NASDAQ : TSAT
Telesat Corporation — Financial statements
Technology · Communication Equipment · Canada
Last price 42.52 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.83B
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Financial statements
Telesat Corporation (TSAT) reported revenue of 341.23M CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 341.23M | 417.96M | 571.04M | 704.16M | 759.17M | 758.21M |
| Cost of Revenue | 237.60M | 207.52M | 203.06M | 203.47M | 258.68M | 236.95M |
| Gross Profit | 103.62M | 210.43M | 367.98M | 500.69M | 500.49M | 521.26M |
| Selling, General & Admin | 959.00K | 1.77M | 2.79M | 857.00K | 2.38M | 3.68M |
| Amortization of Goodwill & Intangibles | 36.43M | 44.18M | 11.34M | 13.09M | 14.98M | 15.98M |
| Other Operating Expenses | -344.68M | -108.46M | ||||
| Operating Expenses | 130.88M | 150.66M | 141.41M | -148.06M | 206.12M | 114.97M |
| Operating Income | -27.26M | 59.77M | 226.57M | 648.75M | 294.37M | 406.30M |
| Interest Expense | -209.24M | -217.80M | -242.76M | -269.49M | -219.37M | -184.32M |
| Interest & Investment Income | 16.01M | 23.80M | 66.00M | 63.84M | 23.56M | 3.42M |
| Currency Exchange Gain (Loss) | -12.63M | 106.21M | -244.53M | 77.76M | -239.59M | 27.54M |
| Other Non Operating Income (Expenses) | -680.43M | -212.95M | -55.44M | 2.69M | 4.23M | -18.68M |
| EBT Excluding Unusual Items | -913.55M | -240.98M | -250.16M | 523.54M | -136.80M | 234.25M |
| Impairment of Goodwill | -386.69M | -302.22M | ||||
| Gain (Loss) on Sale of Assets | -34.00K | 4.06M | 2.09M | 59.00K | 7.00K | -848.00K |
| Asset Writedown | -63.00M | -63.00M | -267.02M | -79.74M | ||
| Other Unusual Items | -1.73M | 4.55M | 199.59M | 229.00M | 106.61M | |
| Pretax Income | -1.36B | -597.60M | -315.50M | 672.87M | -30.19M | 233.40M |
| Income Tax Expense | -62.67M | -67.38M | -13.04M | 89.60M | 51.41M | 71.03M |
| Earnings From Continuing Operations | -1.30B | -530.22M | -302.47M | 583.27M | -81.60M | 162.37M |
| Minority Interest in Earnings | 916.09M | 374.86M | 214.75M | -426.15M | 57.83M | -69.83M |
| Net Income | -383.84M | -155.35M | -87.72M | 157.12M | -23.76M | 92.53M |
| Net Income to Common | -383.84M | -155.35M | -87.72M | 157.12M | -23.76M | 92.53M |
| Shares Outstanding (Basic) | 14.91M | 14.64M | 13.94M | 13.42M | 12.31M | 45.17M |
| Shares Outstanding (Diluted) | 14.91M | 14.64M | 13.94M | 15.29M | 12.31M | 46.62M |
| EPS (Basic) | -25.74 | -10.61 | -6.29 | 11.71 | -1.93 | 2.05 |
| EPS (Diluted) | -25.74 | -10.61 | -6.29 | 11.29 | -1.93 | 1.99 |
| Free Cash Flow | -426.85M | -698.42M | -1.05B | 43.82M | 175.04M | -18.17M |
| Free Cash Flow Per Share | -28.62 | -47.70 | -75.19 | 2.87 | 14.22 | -0.39 |
| Gross Margin | 30.37% | 50.35% | 64.44% | 71.10% | 65.93% | 68.75% |
| Operating Margin | -7.99% | 14.30% | 39.68% | 92.13% | 38.78% | 53.59% |
| Profit Margin | -112.49% | -37.17% | -15.36% | 22.31% | -3.13% | 12.20% |
| Free Cash Flow Margin | -125.09% | -167.10% | -183.53% | 6.22% | 23.06% | -2.40% |
| EBITDA | 98.51M | 204.52M | 361.75M | 844.51M | 498.11M | 626.05M |
