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ZYBERNO

Stock Report

Updated Aug 29, 2026

VIASAT, INC. (VSAT)

Technology • NASDAQ

$67.37

Viasat Inc. is an American global communications and defense electronics company headquartered in Carlsbad, California. Following its acquisition of Inmarsat, the company provides satellite broadband to aviation (in-flight Wi-Fi), maritime, government, and enterprise customers through its high-capacity satellite network, and develops secure tactical communications systems for military customers.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

19.0/100

POOR BUSINESS

VIASAT, INC. (VSAT) scores 19/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full VSAT quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-36.0%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full VSAT valuation analysis · → View full VSAT Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-3.2%)

Debt-to-Equity (Solvency Risk):POOR (1.51x)

Operating Margin (Operational Efficiency):POOR (5.6%)

Return on Capital (Capital Efficiency):CRITICAL (1.9%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

VIASAT, INC. (VSAT) stock report — Zyberno Score 19/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, VIASAT, INC. (VSAT) shows a Brina Gap of -36.0%, which weakens the case: based on the company's ROIC (1.9%) and reinvestment rate (-547.7%), the business can fundamentally grow at -10.4% — but the current enterprise value implies the market expects 25.6%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:67.37

Market Cap:$9.24B

Valuation Multiples (3)

P/B Ratio:1.96x

P/S Ratio:2.00x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$14.73B

Ev Ebitda Ratio:7.09x

Price Action & Momentum (1)

% of 52-Week High:72.4%

B. Profitability Assessment

Return Metrics (7)

ROE:

-3.2%

📊 Click to view full VSAT ROE analysis →

ROA:-1.0%

Roic:

1.9%

📊 Click to view full VSAT ROIC analysis →

Reinvestment Rate:-547.7%

Fundamental Growth Rate (g):-10.4%

Market-Implied Growth Rate:25.6%

Brina Gap:

-36.0%

☷ Click to view full VSAT Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:5.6%

Net Margin Ttm:-3.2%

Ebitda Margin:44.9%

TTM Performance (2)

Operating Margin Ttm:5.6%

Net Margin Ttm:-3.2%

Yield Metrics (2)

Earnings Yield:-$1.60

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.24

📊 Click to view full VSAT Earnings Surprise analysis →

EPS Surprise vs Expected:-154.2%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):18.3%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):32.4%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):100.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.68x

Quick Ratio:1.52x

Cash Ratio:0.94x

Leverage Analysis (3)

Debt To Equity Ttm:1.51x

Debt-to-Equity Ratio:1.51x

Debt To Ebitda:3.48x

Coverage Ratios (2)

Interest Coverage Ratio:0.32x

Times Interest Earned:0.32

Capital Structure (4)

Working Capital:1,251,671,000.00

Cash And Cash Equivalents:1,735,819,000.00

Long Term Debt:$6.57B

Net Debt:$5.50B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $4.63B

Linear Growth: 18.3%

📊 Click to view full VSAT Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $257.79M

Linear Growth: 100.0%

📊 Click to view full VSAT Operating Income analysis & methodology →

Bottom Line Performance (3)

-$147.27M

Income Before Tax:$129.74M

Ebitda Ttm:2,076,882,000.00

Operating Expenses (5)

Operating Expenses:4,257,019,000.00

R And D Expense:176,206,000.00

Sga Expense:991,668,000.00

Income Tax Expense:$132.72M

Interest Expense:342,197,000.00

Expense Ratios (3)

R And D To Revenue Percentage:15.2%

Sga To Revenue Percentage:85.7%

Ebitda Margin:44.9%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$15.11B

Current Assets:$3.10B

Ppe Net:7,248,899,000.00

Goodwill:1,624,700,000.00

Intangible Assets:$1.93B

Liability Structure (4)

Total Liabilities:10,393,911,000.00

Current Liabilities:1,853,098,000.00

Long Term Debt:$6.57B

Short Term Debt:$661.94M

Equity & Capital (3)

Equity:$4.72B

Retained Earnings:-$411.36M

Common Stock:14,000.00

Working Capital Items (3)

Accounts Receivable:744,423,000.00

Inventory:293,788,000.00

Accounts Payable:288,629,000.00

Special Items (2)

Contract Liabilities:319,716,000.00

Stock Based Compensation:24,191,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $1.59B

Linear Growth: 32.4%

$0.00

Investment Activities (1)

Investing Cash Flow:-$218.93M

Financing Activities (3)

Financing Cash Flow:-$50.23M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$1.98B

Long Term Debt Repayments:$18.37M

Non-Cash Items (1)

Depreciation Amortization Ttm:1,819,095,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.08

-$1.08

Earnings Per Share Ttm:-$1.07

Revenue & Cash Per Share (2)

Sales Per Share Ttm:33.73

Operating Cash Flow Per Share:$11.59

Book Value & Capital (2)

Book Value Per Share:$34.41

Cash Per Share:12.66

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.31x

Working Capital Turnover Ttm:3.70x

Receivables Management (2)

Receivables Turnover Ttm:6.21x

Days Sales Outstanding Ttm:58.74

Inventory Management (2)

Inventory Turnover Ttm:15.75x

Days Inventory Outstanding Ttm:23.18

Payables & Cash Cycle (2)

Days Payable Outstanding:22.77

Cash Conversion Cycle:59.15

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-547.7%

Fundamental Growth Rate (g):-10.4%

Market-Implied Growth Rate:25.6%

Brina Gap:

-36.0%

☷ Click to view full VSAT Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):18.3%

Operating Income Growth Rate (Linear):100.0%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):32.4%

Other Growth Rates (1)

Book Value Growth Rate (Linear):13.6%

C. Company Profile & Context

Corporate Information (6)

Symbol:VSAT

Company Name:VIASAT, INC.

Sector:Technology

Industry:Communications

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:137.12M

Shares Outstanding Basic:137.12M

Shares Outstanding Diluted:137.12M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-29 17:03:50 UTC

Data Timestamp:2026-08-29T17:03:50.421421