ViaSat Inc (VSAT)

Return on total capital

		Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	-807,990	-893,810	-899,759	-92,557	-109,463	-85,411	-82,831	-140,293	-85,497	-111,939	-61,448	-24,347	-45,953	43,221	35,430	41,172	38,421	33,752	25,790	-14,206
Long-term debt	US$ in thousands	4,354,710	4,342,620	4,333,130	3,610,540	1,689,190	1,688,440	1,687,700	1,686,960	1,686,220	1,685,480	1,684,740	1,684,000	1,683,260	1,682,520	1,681,770	1,680,900	1,285,500	1,284,910	1,284,330	1,382,960
Total stockholders’ equity	US$ in thousands	5,025,430	5,103,010	5,189,970	5,939,510	3,824,310	2,588,750	2,596,560	2,652,860	2,633,870	2,634,450	2,634,810	2,620,120	2,351,470	2,318,680	2,280,050	2,072,970	2,027,790	2,006,270	1,990,910	1,963,230
Return on total capital		-8.61%	-9.46%	-9.45%	-0.97%	-1.99%	-2.00%	-1.93%	-3.23%	-1.98%	-2.59%	-1.42%	-0.57%	-1.14%	1.08%	0.89%	1.10%	1.16%	1.03%	0.79%	-0.42%

March 31, 2024 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $-807,990K ÷ ($4,354,710K + $5,025,430K)
= -8.61%

ViaSat Inc's return on total capital has shown significant variability over the past several quarters. The company experienced negative returns on total capital in most quarters, with the lowest being -9.46% in December 2023. However, there were also some quarters where the return on total capital was positive, with the highest being 1.16% in March 2020.

The negative returns indicate that ViaSat has not been generating sufficient profits relative to the total capital invested in the business. This could be a cause for concern as it suggests inefficiency in the utilization of capital resources. The fluctuating trend in return on total capital also indicates inconsistency in the company's financial performance and could be a reflection of various internal and external factors impacting the company's profitability.

Overall, ViaSat Inc's return on total capital analysis suggests that the company may need to focus on improving its operational efficiency and profitability in order to generate better returns for its investors and stakeholders.