NYSE : MDA
MDA Space Ltd. — Financial statements
Other · Canada
Last price 29.12 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.73B
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Financial statements
MDA Space Ltd. (MDA) reported revenue of 1.87B 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 | 1.87B | 1.63B | 1.08B | 807.60M | 641.20M | 476.90M |
| Cost of Revenue | 1.34B | 1.17B | 754.60M | 532.00M | 389.10M | 285.60M |
| Gross Profit | 535.60M | 464.60M | 325.50M | 275.60M | 252.10M | 191.30M |
| Selling, General & Admin | 130.90M | 108.80M | 77.00M | 68.80M | 60.00M | 58.30M |
| Research & Development | 48.20M | 38.10M | 36.90M | 39.30M | 32.80M | 21.10M |
| Amortization of Goodwill & Intangibles | 122.40M | 84.60M | 47.00M | 46.50M | 52.50M | 56.30M |
| Operating Expenses | 383.30M | 304.10M | 217.10M | 196.20M | 177.50M | 172.70M |
| Operating Income | 152.30M | 160.50M | 108.40M | 79.40M | 74.60M | 18.60M |
| Interest Expense | -23.60M | -17.00M | -28.00M | -8.60M | -18.60M | -26.80M |
| Interest & Investment Income | 6.60M | 7.80M | 7.00M | 2.00M | 400.00K | |
| Currency Exchange Gain (Loss) | 13.50M | -2.20M | 17.50M | -2.80M | 3.70M | -1.50M |
| Other Non Operating Income (Expenses) | 9.60M | 6.00M | 1.90M | -800.00K | -20.20M | 1.60M |
| EBT Excluding Unusual Items | 156.80M | 155.10M | 106.80M | 69.20M | 39.90M | -8.10M |
| Merger & Restructuring Charges | -2.70M | -2.70M | -1.60M | -1.90M | ||
| Gain (Loss) on Sale of Assets | 5.80M | |||||
| Other Unusual Items | -5.70M | 19.40M | ||||
| Pretax Income | 154.10M | 152.40M | 111.00M | 67.30M | 34.20M | 11.30M |
| Income Tax Expense | 48.20M | 43.90M | 31.60M | 18.50M | 7.90M | 8.40M |
| Net Income | 105.90M | 108.50M | 79.40M | 48.80M | 26.30M | 2.90M |
| Net Income to Common | 105.90M | 108.50M | 79.40M | 48.80M | 26.30M | 2.90M |
| Shares Outstanding (Basic) | 129.74M | 124.25M | 120.09M | 119.25M | 119.01M | 109.30M |
| Shares Outstanding (Diluted) | 134.83M | 129.71M | 126.05M | 121.18M | 122.45M | 116.30M |
| EPS (Basic) | 0.82 | 0.87 | 0.66 | 0.41 | 0.22 | 0.03 |
| EPS (Diluted) | 0.79 | 0.84 | 0.63 | 0.40 | 0.21 | 0.02 |
| Free Cash Flow | -152.70M | 232.20M | 671.50M | -134.50M | -80.80M | 19.60M |
| Free Cash Flow Per Share | -1.13 | 1.79 | 5.33 | -1.11 | -0.66 | 0.17 |
| Gross Margin | 28.62% | 28.45% | 30.14% | 34.13% | 39.32% | 40.11% |
| Operating Margin | 8.14% | 9.83% | 10.04% | 9.83% | 11.63% | 3.90% |
| Profit Margin | 5.66% | 6.64% | 7.35% | 6.04% | 4.10% | 0.61% |
| Free Cash Flow Margin | -8.16% | 14.22% | 62.17% | -16.65% | -12.60% | 4.11% |
| EBITDA | 213.90M | 223.30M | 162.80M | 131.20M | 128.90M | 75.70M |
| EBITDA Margin | 11.43% | 13.67% | 15.07% | 16.25% | 20.10% | 15.87% |
| D&A For EBITDA | 61.60M | 62.80M | 54.40M | 51.80M | 54.30M | 57.10M |
| EBIT | 152.30M | 160.50M | 108.40M | 79.40M | 74.60M | 18.60M |
| EBIT Margin | 8.14% | 9.83% | 10.04% | 9.83% | 11.63% | 3.90% |
