TSAT

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Telesat Corp.

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Key Metrics

Previous Close: $46.43
52-Week Range: $23.01 – $61.54
Market Cap: $2.47B
P/E (TTM): —
EPS (TTM): -18.17
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 2.71
PEG Ratio: —
Return on Equity: -72.97%
Return on Assets: 0.03%
Gross Margin: 38.83%
Operating Margin: -15.11%
Profit Margin: -102.89%
Current Ratio: 0.17
Debt/Equity: 3.24
Total Debt: $3.84B
Free Cash Flow: $659.53M
Revenue Growth: -25.10%
Earnings Growth: —
Enterprise Value: $5.00B

TSAT Income statement, annual periods, in CAD
CAD	FY2022	FY2023	FY2024	FY2025
Revenue	$759.17M	$704.16M	$571.04M	$417.96M
Cost of Revenue	$54.00M	$38.52M	$37.97M	$22.73M
Gross Profit	$705.16M	$665.65M	$533.07M	$395.23M
Selling, General & Admin	$152.15M	$117.92M	$110.33M	$92.62M
Operating Expenses	$408.72M	$17.12M	$308.41M	$337.94M
Operating Income	$296.45M	$648.53M	$224.67M	$57.29M
EBITDA	$395.30M	$1.14B	$67.02M	-$229.97M
Pretax Income	-$30.19M	$672.87M	-$315.50M	-$597.60M
Income Tax	$51.41M	$89.60M	-$13.04M	-$67.38M
Net Income	-$23.76M	$157.12M	-$87.72M	-$155.35M
Diluted EPS	-1.90	11.29	-6.29	-10.61
Diluted Shares	12.31M	15.29M	13.94M	14.64M

TSAT Balance Sheet statement, annual periods, in CAD
CAD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$1.68B	$1.67B	$552.06M	$509.80M
Receivables	$59.66M	$94.80M	$188.18M	$64.37M
Inventory	$2.02M	$4.32M	$1.46M	$1.49M
Current Assets	$1.79B	$1.82B	$1.02B	$832.06M
Total Assets	$6.48B	$6.31B	$6.95B	$6.60B
Current Liabilities	$171.40M	$137.73M	$256.58M	$3.32B
Long-Term Debt	$3.85B	$3.20B	$3.10B	$1.15B
Total Debt	$3.88B	$3.23B	$3.13B	$3.53B
Total Liabilities	$4.64B	$3.91B	$4.45B	$4.83B
Retained Earnings	$356.27M	$534.06M	$467.33M	$330.81M
Shareholders' Equity	$481.44M	$661.92M	$710.28M	$530.82M
Working Capital	$1.62B	$1.68B	$764.69M	-$2.49B
Net Debt	$2.17B	$1.53B	$2.54B	$2.98B

TSAT Cash Flow statement, annual periods, in CAD
CAD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$239.55M	$170.06M	$62.46M	$66.70M
Capital Expenditure	-$32.77M	-$56.19M	-$64.86M	-$140.53M
Free Cash Flow	$206.78M	$113.87M	-$2.39M	-$73.82M
Depreciation & Amortisation	$203.73M	$195.76M	$138.61M	$148.89M
Stock-Based Compensation	$67.43M	$33.02M	$17.56M	$4.14M
Investing Cash Flow	$11.70M	$212.05M	-$1.09B	-$761.23M
Financing Cash Flow	-$127.19M	-$355.74M	-$170.20M	$672.36M
Dividends Paid	$0.00	$0.00	—	—
Net Change in Cash	$124.06M	$26.37M	-$1.20B	-$22.16M

TSAT Income statement, quarterly periods, in CAD
CAD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$116.75M	$106.11M	$101.06M	$94.04M	$87.06M	$79.49M
Cost of Revenue	$6.72M	$4.34M	$4.77M	$6.89M	$8.63M	$5.45M
Gross Profit	$110.03M	$101.76M	$96.29M	$87.15M	$78.43M	$74.05M
Selling, General & Admin	$26.07M	$21.55M	$22.44M	$22.55M	$24.49M	$25.21M
Operating Expenses	$85.90M	$83.77M	$90.56M	$80.48M	$168.42M	$87.07M
Operating Income	$30.85M	$18.00M	$5.73M	$6.67M	-$81.36M	-$13.03M
EBITDA	$42.93M	$170.78M	-$45.96M	-$397.99M	-$79.60M	-$471.40M
Pretax Income	-$50.54M	$79.33M	-$137.90M	-$488.48M	-$160.30M	-$553.14M
Income Tax	$918.00K	$3.80M	-$16.82M	-$55.27M	-$9.35M	$5.41M
Net Income	-$15.54M	$21.00M	-$35.27M	-$125.54M	-$45.49M	-$165.78M
Diluted EPS	-1.08	1.38	-2.38	-8.48	-3.04	-10.89
Diluted Shares	14.38M	16.56M	14.80M	14.81M	14.98M	15.22M

TSAT Balance Sheet statement, quarterly periods, in CAD
CAD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$797.37M	$547.39M	$482.61M	$509.80M	$522.73M	$383.24M
Receivables	$91.11M	$71.37M	$61.51M	$64.37M	$68.88M	$73.95M
Inventory	—	—	—	$1.49M	—	—
Current Assets	$1.15B	$872.35M	$840.51M	$832.06M	$857.81M	$714.06M
Total Assets	$7.13B	$6.75B	$6.93B	$6.60B	$6.69B	$6.76B
Current Liabilities	$204.98M	$171.68M	$204.35M	$3.32B	$3.41B	$4.19B
Long-Term Debt	$3.35B	$3.19B	$3.31B	$1.15B	$1.27B	$1.05B
Total Debt	$3.35B	$3.19B	$3.31B	$3.53B	$3.64B	$3.79B
Total Liabilities	$4.68B	$4.48B	$4.68B	$4.83B	$5.03B	$5.58B
Retained Earnings	$456.69M	$487.34M	$452.13M	$330.81M	$284.70M	$118.94M
Shareholders' Equity	$708.62M	$676.26M	$667.02M	$530.82M	$519.01M	$376.60M
Working Capital	$949.96M	$700.67M	$636.16M	-$2.49B	-$2.56B	-$3.48B
Net Debt	$2.56B	$2.64B	$2.83B	$2.98B	$3.12B	$3.41B

TSAT Cash Flow statement, quarterly periods, in CAD
CAD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$138.92M	-$30.67M	-$11.35M	-$30.21M	$3.62M	-$75.49M
Capital Expenditure	-$34.74M	-$35.20M	-$30.33M	-$40.25M	-$43.15M	-$55.56M
Free Cash Flow	$104.18M	-$65.87M	-$41.68M	-$70.45M	-$39.52M	-$131.05M
Depreciation & Amortisation	$36.81M	$37.55M	$37.48M	$37.05M	$30.74M	$30.79M
Stock-Based Compensation	$3.24M	$2.35M	$3.02M	-$4.46M	$3.13M	$3.81M
Investing Cash Flow	-$230.56M	-$182.16M	-$127.20M	-$221.31M	-$118.56M	-$160.05M
Financing Cash Flow	$332.51M	-$8.09M	$64.06M	$283.88M	$120.38M	$92.57M
Net Change in Cash	$240.87M	-$220.91M	-$74.49M	$32.37M	$5.45M	-$142.97M

Market Snapshot

About

Telesat is a global satellite operator providing reliable and secure satellite-delivered communications solutions to broadcast, enterprise, and government customers worldwide. The company operates a fleet of geostationary satellites and is developing Telesat Lightspeed, a low Earth orbit constellation. Telesat has been a pioneer in satellite communications since 1969.