VSAT ViaSat, Inc. - Common Stock
NASDAQ · Communications · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026VSAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Sept. 1, 2000 | 2-for-1 | Forward |
About ViaSat, Inc. - Common Stock Company overview from Wikipedia
Viasat, Inc. is an American satellite communications company headquartered in Carlsbad, California. The company provides satellite broadband and narrowband connectivity and communications equipment for commercial aviation, maritime, enterprise, consumer, military and government customers. It operates satellites in the Ka-, L- and S-bands and also uses capacity from partner satellite networks.
Viasat was founded in 1986 by Mark Dankberg, Mark Miller and Steve Hart and became a public company in 1996. The company expanded from communications equipment into satellite services through acquisitions including WildBlue Communications in 2009 and Inmarsat in 2023. Viasat reports its business in two segments, Communication Services and Defense and Advanced Technologies.
History
Viasat was founded in May 1986 by Mark Dankberg, Mark Miller and Steve Hart, who had previously worked at the satellite communications company Linkabit. The company initially focused on communications equipment for defense customers. Viasat held its initial public offering in December 1996 and began trading on the Nasdaq under the symbol VSAT.
Between 2000 and 2002, Viasat acquired the satellite networking business of Scientific Atlanta, satellite network terminal operations formerly belonging to Comsat Laboratories, and US Monolithics. The acquisitions expanded the company's commercial satellite communications business.
In 2009, Viasat agreed to acquire satellite internet provider WildBlue Communications for approximately $568 million in cash and stock. The acquisition was completed in December 2009, giving Viasat an established residential satellite internet business ahead of the launch of ViaSat-1.
Viasat announced an agreement to acquire British satellite operator Inmarsat in November 2021. The transaction underwent competition and national-security reviews in several jurisdictions before Viasat completed the acquisition on May 30, 2023. Viasat paid approximately $550.7 million in cash and issued 46.36 million shares as consideration for Inmarsat.
Before completing the Inmarsat transaction, Viasat sold its Link 16 Tactical Data Links business to L3Harris for approximately $1.96 billion in January 2023.
Operations
Viasat organizes its operations into two reportable segments: Communication Services and Defense and Advanced Technologies. In fiscal 2026, Communication Services generated $3.30 billion in revenue and Defense and Advanced Technologies generated $1.34 billion.
Communication services
The Communication Services segment provides broadband and narrowband satellite services and related equipment. Its principal businesses include aviation, government satellite communications, maritime services, and fixed and enterprise services.
As of March 31, 2026, Viasat's in-flight connectivity systems were installed and in service on approximately 4,580 commercial aircraft and about 2,100 business jets. The company also provided Ka-band communications services to approximately 13,200 vessels. Its U.S. fixed broadband business had approximately 130,000 subscribers.
Viasat also provides narrowband mobile satellite services, including safety and operational communications for aviation and maritime users, through the L-band network acquired with Inmarsat.
Defense and advanced technologies
The Defense and Advanced Technologies segment develops communications and cybersecurity products for government and commercial customers. Its business lines include information security and cyber defense, space and mission systems, tactical networking, and other advanced communications technologies. Products developed by the segment include encryption systems, satellite communications terminals and modems, tactical networking equipment, antennas and satellite payload technologies.
In fiscal 2026, the segment generated $1.34 billion in revenue.
Satellite fleet
Viasat operates a multi-band satellite fleet assembled through its own satellite programs and the acquisition of Inmarsat. As of March 31, 2026, the company reported 23 in-service or operational satellites spanning the Ka-, L- and S-bands. The fleet consisted of 13 Ka-band satellites, eight L-band satellites, one S-band satellite and one hybrid Ka-/L-band satellite. Viasat also purchases capacity on satellites operated by other companies.
The company's high-capacity Ka-band satellites include ViaSat-1, ViaSat-2 and the ViaSat-3 series. The first ViaSat-3 spacecraft, covering the Americas, entered the operational fleet after completing in-orbit testing in July 2024. The second spacecraft, ViaSat-3 F2, was launched in November 2025, and ViaSat-3 F3 was launched in April 2026.
Viasat's fleet also includes satellites acquired with Inmarsat, including L-band spacecraft used for mobile satellite and safety services. The company has also been developing the GX7, GX8 and GX9 Ka-band satellites and four Inmarsat-8 L-band satellites.
Cybersecurity incidents
On February 24, 2022, a cyberattack disrupted the KA-SAT satellite network operated by Viasat at the start of the Russian invasion of Ukraine. The attack caused communications outages in Ukraine and elsewhere in Europe. In May 2022, the European Union attributed the operation to the Russian Federation.