| EBITDA Margin | 28.87% | 48.93% | 63.35% | 119.93% | 65.61% | 82.57% |
| D&A For EBITDA | 125.78M | 144.75M | 135.17M | 195.76M | 203.73M | 219.75M |
| EBIT | -27.26M | 59.77M | 226.57M | 648.75M | 294.37M | 406.30M |
| EBIT Margin | -7.99% | 14.30% | 39.68% | 92.13% | 38.78% | 53.59% |
| Effective Tax Rate | 13.32% | 30.44% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 813.83M | 509.80M | 552.06M | 1.67B | 1.68B | 1.45B |
| Cash & Short-Term Investments | 813.83M | 509.80M | 552.06M | 1.67B | 1.68B | 1.45B |
| Accounts Receivable | 48.73M | 30.56M | 48.27M | 47.56M | 29.25M | 95.54M |
| Other Receivables | 20.98M | 33.81M | 139.91M | 47.24M | 30.41M | 30.38M |
| Receivables | 69.70M | 64.37M | 188.18M | 94.80M | 59.66M | 125.92M |
| Inventory | 1.49M | 1.46M | 4.32M | 2.02M | 16.98M | |
| Prepaid Expenses | 241.68M | 13.69M | 6.60M | 6.61M | 14.34M | 6.43M |
| Other Current Assets | 550.00K | 242.71M | 272.97M | 41.88M | 34.47M | 18.51M |
| Total Current Assets | 1.13B | 832.06M | 1.02B | 1.82B | 1.79B | 1.62B |
| Property, Plant & Equipment | 3.40B | 2.72B | 2.28B | 1.26B | 1.36B | 1.43B |
| Goodwill | 2.20B | 2.21B | 2.61B | 2.45B | 2.45B | 2.45B |
| Other Intangible Assets | 420.34M | 442.28M | 497.47M | 692.76M | 756.88M | 762.66M |
| Long-Term Deferred Tax Assets | 5.80M | 4.23M | 3.06M | 2.95M | 49.98M | 46.19M |
| Long-Term Deferred Charges | 231.66M | 416.43M | 247.00K | 511.00K | ||
| Other Long-Term Assets | 345.95M | 162.27M | 116.84M | 94.07M | 73.51M | 59.37M |
| Total Assets | 7.51B | 6.60B | 6.95B | 6.31B | 6.48B | 6.36B |
| Accounts Payable | 70.80M | 5.18M | 107.95M | 4.57M | 1.98M | 3.46M |
| Accrued Expenses | 19.34M | 20.85M | 21.72M | 38.54M | 19.81M | |
| Current Portion of Long-Term Debt | 2.75B | 2.34B | 5.37M | |||
| Current Portion of Leases | 1.58M | 2.73M | 2.04M | 2.22M | 2.12M | 1.95M |
| Current Income Taxes Payable | 158.00K | 2.77M | 5.91M | 1.92M | 3.48M | 5.62M |
| Current Unearned Revenue | 45.33M | 57.54M | 55.11M | 66.83M | 78.16M | |
| Other Current Liabilities | 1.50B | 900.94M | 62.28M | 52.19M | 58.46M | 67.59M |
| Total Current Liabilities | 4.32B | 3.32B | 256.58M | 137.73M | 171.40M | 181.96M |
| Long-Term Debt | 1.31B | 1.15B | 3.10B | 3.20B | 3.85B | 3.79B |
| Long-Term Leases | 43.10M | 37.38M | 31.34M | 31.12M | 31.99M | 33.73M |
| Long-Term Unearned Revenue | 157.53M | 185.40M | 224.33M | 259.58M | 289.93M | |
| Pension & Post-Retirement Benefits | 65.63M | 65.16M | 70.47M | 71.36M | 32.86M | 45.22M |
| Long-Term Deferred Tax Liabilities | 60.61M | 91.99M | 175.54M | 235.25M | 271.25M | 296.32M |
| Other Long-Term Liabilities | 671.44M | 12.23M | 632.53M | 17.58M | 22.29M | 26.41M |
| Total Liabilities | 6.47B | 4.83B | 4.45B | 3.91B | 4.64B | 4.67B |
| Common Stock | 93.21M | 70.00M | 59.08M | 51.25M | 46.55M | 42.84M |
| Retained Earnings | 71.26M | 330.81M | 467.33M | 534.06M | 356.27M | 350.03M |
| Comprehensive Income & Other | 174.45M | 130.01M | 183.87M | 76.61M | 78.61M | 22.80M |
| Total Common Equity | 338.92M | 530.82M | 710.28M | 661.92M | 481.44M | 415.67M |
| Minority Interest | 701.46M | 1.24B | 1.79B | 1.74B | 1.36B | 1.28B |
