Ubiquiti vs Viasat
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The short version
- Viasat is the larger business, with $4.6B of revenue in fiscal 2026 against $3.3B for Ubiquiti.
- Ubiquiti grew revenue faster (27.2%, against 2.7%).
- Ubiquiti kept more of each dollar of sales as operating profit (36.2% operating margin, against 2.3%).
- Viasat turned more of its sales into free cash flow (32.2% FCF margin, against 27.8%).
- Ubiquiti earned a higher return on the capital invested in it (104.2%, against 0.6%).
| Latest fiscal year | UI · FY26 | VSAT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $35.6B | $8.4B |
| Revenue | $3.3B | $4.6B |
| Free cash flow | $909M | $1.5B |
| Net income | $960M | −$34.1M |
| Growth | ||
| Revenue growth | 27.2% | 2.7% |
| 5-year growth | 11.5% | 19.3% |
| Share count change | 0.1% | 4.9% |
| Profitability | ||
| Gross margin | 46.2% | — |
| Operating margin | 36.2% | 2.3% |
| Net margin | 29.3% | −0.7% |
| FCF margin | 27.8% | 32.2% |
| Return on capital | 104.2% | 0.6% |
| Return on equity | 91.1% | −0.7% |
| Balance sheet | ||
| Net debt | −$611M | $4.8B |
| Net debt / EBITDA | −0.5x | 3.3x |
| Dividends and buybacks | $194M | $0.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
UI $865M
VSAT $1.6B
FY18
UI $1.0B
VSAT $1.6B
FY19
UI $1.2B
VSAT $2.1B
FY20
UI $1.3B
VSAT $2.3B
FY21
UI $1.9B
VSAT $1.9B
FY22
UI $1.7B
VSAT $2.4B
FY23
UI $1.9B
VSAT $2.6B
FY24
UI $1.9B
VSAT $4.3B
FY25
UI $2.6B
VSAT $4.5B
FY26
UI $3.3B
VSAT $4.6B
UI
VSAT
Operating margin
FY17
UI 33.5%
VSAT 2.3%
FY18
UI 32.1%
VSAT −5.8%
FY19
UI 33.9%
VSAT −2.9%
FY20
UI 37.2%
VSAT 1.7%
FY21
UI 39.1%
VSAT −2.4%
FY22
UI 27.3%
VSAT −4.7%
FY23
UI 28.1%
VSAT −6.1%
FY24
UI 25.9%
VSAT −20.8%
FY25
UI 32.5%
VSAT −2.2%
FY26
UI 36.2%
VSAT 2.3%
UI
VSAT
Free cash flow
FY17
UI $105M
VSAT −$103M
FY18
UI $323M
VSAT −$153M
FY19
UI $208M
VSAT −$309M
FY20
UI $430M
VSAT −$257M
FY21
UI $594M
VSAT −$100M
FY22
UI $357M
VSAT −$433M
FY23
UI −$166M
VSAT −$709M
FY24
UI $530M
VSAT $611M
FY25
UI $627M
VSAT $830M
FY26
UI $909M
VSAT $1.5B
UI
VSAT
Return on capital
FY17
UI 140.2%
VSAT 1.4%
FY18
UI 94.7%
VSAT −2.8%
FY19
UI 138.9%
VSAT −1.6%
FY20
UI 144.4%
VSAT 1.1%
FY21
UI 246.9%
VSAT −1.0%
FY22
UI 324.6%
VSAT −2.0%
FY23
UI 106.2%
VSAT −2.5%
FY24
UI 51.5%
VSAT −9.0%
FY25
UI 85.4%
VSAT −0.7%
FY26
UI 104.2%
VSAT 0.6%
UI
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.