In June 2025, Viasat was identified as a victim of the Chinese-linked Salt Typhoon cyberespionage campaign. Viasat said an investigation with an independent cybersecurity firm found unauthorized access through a compromised device but no evidence that customers were affected. The company said the intrusion had been remediated and that it had not detected subsequent activity related to the incident.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | VSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -360.05Y avg ≈-83.5 | ≈-83.5 | · | · | |
| P/S | 2.15Y avg ≈0.9 | ≈0.9 | 7.1 | Undervalued | |
| P/B | 2.15Y avg ≈0.8 | ≈0.8 | 8.5 | Undervalued | |
| EV / EBITDA | 75.35Y avg ≈86.8 | ≈86.8 | 35.3 | Pricier | |
| Price / Cash Flow | 6.25Y avg ≈4.6 | ≈4.6 | 32.5 | Undervalued | |
| EV / Revenue | 1.85Y avg ≈0.6 | ≈0.6 | · | · | |
| Price / Tangible Book | 9.55Y avg ≈2.6 | ≈2.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | VSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 2.4%5Y avg ≈-5.3% | ≈-5.3% | 12.5% | Weak | |
| EBITDA Margin | 2.3%5Y avg ≈-5.3% | ≈-5.3% | 12.5% | Weak | |
| Pretax Margin (TTM) | 2.8%5Y avg ≈-8.9% | ≈-8.9% | 11.3% | Weak | |
| Net Profit Margin (TTM) | -0.64%5Y avg ≈0.79% | ≈0.79% | 9.6% | Weak | |
| ROA (TTM) | -0.20%5Y avg ≈0.52% | ≈0.52% | 2.9% | Weak | |
| ROE (TTM) | -0.64%5Y avg ≈-0.68% | ≈-0.68% | 12.3% | Weak | |
| ROIC | -0.25%5Y avg ≈-4.6% | ≈-4.6% | 10.5% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | VSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.15Y avg ≈0.0 | ≈0.0 | 0.2 | In line | |
| Current Ratio (MRQ) | 1.75Y avg ≈2.1 | ≈2.1 | 1.8 | In line | |
| Quick Ratio | 1.95Y avg ≈1.6 | ≈1.6 | 1.4 | In line | |
| Interest Coverage | 0.35Y avg ≈-1.5 | ≈-1.5 | 2.2 | Below avg |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | VSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 2.7%5Y avg ≈21.5% | ≈21.5% | · | · | |
| Revenue CAGR 3Y | 22.0%5Y avg ≈25.3% | ≈25.3% | · | · | |
| Revenue CAGR 5Y | 19.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | VSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.35Y avg ≈0.4 | ≈0.4 | 0.6 | Weak | |
| Receivables Turnover | 6.45Y avg ≈7.4 | ≈7.4 | 6.0 | In line | |
| Revenue / Employee | ≈$662.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| Dec. 31, 2026 | May 28, 2026 | $-0.82 | $-0.36 | -125.4% |
| June 30, 2026 | $-0.38 | $-0.31 | -23.1% | |
| March 31, 2026 | $-0.02 | $-0.36 | 94.5% | |
| Dec. 31, 2025 | $0.18 | $-0.39 | 146.7% | |
| Sept. 30, 2025 | $-0.45 | $-0.63 | 28.4% | |
| June 30, 2025 | $-0.43 | $-0.70 | 38.2% | |
| March 31, 2025 | $-1.89 | $-0.45 | -323.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.64B | $4.52B | $4.28B | $2.56B | $2.42B | $1.92B | $2.31B | $2.07B | $1.59B | $1.56B | $1.42B | $1.38B | |
| Cost of Revenue | · | · | · | · | · | · | · | · | $554M | $524M | $489M | $519M | |
| R&D Expense | $165M | $142M | $151M | $129M | $149M | $109M | $130M | $123M | $168M | $130M | $77M | $47M | |
| SG&A Expense | $999M | $1.18B | $1.89B | $719M | $641M | $497M | $523M | $458M | $385M | $333M | $298M | $271M | |
| Operating Expenses | $4.27B | $4.35B | $4.95B | $2.68B | · | · | · | · | · | · | · | · | |
| Operating Income | $108M | $-97M | $-890M | $-156M | $-113M | $-46M | $38M | $-61M | $-92M | $36M | $41M | $83M | |
| Interest Expense | $360M | $422M | $400M | $27M | $29M | $33M | $39M | $50M | $4M | $12M | $26M | $31M | |
| Other Non-op | $163M | $-10M | $0 | $1M | $4M | · | · | · | · | · | · | · | |
| Pretax Income | $105M | $-545M | $-1.19B | $-162M | $-138M | $-78M | $1M | $-110M | $-105M | $25M | $18M | $54M | |
| Income Tax | $116M | $-941.0K | $-139M | $49M | $-37M | $-11M | $-8M | $-41M | $-35M | $4M | $-4M | $14M | |
| Net Income | $-34M | $-575M | $-1.07B | $1.08B | $-16M | $4M | $14M | $-66M | $-68M | $22M | $22M | $40M | |
| EPS (Basic) | $-0.25 | $-4.48 | $-9.12 | $14.29 | $-0.21 | $0.06 | $0.00 | $-1.13 | $-1.15 | $0.45 | $0.45 | $0.86 | |
| EPS (Diluted) | $-0.25 | $-4.48 | $-9.12 | $14.29 | $-0.21 | $0.06 | $0.00 | $-1.13 | $-1.15 | $0.45 | $0.44 | $0.84 | |
| Shares (Basic) | 134,744,000 | 128,476,000 | 117,189,000 | 75,915,000 | 73,397,000 | 66,444,000 | 61,632,000 | 59,942,000 | 58,438,000 | 52,318,000 | 48,464,000 | 47,139,000 | |
| Shares (Diluted) | 134,744,000 | 128,476,000 | 117,189,000 | 75,915,000 | 73,397,000 | 66,444,000 | 61,632,000 | 59,942,000 | 58,438,000 | 53,396,000 | 49,445,000 | 48,285,000 | |
| EBITDA | $108M | $-97M | $-890M | $-156M | $8M | $58M | $38M | $-61M | $-92M | $36M | $41M | $83M |
Balance Sheet
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.75B | $1.61B | $1.90B | $1.35B | $310M | $296M | $304M | $262M | $71M | $130M | $42M | $52M | |
| Receivables | $753M | $700M | $678M | $420M | $312M | $239M | $331M | $300M | $268M | $264M | $287M | $266M | |
| Inventory | $281M | $294M | $318M | $269M | $198M | $337M | $294M | $235M | $196M | $163M | $145M | $128M | |
| Prepaid Expense | $343M | $282M | $582M | $177M | $141M | $120M | $116M | $91M | $77M | $58M | $48M | $45M | |
| Other Current Assets | $163M | $106M | $134M | $61M | $39M | $26M | $31M | $18M | $9M | $6M | $6M | $5M | |
| Current Assets | $3.12B | $2.89B | $3.48B | $2.24B | $1.16B | $991M | $1.05B | $887M | $613M | $615M | $522M | $492M | |
| PP&E (Net) | $7.27B | $7.41B | $7.56B | $4.38B | $3.70B | $3.05B | $2.59B | $2.13B | · | · | · | · | |
| PP&E (Gross) | $12.28B | $11.44B | $10.65B | $6.71B | $5.72B | $4.83B | $4.10B | $3.42B | · | · | · | · | |
| Accum. Depreciation | $5.01B | $4.03B | $3.09B | $2.33B | $2.01B | $1.78B | $1.51B | $1.29B | · | · | · | · | |
| Goodwill | $1.63B | $1.62B | $1.62B | $159M | $169M | $122M | $121M | $122M | $121M | $120M | $117M | $117M | |
| Intangibles | $2.00B | $2.27B | $2.54B | $201M | $236M | $10M | $14M | $22M | $32M | $42M | $34M | $42M | |
| Other Non-current Assets | $780M | $846M | $734M | $466M | $699M | $835M | $807M | $759M | $686M | $529M | $340M | $327M | |
