{"slug":"viasat","name":"바이어샛","name_en":"Viasat","ticker":"VSAT","updated_at":"2026-07-12T03:54:59.471+00:00","canonical":"https://valuechain.wiki/viasat","same_as":["https://finance.yahoo.com/quote/VSAT","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=797721"],"citable":"밸류체인 그래프 기준 바이어샛의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Viasat is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 10 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · GEO 위성 광대역·국방통신 · 인말새트 통합","kicker_en":"NASDAQ · GEO satellite broadband & defense satcom · Inmarsat combined","lead":"바이어샛은 GEO 위성 광대역·국방통신 사업자로, 2023년 인말새트를 인수해 Ka·L밴드 글로벌 커버리지를 확보했다. 회계연도 2025년(2025년 3월 종료) 매출 45억2천만 달러(+6%), 조정 EBITDA 약 15억5천만 달러를 냈지만 순손실 약 5억7,500만 달러와 총부채 약 75억 달러의 부담이 이어진다. 미국 정부가 매출의 약 16~17%를 차지하고 델타항공 등 1,000대 이상의 항공기 기내인터넷(IFC)이 상업 축이다. 2026년 4월 ViaSat-3 3호기 발사로 3기 체제를 완성했다.","lead_en":"Viasat is a GEO satellite broadband and defense communications operator that acquired Inmarsat in 2023, gaining global Ka- and L-band coverage. FY2025 (ended March 2025) revenue was $4.52 billion (up 6%) with about $1.55 billion of adjusted EBITDA, but a net loss of roughly $575 million and about $7.5 billion of total debt still weigh. The U.S. government provides about 16-17% of revenue, and in-flight connectivity across 1,000+ aircraft including Delta anchors the commercial side. The third ViaSat-3 satellite launched in April 2026, completing the constellation.","segments":{"parts":[{"desc":"IFC(델타 1,000대+·아메리칸 985대 90%)·해사(14,000척)·정부위성·고정광대역 — 상용 매출 축.","name":"Communication Services (IFC·해사·정부위성·고정광대역)"},{"desc":"정보보안·우주/미션시스템·전술네트워킹 — 미 정부(매출 16~17%) 대상, 소수 대형 계약 의존.","name":"Defense and Advanced Technologies (정보보안·우주미션·전술네트워킹)"}],"total":"FY2025 매출 $4.52B (3월 결산)","concentration":"미 정부 약 16~17%, 항공 IFC 상용기 4,120대·해사 14,000척"},"segments_en":{"parts":[{"desc":"IFC (Delta 1,000+, ~90% of American's 985), maritime (14,000 vessels), government satcom and fixed broadband — the commercial revenue axis.","name":"Communication Services (IFC, maritime, government satcom, fixed broadband)"},{"desc":"Infosec, space/mission systems and tactical networking — for the US government (16-17% of revenue), concentrated in a few large contracts.","name":"Defense and Advanced Technologies (infosec, space & mission systems, tactical networking)"}],"total":"FY2025 revenue $4.52B (March fiscal year-end)","concentration":"U.S. government ~16-17%; IFC on 4,120 commercial aircraft, 14,000 vessels"},"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":1,"returns_yearly":{"2026":0.7}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":2,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"moog","name":"무그","name_en":"Moog","tier":2,"returns_yearly":{"2021":3.4,"2022":9.8,"2023":66.6,"2024":36.8,"2025":24.5,"2026":67.5}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":2,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":2,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}},{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","tier":2,"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":1.3}},{"slug":"thales","name":"Thales","name_en":"Thales","tier":2,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-11.6}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"mitsubishi-heavy-industries","name":"미쓰비시중공업","name_en":"Mitsubishi Heavy Industries","tier":2,"returns_yearly":{"2021":7.2,"2022":68.3,"2023":100.5,"2024":134.2,"2025":98.3,"2026":-15.3}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"wolfspeed","name":"울프스피드","name_en":"Wolfspeed","tier":3,"returns_yearly":{"2026":102.7}},{"slug":"mda-space","name":"MDA 