Viasat, Inc. (VSAT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-331.9%

-$176.40

vs $76.06 price

Levered DCF

-$166.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.07

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-183.2×	-2.36×	-1.88×	-4.45×	-232.38×	864.57×	-10,442.55×	-69.11×
P/B	1.32×	0.3×	0.4×	0.67×	1.36×	1.36×	1.09×	2.45×
P/S	1.33×	0.3×	0.47×	1.01×	1.48×	1.66×	0.96×	2.26×
EV / EBITDA	6.19×	5.87×	21.29×	9.91×	14.73×	14.51×	10.75×	22.59×
Gross margin	27.4%	33.0%	32.3%	28.2%	29.2%	29.4%	30.3%	25.7%
Operating margin	2.3%	-2.2%	-20.8%	-6.1%	-4.7%	-2.4%	1.7%	-2.9%
Net margin	-0.7%	-12.7%	-25.0%	-22.6%	-0.6%	0.2%	-0.0%	-3.3%
Current ratio	2.41×	1.72×	2.68×	2.35×	1.5×	1.4×	1.73×	1.83×
Debt / equity	1.49×	1.65×	1.52×	0.73×	1.08×	0.93×	1.08×	0.74×
Interest coverage	0.3×	-0.23×	-2.22×	-5.82×	-3.85×	-1.41×	0.99×	-1.21×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.7%	-12.6%	-21.3%	-15.1%	-0.6%	0.2%	-0.0%	-3.5%
Return on invested capital	0.0%	-0.7%	-5.2%	-2.3%	-1.5%	-0.8%	0.6%	-1.1%
Return on assets	-0.2%	-3.7%	-6.5%	-7.5%	-0.2%	0.1%	-0.0%	-1.7%
Free cash flow yield	9.7%	-9.0%	-42.3%	-31.0%	-13.5%	-4.9%	-14.6%	-7.7%
Earnings yield	-0.6%	-42.4%	-53.1%	-22.5%	-0.4%	0.1%	-0.0%	-1.4%
Enterprise value	$11.4B	$7.3B	$7.7B	$4B	$6.1B	$5.1B	$4.1B	$5.8B
Net debt / EBITDA	2.83×	4.77×	15.76×	3.55×	6.11×	5.41×	4.93×	4.46×
Cash conversion cycle (days)	59	61	84	59	47	97	77	71