| Total Assets | $15.23B | $15.45B | $16.33B | $7.73B | $6.39B | $5.35B | $4.88B | $3.92B | $3.41B | $2.95B | $2.40B | $2.15B | |
| Accounts Payable | $288M | $264M | $287M | $272M | $201M | $145M | $184M | $157M | $157M | $100M | $96M | $77M | |
| Accrued Liabilities | · | · | · | · | · | · | · | $308M | $264M | $225M | $184M | $191M | |
| Current Liabilities | $1.30B | $1.68B | $1.30B | $957M | $770M | $708M | $605M | $485M | $466M | $326M | $280M | $268M | |
| Capital Leases | $430M | $414M | $380M | $273M | $316M | $314M | $287M | · | · | · | · | · | |
| Deferred Tax | $1.02B | $1.07B | $1.23B | $86M | $17M | · | · | · | $864.0K | $2M | $12.0K | $363.0K | |
| Other Non-current Liabilities | $2.38B | $2.18B | $2.45B | $219M | $153M | $137M | $121M | $6M | $10M | $3M | $12.0K | $40M | |
| Total Liabilities | $10.50B | $10.80B | $11.26B | $3.87B | $3.71B | $2.96B | $2.83B | $2.00B | $1.57B | $1.22B | $1.26B | $1.11B | |
| Long-term Debt | · | · | · | · | $2.49B | $1.83B | $1.85B | $1.41B | $1.02B | $879M | $946M | $807M | |
| Total Debt | $58M | $504M | $58M | $38M | $35M | $30M | $30M | $1.41B | $1.02B | $849M | $954M | $807M | |
| Common Stock | $14.0K | $13.0K | $13.0K | $8.0K | $7.0K | $7.0K | $6.0K | $6.0K | $6.0K | $6.0K | $5.0K | $5.0K | |
| Retained Earnings | $-360M | $-326M | $249M | $1.32B | $234M | $249M | $245M | $246M | $286M | $297M | $274M | $252M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| AOCI | $-25M | $-47M | $-21M | $-35M | $-22M | $10M | $-6M | $5M | $16M | $-3M | $7.0K | $147.0K | |
| Stockholders' Equity | $4.66B | $4.55B | $5.03B | $3.82B | $2.63B | $2.35B | $2.03B | $1.91B | $1.84B | $1.73B | $1.13B | $1.04B | |
| Liabilities + Equity | $15.23B | $15.45B | $16.33B | $7.73B | $6.39B | $5.35B | $4.88B | $3.92B | $3.41B | $2.95B | $2.40B | $2.16B | |
| Shares Outstanding | 136,557,695 | 130,210,407 | 125,849,088 | 76,912,016 | 74,428,816 | 68,529,133 | 62,147,140 | 60,550,093 | 58,905,274 | 57,600,609 | 48,926,417 | 47,697,413 |
Cash Flow
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $81M | $80M | $84M | $84M | $87M | $85M | $87M | $80M | $69M | $56M | $48M | $39M | |
| Deferred Tax | $46M | $-149M | $-180M | $27M | · | · | · | $-44M | $-37M | $-218.0K | $-5M | $12M | |
| Amort. of Intangibles | $316M | $324M | $290M | $91M | $88M | $66M | $62M | $56M | $45M | $45M | $49M | $42M | |
| Operating Cash Flow | $1.59B | $908M | $688M | $368M | $506M | $727M | $437M | $328M | $359M | $411M | $297M | $350M | |
| CapEx | · | · | · | $1.08B | $938M | $827M | $694M | $637M | $512M | $515M | $378M | $366M | |
| Investing Cash Flow | $-759M | $-758M | $-1.29B | $768M | $-1.13B | $-885M | $-759M | $-489M | $-584M | $-715M | · | · | |
| Debt Issued | $176M | $1.98B | $1.74B | $540M | $1.27B | $400M | $420M | $1.11B | $753M | · | · | · | |
| Net Debt Issued | $-633M | $-416M | $1.17B | $-36M | $656M | $-21M | $360M | · | · | · | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | $503M | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $503M | · | · | |
| Financing Cash Flow | $-694M | $-443M | $1.12B | $-66M | $644M | $150M | $365M | $355M | $166M | $393M | · | · | |
| Net Change in Cash | $135M | $-289M | $522M | $1.07B | $15M | $-8M | $43M | $190M | $-59M | $88M | $-10M | $-6M | |
| Taxes Paid | $81M | $196M | $201M | $16M | $17M | $7M | $11M | $2M | $4M | $1M | $1M | $494.0K | |
| Free Cash Flow | · | · | · | $-709M | $-433M | $-100M | $-257M | $-309M | $-153M | $-103M | $-81M | $-17M | |
| Levered FCF | · | · | · | $-744M | $-437M | $-121M | $-510M | $-341M | $-156M | $-114M | $-113M | $-40M |
Profitability
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 2.3% | -2.2% | -20.8% | -6.1% | 0.30% | 2.6% | 1.7% | -2.9% | -5.8% | 2.3% | 2.9% | 6.0% | |
| Net Margin | -0.73% | -12.7% | -24.9% | 42.4% | -0.09% | 0.76% | 0.60% | -3.2% | -4.3% | 1.4% | 1.5% | 2.9% | |
| Pretax Margin | 2.3% | -12.1% | -27.9% | -6.3% | -0.59% | 1.1% | 0.06% | -5.3% | -6.6% | 1.6% | 1.2% | 3.9% | |
| EBITDA Margin | 2.3% | -2.2% | -20.8% | -6.1% | 0.30% | 2.6% | 1.7% | -2.9% | -5.8% | 2.3% | 2.9% | 6.0% | |
| ROA | -0.22% | -3.6% | -8.9% | 15.4% | -0.04% | 0.33% | 0.30% | -1.8% | -2.1% | 0.81% | 0.96% | 1.9% | |
| ROE | -0.74% | -12.0% | -24.2% | 33.6% | -0.10% | 0.78% | 0.70% | -3.5% | -3.8% | 1.5% | 2.0% | 4.0% | |
| ROIC | -0.25% | -1.9% | -15.5% | -5.3% | 0.04% | 1.6% | 12.2% | -1.1% | -2.1% | 1.2% | 2.4% | 3.4% |
Liquidity & Solvency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | 1.7 | 2.7 | 2.3 | 1.5 | 1.4 | 1.7 | 1.8 | 1.3 | 1.9 | 1.9 | 2.0 | |
| Quick Ratio | 1.9 | 1.4 | 2.0 | 1.8 | 0.9 | 0.8 | 1.1 | 1.2 | 0.7 | 1.2 | 1.2 | 1.2 | |
| Debt / Equity | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.7 | 0.6 | 0.5 | 0.8 | 0.8 | |
| LT Debt / Equity | · | · | · | · | · | · | · | 0.7 | 0.5 | 0.5 | 0.8 | 0.8 | |
| Interest Coverage | 0.3 | -0.2 | -2.2 | -5.8 | 0.3 | 1.8 | 1.0 | -1.2 | -22.9 | 3.0 | 1.6 | 2.6 |
Efficiency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.4 | 0.5 | 0.6 | 0.5 | 0.6 | 0.6 | 0.7 | |
| Inventory Turnover | · | · | · | · | · | · | · | · | 3.1 | 3.4 | 3.6 | 4.2 | |
| Receivables Turnover | 6.4 | 6.6 | 7.8 | 7.0 | 9.3 | 7.9 | 7.3 | 7.3 | 6.0 | 5.7 | 5.1 | 5.1 |
Per Share
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $34.13 | $34.97 | $39.93 | $49.72 | $35.39 | $34.31 | $32.63 | $31.51 | $31.19 | $30.11 | $23.08 | $21.77 | |
| Revenue / Share | $34.44 | $35.18 | $36.55 | $33.67 | $37.98 | $33.66 | $37.47 | $34.50 | $27.29 | $29.20 | $28.67 | $28.63 | |
| Cash Flow / Share | $11.80 | $7.07 | $5.87 | $4.85 | $6.89 | $10.85 | $7.09 | $5.46 | $6.14 | $7.70 | $6.01 | $7.24 | |
| Cash / Share | $12.79 | $12.38 | $15.11 | $17.54 | $4.17 | $4.32 | $4.90 | $4.32 | $1.21 | $2.26 | $0.86 | $1.10 | |
