Viasat, Inc. (VSAT) Stock Analysis

Viasat’s principal competitive advantages stem from its vertically integrated satellite network, global coverage, and strong positions in high-growth verticals such as in-flight connectivity (IFC) and government/defense communications. The company operates 23 satellites across multiple frequency bands, with eight more under development, enabling near-global service and dynamic bandwidth allocation. This scale and flexibility allow Viasat to offer differentiated, high-capacity broadband—particularly in aviation, maritime, and remote geographies—where terrestrial alternatives are limited.

In IFC, Viasat’s Ka-band technology delivers high-speed, high-throughput internet to over 4,000 commercial aircraft, outpacing most rivals except SpaceX’s Starlink, which is rapidly expanding but remains less entrenched in commercial aviation. Viasat’s customer satisfaction scores (91% for Wi-Fi on US major carriers) are on par with Starlink, indicating competitive service quality.

In government and defense, Viasat’s cleared workforce and advanced encryption capabilities provide a barrier to entry. Nearly 25% of employees are cleared for sensitive government work, supporting deep relationships with US and allied agencies. The company’s backlog in defense and advanced technologies rose 50% year-over-year to $984 million, reflecting strong demand.

However, Viasat faces rising threats from low-earth orbit (LEO) competitors (notably Starlink and, soon, Amazon Kuiper), which offer lower latency and are eroding the latency advantage of geostationary satellites. Viasat’s cost-per-bit remains favorable, but continued high capital expenditures and execution risk on new satellite launches are notable vulnerabilities.