VSAT vs ZBRA: ViaSat and Zebra Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Zebra Technologies is the larger company, worth $18.5B, about 1.9 times ViaSat.
- Zebra Technologies grew revenue faster over the last year (+20.4% vs -1.2%).
- Zebra Technologies keeps more of each dollar of revenue as operating profit (14.7% vs 2.4%).
- Zebra Technologies's price assumes faster free cash flow growth: about 6% a year, against 2% for ViaSat (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | VSAT | ZBRA |
|---|---|---|
| Market cap | $9.7B | $18.5B |
| Share price | $70.87 | $387.18 |
| Revenue (last fiscal year) | $4.6B | $5.4B |
| Free cash flow (last fiscal year) | $597M | $831M |
| Revenue growth, last year | -1.2% | +20.4% |
| Revenue growth per year, last 5 fiscal years | +17.7% | -1.0% |
| Operating margin | 2.4% | 14.7% |
| Net margin | -0.64% | 9.2% |
| Return on equity | -0.63% | 15.7% |
| P/E (trailing) | — | 46.9x |
| Price / free cash flow | — | 22.2x |
| EV / EBITDA | 8.73x | 23.6x |
| FCF growth the price implies | 2.2% | 6.4% |
| Dividend yield | — | — |
| Debt / equity | 2.24x | 1.51x |
| Fundamental grade | F | C |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 3 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
ViaSat
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $2.4B | -$433M | -4.7% |
| 2023 | $2.6B | -$709M | -6.1% |
| 2024 | $4.3B | -$851M | -20.8% |
| 2025 | $4.5B | -$122M | -2.2% |
| 2026 | $4.6B | $597M | 2.3% |
Zebra Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.6B | $1.0B | 17.4% |
| 2022 | $5.8B | $413M | 9.2% |
| 2023 | $4.6B | -$91M | 10.5% |
| 2024 | $5.0B | $954M | 14.9% |
| 2025 | $5.4B | $831M | 13.0% |
Where the revenue comes from
ViaSat · by segments, 2026
Communication Services$3.3B71%
Defense and Advanced Technologies$1.3B29%
Zebra Technologies · by segments, 2025
CF$3.0B55%
AVA$2.4B45%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open VSAT in InvestinglyQuestions
Which is bigger, ViaSat or Zebra Technologies?
Zebra Technologies (ZBRA), at $18.5B against $9.7B.
Which grows faster, VSAT or ZBRA?
Zebra Technologies: revenue grew +20.4% over the last year, against -1.2%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.