| EPS (TTM) | $-0.25 | $-4.48 | $-9.12 | $14.29 | $-0.21 | $0.06 | $0.00 | $-1.13 | $-1.15 | $0.45 | $0.44 | $0.84 |
Growth Rates
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 2.7% | 5.5% | 67.6% | 5.8% | 25.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 22.0% | 23.2% | 30.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 19.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.64B | $4.52B | $4.28B | $2.56B | $2.42B | $1.92B | $2.31B | $2.07B | $1.59B | $1.56B | $1.42B | $1.38B | |
| Net Income TTM | $-34M | $-575M | $-1.07B | $1.08B | $-16M | $4M | $14M | $-66M | $-68M | $22M | $22M | $40M | |
| Market Cap | $6.25B | $1.36B | $2.28B | $2.60B | $3.63B | $3.29B | $2.23B | $4.69B | $3.87B | $3.68B | $3.60B | $2.86B | |
| Enterprise Value | $4.57B | $249M | $434M | $1.29B | $3.36B | $3.03B | $1.96B | $5.84B | $4.82B | $4.39B | $4.51B | $3.62B | |
| P/E | -183.2 | -2.3 | -2.0 | 2.4 | -232.4 | 801.2 | · | -68.6 | -57.1 | 141.8 | 167.0 | 71.4 | |
| P/S | 1.3 | 0.3 | 0.5 | 1.0 | 1.5 | 1.7 | 1.0 | 2.3 | 2.4 | 2.4 | 2.5 | 2.1 | |
| P/B | 1.3 | 0.3 | 0.5 | 0.7 | 1.4 | 1.4 | 1.1 | 2.5 | 2.1 | 2.1 | 3.2 | 2.8 | |
| P / Tangible Book | 6.0 | 2.1 | 2.6 | 0.8 | 1.6 | 1.5 | · | · | · | · | · | · | |
| P / Cash Flow | 3.9 | 1.5 | 3.3 | 7.1 | 7.2 | 4.5 | 5.1 | 14.3 | 10.8 | 8.9 | 12.1 | 8.2 | |
| P / FCF | · | · | · | -3.7 | -8.4 | -32.9 | -8.7 | -15.2 | -25.3 | -35.6 | -44.4 | -168.6 | |
| EV / EBITDA | 42.2 | -2.5 | -0.5 | -8.3 | 403.0 | 52.0 | 51.0 | -96.4 | -52.3 | 120.5 | 109.6 | 43.5 | |
| EV / FCF | · | · | · | -1.8 | -7.8 | -30.3 | -7.6 | -18.9 | -31.5 | -42.5 | -55.7 | -213.0 | |
| EV / Revenue | 1.0 | 0.1 | 0.1 | 0.5 | 1.4 | 1.6 | 0.8 | 2.8 | 3.0 | 2.8 | 3.2 | 2.6 | |
| Earnings Yield | -0.55% | -43.0% | -50.4% | 42.2% | -0.43% | 0.12% | 0.00% | -1.5% | -1.8% | 0.71% | 0.60% | 1.4% |
Income Statement
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.16B | $1.17B | $1.16B | $1.14B | $1.17B | $1.15B | $1.12B | $1.12B | $1.13B | $1.15B | $1.13B | $1.23B | $780M | $666M | $651M | $664M | |
| R&D Expense | $45M | $42M | $47M | $42M | $34M | $34M | $37M | $33M | $39M | $46M | $42M | $33M | $29M | $32M | $29M | $32M | |
| SG&A Expense | $255M | $254M | $241M | $242M | $263M | $419M | $238M | $272M | $251M | $253M | $272M | $1.15B | $220M | $207M | $163M | $177M | |
| Operating Expenses | $1.04B | $1.11B | $1.07B | $1.04B | $1.06B | $1.24B | $1.04B | $1.08B | $1.00B | · | · | · | · | · | · | · | |
| Operating Income | $47M | $-624.0K | $26M | $36M | $47M | $-154M | $21M | $-25M | $60M | $295.0K | $-44M | $-805M | $-42M | $-73M | $-31M | $5M | |
| Interest Expense | $82M | $79M | $87M | $93M | $100M | $106M | $94M | $115M | $106M | $125M | $134M | $86M | $56M | $8M | $9M | $5M | |
| Other Non-op | $-306.0K | $168M | $114.0K | $0 | $-5M | $0 | $-10M | · | · | · | · | · | · | $0 | $0 | $87.0K | |
| Pretax Income | $-20M | $102M | $93M | $-45M | $-45M | $-241M | $-162M | $-119M | $-23M | $-101M | $-157M | $-858M | $-78M | $-68M | $-40M | $7M | |
| Income Tax | $23M | $40M | $59M | $11M | $7M | $4M | $-12M | $6M | $1M | $-11M | $-34M | $-93M | $-533.0K | $-10M | $5M | $77M | |
| Net Income | $-52M | $59M | $25M | $-61M | $-56M | $-246M | $-158M | $-138M | $-33M | $-100M | $-124M | $-767M | $-77M | $1.20B | $-42M | $-48M | |
| EPS (Basic) | $-0.38 | $0.45 | $0.18 | $-0.45 | $-0.43 | $-1.92 | $-1.23 | $-1.07 | $-0.26 | $-1.14 | $-0.99 | $-6.16 | $-0.83 | $15.77 | $-0.55 | $-0.64 | |
| EPS (Diluted) | $-0.38 | $0.45 | $0.18 | $-0.45 | $-0.43 | $-1.92 | $-1.23 | $-1.07 | $-0.26 | $-1.14 | $-0.99 | $-6.16 | $-0.83 | $15.77 | $-0.55 | $-0.64 | |
| Shares (Basic) | 137,121,000 | · | 135,730,000 | 135,119,000 | 131,578,000 | · | 128,941,000 | 128,376,000 | 126,580,000 | · | 125,097,000 | 124,529,000 | 93,106,000 | · | 76,138,000 | 75,758,000 | |
| Shares (Diluted) | 137,121,000 | · | 140,915,000 | 135,119,000 | 131,578,000 | · | 128,941,000 | 128,376,000 | 126,580,000 | · | 125,097,000 | 124,529,000 | 93,106,000 | · | 76,138,000 | 75,758,000 | |
| EBITDA | $47M | · | $26M | $36M | $47M | · | $21M | $-25M | $60M | · | $-44M | $-805M | $-42M | · | $-31M | $1M |
Balance Sheet
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.74B | $1.75B | $1.35B | $1.23B | $1.18B | $1.61B | $1.56B | $3.53B | $1.81B | $1.90B | $1.62B | $1.96B | $1.96B | · | $182M | $149M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | $30M | · | $134M | · | · | · | |
| Receivables | $744M | $753M | $749M | $683M | $686M | $700M | $649M | $717M | $695M | $678M | $676M | $664M | $631M | · | $369M | $320M | |
| Inventory | $294M | $281M | $287M | $279M | $284M | $294M | $320M | $327M | $330M | $318M | $354M | $346M | $336M | · | $261M | $244M | |
| Prepaid Expense | $331M | $343M | $266M | $244M | $308M | $282M | $316M | $487M | $491M | $582M | $1.06B | $1.08B | $334M | · | $157M | $148M | |
| Other Current Assets | $160M | $163M | $92M | $84M | $133M | $106M | $117M | $173M | $119M | $134M | $131M | $153M | $158M | · | $59M | $52M | |
| Current Assets | $3.10B | $3.12B | $2.65B | $2.44B | $2.46B | $2.89B | $2.84B | $5.06B | $3.33B | $3.48B | $3.74B | $4.06B | $3.43B | · | $1.25B | $1.15B | |
| PP&E (Net) | $7.25B | $7.27B | $7.30B | $7.29B | $7.34B | $7.41B | $7.56B | $7.49B | $7.53B | $7.56B | $7.37B | $7.71B | $9.16B | · | $4.20B | $4.00B | |
| PP&E (Gross) | $12.47B | $12.28B | $12.06B | $11.81B | $11.63B | $11.44B | $11.35B | $11.06B | $10.86B | $10.65B | $10.23B | $10.36B | $11.61B | · | $6.45B | $6.16B | |
| Accum. Depreciation | $5.23B | $5.01B | $4.76B | $4.53B | $4.29B | $4.03B | $3.79B | $3.58B | $3.33B | $3.09B | $2.86B | $2.65B | $2.45B | · | $2.25B | $2.16B | |
| Goodwill | $1.62B | $1.63B | $1.63B | $1.63B | $1.63B | $1.62B | $1.62B | $1.62B | $1.62B | $1.62B | $1.61B | $1.38B | $1.59B | · | $166M | $162M | |