| Effective Tax Rate | 31.28% | 28.81% | 28.47% | 27.49% | 23.10% | 74.34% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 397.80M | 152.00M | 166.70M | 22.50M | 39.30M | 83.60M |
| Cash & Short-Term Investments | 397.80M | 152.00M | 166.70M | 22.50M | 39.30M | 83.60M |
| Accounts Receivable | 392.70M | 269.60M | 298.60M | 321.50M | 263.20M | 165.60M |
| Other Receivables | 59.50M | 116.10M | 81.40M | 78.40M | 48.40M | 23.80M |
| Receivables | 452.20M | 385.70M | 380.00M | 399.90M | 311.60M | 189.40M |
| Inventory | 32.00M | 23.50M | 8.10M | 9.90M | 7.50M | 8.00M |
| Other Current Assets | 44.90M | 53.30M | 71.70M | 24.30M | 19.80M | 12.80M |
| Total Current Assets | 926.90M | 614.50M | 626.50M | 456.60M | 378.20M | 293.80M |
| Property, Plant & Equipment | 818.50M | 764.10M | 612.00M | 440.90M | 242.20M | 124.70M |
| Long-Term Investments | 9.70M | 11.30M | ||||
| Goodwill | 817.40M | 800.40M | 441.00M | 439.80M | 419.90M | 419.90M |
| Other Intangible Assets | 868.00M | 876.70M | 580.00M | 582.50M | 552.40M | 571.20M |
| Long-Term Deferred Tax Assets | 19.70M | 10.00M | 9.90M | 14.90M | 19.10M | 19.30M |
| Other Long-Term Assets | 290.70M | 279.20M | 328.10M | 227.00M | 139.00M | 105.70M |
| Total Assets | 3.77B | 3.36B | 2.60B | 2.16B | 1.75B | 1.53B |
| Accounts Payable | 546.20M | 391.40M | 248.70M | 219.10M | 124.30M | 71.30M |
| Accrued Expenses | 69.00M | 77.10M | 60.20M | 57.40M | 54.10M | 38.80M |
| Current Portion of Leases | 19.10M | 20.20M | 16.20M | 10.90M | 6.70M | 7.90M |
| Current Income Taxes Payable | 6.60M | 11.00M | 1.90M | 4.40M | 11.90M | 11.80M |
| Current Unearned Revenue | 578.80M | 798.90M | 761.30M | 76.90M | 110.80M | 91.50M |
| Other Current Liabilities | 15.20M | 19.20M | 2.70M | 4.50M | 10.80M | 4.60M |
| Total Current Liabilities | 1.23B | 1.32B | 1.09B | 373.20M | 318.60M | 225.90M |
| Long-Term Debt | 245.00M | 272.00M | 438.90M | 243.60M | 144.70M | |
| Long-Term Leases | 114.20M | 118.90M | 120.60M | 75.20M | 1.60M | 7.80M |
| Pension & Post-Retirement Benefits | 24.10M | 23.40M | 23.70M | 22.80M | 21.50M | 33.80M |
| Long-Term Deferred Tax Liabilities | 234.60M | 245.70M | 185.40M | 180.80M | 163.80M | 158.40M |
| Other Long-Term Liabilities | 23.50M | 23.40M | 800.00K | 6.10M | 1.10M | 2.30M |
| Total Liabilities | 1.88B | 2.00B | 1.42B | 1.10B | 750.20M | 572.90M |
| Common Stock | 1.51B | 1.04B | 975.80M | 956.10M | 951.60M | 950.70M |
| Additional Paid-In Capital | 40.40M | 36.00M | 38.00M | 31.30M | 25.00M | 16.90M |
| Retained Earnings | 304.70M | 247.20M | 138.70M | 58.70M | 9.90M | -14.40M |
| Comprehensive Income & Other | 37.20M | 29.10M | 23.50M | 18.60M | 14.10M | 8.50M |
| Shareholders' Equity | 1.89B | 1.35B | 1.18B | 1.06B | 1.00B | 961.70M |
| Total Liabilities & Equity | 3.77B | 3.36B | 2.60B | 2.16B | 1.75B | 1.53B |
| Total Debt | 378.30M | 411.10M | 136.80M | 525.00M | 251.90M | 160.40M |
| Net Cash (Debt) | 19.50M | -259.10M | 29.90M | -502.50M | -212.60M | -76.80M |
| Net Cash Per Share | 0.14 | -2.00 | 0.24 | -4.15 | -1.74 | -0.66 |
