VSATVIASAT INC

Communications Services, NEC

Revenue: $4.6B; 2.7% YoY
Operating margin: 2.3%; 208% YoY
EBITDA: $1.1B; 22% YoY
Market cap: $10.5B
Employees: —
Net debt / EBITDA: 3.5×; $4.0B net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 66th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$71M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.4B	$2.6B	$4.3B	$4.5B	$4.6B	2.7%
Operating income	−$113M	−$156M	−$890M	−$97M	$108M	211%
Net income	−$16M	$1.1B	−$1.1B	−$575M	−$34M	94%
Operating cash flow	$506M	$368M	$688M	$908M	$1.6B	75%
Capex	$938M	$1.1B	—	—	—
Stock-based comp	$87M	$84M	$84M	$80M	$81M	0.9%

Deal filings

Filed	Form	Acquirer	Price	Premium
May 20, 2022	DEFM14A	—	$67.00	50%
Feb 9, 2022	PREM14A	—	$67.00	39%

13D filers

Filed	Filer	Form	Stake	Intent
May 23, 2025	ONTARIO TEACHERS PENSION PLAN BOARD	SCHEDULE 13D/A	3.7%	Passive
May 23, 2025	CPP Investment Board Private Holdings (4) Inc.	SCHEDULE 13D/A	3.7%	Passive
May 23, 2025	TRITON LUXTOPHOLDING SARL	SCHEDULE 13D/A	7.4%	Passive
Feb 12, 2025	TRITON LUXTOPHOLDING SARL	SCHEDULE 13D/A	7.4%	Passive
Feb 12, 2025	ONTARIO TEACHERS PENSION PLAN BOARD	SCHEDULE 13D/A	3.7%	Passive
Feb 12, 2025	CPP Investment Board Private Holdings (4) Inc.	SCHEDULE 13D/A	3.7%	Passive
Aug 14, 2024	WP Triton Co-Invest, L.P.	SC 13D/A	6.6%	Passive
Aug 14, 2024	ONTARIO TEACHERS PENSION PLAN BOARD	SC 13D/A	6.7%	Active
Aug 14, 2024	CANADA PENSION PLAN INVESTMENT BOARD	SC 13D/A	6.7%	Active
Aug 14, 2024	TRITON LUXTOPHOLDING SARL	SC 13D/A	6.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $71M · 63
Net: −$71M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	95	112
FY2025	—	—	22	103
FY2024	—	—	38	83
FY2023	—	—	70	82