| Intangibles | $1.93B | $2.00B | $2.06B | $2.13B | $2.19B | $2.27B | $2.34B | $2.41B | $2.48B | $2.54B | $2.77B | $2.77B | $2.55B | · | $207M | $211M | |
| Other Non-current Assets | $781M | $780M | $844M | $858M | $853M | $846M | $823M | $760M | $752M | $734M | $744M | $734M | $727M | · | $668M | $669M | |
| Total Assets | $15.11B | $15.23B | $14.91B | $14.76B | $14.90B | $15.45B | $15.60B | $17.75B | $16.09B | $16.33B | $16.65B | $17.07B | $17.90B | · | $6.80B | $6.51B | |
| Accounts Payable | $289M | $288M | $309M | $309M | $242M | $264M | $219M | $247M | $231M | $287M | $315M | $389M | $378M | · | $300M | $245M | |
| Current Liabilities | $1.85B | $1.30B | $1.25B | $1.17B | $1.16B | $1.68B | $1.58B | $3.52B | $1.08B | $1.30B | $1.38B | $1.55B | $1.47B | · | $851M | $804M | |
| Capital Leases | $421M | $430M | $434M | $427M | $433M | $414M | $412M | $411M | $369M | $380M | $384M | $397M | $420M | · | $281M | $290M | |
| Deferred Tax | $995M | $1.02B | $987M | $964M | $1.07B | $1.07B | $1.11B | $1.22B | $1.22B | $1.23B | $1.29B | $1.40B | $1.41B | · | $14M | $14M | |
| Other Non-current Liabilities | $2.34B | $2.38B | $2.36B | $2.05B | $2.17B | $2.18B | $2.23B | $2.41B | $2.42B | $2.45B | $2.52B | $2.67B | $2.81B | · | $148M | $142M | |
| Total Liabilities | $10.39B | $10.50B | $10.28B | $10.18B | $10.29B | $10.80B | $10.75B | $12.75B | $11.00B | $11.26B | $11.50B | $11.84B | $11.92B | · | $4.18B | $3.88B | |
| Total Debt | $662M | · | $37M | $50M | $52M | · | $507M | $2.38B | $58M | · | $63M | $63M | $60M | · | $41M | $39M | |
| Common Stock | $14.0K | $14.0K | $14.0K | $14.0K | $13.0K | $13.0K | $13.0K | $13.0K | $13.0K | $13.0K | $13.0K | $13.0K | $13.0K | · | $8.0K | $8.0K | |
| Retained Earnings | $-411M | $-360M | $-418M | $-443M | $-382M | $-326M | $-79M | $79M | $217M | $249M | $350M | $474M | $1.24B | · | $121M | $164M | |
| AOCI | $-24M | $-25M | $-26M | $-27M | $-22M | $-47M | $-59M | $-22M | $-32M | $-21M | $-15M | $-37M | $-20M | · | $-39M | $-64M | |
| Stockholders' Equity | $4.64B | $4.66B | $4.57B | $4.52B | $4.56B | $4.55B | $4.76B | $4.94B | $5.03B | $5.03B | $5.10B | $5.19B | $5.94B | · | $2.59B | $2.60B | |
| Liabilities + Equity | $15.11B | $15.23B | $14.91B | $14.76B | $14.90B | $15.45B | $15.60B | $17.75B | $16.09B | $16.33B | $16.65B | $17.07B | $17.90B | · | $6.80B | $6.51B | |
| Shares Outstanding | · | 136,557,695 | · | · | · | 130,210,407 | · | · | · | 125,849,088 | · | · | · | · | · | · |
Cash Flow
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $24M | $22M | $24M | $20M | $15M | $17M | $22M | $23M | $19M | $18M | $22M | $22M | $22M | $20M | $21M | $23M | |
| Amort. of Intangibles | $80M | $80M | $79M | $74M | $84M | $80M | $81M | $82M | $81M | $43M | $107M | $97M | $43M | $25M | $22M | $22M | |
| Operating Cash Flow | $261M | $322M | $727M | $282M | $258M | $298M | $219M | $239M | $151M | $232M | $134M | $219M | $104M | $50M | $89M | $188M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | $366M | $375M | · | $275M | $308M | |
| Investing Cash Flow | $-219M | $-95M | $-274M | $-214M | $-176M | $-233M | $-193M | $-111M | $-222M | $161M | $-451M | $-231M | $-770M | $1.62B | $-296M | $-284M | |
| Debt Issued | · | $176M | $0 | · | · | $0 | $0 | · | · | $402M | $0 | $0 | $1.33B | $0 | $265M | $125M | |
| Net Debt Issued | $-18M | · | · | · | $-463M | · | · | · | $-19M | · | · | · | $1.32B | · | · | · | |
| Financing Cash Flow | $-50M | $173M | $-334M | $-20M | $-514M | $-7M | $-2.00B | $1.59B | $-22M | $-112M | $-32M | $-10M | $1.28B | $-472M | $238M | $24M | |
| Net Change in Cash | $-11M | $401M | $116M | $53M | $-435M | $56M | $-1.97B | $1.72B | $-89M | $280M | $-348M | $-24M | $613M | $1.20B | $33M | $-72M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | $-271M | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | $-327M | · | · | · |
Profitability
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 4.1% | · | 2.3% | 3.1% | 4.0% | · | 1.9% | -2.2% | 5.3% | · | -3.9% | -65.7% | -5.3% | · | · | 2.1% | |
| Net Margin | -4.5% | · | 2.2% | -5.4% | -4.8% | · | -14.1% | -12.3% | -2.9% | · | -11.0% | -62.6% | -9.9% | · | · | -85.2% | |
| Pretax Margin | -1.7% | · | 8.0% | -4.0% | -3.8% | · | -14.4% | -10.6% | -2.1% | · | -13.9% | -70.0% | -10.0% | · | · | 6.1% | |
| EBITDA Margin | 4.1% | · | 2.3% | 3.1% | 4.0% | · | 1.9% | -2.2% | 5.3% | · | -3.9% | -65.7% | -5.3% | · | · | 2.1% | |
| ROA | -0.34% | · | 0.16% | -0.38% | -0.36% | · | -0.98% | -0.79% | -0.19% | · | -1.1% | -6.5% | -0.63% | · | -0.63% | -0.76% | |
| ROE | -1.1% | · | 0.54% | -1.3% | -1.2% | · | -3.2% | -2.7% | -0.60% | · | -3.2% | -19.7% | -1.8% | · | -1.6% | -1.8% | |
| ROIC | 1.9% | · | 0.21% | 0.97% | 1.2% | · | 0.37% | -0.35% | 1.2% | · | -0.66% | -13.7% | -0.69% | · | -1.4% | -0.93% |
Liquidity & Solvency
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | · | 2.1 | 2.1 | 2.1 | · | 1.8 | 1.4 | 3.1 | · | 2.7 | 2.6 | 2.3 | · | 1.5 | 1.4 | |
| Quick Ratio | 1.3 | · | 1.7 | 1.6 | 1.6 | · | 1.4 | 1.2 | 2.3 | · | 1.7 | 1.7 | 1.9 | · | 0.6 | 0.6 | |
| Debt / Equity | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.5 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | |
| Interest Coverage | 0.6 | · | 0.3 | 0.4 | 0.5 | · | 0.2 | -0.2 | 0.6 | · | -0.3 | -9.3 | -0.7 | · | -3.6 | 0.2 |
Efficiency
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | · | 0.0 | |
| Receivables Turnover | 1.6 | · | 1.7 | 1.6 | 1.7 | · | 1.7 | 1.6 | 1.7 | · | 2.2 | 2.5 | 1.6 | · | · | 0.2 |
Per Share
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $8.43 | · | $8.21 | $8.44 | $8.90 | · | $8.72 | $8.74 | $8.90 | · | $9.02 | $9.84 | $8.38 | · | · | $0.74 | |