스페이스","name_en":"MDA Space","tier":3,"returns_yearly":{"2022":-32.6,"2023":80,"2024":156.3,"2025":-9.8,"2026":80.8}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":3,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":3,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":32.2}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":3,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":3,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-10.8}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":3,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-25.6}}],"analysis":"2023년 인말새트를 인수해 Ka·L밴드 글로벌 커버리지를 확보한 GEO 위성 광대역·국방통신 사업자로, 2026년 4월 ViaSat-3 3호기 발사로 3기 체제를 완성했다. 매출(FY2025 $45.2억, +6%)은 델타(1,000대+)·아메리칸 등 항공 기내인터넷(IFC)과 해사, 그리고 매출의 16~17%를 차지하는 미 정부·국방 세 축에 집중된다. 다만 조정 EBITDA $15.5억에도 순손실 $5.75억과 총부채 약 $75억이라, 위성 capex(보잉 702MP+ 버스·스페이스X 팰컨헤비 발사) 회수와 부채 부담이 핵심 리스크다. 그래프상 상류는 보잉(위성 버스)·스페이스X(발사)이고, 하류는 항공·해사·미 정부 통신 수요다.","analysis_en":"A GEO satellite broadband and defense-satcom operator that gained global Ka/L-band coverage by acquiring Inmarsat in 2023 and completed its three-satellite constellation with the April 2026 ViaSat-3 F3 launch. Revenue (FY2025 $4.52B, +6%) concentrates on three axes: in-flight connectivity (Delta 1,000+, American and others), maritime, and the US government/defense (16-17% of revenue). But despite $1.55B adjusted EBITDA, a $575M net loss and ~$7.5B total debt weigh, so recovering satellite capex (Boeing 702MP+ bus, SpaceX Falcon Heavy launch) and the debt burden are the key risks. Upstream on the graph are Boeing (satellite bus) and SpaceX (launch); downstream are aviation, maritime and US-government communications demand.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"델타항공 (Delta Air Lines)","counterparty_slug":null,"confidence":"high","metric":{"type":"installed_base","unit":"aircraft","as_of":"2023-03-27","basis":"델타 IFC 계약 기체 수(협체+광동체)","value":1000,"period":"2023~","basis_en":"Delta aircraft committed to Viasat IFC (narrowbody + widebody)"},"note":"델타항공이 Viasat IFC를 협체(내로바디·A220·B737MAX)와 광동체(A330·A350·B767) 전 기종에 선정, 누적 1,000대 이상 규모. 상업 항공 IFC는 Communication Services의 핵심 매출원. 아메리칸항공도 약 985대 중 90%에 Viasat/Intelsat을 채택(2025-04).","note_en":"Delta selected Viasat IFC across narrowbody (A220, 737MAX) and widebody (A330, A350, 767) fleets, totaling 1,000+ aircraft committed, a core Communication Services revenue driver. American Airlines separately picked Viasat/Intelsat for ~90% of its 985-aircraft fleet (Apr 2025).","sources":[{"stance":"confirms","publisher":"Viasat 투자자관계(IR)","publisher_en":"Viasat Investor Relations","kind":"ir","lang":"en","published_at":"2023-03-27","url":"https://www.viasat.com/news/latest-news/aviation/2023/viasat-to-provide-in-flight-connectivity-to-additional-delta-aircraft-including-widebodies/","title":"Viasat to Provide In-Flight Connectivity to Additional Delta Aircraft, Including Widebodies","title_en":"Viasat to Provide In-Flight Connectivity to Additional Delta Aircraft, Including Widebodies","excerpt":"Viasat's in-flight connectivity (IFC) solution will be installed on a total of more than 1,000 Delta Air Lines aircraft, including all active aircraft in its Airbus A330, A350, and Boeing 767 widebody fleets.","excerpt_en":"Viasat's in-flight connectivity (IFC) solution will be installed on a total of more than 1,000 Delta Air Lines aircraft, including all active aircraft in its Airbus A330, A350, and Boeing 767 widebody fleets."