optimized over-the-top applications, industrial Internet-of-Things (IoT) big data enablement, and machine learning analytics.
- Telecommunication and Satellite Companies, and Aerospace Manufacturers: These entities purchase Viasat's fixed and mobile satellite communication systems, satellite network infrastructure, ground terminals, antenna systems for various applications, and specialized application-specific integrated circuit and monolithic microwave integrated circuit chips.
-
Government and Defense Agencies: Viasat supplies various specialized products and services to government clients globally, including mobile and fixed broadband modems, terminals, network access control systems, antenna systems, cybersecurity and information assurance products and services, and tactical radio and information distribution systems for secure and jam-resistant communications.
AI Analysis | Feedback
- SpaceX
- Arianespace
AI Analysis | Feedback
Mark Dankberg, Chairman of the Board and Chief Executive Officer
Mark Dankberg co-founded Viasat in 1986 and has served as its Chairman of the Board and CEO since. Prior to founding Viasat, he was Assistant Vice President of M/A-COM Linkabit and a Communications Engineer for Rockwell International Corporation.
Gary Chase, Chief Financial Officer
Gary Chase was appointed Chief Financial Officer of Viasat, effective September 16, 2024. He joined Viasat from Delta Air Lines, where he held the positions of Senior Vice President of Operational Finance and Chief Strategy Officer. Before his tenure at Delta, Mr. Chase was an Institutional Investor ranked analyst and Managing Director in equity research at Barclays Capital and Lehman Brothers.
Kevin Harkenrider, Chief Operating Officer
Kevin Harkenrider was appointed Chief Operating Officer of Viasat in November 2021. He joined Viasat in October 2006 and has held various senior leadership roles, including Executive Vice President, Global Operations and Chief Operations Officer, and President of Viasat Commercial Networks and Viasat Broadband Services. Before joining Viasat, he served in management positions at Computer Sciences Corporation, BAE Systems, Mission Solutions, and General Dynamics Corporation.
Jason Smith, President, Viasat Global Services
Jason Smith leads Viasat's Global Services team. Prior to joining Viasat, he was the Chief Operations Officer of Inmarsat from 2016. He has held several senior roles with defense, commercial, and international responsibilities throughout his career.
Evan Dixon, President, Global Fixed Broadband business
Evan Dixon was promoted to President of Viasat's Global Fixed Broadband business in May 2021. He joined Viasat in 2015 as Deputy CEO and Chief Marketing Officer of Euro Broadband Infrastructure Sàrl, a Viasat subsidiary. Mr. Dixon previously held senior management positions at DIRECTV and AT&T Inc.
AI Analysis | Feedback
The key risks to Viasat's business include its substantial debt load, intense competition from new satellite technologies, and the inherent risks associated with satellite operations and the need for continuous technological innovation.
The most significant risk for Viasat is its **high debt load and financial leverage**. The company carries a substantial amount of debt, totaling around $6.43 billion as of June 2025, largely due to the massive infrastructure costs for its satellite constellations and the acquisition of Inmarsat. This level of indebtedness significantly restricts Viasat's financial flexibility, with a weak interest coverage ratio suggesting that earnings barely cover interest expenses. The company's Altman Z-Score, as low as 0.62 in November 2025, also indicates a potential risk of financial distress. While Viasat aims to reduce leverage through increasing earnings from new satellite capacity, the success of this strategy is crucial for its long-term financial stability.
Viasat also faces **intense competition and market disruption**, particularly from the emergence of Low Earth Orbit (LEO) satellite constellations like SpaceX's Starlink and potentially Amazon's Project Kuiper. These LEO systems offer significantly lower latency compared to Viasat's geostationary (GEO) satellites, which can be a competitive disadvantage for latency-sensitive applications such as videoconferencing and online gaming. Beyond LEOs, Viasat also competes with traditional satellite providers like HughesNet and other major players in the in-flight connectivity and government services markets.
Finally, **risks associated with satellite operations and the need for continuous technological innovation** represent a critical threat. The company's business relies on the successful construction, launch, and ongoing operation of its satellite fleet. A notable incident includes the failure of one of its ViaSat-3 satellites (ViaSat-3 F1) in 2023, which limited its usable capacity and delayed expected cash flow benefits. Furthermore, Viasat operates in a rapidly evolving technology sector, requiring continuous investment in research and development to keep pace with advancements and prevent technological obsolescence. The ability to successfully develop, introduce, and realize the anticipated benefits of new technologies and future satellite generations, such as ViaSat-3 and ViaSat-4, is essential for its competitive position.
