TakeoverPE & activists

VSATVIASAT INC

Communications Services, NEC · $10.5B market cap

0.4×

Less likely than average to be taken private

Top 38% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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
  • 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
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
May 20, 2022DEFM14A—$67.0050%
Feb 9, 2022PREM14A—$67.0039%

Key numbers

Revenue
$4.6BFY2022: $2.4BFY2023: $2.6BFY2024: $4.3BFY2025: $4.5BFY2026: $4.6B
2.7% YoY
Operating margin
2.3%FY2022: -4.7%FY2023: -6.1%FY2024: -20.8%FY2025: -2.2%FY2026: 2.3%
208% YoY
EBITDA
$1.1BFY2022: $294MFY2023: $254MFY2024: −$22MFY2025: $939MFY2026: $1.1B
22% YoY
Net debt / EBITDA
3.5×
$4.0B net debt

Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Revenue$2.4B$2.6B$4.3B$4.5B$4.6B 2.7% FY2022: $2.4BFY2023: $2.6BFY2024: $4.3BFY2025: $4.5BFY2026: $4.6B
Operating income−$113M−$156M−$890M−$97M$108M 211% FY2022: −$113MFY2023: −$156MFY2024: −$890MFY2025: −$97MFY2026: $108M
Net income−$16M$1.1B−$1.1B−$575M−$34M 94% FY2022: −$16MFY2023: $1.1BFY2024: −$1.1BFY2025: −$575MFY2026: −$34M
Operating cash flow$506M$368M$688M$908M$1.6B 75% FY2022: $506MFY2023: $368MFY2024: $688MFY2025: $908MFY2026: $1.6B
Capex$938M$1.1B———FY2022: $938MFY2023: $1.1B
Stock-based comp$87M$84M$84M$80M$81M 0.9% FY2022: $87MFY2023: $84MFY2024: $84MFY2025: $80MFY2026: $81M

13D filers

FiledFilerFormStakeIntent
May 23, 2025ONTARIO TEACHERS PENSION PLAN BOARDSCHEDULE 13D/A3.7%Passive
May 23, 2025CPP Investment Board Private Holdings (4) Inc.SCHEDULE 13D/A3.7%Passive
May 23, 2025TRITON LUXTOPHOLDING SARLSCHEDULE 13D/A7.4%Passive
Feb 12, 2025TRITON LUXTOPHOLDING SARLSCHEDULE 13D/A7.4%Passive
Feb 12, 2025ONTARIO TEACHERS PENSION PLAN BOARDSCHEDULE 13D/A3.7%Passive
Feb 12, 2025CPP Investment Board Private Holdings (4) Inc.SCHEDULE 13D/A3.7%Passive
Aug 14, 2024WP Triton Co-Invest, L.P.SC 13D/A6.6%Passive
Aug 14, 2024ONTARIO TEACHERS PENSION PLAN BOARDSC 13D/A6.7%Active
Aug 14, 2024CANADA PENSION PLAN INVESTMENT BOARDSC 13D/A6.7%Active
Aug 14, 2024TRITON LUXTOPHOLDING SARLSC 13D/A6.7%Passive

Insider trading

−$71Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $71M · 63 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2026——95112
FY2025——22103
FY2024——3883
FY2023——7082