},{"stance":"confirms","publisher":"SpaceNews","publisher_en":"SpaceNews","kind":"news","lang":"en","published_at":"2023-03-27","url":"https://spacenews.com/delta-viasat-in-flight-connectivity/","title":"Delta Air Lines adds Viasat in-flight connectivity service","title_en":"Delta Air Lines adds Viasat in-flight connectivity service","excerpt":"Delta announced it selected Viasat to provide in-flight connectivity across multiple fleets, expanding Viasat's footprint in the commercial aviation IFC market.","excerpt_en":"Delta announced it selected Viasat to provide in-flight connectivity across multiple fleets, expanding Viasat's footprint in the commercial aviation IFC market."}]},{"direction":"revenue","counterparty":"미 정부·국방 (satcom·DAT)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-09-30","basis":"미국 정부 매출 비중(10-Q)","value":17,"period":"3개월(2025-09-30 종료)","basis_en":"U.S. Government share of total revenues (10-Q)"},"note":"정부위성(government satcom)과 Defense and Advanced Technologies 사업부(정보보안·우주/미션시스템·전술네트워킹)를 통해 미국 정부에 납품. 미국 정부 매출은 총매출의 약 16~17%(분기 기준)로 최대 단일 고객군이며 소수 대형 계약에 의존.","note_en":"Supplies the U.S. Government via government satcom and the Defense and Advanced Technologies segment (cyber/info-security, space & mission systems, tactical networking). U.S. Government revenue is ~16-17% of total (quarterly basis), its largest single customer group, concentrated in a small number of contracts.","sources":[{"stance":"confirms","publisher":"TradingView(SEC 10-Q 재수록)","publisher_en":"TradingView (reproducing SEC 10-Q)","kind":"news","lang":"en","published_at":"2025-11-10","url":"https://www.tradingview.com/news/tradingview:c91023ce919c2:0-viasat-inc-sec-10-q-report/","title":"VIASAT INC SEC 10-Q 리포트 (FY2026 2분기)","title_en":"VIASAT INC SEC 10-Q Report (Q2 FY2026)","excerpt":"Revenues from the U.S. Government comprised approximately 17% and 16% of total revenues for the three and six months ended September 30, 2025, respectively.","excerpt_en":"Revenues from the U.S. Government comprised approximately 17% and 16% of total revenues for the three and six months ended September 30, 2025, respectively."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. Securities and Exchange Commission (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2025-05-20","url":"https://www.sec.gov/Archives/edgar/data/797721/000095017025077138/vsat-20250331.htm","title":"VIASAT INC — Form 10-K (FY2025)","title_en":"VIASAT INC — Form 10-K (FY2025, fiscal year ended March 31, 2025)","excerpt":"Defense and Advanced Technologies segment revenues are primarily derived from information security and cyber defense, space and mission systems, tactical networking... provided to government and commercial customers. The company relies on U.S. Government contracts and a small number of contracts for a significant percentage of revenues.","excerpt_en":"Defense and Advanced Technologies segment revenues are primarily derived from information security and cyber defense, space and mission systems, tactical networking... provided to government and commercial customers. The company relies on U.S. Government contracts and a small number of contracts for a significant percentage of revenues."}]},{"direction":"cost","counterparty":"SpaceX","counterparty_slug":"spacex","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"ViaSat-3 F3(약 6.6톤)를 2026-04-29 케네디우주센터 LC-39A에서 Falcon Heavy로 GEO에 발사. 위성 발사 비용처. 