AI Analysis | Feedback
The primary clear emerging threat to Viasat is the rapid expansion and adoption of Low Earth Orbit (LEO) satellite broadband constellations, such as Starlink, OneWeb, and Amazon Kuiper. These LEO systems offer significantly lower latency and often higher speeds compared to Viasat's traditional Geostationary Earth Orbit (GEO) satellite services, which are critical performance factors for modern internet applications. This directly threatens Viasat's core Satellite Services segment, including fixed broadband for consumers and businesses, in-flight connectivity, and mobile broadband for vessels, by offering a technologically superior alternative for satellite-based internet access.
AI Analysis | Feedback
Addressable Markets for Viasat's Main Products and Services:
- Satellite-based Fixed Broadband Services (Consumer and Business): The global satellite internet market, which includes fixed broadband services, was estimated at USD 11.93 billion in 2025 and is projected to surpass USD 37.64 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 13.90%. North America dominated the satellite internet market in 2024.
- In-flight Entertainment, Internet, and Aviation Software Services (Commercial Airlines): The global commercial aircraft in-flight entertainment and connectivity (IFEC) system market was valued at USD 7.05 billion in 2025 and is estimated to reach USD 11.09 billion by 2031, with a CAGR of 7.85%. Separately, the global in-flight internet market size was estimated at USD 1.79 billion in 2024 and is projected to reach USD 2.99 billion by 2033, growing at a CAGR of 5.9%. North America held the largest revenue share in the in-flight internet market in 2024.
- Mobile Broadband Services (Maritime - vessels, cruise ships, ferries, yachts): The global maritime satellite communication market was valued at USD 4.5 billion in 2025 and is projected to grow to USD 11.8 billion by 2034, at a CAGR of 11.42%. North America dominated this market with a 40% share in 2025. The Very Small Aperture Terminal (VSAT) segment held a significant market share in 2025 due to rising data demands.
- Fixed and Mobile Broadband Satellite Communication Systems (Overall Satellite Communication Market): The global satellite communication (SATCOM) market was valued at USD 25.2 billion in 2025 and is expected to grow to USD 83 billion in 2035, at a CAGR of 13%. Another estimate places the global satellite communication market size at USD 98.28 billion in 2025, projected to reach USD 223.06 billion by 2033, with an 11.0% CAGR. North America held the largest market share in 2025.
- Antenna Systems (Terrestrial and Satellite Applications): The global satellite antenna market size was estimated at USD 5.37 billion in 2025 and is projected to grow to USD 113.97 billion by 2034, exhibiting a CAGR of 11.14%. North America dominated this market with a 37.84% share in 2025. Another report indicates a market size of USD 3.95 billion in 2025, reaching USD 6.43 billion by 2034 (CAGR of 5.56%).
- Cybersecurity and Information Assurance Products and Services (Government Systems): The global government and defense cybersecurity market size was valued at approximately USD 35.87 billion in 2025 and is estimated to grow to USD 80.70 billion by 2033, with a CAGR of 10.8%. Another source estimates the cybersecurity in government market to reach USD 356.7 billion by 2030, growing at a CAGR of 14.0%. North America was the largest revenue-generating market in 2025.
- Tactical Radio and Information Distribution Systems (Government Systems): The global tactical radios market size was valued at USD 19.58 billion in 2025 and is expected to reach USD 52.80 billion by 2033, at a CAGR of 13.20%. North America dominated the tactical radios market with over 40% revenue share in 2025. Another report states the military tactical radio market size was valued at USD 7.90 billion in 2025 and is projected to reach USD 13.80 billion by 2033, growing at a CAGR of 7.20%.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Viasat (VSAT)
- Expansion of Satellite Capacity with ViaSat-3 Constellation: The ViaSat-3 satellite constellation is a significant driver, with the ViaSat-3 F1 satellite expected to enter commercial service in the first quarter of fiscal year 2025 (ended June 2024). Subsequent launches of ViaSat-3 F2 and F3, anticipated by May 2026 and late summer 2026 respectively, are projected to drive growth in bandwidth, aviation, maritime, and government SATCOM lines. While the F1 satellite initially experienced an anomaly affecting its full capacity, the overall constellation is expected to unlock substantial future revenue.