| Cash Flow / Share | $1.90 | · | · | · | $1.96 | · | · | · | $1.19 | · | · | · | $1.11 | · | · | · | |
| EPS (TTM) | $-0.20 | · | $-2.62 | $-4.03 | $-4.65 | · | $-3.70 | $-3.46 | $-8.55 | · | $7.79 | $8.23 | $13.75 | · | $-1.87 | $-1.41 |
Valuation (TTM)
| Metric | Trend | Q1 2027 | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $4.63B | · | $4.62B | $4.58B | $4.56B | · | $4.52B | $4.53B | $4.63B | · | $3.80B | $3.32B | $2.76B | · | $2.22B | $2.29B | |
| Net Income TTM | $-29M | · | $-339M | $-522M | $-598M | · | $-429M | $-395M | $-1.02B | · | $228M | $310M | $1.03B | · | $-147M | $-108M | |
| P/E | -449.1 | · | -13.2 | -7.3 | -3.1 | · | -2.3 | -3.5 | -1.5 | · | 3.6 | 2.2 | 3.0 | · | -16.9 | -21.4 | |
| Earnings Yield | -0.22% | · | -7.6% | -13.8% | -31.9% | · | -43.5% | -29.0% | -67.3% | · | 27.9% | 44.6% | 33.3% | · | -5.9% | -4.7% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Revenue | $4.64B | $4.52B | $4.28B | $2.56B | $2.42B |
| Operating Margin % | 2.3% | -2.2% | -20.8% | -6.1% | 0.30% |
| Net Income | $-34M | $-575M | $-1.07B | $1.08B | $-16M |
| Diluted EPS | $-0.25 | $-4.48 | $-9.12 | $14.29 | $-0.21 |
| Metric | 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 2.4 | 1.7 | 2.7 | 2.3 | 1.5 |
| Quick Ratio | 1.9 | 1.4 | 2.0 | 1.8 | 0.9 |
| Metric | 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Free Cash Flow | · | · | · | $-709M | $-433M |
Institutional owners (13F) 534 filers · $13.7B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 138 (+38 vs prior Q) | 30 (-6 vs prior Q) | 187 (+58 vs prior Q) | 134 (+1 vs prior Q) | +22.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $1,863,373,996 | 20,747,957 | 13.57% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $828,522,666 | 9,225,283 | 6.03% | Shares |
| VANGUARD GROUP INC | $577,671,691 | 16,763,543 | 4.21% | Shares |
| STATE STREET CORP | $547,261,905 | 6,093,552 | 3.99% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $529,406,869 | 5,894,743 | 3.86% | Shares |
| AMERICAN CENTURY COMPANIES INC | $515,201,801 | 5,736,575 | 3.75% | Shares |
| CARRONADE CAPITAL MANAGEMENT, LP | $484,972,000 | 5,399,976 | 3.53% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $465,852,448 | 5,188,808 | 3.39% | Shares |
| DISCIPLINED GROWTH INVESTORS INC /MN | $425,862,181 | 4,741,812 | 3.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $363,443,650 | 4,029,392 | 2.65% | Shares |
| OCO Capital Partners, L.P. | $350,259,000 | 3,900,000 | 2.55% | Shares |
| NEUBERGER BERMAN GROUP LLC | $298,512,819 | 3,360,508 | 2.17% | Shares |
| Invesco Ltd. | $290,328,967 | 3,232,702 | 2.11% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $269,298,822 | 2,998,539 | 1.96% | Shares |
| Nuveen, LLC | $255,959,757 | 2,850,014 | 1.86% | Shares |
| CITADEL ADVISORS LLC | $242,639,677 | 2,701,700 | 1.77% | Put option |
| 140 Summer Partners LP | $201,787,712 | 2,246,829 | 1.47% | Shares |
| VAN ECK ASSOCIATES CORP | $201,447,423 | 2,243,040 | 1.47% | Shares |
| REDWOOD CAPITAL MANAGEMENT, LLC | $197,908,908 | 2,203,640 | 1.44% | Shares |
| BRIGHTLINE CAPITAL MANAGEMENT, LLC | $189,678,720 | 2,112,000 | 1.38% | Shares |
| GOLDMAN SACHS GROUP INC | $188,654,347 | 2,100,594 | 1.37% | Shares |
| Empyrean Capital Partners, LP | $174,411,020 | 1,942,000 | 1.27% | Shares |
| CITADEL ADVISORS LLC | $164,280,452 | 1,829,200 | 1.20% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $161,033,371 | 1,793,045 | 1.17% | Shares |
| NORGES BANK | $139,977,327 | 1,558,594 | 1.02% | Shares |
| NORTHERN TRUST CORP | $134,316,423 | 1,495,562 | 0.98% | Shares |
| UBS Group AG | $133,362,641 | 1,484,942 | 0.97% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $132,155,415 | 1,471,500 | 0.96% | Call option |
| BANK OF AMERICA CORP /DE/ | $127,282,773 | 1,417,245 | 0.93% | Shares |
| TOMS Capital Investment Management LP | $112,262,500 | 1,250,000 | 0.82% | Call option |
| MORGAN STANLEY | $110,057,834 | 1,225,450 | 0.80% | Shares |
| HENNESSY ADVISORS INC | $108,194,107 | 1,204,700 | 0.79% | Shares |
| Nut Tree Capital Management, LP | $94,120,521 | 1,047,996 | 0.69% | Shares |
| MARSHALL WACE, LLP | $90,348,860 | 1,006,000 | 0.66% | Put option |
| JUPITER ASSET MANAGEMENT LTD | $86,029,897 | 957,910 | 0.63% | Shares |
| JANE STREET GROUP, LLC | $82,759,915 | 921,500 | 0.60% | Call option |
| Bank of New York Mellon Corp | $80,124,443 | 892,155 | 0.58% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $80,116,178 | 892,063 | 0.58% | Shares |
| Quantinno Capital Management LP | $77,113,916 | 858,633 | 0.56% | Shares |
| LEE DANNER & BASS INC | $73,727,274 | 820,925 | 0.54% | Shares |
| Caption Management, LLC | $66,396,533 | 739,300 | 0.48% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $63,307,069 | 704,900 | 0.46% | Put option |
| CITADEL ADVISORS LLC | $59,806,185 | 665,919 | 0.44% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $58,940,866 | 656,284 | 0.43% | Shares |
| Long Focus Capital Management, LLC | $58,376,500 | 650,000 | 0.43% | Shares |
| OAKTREE CAPITAL MANAGEMENT LP | $56,605,446 | 630,280 | 0.41% | Shares |
| FMR LLC | $55,558,021 | 618,617 | 0.40% | Shares |
| Caption Management, LLC | $53,427,969 | 594,900 | 0.39% | Put option |
| VICTORY CAPITAL MANAGEMENT INC | $49,991,928 | 556,641 | 0.36% | Shares |
| Paloma Partners Management Co | $49,395,500 | 550,000 | 0.36% | Call option |
Activists & 5%+ owners 11 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Ontario Teachers' Pension Plan Board ×2 filings | May 23, 2025 | 3.68% | Amendment | · | SEC |
| Triton LuxTopHolding SARL, Apax IX GP Co. Limited ×4 filings | May 23, 2025 | 3.68% | Amendment | · | SEC |
| CPP Investment Board Private Holdings (4) Inc., Canada Pension Plan Investment Board ×5 filings | May 23, 2025 | 3.68% | Amendment | · | SEC |
