ViaSat, Inc. — Earnings Quality Grade F
VSAT · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 44 days, change -3 days YoY
AR growth -1.0% vs revenue growth 5.5%
Revenue 5.5%, CFFO 32.0%. Cash follows revenue
Expense Quality
Inventory -7.5% vs COGS 4.4%. Normal
CapEx growth -33.1% vs revenue 5.5%. Normal
SG&A/Gross Profit = 79.3%, exceeds 70%
Gross margin 33.0%, change +0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.1B)
Accruals ratio = -9.6%. Low accruals
Cash $1.6B covers only 21% of debt $7.5B
Balance Sheet Health
Goodwill+Intangibles $4.3B = 94% of equity. Over 50%
Debt/EBITDA = 6.1x (>4x). Interest coverage = -0.2x (<2x). Financial stress
Other assets grew 38.9% vs revenue 5.5%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -5% YoY. Normal
Manipulation Score
M-Score = -2.90 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25