- Continued Growth in In-Flight Connectivity (IFC) Services: Viasat anticipates robust revenue growth from its commercial In-Flight Connectivity (IFC) segment. This growth is fueled by an increasing number of aircraft equipped with Viasat's systems and a substantial existing backlog of installations.
- Strong Performance and Strategic Focus in Government Systems / Defense and Advanced Technologies (DAT): The Government Systems segment, also referred to as Defense and Advanced Technologies (DAT), is a consistent area of growth for Viasat. The company has reported strong product growth, significant contract awards, and a healthy backlog in this segment. Specific areas like Information Security (InfoSec) and cyber defense, along with tactical networking, are highlighted as contributors to this segment's expansion. Viasat is also strategically focusing on higher-margin defense opportunities.
- Realization of Synergies from Inmarsat Acquisition: The full integration of Inmarsat continues to be a key revenue driver. This acquisition has significantly reshaped Viasat's revenue mix and is expected to generate ongoing synergies through cost reduction and the expansion of the company's product and service offerings, contributing to overall scale and growth.
AI Analysis | Feedback
Share Repurchases
- Viasat made minimal share repurchases over the last three to five years, with a reported $8.50 million in December 2025.
Share Issuance
- Viasat's shares outstanding significantly increased by 54.37% in fiscal year 2024 to 0.117 billion, primarily due to the acquisition of Inmarsat.
- The number of shares outstanding grew by 9.63% in fiscal year 2025, reaching 0.128 billion.
- Additional paid-in capital increased by 88.82% in fiscal year 2024 from 2023, and by 2.69% in fiscal year 2025 from 2024, reflecting equity issuance primarily related to the Inmarsat transaction.
Outbound Investments
- Viasat completed the acquisition of Inmarsat for approximately $7.3 billion on May 31, 2023. This transaction involved $850 million in cash, approximately 46 million shares of Viasat stock, and the assumption of $3.4 billion in debt.
Capital Expenditures
- Viasat's capital expenditures were $885 million in fiscal year 2021, $990 million in fiscal year 2022, $1,164 million in fiscal year 2023, $1,539 million in fiscal year 2024, and $1,030 million in fiscal year 2025.
- Capital expenditures in fiscal year 2023 were focused on the launch of the ViaSat-3 Americas and ViaSat-3 EMEA satellites, along with continued investment in expanding its global network, satellite fleet, earth station infrastructure, and ground network for international growth.
- For fiscal year 2026, Viasat anticipates slightly higher capital expenditures, projecting approximately $1,779 million, as it continues to optimize these investments as part of its Inmarsat integration strategy.
Peer Outperformance in Communications Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| VSAT | Viasat | 22.5% | -356.3x | 158.0% | 263.9% | 45.6% | — |
| ANET | Arista Networks | 26.2% | 62.1x | 33.3% | 348.4% | 807.5% | +762pp |
| UI | Ubiquiti | 20.0% | 37.2x | -6.8% | 317.7% | 105.7% | +60pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 54.5% | 185.9% | 278.9% | TTMI 845% · FLEX 734% · SANM 435% |
| Technology Distributors | 9 | 30.1% | 72.9% | 99.7% | CLMB 337% · AVT 199% · SNX 156% |
| Semiconductor Materials & Equipment | 26 | 90.9% | 83.7% | 97.5% | AXTI 792% · AEHR 738% · KLAC 421% |
| Communications Equipment ← | 36 | 16.3% | 86.8% | 75.8% | AAOI 1451% · FEIM 1030% · LITE 1005% |
| Electronic Components | 26 | 31.5% | 70.6% | 70.4% | CLS 4032% · BELFA 1349% · COHR 435% |
