ViaSat Inc. (VSAT) Options Positioning, Max Pain & Unusual Sweeps

The Roarable RQD rating is 61, graded C-, with the verdict "Roarable Hold — Cautious Neutral" (per the Roarable RQD rating). The five pillars are:

• Fundamental Cash Engine: 9 / 20. Per the Roarable RQD rating, this pillar reflects ROIC of 1.1% and an FCF yield of 12.85%. The low ROIC is a weak return on invested capital, while the high FCF yield suggests cash generation is strong relative to market value. This is a valuation tradeoff: cash output appears large against a $10.74B market cap, but the return on capital underneath it is thin.
• Whale 13F Flow: 18 / 20. Per the Roarable RQD rating, this is the strongest pillar, described as reflecting institutional accumulation and options positioning. This is an upside driver in the scoring, though the source data contains no 13F holder detail to verify it (see Analyst View section).
• Insider Conviction: 13 / 20. Per the Roarable RQD rating, this reflects SEC Form 4 and Congressional PTR cluster flow. It is a moderate reading: supportive but not decisive.
• Macro Regime Fit: 11 / 20. Per the Roarable RQD rating, beta is 0.88 with sector sensitivity considered. A beta below 1 implies somewhat lower market-linked volatility than the broad market, which is a mild stabilizer, but the sector-sensitivity component limits the pillar score.
• Forensic Balance Sheet: 10 / 20. Per the Roarable RQD rating, Altman Z is 1.04, Piotroski F is 7/9, and Debt/Equity is 0.95. The Altman Z reading sits in a range that signals financial distress risk, which weighs heavily against the Piotroski reading of 7/9, a relatively healthy internal-quality signal. This split is the central forensic tension.

Taken together, the score sits in a middle band: strong institutional-flow signal offset by weak capital returns and a stressed balance sheet by the Altman measure. For a prospective investor, the upside case rests on positioning and cash yield; the downside case rests on low ROIC, leverage, and a valuation that the source data describes as elevated (Forward P/E 30, EV/EBITDA 48). This is an analytical reading of the scoring, not a recommendation.

ViaSat Inc. is a NASDAQ-listed issuer in the Consumer Discretionary sector, within the Telecommunications Equipment industry (per the profile). The source data does not describe its products, customer base, or revenue mechanics. Revenue figures are reported in the SEC financials, but the specific business lines are not available in source data.

Per the SEC financials, revenue rose from $4283.8M (FY 2023) to $4640.3M (FY 2025), and operating income moved from a loss to positive $108.1M in FY 2025. Net income remained negative at $-34.1M in FY 2025, and the market data shows a net margin of -0.7% and an operating margin of 2.3%. Per the market data, ROIC is 1.1%, and per the Roarable RQD rating, Altman Z is 1.04 and Piotroski F is 7/9. Debt of $4626.2M against cash of $1346.1M in FY 2025 reflects a leveraged position, consistent with the Debt/Equity of 0.95 cited in the RQD rating. Gross margin is listed as 0% in the market data, which is not further explained in the source data.

The news wire contains six headlines, all tagged to VSAT:

• Green (CATALYST): Yahoo Finance and GuruFocus coverage of share price surges, with GuruFocus citing a GF Score of 61; Investing.com coverage of the stock rally. The source headlines do not provide the underlying causes.
• Yellow (MARKET WIRE): A Yahoo Finance piece questioning whether the stock is overvalued following a three-year run; a Stock Titan report on CEO Mark D. Dankberg's extra option vesting tied to stock price hurdles; and a Stocktwits item describing an analyst view on a potential Starlink-related competitive threat involving ASTS, Ligado, and Viasat in FCC midband spectrum.

Risk watch items: valuation concerns raised in the news wire, the competitive spectrum scenario described in the Stocktwits item, and the leverage and distress readings in the forensic data. Proprietary signals: none are listed in the Butterfly Supply-Chain Graph.

The Butterfly Supply-Chain Graph lists supply_chain as NONE, with no butterfly links and no proprietary signals. Upstream and downstream dependencies are not available in source data. The only sector-level information is the classification (Consumer Discretionary / Telecommunications Equipment). The Stocktwits headline suggests a potential competitive interaction with ASTS in midband spectrum, which an investor may want to monitor as a second-order spectrum-allocation ripple, but the source data does not quantify this.

• What is the trailing P/E, given that the source data lists it as unavailable while EPS (TTM) is -0.25?
• What are ViaSat's product lines and customer concentration, given that the source data gives no business description?
• What drove the 6.6% share surge referenced by GuruFocus, and does the underlying cause persist?
• What are the maturity profile and interest burden of the $4626.2M debt, given the Altman Z reading?
• What is the reconciled reason gross margin is shown as 0%, and does it reflect a data gap or a true figure?