NASDAQ · GEO satellite broadband & defense satcom · Inmarsat combined
Viasat
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.
VSAT Updated Jul 12, 2026 3 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · FY2025 revenue $4.52B (March fiscal year-end)
- Customer concentration · U.S. government ~16-17%; IFC on 4,120 commercial aircraft, 14,000 vessels
- Segments · Communication Services (IFC, maritime, government satcom, fixed broadband) · Defense and Advanced Technologies (infosec, space & mission systems, tactical networking)
Revenue from
- Delta Air Lines High confidence· installed base 1,000 aircraft · 2023~ · Delta aircraft committed to Viasat IFC (narrowbody + widebody)
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).Confirms EN Viasat Investor Relations Published Mar 27, 2023: Viasat to Provide In-Flight Connectivity to Additional Delta Aircraft, Including WidebodiesConfirms EN SpaceNews Published Mar 27, 2023: Delta Air Lines adds Viasat in-flight connectivity service - US government · defense (satcom · DAT) High confidence· Revenue share 17% · 3개월(2025-09-30 종료) · U.S. Government share of total revenues (10-Q)
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.Confirms EN TradingView (reproducing SEC 10-Q) Published Nov 10, 2025: VIASAT INC SEC 10-Q Report (Q2 FY2026)Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published May 20, 2025: VIASAT INC — Form 10-K (FY2025, fiscal year ended March 31, 2025)
Pays to
- SpaceX High confidence
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.Confirms EN Spaceflight Now Published Apr 29, 2026: SpaceX launches 6-ton ViaSat-3 F3 satellite on Falcon Heavy rocketConfirms EN Space.com Published Apr 29, 2026: SpaceX Falcon Heavy rocket lifts off on 1st launch in 18 months (ViaSat-3 F3) - Boeing High confidence
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.Confirms EN Boeing Media Room Published Apr 7, 2026: Boeing Delivers ViaSat-3 Flight 3 Spacecraft to Viasat
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Viasat | node | +36.4 | -28.9 | -11.7 | -69.6 | +304.9 | +113.5 |
| Boeing | benef1 | -6 | -5.4 | +36.8 | -32.1 | +22.7 | +2.4 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| Moog | benef2 | +3.4 | +9.8 | +66.6 | +36.8 | +24.5 | +67.5 |
| GE Aerospace | benef2 | +9.7 | -10.9 | +95.7 | +64.8 | +85.7 | +17 |
| RTX | benef2 | +23.3 | +20 | -14.4 | +40.8 | +61.4 | +7.6 |
| Toray Industries | benef2 | +8.3 | +12.5 | -4.8 | +49.2 | +7.5 | +1.3 |
| Thales | benef2 | +12.5 | +52.5 | +14 | +17.8 | +66.6 | -11.6 |
| Korea Aerospace Industries | benef2 | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -14 |
| Mitsubishi Heavy Industries | benef2 | +7.2 | +68.3 | +100.5 | +134.2 | +98.3 | -15.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $122 · Price $73.56 (07-10) · Upside +66%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Oppenheimer | Outperform | $140 | Jun 29, 2026 | Report ↗ |
| J.P. Morgan · Sebastiano Petti | Overweight | $130 | Jun 3, 2026 | Report ↗ |
| Deutsche Bank · Edison Yu | Buy | $97 | Jun 1, 2026 | Report ↗ |
Defense wins including the U.S. Space Force PTS-G award drove a June 2026 wave of target hikes, with Deutsche Bank roughly doubling its target and Oppenheimer initiating at Outperform.