Motorola Solutions vs Viasat

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KIRA’s take AI analyst

I put Motorola Solutions and Viasat side by side, using each one’s latest annual report. Here is what stands out:

Motorola Solutions is the larger business, with $11.7B of revenue in fiscal 2025 against $4.6B for Viasat, about 2.5 times as much.
Motorola Solutions grew revenue faster (8.0%, against 2.7%).
Motorola Solutions kept more of each dollar of sales as operating profit (25.6% operating margin, against 2.3%).
Viasat turned more of its sales into free cash flow (32.2% FCF margin, against 22.0%).
Motorola Solutions earned a higher return on the capital invested in it (28.6%, against 0.6%).

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Motorola Solutions

MSI

7/10

Revenue growthOperating marginNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change

Viasat

VSAT

2/10

5-year growthFCF margin

Side by side

Best in the row

Latest fiscal year	MSI FY25	VSAT FY26
Size
Market cap	$81.2B	$9.1B
Revenue	$11.7B	$4.6B
Free cash flow	$2.6B	$1.5B
Net income	$2.2B	−$34.1M
Growth
Revenue growth	8.0%	2.7%
5-year growth	9.5%	19.3%
Share count change	−1.1%	4.9%
Profitability
Gross margin	51.7%	—
Operating margin	25.6%	2.3%
Net margin	18.4%	−0.7%
FCF margin	22.0%	32.2%
Return on capital	28.6%	0.6%
Return on equity	104.7%	−0.7%
Balance sheet
Net debt	$8.0B	$4.8B
Net debt / EBITDA	2.3x	3.3x
Dividends and buybacks	$1.9B	$0.0M
Valuation & quality
P/E	38.2x	—
Piotroski F-score	6	6

Ten years

Revenue

FY17

MSI $6.4B

VSAT $1.6B

FY18

MSI $7.3B

VSAT $1.6B

FY19

MSI $7.9B

VSAT $2.1B

FY20

MSI $7.4B

VSAT $2.3B

FY21

MSI $8.2B

VSAT $1.9B

FY22

MSI $9.1B

VSAT $2.4B

FY23

MSI $10.0B

VSAT $2.6B

FY24

MSI $10.8B

VSAT $4.3B

FY25

MSI $11.7B

VSAT $4.5B

FY26

MSI —

VSAT $4.6B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

MSI VSAT

Operating margin

FY17

MSI 20.1%

VSAT 2.3%

FY18

MSI 17.1%

VSAT −5.8%

FY19

MSI 20.1%

VSAT −2.9%

FY20

MSI 18.7%

VSAT 1.7%

FY21

MSI 20.4%

VSAT −2.4%

FY22

MSI 18.2%

VSAT −4.7%

FY23

MSI 23.0%

VSAT −6.1%

FY24

MSI 24.9%

VSAT −20.8%

FY25

MSI 25.6%

VSAT −2.2%

FY26

MSI —

VSAT 2.3%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

MSI VSAT

Free cash flow

FY17

MSI $1.1B

VSAT −$103M

FY18

MSI $878M

VSAT −$153M

FY19

MSI $1.6B

VSAT −$309M

FY20

MSI $1.4B

VSAT −$257M

FY21

MSI $1.6B

VSAT −$100M

FY22

MSI $1.6B

VSAT −$433M

FY23

MSI $1.8B

VSAT −$709M

FY24

MSI $2.1B

VSAT $611M

FY25

MSI $2.6B

VSAT $830M

FY26

MSI —

VSAT $1.5B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

MSI VSAT

Return on capital

FY17

MSI 32.0%

VSAT 1.4%

FY18

MSI 51.0%

VSAT −2.8%

FY19

MSI 43.9%

VSAT −1.6%

FY20

MSI 32.7%

VSAT 1.1%

FY21

MSI 37.3%

VSAT −1.0%

FY22

MSI 34.8%

VSAT −2.0%

FY23

MSI 37.1%

VSAT −2.5%

FY24

MSI 40.4%

VSAT −9.0%

FY25

MSI 28.6%

VSAT −0.7%

FY26

MSI —

VSAT 0.6%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

MSI VSAT

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.