| Ontario Teachers’ Pension Plan Board ×2 filings | Aug. 14, 2024 | · | Initial filing | Passive investment | SEC |
| WP Triton Co-Invest, L.P., WP Triton Investment, L.P., Warburg Pincus (Callisto-A) Global Growth (Cayman), L.P., Warburg Pincus (Europa) Global Growth (Cayman), L.P., Warburg Pincus Global Growth Partners (Cayman), L.P., Warburg Pincus Global Growth-B (Cayman), L.P., Warburg Pincus Global Growth-E (Cayman), L.P., WP Global Growth Partners (Cayman), L.P., Warburg Pincus (Cayman) Global Growth GP, L.P., Warburg Pincus (Cayman) Global Growth GP LLC, Warburg Pincus Partners II (Cayman), L.P., Warburg Pincus (Bermuda) Private Equity GP Ltd., Warburg Pincus LLC ×2 filings | Aug. 14, 2024 | · | Initial filing | Passive investment | SEC |
| PRETZEL LOGIC BV, Mark Nieuwendijk | June 9, 2023 | · | Initial filing | · | SEC |
| The Baupost Group, L.L.C., Baupost Group GP, L.L.C., Seth A. Klarman ×4 filings | Nov. 10, 2021 | · | Initial filing | · | SEC |
| Undisclosed reporting person, Undisclosed reporting person | March 2, 2020 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person | April 24, 2019 | · | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person | Aug. 15, 2018 | · | Initial filing | Passive investment | SEC |
| Liberty Media Corporation (2) ×2 filings | April 20, 2010 | · | Initial filing | Board campaign | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 55 insiders · 33 officers · 22 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Mark D Dankberg | Chairman and CEO | Sept. 17, 2026 M | 1,119,165 | 0 | 9 | $-36,956,055 |
| Garrett L. Chase | SVP, Chief Financial Officer | Sept. 21, 2026 S | 51,534 | 0 | 18 | $-2,308,447 |
| Ronald G Wangerin | Chief Financial Officer | Dec. 27, 2011 M | 10,538 | 0 | 0 | $0 |
| Michael R Kreller | President, New Ventures | Aug. 17, 2026 A | 9,722 | 0 | 0 | $0 |
| James Michael Dodd | President, Commercial Services | July 7, 2025 M | 45,963 | 0 | 0 | $0 |
| Kumara Guru Gowrappan | President | June 7, 2024 A | 29,983 | 0 | 0 | $0 |
| David Louis Ryan | President Commercial Networks | June 7, 2023 A | 20,209 | 0 | 0 | $0 |
| Ken Allen Peterman | President Government Systems | Dec. 17, 2020 M | 39,547 | 0 | 0 | $0 |
| Craig Andrew Miller | SVP, Pres Viasat Government | Sept. 17, 2026 M | 41,570 | 0 | 3 | $-1,856,281 |
| Girish Chandran | CTO, SVP Engineering | Sept. 17, 2026 M | 63,491 | 0 | 0 | $0 |
| Robert James Blair | SVP, General Counsel | Sept. 17, 2026 M | 29,573 | 0 | 4 | $-3,670,077 |
| Benjamin Edward Palmer | SVP, Pres Commercial | Sept. 1, 2026 S | 30,087 | 0 | 9 | $-2,771,370 |
| Lisa L Curran | CO, Enterprise & Strategy | Aug. 17, 2026 M | 17,974 | 0 | 0 | $0 |
| Camellia E Fitzgerald | Chief Accounting Officer | Aug. 17, 2026 M | 12,958 | 0 | 2 | $-190,830 |
| Shawn Lynn Duffy | SVP, Chief Accounting Officer | Dec. 12, 2025 M | 6,021 | 0 | 2 | $-1,872,989 |
| Mark J Miller | EVP, Chief Technical Officer | June 7, 2025 M | 358,824 | 0 | 0 | $0 |
| Kevin J Harkenrider | EVP, Chief Corporate Officer | Nov. 20, 2024 G | 34,022 | 0 | 0 | $0 |
| Evan Christopher Dixon | Pres. Global Fixed Broadband | July 7, 2024 M | 21,968 | 0 | 0 | $0 |
| Krishna Nathan | Chief Information Officer | July 7, 2024 M | 12,547 | 0 | 0 | $0 |
| Keven K Lippert | Executive Vice President | Nov. 17, 2023 M | 7,386 | 0 | 0 | $0 |
| Doug Abts | Senior VP Strategic Planning | Nov. 19, 2022 M | 18,355 | 0 | 0 | $0 |
| Melinda Michele Del Toro | Chief People Officer | Dec. 17, 2021 M | 12,829 | 0 | 0 | $0 |
| Marc Henry Agnew | VP Commercial Networks | Dec. 19, 2019 M | 102,466 | 0 | 0 | $0 |
| Bruce Leroy Dirks | Senior Vice President | Dec. 19, 2019 M | 29,902 | 0 | 0 | $0 |
| Steve Estes | Senior Vice President | Dec. 17, 2015 M | 14,386 | 0 | 0 | $0 |
| Steven R Hart | Executive Vice President | Dec. 17, 2015 M | 470,617 | 0 | 0 | $0 |
| John Zlogar | Vice President | Dec. 10, 2014 M | 26,690 | 0 | 0 | $0 |
| Thomas Evans Moore | Senior VP | May 29, 2012 M | 6,159 | 0 | 0 | $0 |
| Brandon L Nixon | Senior Vice President | May 28, 2008 A | · | 0 | 0 | $0 |
| Gregory D Monahan | Vice President | May 1, 2007 S | 279,679 | 0 | 0 | $0 |
| Robert L Barrie | Vice President | Jan. 17, 2006 M | 38,232 | 0 | 0 | $0 |
| Cathy B Akin | VP Human Resources | Dec. 16, 2004 A | · | 0 | 0 | $0 |
| Stephen W Cable | VP Broadband Systems | June 24, 2004 M | 28,416 | 0 | 0 | $0 |
| John P Stenbit | Director | Sept. 11, 2026 G | 37,886 | 0 | 4 | $-187,269 |
| Barbara L Frenkel | Director | Sept. 3, 2026 M | 5,974 | 0 | 0 | $0 |
| William Albert Laplante | Director | Sept. 3, 2026 M | 7,388 | 0 | 0 | $0 |
| Michael Paull | Director | Sept. 3, 2026 M | 7,388 | 0 | 0 | $0 |
| Jinhy Yoon | Director | Sept. 3, 2026 M | 1,231 | 0 | 0 | $0 |
| Sean Pak | Director | Sept. 3, 2026 M | 25,588 | 0 | 0 | $0 |
| Theresa Wise | Director | Sept. 3, 2026 M | 17,388 | 0 | 2 | $-384,225 |
| Shekar G Ayyar | Director | Sept. 3, 2026 M | 1,231 | 0 | 0 | $0 |
| Richard A Baldridge | Director | Sept. 3, 2026 M | 6,388 | 0 | 4 | $-19,967,232 |
| James Frederick Bridenstine | Director | Sept. 7, 2024 M | 7,800 | 0 | 0 | $0 |
| Rajeev Suri | Director | Sept. 7, 2024 M | 260,651 | 0 | 0 | $0 |
| Andrew Sukawaty | Director | Sept. 7, 2024 M | 104,575 | 0 | 0 | $0 |
| Robert W Johnson | Director | Sept. 5, 2024 M | 686,496 | 0 | 0 | $0 |
| Varsha Rajendra Rao | Director | Sept. 1, 2023 M | 10,850 | 0 | 0 | $0 |
| Harvey White | Director | Sept. 3, 2020 M | 53,213 | 0 | 0 | $0 |
| Frank Biondi | Director | Sept. 6, 2019 M | 9,400 | 0 | 0 | $0 |
| Allen B Lay | Director | Sept. 4, 2019 M | 307,813 | 0 | 0 | $0 |
| Jeffrey M Nash | Director | Sept. 4, 2019 M | 312,735 | 0 | 0 | $0 |