| Filing Date Shares Outstanding | 162.06M | 126.49M | 122.09M | 119.60M | 118.76M | 118.14M |
| Total Common Shares Outstanding | 138.85M | 126.32M | 121.53M | 119.51M | 118.71M | 118.14M |
| Working Capital | -308.00M | -703.30M | -464.50M | 83.40M | 59.60M | 67.90M |
| Book Value Per Share | 13.62 | 10.73 | 9.68 | 8.91 | 8.43 | 8.14 |
| Tangible Book Value | 205.20M | -322.10M | 155.00M | 42.40M | 28.30M | -29.40M |
| Tangible Book Value Per Share | 1.48 | -2.55 | 1.28 | 0.35 | 0.24 | -0.25 |
| Land | 275.60M | 200.70M | 142.50M | 86.00M | 71.50M | 58.10M |
| Machinery | 190.10M | 128.10M | 105.50M | 51.70M | 30.70M | 22.80M |
| Construction In Progress | 350.00M | 405.60M | 305.00M | 268.00M | 156.40M | 42.60M |
| Order Backlog | 4.01B | 4.39B | 1.38B | 864.30M |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 105.90M | 108.50M | 79.40M | 48.80M | 26.30M | 2.90M |
| Depreciation & Amortization | 75.60M | 76.10M | 66.30M | 61.40M | 62.40M | 67.40M |
| Other Amortization | 108.80M | 64.50M | 24.70M | 16.70M | 13.80M | 12.40M |
| Loss (Gain) From Sale of Assets | -5.80M | |||||
| Asset Writedown & Restructuring Costs | 3.30M | 4.80M | ||||
| Stock-Based Compensation | 17.30M | 12.80M | 10.40M | 10.00M | 8.50M | 13.50M |
| Other Operating Activities | -52.50M | -8.70M | -2.10M | -32.60M | -27.30M | -10.50M |
| Change in Accounts Receivable | -29.30M | 54.60M | 6.70M | -69.60M | -100.20M | -18.00M |
| Change in Inventory | -15.30M | -12.50M | -1.50M | -2.40M | 500.00K | -1.50M |
| Change in Accounts Payable | 163.80M | 50.90M | 43.00M | 66.30M | 59.60M | -1.60M |
| Change in Unearned Revenue | -329.80M | 26.00M | 684.40M | -35.40M | 19.30M | 18.20M |
| Change in Other Net Operating Assets | 9.10M | 35.30M | -96.10M | -54.50M | -5.90M | -10.70M |
| Operating Cash Flow | 55.20M | 407.50M | 812.70M | 13.50M | 57.00M | 72.10M |
| Capital Expenditures | -207.90M | -175.30M | -141.20M | -148.00M | -137.80M | -52.50M |
| Sale of Property, Plant & Equipment | 200.00K | 7.40M | ||||
| Cash Acquisitions | -359.80M | -362.60M | -27.30M | -24.40M | ||
| Sale (Purchase) of Intangibles | -87.80M | -100.10M | -63.70M | -45.20M | -42.30M | -40.10M |
| Investment in Securities | -600.00K | -10.00M | -9.20M | -6.20M | ||
| Other Investing Activities | 6.50M | 33.20M | 7.00M | |||
| Investing Cash Flow | -649.60M | -614.60M | -227.00M | -217.60M | -180.10M | -98.80M |
| Long-Term Debt Issued | 645.00M | 110.00M | 195.00M | 245.00M | ||
| Total Debt Issued | 490.00M | 645.00M | 110.00M | 195.00M | 245.00M | |
| Long-Term Debt Repaid | -478.40M | -557.90M | -8.40M | -157.80M | -432.00M | |
| Lease Payments | -11.60M | -10.20M | -7.90M | -8.40M | -7.80M | -7.90M |
| Total Debt Repaid | -604.80M | -478.40M | -557.90M | -8.40M | -157.80M | -432.00M |
| Net Debt Issued (Repaid) | -114.80M | 166.60M | -447.90M | 186.60M | 87.20M | -432.00M |
| Issuance of Common Stock | 459.10M | 50.00M | 11.80M | 800.00K | 500.00K | 462.60M |
| Other Financing Activities | -22.20M | -20.30M | -8.90M | |||
