MeritValue

VIASAT INC

VSATdata completeness 88%18 fiscal years on file
The thesis, from the filings

VIASAT INC earns about -4% on invested capital, but has diluted owners by 84% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$2.42B1$2.56B2$4.28B3$4.52B3$4.64B3
Net income−$15.5M4$1.08B5−$1.07B6−$575M6−$34.1M6
Operating cash flow$505.6M7$367.9M8$688.2M9$908.2M9$1.59B9
Capital expenditure$938.3M10$1.08B10———
Free cash flow (derived)−$432.6M7−$709.1M8———
Total debt$2.52B11$37.9M12$58.1M13$503.8M14$57.8M14
Cash & equivalents$310.5M15$1.35B16$1.9B17$1.61B18$1.75B18
Diluted shares73.4M75.9M117.2M128.5M134.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$345.86
your share of equity
Profit it earned you last year
−$2.53
Free cash flow it threw off
—
Debt you’d be carrying
$4.29

10 shares is a claim on $345.86 of net worth that earned you −$2.53 last year, against $4.29 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY22 -2%FY23 -4%FY24 -20%FY25 -3%FY26 8%

It earned an average -4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+84% shares · 5y

Share count is up 84% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 98% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0000950170-24-066031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000950170-25-077138 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001193125-26-248290 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0000950170-24-066031 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0000950170-25-077138 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001193125-26-248290 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0000950170-24-066031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0000950170-25-077138 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001193125-26-248290 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0000950170-23-023444 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-03-31 · accession 0000950170-23-023444 (LongTermDebtCurrent)
  12. 10-K · period ending 2023-03-31 · accession 0000950170-24-066031 (LongTermDebtCurrent)
  13. 10-K · period ending 2024-03-31 · accession 0000950170-25-077138 (LongTermDebtCurrent)
  14. 10-K · period ending 2025-03-31 · accession 0001193125-26-248290 (LongTermDebtCurrent)
  15. 10-K · period ending 2022-03-31 · accession 0000950170-23-023444 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-03-31 · accession 0000950170-24-066031 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-03-31 · accession 0000950170-25-077138 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-03-31 · accession 0001193125-26-248290 (CashAndCashEquivalentsAtCarryingValue)