| Technology Hardware, Storage & Peripherals | 20 | 31.9% | 90.0% | 47.2% | DELL 1150% · STX 1112% · WDC 969% |
| Semiconductors | 55 | 23.7% | 33.9% | 40.8% | POET 1815% · MU 1344% · NVDA 951% |
| Internet Services & Infrastructure | 6 | 7.5% | 49.3% | 33.5% | DOCN 64% · VRSN 44% · GDDY 38% |
| Electronic Equipment & Instruments | 26 | -16.0% | 9.2% | -10.0% | PI 225% · OSIS 117% · ACFN 108% |
| IT Consulting & Other Services | 28 | -24.6% | -9.9% | -29.0% | CHRN 537268% · APLD 1265% · TSSI 669% |
| Application Software | 123 | -30.5% | -13.3% | -45.3% | VIDA 176264% · INLX 5435% · PLTR 567% |
| Systems Software | 68 | -19.6% | 12.4% | -54.0% | QNC 478% · ZETA 406% · PANW 361% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Viasat Earnings Notes | 05/27/2026 | |
| How Low Can VSAT Really Go In A Market Crash? | 03/21/2026 | |
| Viasat Stock Down 11% in One Day, Time To Buy The Stock? | 03/21/2026 | |
| Viasat Stock (+11%): Deutsche Bank Upgrade Ignites Value Re-Rate | 02/10/2026 | |
| With Viasat Stock Sliding, Have You Assessed The Risk? | 01/08/2026 | |
| Viasat Stock (+13%): EPS Surprise & Gov't Wins Fuel Rally | 01/07/2026 | |
| ARTICLES | ||
| Mid Cap Stocks Trading At 52-Week High | 05/29/2026 | |
| How Will Viasat Stock React To Its Upcoming Earnings? | 05/27/2026 | |
| Small Cap Stocks Trading At 52-Week High | 04/07/2026 | |
| Viasat Stock To $33? | 03/21/2026 | |
| The Bear Case: How VSAT Behaves During Market Shocks | 03/21/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 187.75 |
| Mkt Cap | 24.6 |
| Rev LTM | 6,008 |
| Op Inc LTM | 1,242 |
| FCF LTM | 1,150 |
| FCF 3Y Avg | 1,117 |
| CFO LTM | 1,744 |
| CFO 3Y Avg | 1,442 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.1% |
| Rev Chg 3Y Avg | 7.2% |
| Rev Chg Q | 6.0% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 28.2% |
| Op Inc Chg 3Y Avg | 16.0% |
| Op Mgn LTM | 19.5% |
| Op Mgn 3Y Avg | 19.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 25.0% |
| CFO/Rev 3Y Avg | 24.1% |
| FCF/Rev LTM | 19.8% |
| FCF/Rev 3Y Avg | 19.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 24.6 |
| P/S | 4.8 |
| P/Op Inc | 22.4 |
| P/EBIT | 21.1 |
| P/E | 23.9 |
| P/CFO | 17.8 |
| Total Yield | 4.3% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 4.7% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.5% |
| 3M Rtn | 17.7% |
| 6M Rtn | 44.0% |
| 12M Rtn | 26.5% |
| 3Y Rtn | 116.0% |
| 1M Excs Rtn | 1.4% |
| 3M Excs Rtn | 15.7% |
| 6M Excs Rtn | 25.8% |
| 12M Excs Rtn | 13.8% |
| 3Y Excs Rtn | 44.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Communication services | 3,300 | 3,298 | 3,142 | 1,705 | |
| Defense and advanced technologies | 1,341 | 1,221 | 1,142 | 851 | |
| Elimination of intersegment revenues | 0 | 0 | 0 | 0 | 0 |
| Commercial networks | 512 | ||||
| Government systems | 716 | ||||
| Satellite services | 1,189 | ||||
| Total | 4,640 | 4,520 | 4,284 | 2,556 | 2,417 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Defense and advanced technologies | 216 | 217 | 154 | 63 | |
| Communication services | 153 | -50 | -817 | -189 | |
| Elimination of intersegment operating profits (losses) | 0 | 0 | 0 | 0 | 0 |
| Amortization of acquired intangible assets | -261 | -264 | -227 | -30 | -29 |
| Commercial networks | -209 | ||||
| Corporate | 0 | ||||
| Government systems | 93 | ||||
| Satellite services | 32 | ||||
| Total | 108 | -97 | -890 | -156 | -113 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Corporate assets | 11,168 | 6,683 | 5,262 | 4,647 | 4,125 |
| Satellite services | 3,518 | 425 | 445 | 64 | 86 |
| Government systems | 1,244 | 294 | 479 | 470 | 484 |
