Latest Ratios: P/E Ratio -335.2x · EV/EBITDA 11.3x · ROE -0.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.4B | $6.2B | $1.4B | $2.1B | $2.6B | $3.6B | $3.2B | $2.2B | $4.7B | $3.9B | $3.7B |
| Enterprise Value | $16.6B | $11.4B | $7.3B | $7.9B | $4.0B | $6.1B | $5.1B | $4.1B | $5.8B | $4.8B | $4.4B |
| P/E Ratio → | -335.20 | — | — | — | — | — | 872.41 | 239.47 | — | — | 155.66 |
| P/S Ratio | 2.47 | 1.33 | 0.30 | 0.49 | 1.01 | 1.48 | 1.68 | 0.96 | 2.27 | 2.43 | 2.36 |
| P/B Ratio | 2.39 | 1.30 | 0.29 | 0.42 | 0.67 | 1.34 | 1.35 | 1.08 | 2.45 | 2.09 | 2.12 |
| P/FCF | 19.17 | 10.34 | — | — | — | — | — | — | — | — | — |
| P/OCF | 7.20 | 3.88 | 1.49 | 3.08 | 6.98 | 7.08 | 4.43 | 5.07 | 14.33 | 10.79 | 8.94 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.45 | 1.61 | 1.83 | 1.57 | 2.53 | 2.67 | 1.77 | 2.83 | 3.02 | 2.82 |
| EV / EBITDA | 11.34 | 7.74 | 5.75 | 29.35 | 11.86 | 16.54 | 17.36 | 12.48 | 22.65 | 29.51 | 15.56 |
| EV / EBIT | 153.87 | 105.10 | — | — | — | — | — | 106.44 | — | — | 120.53 |
| EV / FCF | — | 19.03 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.4% | 27.4% | 33.0% | 32.3% | 28.2% | 29.2% | 29.4% | 30.3% | 25.7% | 29.7% | 32.7% |
| Operating Margin | 2.3% | 2.3% | -2.2% | -20.8% | -6.1% | -4.7% | -2.4% | 1.7% | -2.9% | -5.8% | 2.3% |
| Net Profit Margin | -0.7% | -0.7% | -12.7% | -25.0% | -22.6% | -0.6% | 0.2% | -0.0% | -3.3% | -4.2% | 1.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.7% | -0.7% | -11.8% | -23.9% | -17.6% | -0.6% | 0.2% | -0.0% | -3.6% | -3.8% | 1.7% |
| ROA | -0.2% | -0.2% | -3.6% | -8.9% | -8.2% | -0.3% | 0.1% | -0.0% | -1.8% | -2.1% | 0.9% |
| ROIC | 0.8% | 0.8% | -0.7% | -8.3% | -2.2% | -1.8% | -0.8% | 0.8% | -1.5% | -2.6% | 1.2% |
| ROCE | 0.8% | 0.8% | -0.7% | -8.2% | -2.5% | -2.2% | -1.0% | 1.0% | -1.9% | -3.3% | 1.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.47 | 1.47 | 1.62 | 1.51 | 0.72 | 1.06 | 0.92 | 1.06 | 0.74 | 0.55 | 0.49 |
| Debt / EBITDA | 4.73 | 4.73 | 5.95 | 28.53 | 8.24 | 7.70 | 7.44 | 6.65 | 5.48 | 6.26 | 3.00 |
| Net Debt / Equity | — | 1.10 | 1.27 | 1.13 | 0.37 | 0.95 | 0.80 | 0.91 | 0.60 | 0.52 | 0.41 |
| Net Debt / EBITDA | 3.54 | 3.54 | 4.67 | 21.43 | 4.25 | 6.87 | 6.44 | 5.73 | 4.46 | 5.83 | 2.54 |
| Debt / FCF | — | 8.70 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.30 | 0.30 | -0.29 | -1.98 | -3.60 | -2.71 | -1.41 | 0.99 | -1.21 | -25.20 | 3.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.41 | 2.41 | 1.72 | 2.68 | 2.35 | 1.50 | 1.40 | 1.73 | 1.83 | 1.31 | 1.89 |
| Quick Ratio | 2.19 | 2.19 | 1.55 | 2.44 | 2.07 | 1.25 | 0.92 | 1.24 | 1.34 | 0.89 | 1.39 |
| Cash Ratio | 1.35 | 1.35 | 0.96 | 1.47 | 1.41 | 0.40 | 0.42 | 0.50 | 0.54 | 0.15 | 0.40 |
| Asset Turnover | — | 0.30 | 0.29 | 0.26 | 0.33 | 0.38 | 0.36 | 0.47 | 0.53 | 0.47 | 0.53 |
| Inventory Turnover | 11.98 | 11.98 | 10.31 | 9.13 | 6.83 | 8.65 | 4.03 | 5.47 | 6.56 | 5.71 | 6.43 |
| Days Sales Outstanding | — | 59.26 | 57.30 | 80.07 | 59.96 | 47.14 | 45.35 | 52.27 | 53.00 | 61.27 | 61.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 0.1% | 0.4% | — | — | 0.6% |
| FCF Yield | 5.2% | 9.7% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.2% | 0.3% | 0.4% | 0.6% | 1.8% | 0.6% | 0.4% | 1.3% | 0.6% | 0.6% | 0.6% |
| Total Shareholder Yield | 0.2% | 0.3% | 0.4% | 0.6% | 1.8% | 0.6% | 0.4% | 1.3% | 0.6% | 0.6% | 0.6% |
| Shares Outstanding | — | $135M | $130M | $117M | $76M | $73M | $67M | $62M | $61M | $59M | $58M |
High Debt Leverage Burden
Based on current market data, Viasat trades at an EV/EBITDA multiple of 9.31, which appears to reflect investor skepticism regarding the company's ability to monetize its massive satellite infrastructure compared to the broader aerospace and defense peer group that often commands higher valuation premiums for similar government-contracted revenue.