| Shareholders' Equity | 1.04B | 1.77B | 2.50B | 2.40B | 1.84B | 1.70B |
| Total Liabilities & Equity | 7.51B | 6.60B | 6.95B | 6.31B | 6.48B | 6.36B |
| Total Debt | 4.10B | 3.53B | 3.13B | 3.23B | 3.88B | 3.83B |
| Net Cash (Debt) | -3.29B | -3.02B | -2.58B | -1.56B | -2.21B | -2.38B |
| Net Cash Per Share | -220.46 | -206.54 | -184.96 | -102.12 | -179.22 | -51.14 |
| Filing Date Shares Outstanding | 15.32M | 14.84M | 14.19M | 13.61M | 12.81M | 12.02M |
| Total Common Shares Outstanding | 15.32M | 14.84M | 14.19M | 13.61M | 12.81M | 12.02M |
| Working Capital | -3.19B | -2.49B | 764.69M | 1.68B | 1.62B | 1.44B |
| Book Value Per Share | 22.13 | 35.76 | 50.04 | 48.63 | 37.60 | 34.58 |
| Tangible Book Value | -2.29B | -2.13B | -2.40B | -2.48B | -2.72B | -2.79B |
| Tangible Book Value Per Share | -149.23 | -143.23 | -169.11 | -182.03 | -212.57 | -232.41 |
| Buildings | 99.85M | 94.07M | 87.38M | 86.22M | 85.73M | |
| Machinery | 3.63B | 3.66B | 3.60B | 3.61B | 3.55B | |
| Construction In Progress | 2.31B | 1.72B | 554.14M | 470.24M | 390.54M | |
| Order Backlog | 826.70M | 1.10B |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -383.84M | -155.35M | -87.72M | 157.12M | -23.76M | 92.53M |
| Depreciation & Amortization | 129.69M | 148.65M | 138.37M | 195.76M | 203.73M | 219.75M |
| Other Amortization | 239.00K | 239.00K | 239.00K | |||
| Loss (Gain) From Sale of Assets | 35.00K | -4.06M | -2.09M | -59.00K | -7.00K | 848.00K |
| Asset Writedown & Restructuring Costs | 449.69M | 365.22M | 267.02M | 79.74M | ||
| Stock-Based Compensation | 7.28M | 4.14M | 17.56M | 33.02M | 67.43M | 73.72M |
| Other Operating Activities | 189.27M | -365.46M | -225.79M | -256.31M | -1.10M | -34.74M |
| Change in Accounts Receivable | -5.91M | 96.32M | -13.80M | -24.43M | 2.30M | -55.43M |
| Change in Accounts Payable | -5.59M | -3.52M | 18.28M | -4.08M | -7.07M | 14.07M |
| Change in Other Net Operating Assets | -6.16M | -19.48M | -49.60M | -10.70M | -1.97M | -17.27M |
| Operating Cash Flow | 374.70M | 66.70M | 62.46M | 170.06M | 239.55M | 293.50M |
| Capital Expenditures | -801.55M | -765.12M | -1.11B | -126.24M | -64.51M | -311.67M |
| Sale of Property, Plant & Equipment | 4.52M | |||||
| Divestitures | 235.00K | 3.61M | ||||
| Sale (Purchase) of Intangibles | -52.00K | -13.27M | -71.00K | -1.16M | ||
| Investment in Securities | -3.44M | -858.00K | ||||
| Other Investing Activities | 3.02M | 15.36M | 351.56M | 76.27M | 42.86M | |
| Investing Cash Flow | -801.97M | -761.23M | -1.09B | 212.05M | 11.70M | -269.97M |
| Long-Term Debt Issued | 689.79M | 619.90M | ||||
| Long-Term Debt Repaid | -7.21M | -158.32M | -346.19M | -99.73M | -2.18M | |
| Lease Payments | -2.67M | -2.71M | -2.42M | -2.17M | -2.50M | -2.18M |
| Net Debt Issued (Repaid) | 779.44M | 682.58M | -158.32M | -346.19M | -99.73M | 617.72M |
| Issuance of Common Stock | 1.88M | 550.00K | 426.00K | 27.00K | 16.00K | |
| Repurchase of Common Stock | -15.08M | -8.73M | -7.73M | -3.20M | ||
| Preferred Dividends Paid | -10.00K | |||||
| Dividends Paid | -10.00K | |||||
