Does VIASAT, INC. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores VIASAT, INC. (VSAT) 34.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 0, capital discipline 24.

How has VSAT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 34.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

VIASAT, INC.

VSAT · Communications · $9.8B mkt cap · FY2026 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power100

Median gross margin 65.8% over 2y, very stable.

Returns on capital0

Median ROIC -1.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 43.5x, interest coverage 0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $71.48
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $628.2M (FY2009) to $4.6B (FY2026) — about 12.5% a year compounded over 17 years.

It earned 0.8% on invested capital in FY2026, with a median of 0.2% across 18 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $6.4B of total debt in FY2026. Balance-Sheet Safety scores it 0/100.

The share count rose 243.2% between FY2010 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how VSAT lands at 35/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$4.6B FY2026

Gross marginRevenue kept after cost of goods65.3% FY2018

Return on invested capitalOperating profit on the capital employed0.8% FY2026

Owner earningsCash an owner could take out$7.8M FY2023

Gaps in a line mean that item isn’t in VSAT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — VSAT has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Communications context

#36 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#34FUBO FuboTV Inc.35.3 out of 100, No moatNo moat
#35SHEN Shenandoah Telecommunications Company34.8 out of 100, No moatNo moat
#37LUMN Lumen Technologies, Inc.33.3 out of 100, No moatNo moat
#38SPIR SPIRE GLOBAL, INC.31.5 out of 100, No moatNo moat

Compare VSAT with its nearest peers →All Communications companies on the Index →

Common questions about VSAT

Does VIASAT, INC. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores VIASAT, INC. (VSAT) 34.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 0, capital discipline 24.
How has VSAT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 34.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows VSAT’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/VSAT"
  width="340" height="150" style="border:0"
  title="VSAT Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VSAT. See the disclaimer.