| Robert A Bowman | Director | April 26, 2016 M | 6,200 | 0 | 0 | $0 |
| Michael B Targoff | Director | Feb. 23, 2012 M | 50,950 | 0 | 0 | $0 |
| William Arthur Owens | Director | March 19, 2004 M | 34,001 | 0 | 0 | $0 |
| Ontario Teachers' Pension Plan Board | · | Feb. 10, 2025 S | 4,795,334 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 61 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| UFO · Procure ETF Trust II | 6.20% | 472,891 NS | July 31, 2026 | N-PORT |
| PSCT · Invesco Exchange-Traded Fund Trust … | 3.99% | 304,625 SH | Oct. 2, 2026 | Daily |
| XSMO · Invesco Exchange-Traded Fund Trust | 3.81% | 1,559,118 SH | Oct. 2, 2026 | Daily |
| HAPS · Harbor ETF Trust | 1.37% | 30,317 NS | July 31, 2026 | N-PORT |
| VIOG · VANGUARD ADMIRAL FUNDS | 1.33% | 161,678 SH | Aug. 19, 2026 | Daily |
| RZG · Invesco Exchange-Traded Fund Trust | 1.19% | 20,127 SH | Oct. 2, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.73% | 110,810 SH | Aug. 19, 2026 | Daily |
| PPA · Invesco Exchange-Traded Fund Trust | 0.73% | 767,484 SH | Oct. 2, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.68% | 51,100 NS | July 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.66% | 474,865 SH | Aug. 19, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.58% | 616,258 NS | July 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.57% | 19,065 SH | Oct. 2, 2026 | Daily |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.55% | 1,783 SH | Oct. 2, 2026 | Daily |
| SMDX · Tidal Trust III | 0.53% | 8,916 NS | July 31, 2026 | N-PORT |
| BSJS · Invesco Exchange-Traded Self-Indexe… | 0.40% | 3,077,000 | Oct. 2, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.35% | 77,291 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.35% | 731,305 SH | Aug. 19, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.35% | 26,547 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.33% | 30,064 NS | July 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.33% | 620,566 NS | July 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.32% | 57,344 NS | July 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.31% | 60,833 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.31% | 3,247,379 SH | Sept. 11, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.29% | 81,217 SH | Oct. 2, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.25% | 1,878,690 SH | Aug. 19, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.24% | 79,653 NS | July 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.23% | 19,227 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.20% | 15,345 NS | July 31, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.19% | 3,851 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.19% | 377,324 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.14% | 1,558,626 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.14% | 2,959,567 SH | Aug. 19, 2026 | Daily |
| NFRA · FlexShares Trust | 0.13% | 52,497 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.13% | 47,864 SH | Sept. 11, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.10% | 1,846,666 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.10% | 7,084 NS | July 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.09% | 243,290 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.08% | 6,989 SH | Sept. 11, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.07% | 2,548 SH | Oct. 2, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.05% | 293,558 NS | July 31, 2026 | N-PORT |
| IGM · iShares Trust | 0.04% | 63,843 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.04% | 11,405 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.03% | 14,311 NS | July 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 3,941 SH | Oct. 2, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.03% | 56,478 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.02% | 31,841 SH | Oct. 2, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.02% | 35,322 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.02% | 4,102,038 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.02% | 10,382 SH | Aug. 19, 2026 | Daily |
| TILT · FlexShares Trust | 0.02% | 5,214 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 174,823 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.01% | 35,404 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.01% | 34,550 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 102,729 SH | Aug. 19, 2026 | Daily |
| IJR · iShares Trust | · | 8,288,634 SH | Sept. 10, 2026 | Daily |
| IJT · iShares Trust | · | 1,285,040 SH | Sept. 9, 2026 | Daily |
| IWN · iShares Trust | · | 1,191,144 SH | Sept. 11, 2026 | Daily |
| XJR · iShares Trust | · | 18,783 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 4,969 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 24,503 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 61,162 SH | Sept. 11, 2026 | Daily |
VSAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
10 analysts · 2026-09-29Mean target $103.94 +44.4%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| VSAT | $6.25B | -183.2 | 2.7% | -0.73% | -0.74% | · |
| UI | $32.32B | 33.7 | 27.2% | 29.3% | 78.2% | 46.2% |
| FFIV | $18.64B | 27.4 | 9.7% | 22.4% | 20.1% | 81.4% |
| VIAV | $11.76B | -366.4 | 40.0% | -2.0% | -2.7% | 57.7% |
| AAOI | $2.61B | -54.5 | 82.8% | -8.4% | -6.6% | 30.0% |
| ONDS | $3.72B | -15.7 | 605.3% | -260.7% | -57.0% | 39.7% |
| EXTR | $4.25B | 104.4 | 12.6% | 3.3% | 45.7% | 61.5% |
| NTCT | $2.29B | 24.5 | 4.5% | 11.1% | 5.9% | 79.4% |
| DGII | · | 33.8 | 1.5% | 9.5% | 6.6% | 62.9% |
| CALX | $3.55B | 203.6 | 20.3% | 1.8% | 2.2% | 56.8% |
| ADTN | $695M | -16.7 | 17.5% | -4.2% | -28.9% | 38.3% |
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