| Financing Cash Flow | 322.10M | 196.30M | -436.10M | 187.40M | 78.80M | 30.60M |
| Foreign Exchange Rate Adjustments | 1.50M | -3.90M | -5.40M | -100.00K | 1.10M | |
| Net Cash Flow | -268.10M | -14.70M | 144.20M | -16.80M | -44.30M | 5.00M |
| Free Cash Flow | -152.70M | 232.20M | 671.50M | -134.50M | -80.80M | 19.60M |
| Free Cash Flow Margin | -8.16% | 14.22% | 62.17% | -16.65% | -12.60% | 4.11% |
| Free Cash Flow Per Share | -1.13 | 1.79 | 5.33 | -1.11 | -0.66 | 0.17 |
| Levered Free Cash Flow | -142.56M | 192.69M | 635.55M | -105.65M | -95.20M | -8.62M |
| Unlevered Free Cash Flow | -127.81M | 203.31M | 653.05M | -100.28M | -83.58M | 8.12M |
| Free Cash Flow After Leases | -164.30M | 222.00M | 663.60M | -142.90M | -88.60M | 11.70M |
| Cash Interest Paid | 15.00M | 15.00M | 25.40M | 18.50M | 19.60M | 24.10M |
| Cash Income Tax Paid | 20.70M | -4.30M | -14.50M | 6.70M | 5.20M | 600.00K |
| Change in Working Capital | -201.50M | 154.30M | 636.50M | -95.60M | -26.70M | -13.60M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.49B | 2.45B | 2.48B | 1.04B | 562.79M | 898.49M |
| Enterprise Value | 4.48B | 2.63B | 2.66B | 1.27B | 713.30M | 955.46M |
| Last Close Price | 27.20 | 19.40 | 20.51 | 8.72 | 4.55 | 8.25 |
| PE Ratio | 48.76 | 31.01 | 44.94 | 28.23 | 28.96 | 392.08 |
| PS Ratio | 3.35 | 2.06 | 3.30 | 1.71 | 1.19 | 2.38 |
| PB Ratio | 3.32 | 2.48 | 3.03 | 1.29 | 0.76 | 1.18 |
| P/TBV Ratio | 30.55 | 23.02 | 32.49 | 26.91 | ||
| P/FCF Ratio | 14.49 | 5.31 | 58.01 | |||
| P/OCF Ratio | 111.64 | 8.26 | 4.39 | 102.03 | 13.36 | 15.77 |
| EV/Sales Ratio | 3.34 | 2.20 | 3.54 | 2.07 | 1.51 | 2.54 |
| EV/EBITDA Ratio | 29.21 | 16.12 | 23.51 | 12.77 | 7.49 | 15.97 |
| EV/EBIT Ratio | 41.03 | 22.43 | 35.31 | 21.10 | 12.94 | 65.01 |
| EV/FCF Ratio | 15.51 | 5.70 | 61.69 | |||
| Debt / Equity Ratio | 0.20 | 0.30 | 0.12 | 0.49 | 0.25 | 0.17 |
| Debt / EBITDA Ratio | 1.66 | 1.74 | 0.78 | 3.73 | 1.84 | 1.87 |
| Debt / FCF Ratio | 1.77 | 0.20 | 8.18 | |||
| Net Debt / Equity Ratio | -0.01 | 0.19 | -0.03 | 0.47 | 0.21 | 0.08 |
| Net Debt / EBITDA Ratio | -0.09 | 1.16 | -0.18 | 3.83 | 1.65 | 1.01 |
| Net Debt / FCF Ratio | 0.13 | 1.12 | -0.04 | -3.74 | -2.63 | 3.92 |
| Asset Turnover | 0.54 | 0.55 | 0.45 | 0.41 | 0.39 | 0.32 |
| Inventory Turnover | 58.60 | 73.96 | 83.84 | 61.15 | 50.21 | 39.39 |
| Quick Ratio | 0.69 | 0.41 | 0.50 | 1.13 | 1.10 | 1.21 |
| Current Ratio | 0.75 | 0.47 | 0.57 | 1.22 | 1.19 | 1.30 |
| Return on Equity (ROE) | 6.68% | 8.57% | 7.09% | 4.73% | 2.68% | 0.41% |
| Return on Assets (ROA) | 2.75% | 3.37% | 2.85% | 2.54% | 2.84% | 0.78% |
| Return on Invested Capital (ROIC) | 5.89% | 8.28% | 5.72% | 4.14% | 5.10% | 0.48% |
| Return on Capital Employed (ROCE) | 6.00% | 7.90% | 7.20% | 4.40% | 5.20% | 1.40% |
| Earnings Yield | 2.05% | 3.23% | 2.23% | 3.54% | 3.45% | 0.26% |
| FCF Yield | -2.48% | 6.90% | 18.82% | -9.77% | -10.61% | 1.72% |
| Buyback Yield / Dilution | -5.10% | -2.91% | -4.02% | 1.04% | -5.29% | -44.19% |