| Commercial networks | 399 | 329 | 203 | 168 | 188 |
| Assets of discontinued operations | 0 | ||||
| Total | 16,329 | 7,730 | 6,389 | 5,349 | 4,884 |
Price Behavior
| Market Price | $76.38 | |
| Market Cap ($ Bil) | 10.5 | |
| First Trading Date | 12/03/1996 | |
| Distance from 52W High | -15.0% | |
| 50 Days | 200 Days | |
| DMA Price | $74.90 | $58.70 |
| DMA Trend | up | up |
| Distance from DMA | 2.0% | 30.1% |
| 3M | 1YR | |
| Volatility | 86.5% | 81.0% |
| Downside Capture | 313.19 | 300.18 |
| Upside Capture | 377.93 | 364.58 |
| Correlation (SPY) | 50.7% | 52.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.57 | 3.17 | 3.52 | 3.11 | 3.37 | 2.05 |
| Up Beta | 3.56 | 4.02 | 6.64 | 3.50 | 3.56 | 2.19 |
| Down Beta | 7.60 | 1.74 | 1.06 | 2.28 | 2.95 | 1.77 |
| Up Capture | 156% | 218% | 330% | 589% | 1400% | 1647% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 26 | 62 | 125 | 364 |
| Down Capture | 566% | 395% | 296% | 222% | 182% | 112% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 23 | 38 | 65 | 126 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSAT | |
|---|---|---|---|---|
| VSAT | 136.8% | 80.9% | 1.40 | - |
| Sector ETF (XLK) | 40.5% | 26.4% | 1.25 | 50.9% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 52.1% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 22.2% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -3.4% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 17.9% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 34.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSAT | |
|---|---|---|---|---|
| VSAT | 8.5% | 77.6% | 0.44 | - |
| Sector ETF (XLK) | 20.2% | 25.9% | 0.69 | 33.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 35.9% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 16.8% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 9.4% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 29.1% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 20.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSAT | |
|---|---|---|---|---|
| VSAT | -0.3% | 62.4% | 0.26 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 35.5% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 40.1% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 13.5% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 14.3% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 35.3% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -6.0% | -1.9% | -18.8% |
| 5/28/2026 | -7.0% | -15.9% | -11.5% |
| 2/5/2026 | 11.4% | 24.5% | 22.8% |
| 11/7/2025 | 3.3% | 0.7% | 4.1% |
| 8/5/2025 | 30.7% | 21.0% | 41.4% |
| 5/20/2025 | -4.9% | -12.3% | 22.4% |
| 2/6/2025 | 19.5% | -3.0% | 1.2% |
| 11/6/2024 | -7.8% | -23.2% | -14.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 14 |
| # Negative | 11 | 13 | 10 |
| Median Positive | 6.9% | 14.4% | 5.3% |
| Median Negative | -11.1% | -5.6% | -17.0% |
| Max Positive | 37.8% | 26.4% | 41.4% |
| Max Negative | -19.3% | -23.2% | -31.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -6.0% | -1.9% | -18.8% |
| 5/28/2026 | -7.0% | -15.9% | -11.5% |
| 2/5/2026 | 11.4% | 24.5% | 22.8% |
| 11/7/2025 | 3.3% | 0.7% | 4.1% |
| 8/5/2025 | 30.7% | 21.0% | 41.4% |
| 5/20/2025 | -4.9% | -12.3% | 22.4% |
| 2/6/2025 | 19.5% | -3.0% | 1.2% |
| 11/6/2024 | -7.8% | -23.2% | -14.4% |
| 8/7/2024 | 37.8% | -5.6% | -3.9% |
| 5/21/2024 | -16.5% | -16.1% | -28.7% |
| 2/6/2024 | -18.2% | -16.6% | -15.5% |
| 11/8/2023 | 6.9% | 12.6% | 36.3% |
| 8/9/2023 | 6.1% | 5.3% | -15.5% |
| 5/17/2023 | 6.8% | 14.4% | 5.0% |
| 2/7/2023 | -14.1% | -2.1% | 2.0% |
| 11/8/2022 | -19.3% | -2.3% | -18.4% |
| 8/8/2022 | 7.3% | 15.9% | 4.5% |