| Other Financing Activities | -18.31M | -2.04M | -4.57M | -6.38M | -27.46M | -12.49M |
| Financing Cash Flow | 747.94M | 672.36M | -170.20M | -355.74M | -127.19M | 605.24M |
| Foreign Exchange Rate Adjustments | 10.56M | -20.10M | 82.27M | -35.07M | 104.14M | 2.45M |
| Net Cash Flow | 331.22M | -42.27M | -1.12B | -8.70M | 228.20M | 631.22M |
| Free Cash Flow | -426.85M | -698.42M | -1.05B | 43.82M | 175.04M | -18.17M |
| Free Cash Flow Margin | -125.09% | -167.10% | -183.53% | 6.22% | 23.06% | -2.40% |
| Free Cash Flow Per Share | -28.62 | -47.70 | -75.19 | 2.87 | 14.22 | -0.39 |
| Levered Free Cash Flow | 596.57M | 155.12M | -1.17B | 255.44M | 305.44M | 54.01M |
| Unlevered Free Cash Flow | 727.35M | 291.24M | -1.02B | 423.87M | 442.55M | 169.20M |
| Free Cash Flow After Leases | -429.53M | -701.13M | -1.05B | 41.65M | 172.55M | -20.35M |
| Cash Interest Paid | 195.37M | 205.19M | 231.32M | 271.93M | 184.78M | 158.81M |
| Cash Income Tax Paid | 20.51M | -8.22M | 60.51M | 66.84M | 98.14M | 94.24M |
| Change in Working Capital | -17.67M | 73.31M | -45.12M | -39.21M | -6.74M | -58.62M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 725.96B | 430.63M | 231.03M | 141.96M | 94.46M | 344.62M |
| Enterprise Value | 728.28B | 3.64B | 3.03B | 2.60B | 2.72B | 2.17B |
| Last Close Price | 40.09 | 29.10 | 16.44 | 10.43 | 7.50 | 28.67 |
| PE Ratio | 1.19 | 4.71 | ||||
| Forward PE | 18.84 | 18.84 | ||||
| PS Ratio | 3,020.32 | 1.41 | 0.58 | 0.27 | 0.17 | 0.57 |
| PB Ratio | 2.57 | 0.33 | 0.13 | 0.08 | 0.07 | 0.26 |
| P/FCF Ratio | 4.28 | 0.73 | ||||
| P/OCF Ratio | 2,706.12 | 8.85 | 5.32 | 1.10 | 0.53 | 1.49 |
| EV/Sales Ratio | 3,029.96 | 11.93 | 7.63 | 4.87 | 4.84 | 3.62 |
| EV/EBITDA Ratio | 10,494.94 | 24.38 | 12.05 | 4.06 | 7.38 | 4.38 |
| EV/EBIT Ratio | 83.43 | 19.24 | 5.28 | 12.49 | 6.75 | |
| EV/FCF Ratio | 78.22 | 21.01 | ||||
| Debt / Equity Ratio | 3.94 | 2.00 | 1.25 | 1.35 | 2.11 | 2.26 |
| Debt / EBITDA Ratio | 40.05 | 16.95 | 8.58 | 3.83 | 7.80 | 6.12 |
| Debt / FCF Ratio | 73.72 | 22.19 | ||||
| Net Debt / Equity Ratio | 3.16 | 1.71 | 1.03 | 0.65 | 1.20 | 1.41 |
| Net Debt / EBITDA Ratio | 33.38 | 14.79 | 7.13 | 1.85 | 4.43 | 3.81 |
| Net Debt / FCF Ratio | -7.70 | -4.33 | -2.46 | 35.63 | 12.61 | -131.22 |
| Asset Turnover | 0.05 | 0.06 | 0.09 | 0.11 | 0.12 | 0.13 |
| Inventory Turnover | 141.03 | 70.34 | 64.19 | 27.22 | 21.34 | |
| Quick Ratio | 0.20 | 0.17 | 2.88 | 12.81 | 10.14 | 8.66 |
| Current Ratio | 0.26 | 0.25 | 3.98 | 13.19 | 10.43 | 8.89 |
| Return on Equity (ROE) | -79.06% | -24.86% | -12.36% | 27.52% | -4.61% | 10.29% |
| Return on Assets (ROA) | -0.24% | 0.55% | 2.14% | 6.34% | 2.86% | 4.25% |
| Return on Invested Capital (ROIC) | -0.61% | 1.21% | 5.02% | 14.05% | 7.24% | 7.11% |
| Return on Capital Employed (ROCE) | -0.90% | 1.80% | 3.40% | 10.50% | 4.70% | 6.60% |
| Earnings Yield | -45.23% | -26.31% | -26.39% | 83.81% | -18.59% | 21.22% |
| FCF Yield | -0.04% | -118.29% | -315.27% | 23.37% | 136.91% | -4.17% |
| Payout Ratio | 0.01% | |||||
| Buyback Yield / Dilution | -3.10% | -5.04% | 8.83% | -24.18% | 73.59% | 6.39% |