The negative P/E ratio of -247.80 highlights the disconnect between current accounting earnings and the company's underlying operational scale. Investors appear to be pricing the stock as a distressed infrastructure play rather than a growth-oriented technology provider, suggesting that the market is heavily discounting the potential for future margin expansion from the ViaSat-3 fleet.
According to recent financial statements, Viasat's ROIC has hovered near zero, with a 2025Q4 figure of -0.0%, indicating that the company is currently failing to generate returns on its invested capital that exceed the cost of the debt required to fund its expansive satellite constellation and ground network.
The persistent inability to drive positive returns on capital suggests that the massive capital outlays for satellite launches are not yet yielding the expected utilization rates. This trend warrants further investigation into whether the company's long-term strategy of aggressive asset accumulation is fundamentally value-destructive in the current interest rate environment.
As reported in quarterly filings, Viasat's cash conversion cycle has remained elevated at 56 days in 2025Q4, reflecting the inherent difficulties in managing long-term government project receivables alongside the inventory requirements of its commercial hardware business, which continues to tie up significant liquidity in the operating cycle.
The DSO of 58 days suggests that the company's reliance on large-scale government contracts creates lumpy cash inflows that complicate short-term liquidity management. Investors should monitor whether these efficiency metrics improve as the company shifts its focus toward higher-margin recurring service revenue, which typically carries a more favorable working capital profile.
Based on the latest balance sheet data, Viasat's debt-to-EBITDA ratio of 20.02 in 2025Q4 highlights a highly leveraged position that leaves little room for operational error, especially as the company navigates the integration of Inmarsat while simultaneously managing the technical risks associated with its newest satellite assets.
The interest coverage ratio, which has fluctuated near or below parity, suggests that the company's ability to service its debt is precarious and highly sensitive to operational performance. This leverage profile may limit management's strategic flexibility, forcing a prioritization of debt reduction over potential growth-oriented investments in the near term.
The most commonly misapplied metric for Viasat is EBITDA, which frequently obscures the company's true economic reality by ignoring the massive, non-discretionary depreciation charges associated with its satellite constellations that are essential to maintaining the company's competitive position in the global aerospace and communications market.
Relying on EBITDA as a proxy for cash flow is misleading because it fails to account for the constant, recurring need to replace and upgrade satellite assets to avoid technological obsolescence. Analysts should instead focus on free cash flow after maintenance capital expenditures to better understand the company's actual ability to generate sustainable shareholder value.
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Quick answers to the most common questions about buying VSAT stock.
Viasat, Inc.'s current P/E ratio is -335.2x. The historical average is 58.4x.
Viasat, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.3x.
Viasat, Inc.'s return on equity (ROE) is -0.7%. The historical average is 3.0%.
Based on historical data, Viasat, Inc. is trading at a P/E of -335.2x. Compare with industry peers and growth rates for a complete picture.
Viasat, Inc. has 27.4% gross margin and 2.3% operating margin.
Viasat, Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.