| 5/25/2022 | -11.1% | -4.6% | -24.1% |
| 2/3/2022 | 5.6% | 1.0% | 9.5% |
| 11/8/2021 | -16.9% | -20.0% | -31.0% |
| 8/5/2021 | 8.5% | 14.8% | 8.5% |
| 5/25/2021 | 0.3% | 11.8% | 5.7% |
| 2/4/2021 | 2.6% | 26.4% | 3.4% |
| 11/5/2020 | -1.2% | -0.8% | 4.7% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 14 |
| # Negative | 11 | 13 | 10 |
| Median Positive | 6.9% | 14.4% | 5.3% |
| Median Negative | -11.1% | -5.6% | -17.0% |
| Max Positive | 37.8% | 26.4% | 41.4% |
| Max Negative | -19.3% | -23.2% | -31.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/29/2026 | 10-K |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/27/2025 | 10-K |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/09/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-K |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/29/2026 | 10-K |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/27/2025 | 10-K |
| 12/31/2024 | 02/10/2025 | 10-Q |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/09/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-K |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/31/2022 | 10-K |
| 12/31/2021 | 02/07/2022 | 10-Q |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/28/2021 | 10-K |
| 12/31/2020 | 02/08/2021 | 10-Q |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/29/2020 | 10-K |
| 12/31/2019 | 02/10/2020 | 10-Q |
| 09/30/2019 | 11/12/2019 | 10-Q |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stenbit, John P | Direct | Sell | 9032026 | 66.75 | 705 | 47,059 | 36,379 | Form | |
| 2 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 9032026 | 66.75 | 2,000 | 133,500 | 2,008,307 | Form |
| 3 | Chase, Garrett L | SVP, Chief Financial Officer | Direct | Sell | 8242026 | 74.90 | 4,000 | 299,616 | 1,965,409 | Form |
| 4 | Baldridge, Richard A | Trust | Sell | 8112026 | 80.62 | 223,542 | Form | |||
| 5 | Blair, Robert James | SVP, General Counsel | Direct | Sell | 8112026 | 79.76 | 27,064 | 2,158,673 | 1,785,069 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stenbit, John P | Direct | Sell | 9032026 | 66.75 | 705 | 47,059 | 36,379 | Form | |
| 2 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 9032026 | 66.75 | 2,000 | 133,500 | 2,008,307 | Form |
| 3 | Chase, Garrett L | SVP, Chief Financial Officer | Direct | Sell | 8242026 | 74.90 | 4,000 | 299,616 | 1,965,409 | Form |
| 4 | Baldridge, Richard A | Trust | Sell | 8112026 | 80.62 | 223,542 | Form | |||
| 5 | Blair, Robert James | SVP, General Counsel | Direct | Sell | 8112026 | 79.76 | 27,064 | 2,158,673 | 1,785,069 | Form |
| 6 | Wise, Theresa | Direct | Sell | 8062026 | 84.69 | 2,500 | 211,725 | 931,590 | Form | |
| 7 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 8052026 | 75.46 | 2,400 | 181,104 | 1,596,658 | Form |
| 8 | Stenbit, John P | Direct | Sell | 8052026 | 75.46 | 616 | 46,483 | 47,842 | Form | |
| 9 | Chase, Garrett L | SVP, Chief Financial Officer | Direct | Sell | 7222026 | 72.23 | 4,000 | 288,935 | 2,184,280 | Form |
| 10 | Stenbit, John P | Direct | Sell | 7062026 | 88.79 | 528 | 46,881 | 64,106 | Form | |
| 11 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 7062026 | 88.79 | 2,400 | 213,096 | 2,091,804 | Form |
| 12 | Chase, Garrett L | SVP, Chief Financial Officer | Direct | Sell | 6242026 | 62.41 | 4,000 | 249,646 | 2,136,911 | Form |
| 13 | Dankberg, Mark D | Chairman and CEO | Trust | Sell | 6092026 | 64.76 | 400,000 | 25,903,224 | 70,080,913 | Form |
| 14 | Wise, Theresa | Direct | Sell | 6092026 | 69.00 | 2,500 | 172,500 | 759,000 | Form | |
| 15 | Baldridge, Richard A | Trust | Sell | 6052026 | 71.74 | 27,122 | 1,945,732 | 15,306,088 | Form | |
