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VSAT (Viasat) Piotroski F-Score : 5 (As of Oct. 31, 2024)


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What is Viasat Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Viasat has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Viasat's Piotroski F-Score or its related term are showing as below:

VSAT' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of Viasat was 7. The lowest was 2. And the median was 5.


Viasat Piotroski F-Score Historical Data

The historical data trend for Viasat's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Viasat Piotroski F-Score Chart

Viasat Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 5.00 5.00 5.00 5.00

Viasat Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 7.00 5.00 5.00

Competitive Comparison of Viasat's Piotroski F-Score

For the Communication Equipment subindustry, Viasat's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Viasat's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Viasat's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Viasat's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun24) TTM:Last Year (Jun23) TTM:
Net Income was -767.238 + -124.399 + -100.263 + -32.912 = $-1,025 Mil.
Cash Flow from Operations was 218.976 + 133.568 + 231.986 + 151.096 = $736 Mil.
Revenue was 1225.415 + 1128.539 + 1150.013 + 1126.46 = $4,630 Mil.
Gross Profit was 459.125 + 361.263 + 326.394 + 415.635 = $1,562 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Jun24) was
(17897.606 + 17072.044 + 16650.655 + 16329.364 + 16087.869) / 5 = $16807.5076 Mil.
Total Assets at the begining of this year (Jun23) was $17,898 Mil.
Long-Term Debt & Capital Lease Obligation was $7,498 Mil.
Total Current Assets was $3,327 Mil.
Total Current Liabilities was $1,080 Mil.
Net Income was -48.24 + -42.228 + 1196.838 + -77.004 = $1,029 Mil.

Revenue was 663.559 + 651.444 + 666.099 + 779.791 = $2,761 Mil.
Gross Profit was 221.671 + 168.411 + 174.047 + 234.88 = $799 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(6483.355 + 6510.28 + 6801.924 + 7730.337 + 17897.606) / 5 = $9084.7004 Mil.
Total Assets at the begining of last year (Jun22) was $6,483 Mil.
Long-Term Debt & Capital Lease Obligation was $7,638 Mil.
Total Current Assets was $3,426 Mil.
Total Current Liabilities was $1,471 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Viasat's current Net Income (TTM) was -1,025. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Viasat's current Cash Flow from Operations (TTM) was 736. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun23)
=-1024.812/17897.606
=-0.05725973

ROA (Last Year)=Net Income/Total Assets (Jun22)
=1029.366/6483.355
=0.15877057

Viasat's return on assets of this year was -0.05725973. Viasat's return on assets of last year was 0.15877057. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Viasat's current Net Income (TTM) was -1,025. Viasat's current Cash Flow from Operations (TTM) was 736. ==> 736 > -1,025 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=7498.19/16807.5076
=0.44612147

Gearing (Last Year: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=7638.182/9084.7004
=0.84077423

Viasat's gearing of this year was 0.44612147. Viasat's gearing of last year was 0.84077423. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun24)=Total Current Assets/Total Current Liabilities
=3327.101/1079.748
=3.08136806

Current Ratio (Last Year: Jun23)=Total Current Assets/Total Current Liabilities
=3426.469/1471.46
=2.32861851

Viasat's current ratio of this year was 3.08136806. Viasat's current ratio of last year was 2.32861851. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Viasat's number of shares in issue this year was 126.58. Viasat's number of shares in issue last year was 93.106. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1562.417/4630.427
=0.33742396

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=799.009/2760.893
=0.28940238

Viasat's gross margin of this year was 0.33742396. Viasat's gross margin of last year was 0.28940238. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun23)
=4630.427/17897.606
=0.25871767

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun22)
=2760.893/6483.355
=0.42584326

Viasat's asset turnover of this year was 0.25871767. Viasat's asset turnover of last year was 0.42584326. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+1+1+0+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Viasat has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Viasat  (NAS:VSAT) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Viasat Piotroski F-Score Related Terms

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Viasat Business Description

Traded in Other Exchanges
Address
2501 Gateway, Carlsbad, CA, USA, 92009
Viasat Inc provides bandwidth technologies and services in three segments: satellite services: which provides satellite-based high-speed broadband services to consumers, enterprises, and commercial airlines; commercial networks: which develops end-to-end communication and connectivity systems; and government systems: which produces network-centric Internet Protocol-based secure government communication systems. A large majority of the firm's revenue is generated in the United States, it also has its presence in non U.S. countries.
Executives
Richard A Baldridge officer: Chief Operating Officer 6155 EL CAMINO REAL, CARLSBAD CA 92009
Luxtopholding Sarl Triton 10 percent owner 1-3 BOULEVARD DE LA FOIRE, LUXEMBOURG N4 L-1528
Cpp Investment Board Private Holdings (4) Inc. 10 percent owner 1 QUEEN STREET EAST, SUITE 2500, TORONTO A6 M5C 2W5
Warburg Pincus (cayman) Global Growth Gp Llc 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Wp Triton Co-invest, L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Ontario Teachers Pension Plan Board 10 percent owner 5650 YONGE STREET, TORONTO A6 M2M 4H5
Craig Andrew Miller officer: Pres. Government Systems C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
Keven K Lippert officer: Vice President General Counsel 6155 EL CAMINO REAL, CARLSBAD CA 92009
Benjamin Edward Palmer officer: President, Maritime C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
James Michael Dodd officer: President, Global Mobile 6155 EL CAMINO REAL, CARLSBAD CA 92009
Wp Global Growth Partners (cayman), L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Global Growth Partners (cayman), L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Global Growth-e (cayman), L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Global Growth-b (cayman), L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus (europa) Global Growth (cayman), L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017