계약금액은 비공개.","note_en":"SpaceX launched the ~6.6-ton ViaSat-3 F3 to GEO on a Falcon Heavy from KSC LC-39A on Apr 29 2026, a launch-services cost input. Contract value undisclosed.","sources":[{"stance":"confirms","publisher":"Spaceflight Now","publisher_en":"Spaceflight Now","kind":"news","lang":"en","published_at":"2026-04-29","url":"https://spaceflightnow.com/2026/04/29/spacex-launches-6-ton-viasat-3-f3-satellite-on-falcon-heavy-rocket/","title":"SpaceX launches 6-ton ViaSat-3 F3 satellite on Falcon Heavy rocket","title_en":"SpaceX launches 6-ton ViaSat-3 F3 satellite on Falcon Heavy rocket","excerpt":"SpaceX launched the ViaSat-3 F3 satellite on a Falcon Heavy rocket, the third and final satellite in the ViaSat-3 constellation, headed to geostationary orbit.","excerpt_en":"SpaceX launched the ViaSat-3 F3 satellite on a Falcon Heavy rocket, the third and final satellite in the ViaSat-3 constellation, headed to geostationary orbit."},{"stance":"confirms","publisher":"Space.com","publisher_en":"Space.com","kind":"news","lang":"en","published_at":"2026-04-29","url":"https://www.space.com/space-exploration/launches-spacecraft/spacex-falcon-heavy-rocket-viasat-3-f3-launch","title":"SpaceX Falcon Heavy rocket lifts off on 1st launch in 18 months (ViaSat-3 F3)","title_en":"SpaceX Falcon Heavy rocket lifts off on 1st launch in 18 months (ViaSat-3 F3)","excerpt":"Falcon Heavy lifted off from Launch Complex 39A at Kennedy Space Center on the ViaSat-3 F3 mission, carrying the satellite toward geostationary orbit.","excerpt_en":"Falcon Heavy lifted off from Launch Complex 39A at Kennedy Space Center on the ViaSat-3 F3 mission, carrying the satellite toward geostationary orbit."}]},{"direction":"cost","counterparty":"Boeing","counterparty_slug":"boeing","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"ViaSat-3 3기 각각에 대해 Viasat이 페이로드를 제작하고 Boeing이 702MP+(전전기 추진) 위성 버스·시스템 통합·시험·발사체 통합·미션운영을 담당. 위성 제작비의 핵심 비용처. 계약금액은 비공개.","note_en":"For each of three ViaSat-3 satellites, Viasat builds the payload while Boeing supplies the all-electric 702MP+ satellite bus, system integration, test, launch-vehicle integration and mission operations, a core spacecraft cost input. Contract value undisclosed.","sources":[{"stance":"mentions","publisher":"Wikipedia","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2026-04-30","url":"https://en.wikipedia.org/wiki/ViaSat-3","title":"ViaSat-3 (Wikipedia)","title_en":"ViaSat-3 (Wikipedia)","excerpt":"For each ViaSat-3 satellite, Viasat builds the payload while Boeing provides the 702 satellite bus, system integration and test, launch-vehicle integration and mission operations.","excerpt_en":"For each ViaSat-3 satellite, Viasat builds the payload while Boeing provides the 702 satellite bus, system integration and test, launch-vehicle integration and mission operations."},{"stance":"confirms","publisher":"보잉(Boeing) 미디어룸","publisher_en":"Boeing Media Room","kind":"ir","lang":"en","published_at":"2026-04-07","url":"https://boeing.mediaroom.com/news-releases-statements?item=131657","title":"Boeing Delivers ViaSat-3 Flight 3 Spacecraft to Viasat","title_en":"Boeing Delivers ViaSat-3 Flight 3 Spacecraft to Viasat","excerpt":"Boeing built and delivered the third ViaSat-3 satellite, integrated at Boeing's El Segundo, California facility on Boeing's high-power 702MP+ platform featuring all-electric propulsion, larger solar arrays and higher-capacity batteries.","excerpt_en":"Boeing built and delivered the third ViaSat-3 satellite, integrated at Boeing's El Segundo, California facility on Boeing's high-power 702MP+ platform featuring all-electric propulsion, larger solar arrays and higher-capacity batteries."}]}]}