F5
FFIV · Communications Equipment
$455.42
1.2%Viasat
VSAT · Communications Equipment
$61.47
4.2%The short version
- Viasat is the larger business, with $4.6B of revenue in fiscal 2026 against $3.1B for F5, about 1.5 times as much.
- F5 grew revenue faster (9.7%, against 2.7%).
- F5 kept more of each dollar of sales as operating profit (24.8% operating margin, against 2.3% operating margin).
- Viasat turned more of its sales into free cash flow (32.2% FCF margin, against 29.4% FCF margin).
- F5 earned a higher return on the capital invested in it (30.5%, against 0.6%).
| Latest fiscal year | FFIV · FY25 | VSAT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $26.2B | $8.4B |
| Revenue | $3.1B | $4.6B |
| Free cash flow | $906M | $1.5B |
| Net income | $692M | −$34.1M |
| Growth | ||
| Revenue growth | 9.7% | 2.7% |
| 5-year growth | 5.6% | 19.3% |
| Share count change | −1.1% | 4.9% |
| Profitability | ||
| Gross margin | 81.4% | — |
| Operating margin | 24.8% | 2.3% |
| Net margin | 22.4% | −0.7% |
| FCF margin | 29.4% | 32.2% |
| Return on capital | 30.5% | 0.6% |
| Return on equity | 20.6% | −0.7% |
| Balance sheet | ||
| Net debt | −$1.3B | $4.8B |
| Net debt / EBITDA | −1.6x | 3.3x |
| Dividends and buybacks | $502M | $0.0M |
| Valuation & quality | ||
| P/E | 36.3x | — |
| Piotroski F-score | 8 | 6 |
FY17
FFIV $2.1B
VSAT $1.6B
FY18
FFIV $2.2B
VSAT $1.6B
FY19
FFIV $2.2B
VSAT $2.1B
FY20
FFIV $2.4B
VSAT $2.3B
FY21
FFIV $2.6B
VSAT $1.9B
FY22
FFIV $2.7B
VSAT $2.4B
FY23
FFIV $2.8B
VSAT $2.6B
FY24
FFIV $2.8B
VSAT $4.3B
FY25
FFIV $3.1B
VSAT $4.5B
FY26
FFIV —
VSAT $4.6B
FFIV
VSAT
FY17
FFIV 27.0%
VSAT 2.3%
FY18
FFIV 27.3%
VSAT −5.8%
FY19
FFIV 23.1%
VSAT −2.9%
FY20
FFIV 16.7%
VSAT 1.7%
FY21
FFIV 15.1%
VSAT −2.4%
FY22
FFIV 15.0%
VSAT −4.7%
FY23
FFIV 16.8%
VSAT −6.1%
FY24
FFIV 23.4%
VSAT −20.8%
FY25
FFIV 24.8%
VSAT −2.2%
FY26
FFIV —
VSAT 2.3%
FFIV
VSAT
FY17
FFIV $702M
VSAT −$103M
FY18
FFIV $708M
VSAT −$153M
FY19
FFIV $644M
VSAT −$309M
FY20
FFIV $601M
VSAT −$257M
FY21
FFIV $615M
VSAT −$100M
FY22
FFIV $409M
VSAT −$433M
FY23
FFIV $599M
VSAT −$709M
FY24
FFIV $762M
VSAT $611M
FY25
FFIV $906M
VSAT $830M
FY26
FFIV —
VSAT $1.5B
FFIV
VSAT
FY17
FFIV —
VSAT 1.4%
FY18
FFIV —
VSAT −2.8%
FY19
FFIV —
VSAT −1.6%
FY20
FFIV 27.7%
VSAT 1.1%
FY21
FFIV 20.9%
VSAT −1.0%
FY22
FFIV 18.0%
VSAT −2.0%
FY23
FFIV 19.5%
VSAT −2.5%
FY24
FFIV 26.5%
VSAT −9.0%
FY25
FFIV 30.5%
VSAT −0.7%
FY26
FFIV —
VSAT 0.6%
FFIV
VSAT
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.