| 16 | Stenbit, John P | Trust | Sell | 6052026 | 71.74 | 653 | 46,846 | 2,123,289 | Form | |
| 17 | Chase, Garrett L | SVP, Chief Financial Officer | Direct | Sell | 6052026 | 72.50 | 4,000 | 290,006 | 2,772,381 | Form |
| 18 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 6032026 | 73.09 | 21,408 | 1,564,741 | 1,332,529 | Form |
| 19 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 6032026 | 80.59 | 2,400 | 193,416 | 1,469,236 | Form |
| 20 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 5052026 | 66.62 | 2,400 | 159,888 | 1,374,437 | Form |
| 21 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 4032026 | 47.71 | 2,400 | 114,504 | 1,098,809 | Form |
| 22 | Miller, Craig Andrew | SVP, Pres Viasat Government | Direct | Sell | 3182026 | 50.00 | 5,260 | 263,000 | 1,062,600 | Form |
| 23 | Blair, Robert James | SVP, General Counsel | Direct | Sell | 3182026 | 47.04 | 30,411 | 1,430,664 | 1,792,764 | Form |
| 24 | Palmer, Benjamin Edward | SVP, Pres Commercial | Direct | Sell | 3162026 | 46.21 | 2,400 | 110,904 | 1,175,167 | Form |
| 25 | Miller, Craig Andrew | SVP, Pres Viasat Government | Direct | Sell | 3042026 | 45.03 | 35,385 | 1,593,317 | 1,193,783 | Form |
| 26 | Fitzgerald, Camellia E | Chief Accounting Officer | Direct | Sell | 2262026 | 50.00 | 1,119 | 55,950 | 441,350 | Form |
| 27 | Fitzgerald, Camellia E | Chief Accounting Officer | Direct | Sell | 1302026 | 48.00 | 2,810 | 134,880 | 477,408 | Form |
| 28 | Chase, Garrett L | SVP, Chief Financial Officer | Direct | Sell | 1062026 | 35.05 | 5,000 | 175,269 | 272,403 | Form |
| 29 | Dankberg, Mark D | Chairman and CEO | Trust | Sell | 12172025 | 35.09 | 200,000 | 7,018,433 | 53,866,229 | Form |
| 30 | Chase, Garrett L | SVP, Chief Financial Officer | Direct | Sell | 12172025 | 34.87 | 20,000 | 697,368 | 445,304 | Form |
| 31 | Duffy, Shawn Lynn | SVP, Chief Accounting Officer | Direct | Sell | 12162025 | 36.38 | 51,480 | 1,873,022 | 219,065 | Form |
| 32 | Blair, Robert James | SVP, General Counsel | Direct | Sell | 11192025 | 35.61 | 2,269 | 80,793 | 2,439,763 | Form |
| 33 | Palmer, Benjamin Edward | President, Maritime | Direct | Sell | 11182025 | 36.06 | 2,780 | 100,260 | 1,003,719 | Form |
| 34 | Chase, Garrett L | SVP, Chief Financial Officer | Direct | Sell | 9172025 | 33.33 | 25,000 | 833,250 | 612,505 | Form |
| 35 | Duffy, Shawn Lynn | SVP, Chief Accounting Officer | Direct | Sell | 9172025 | 32.88 | 50,000 | 1,643,950 | 1,143,006 | Form |
| 36 | Baldridge, Richard A | Trust | Sell | 9152025 | 31.00 | 100,000 | 3,099,900 | 6,111,794 | Form |
Investor Activity (13F)
Updated Sep 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| OCO Capital Partners, L.P. | $206.1 Mil | 54.2% | 8 | TRIM -24.4% | 13F |
| Brightline Capital Management, LLC | $96.2 Mil | 28.4% | 9 | Hold | 13F |
| Carronade Capital Management, LP | $147.9 Mil | 10.7% | 25 | ADD +8.6% | 13F |
| 140 Summer Partners LP | $41.6 Mil | 3.7% | 20 | New | 13F |
| Lodge Hill Capital, LLC | $17.2 Mil | 3.3% | 22 | TRIM -48.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| OCO Capital Partners, L.P. | $206.1 Mil | 54.2% | 8 | TRIM -24.4% | 13F |
| Carronade Capital Management, LP | $147.9 Mil | 10.7% | 25 | ADD +8.6% | 13F |
| Brightline Capital Management, LLC | $96.2 Mil | 28.4% | 9 | Hold | 13F |
| 140 Summer Partners LP | $41.6 Mil | 3.7% | 20 | New | 13F |
| Lodge Hill Capital, LLC | $17.2 Mil | 3.3% | 22 | TRIM -48.3% | 13F |
Viasat — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Communications Equipment Resources |
| Light Reading |
| Fierce Network |
| Telecoms.com |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.