VSAT

Viasat is a capital-intensive satellite-communications operator in the middle of a financial turnaround. After absorbing a -$1.07B loss in FY2024 and -$575M in FY2025, the net loss narrowed sharply to just -$34.1M in FY2026 on revenue of $4.64B (up 2.7%). Operating income swung positive to $108M (up 210.9%), and the standout is cash generation: operating cash flow surged 75.1% to $1.59B. The directional improvement across the P&L is real and meaningful.

However, this remains a leveraged, capital-hungry business. Total liabilities are $10.5B against $4.66B equity (2.25x), the accumulated deficit deepened to -$360M, and the company still carries a heavy capital-expenditure burden inherent to building and launching satellites — a structural cash drain that competes with the strong operating cash flow. Operating margin is thin at 2.3%, ROE is still negative (-0.7%), and share count rose 4.8%, diluting holders. Liquidity is adequate with $1.75B cash (up 8.4%), but the debt load leaves limited margin for execution missteps or satellite/launch failures.