Telesat Corp TSAT

Communication ServicesTelecommunications ServicesCanada

Last close 55.84 CAD on Nov 1, 2026, +41.1% year to date

Quant rating

Quant rating D Rank 12 of 12 in Communication Services

Growth D 11 of 12
Valuation D 12 of 12
Quality D 12 of 12
Revisions D 12 of 12
Momentum C 5 of 12

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.9B
Enterprise value: 7.1B
52-week range: 32.60 – 85.50
3-year range: 9.80 – 85.50
Dividend yield: –
Beta (5 years): 1.68
Shares outstanding: 51.6M
Next earnings: Mar 22, 2027

About the company

Telesat Corporation is a Canada-based global satellite operators. The Company provides mission-critical communications solutions support the requirements of sophisticated satellite users throughout the world. The Company operates through two segments: geostationary (GEO), and Low Earth Orbit (LEO). The Company has developed a global network composed of over 198 state-of-the-art LEO satellites, seamlessly integrated with on-ground data networks. The Company’s global GEO satellite fleet provides coverage and connectivity solutions in C-, Ku- and Ka-bands to meet the needs of broadcast, corporate, telecom and government customers around the world. It provides its services through three business categories: Broadcast, Enterprise, and Consulting and other. The Company’s connectivity solutions include data and telecom, mobility, government, video, and consulting. Its data and telecom solutions offer Internet backhaul, wireless backhaul, and corporate network.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	418	571	704	759	758	–
Revenue growth	−26.8%	−18.9%	−7.2%	0.1%	−7.6%	−12.6%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	94.6%	93.4%	94.5%	92.9%	96.0%	94.3%
Net margin	−37.2%	−15.4%	22.3%	−3.1%	12.2%	−4.2%
ROE	−25.0%	−12.8%	27.5%	−5.3%	9.9%	−1.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	384
Current ratio	0.17x
Long-term debt (mil)	1,051
Net debt (mil)	4,219
Total equity (mil)	377
Net debt / equity	11.20x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	418	−26.8%	17.0x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TSAT Telesat Corp	2.9B	–	−37.2%	2.26x	–	–	–	–
SPKKY Spark New Zealand Limited	3.0B	–	13.4%	2.24x	14.9x	14.9x	5.0x	5.0x
CYFWY Cyfrowy Polsat SA	2.9B	4.23x	−17.8%	0.51x	71.1x	57.7x	6.7x	6.5x
TSAT Telesat Corp	2.9B	19.13x	−37.2%	2.26x	−3.7x	−7.7x	71.7x	77.7x
IDT IDT Corporation	2.9B	−1.56x	6.7%	5.40x	19.4x	18.3x	11.2x	10.8x
CHRYY Chorus Limited	2.8B	–	–	–	249.3x	182.7x	–	–
Mean		7.27x	−14.4%	2.54x	70.2x	53.2x	23.7x	25.0x
Median		4.23x	−17.8%	2.26x	19.4x	18.3x	9.0x	8.6x

Technical analysis

1M−16.3%
3M+6.6%
1Y+27.5%
3Y+296.0%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Telesat Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	418	571	704	759	758	820
Cost of revenue	22.7	38.0	38.5	54.0	30.2	33.4
Gross profit	395	533	666	705	728	787
Selling, general & administrative expenses	189	170	166	205	207	148
Research & development	–	–	–	–	–	–
Depreciation/amortization	149	139	196	204	220	234
Interest expense (income), operating	–	0	−345	0	−108	0
Unusual expense (income)	354	62.4	−150	−107	0.8	0.2
Other operating expenses	0	0	0.2	0	0	0
Operating income	−297	162	799	403	409	405
Net interest income (expense)	−301	−478	−126	−434	−176	−164
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−598	−316	673	−30.2	233	241
Provision for taxes	−67.4	−13.0	89.6	51.4	71.0	−4.4
Minority interest	375	215	−426	57.8	−69.8	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−155	−87.7	157	−23.8	92.5	246
Extraordinary items	–	–	–	–	–	–
Net income	−155	−87.7	157	−23.8	92.5	246
EBIT, normalized	59.6	228	305	297	302	406
EBITDA, normalized	208	366	500	500	521	640
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Telesat Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	510	553	1,670	1,678	1,450	819
Receivables	64.4	188	94.8	59.7	126	55.0
Total inventory	1.5	1.5	4.3	2.0	–	5.2
Prepaid expenses	13.7	6.6	6.6	14.3	41.1	5.9
Other current assets	242	272	41.2	34.0	0	8.6
Total current assets	832	1,021	1,817	1,788	1,617	894
Property, plant & equipment	2,717	2,277	1,260	1,364	1,430	1,319
Goodwill	2,215	2,613	2,447	2,447	2,447	2,447
Intangibles	442	497	693	757	763	779
Long-term investments	–	–	–	–	16.3	–
Note receivable	24.1	15.7	13.1	25.0	12.3	25.7
Other long-term assets	374	521	44.9	98.8	77.4	118
Total assets	6,604	6,945	6,274	6,480	6,362	5,581
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	57.4	158	43.6	43.6	54.6	30.1
Accrued expenses	19.3	20.8	21.7	38.5	–	12.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	2,344	2.0	2.2	2.1	–	2.1
Other current liabilities	897	75.4	70.2	87.2	127	118
Total current liabilities	3,317	257	138	171	182	162
Long-term debt	1,190	3,128	3,228	3,882	3,793	3,214
Minority interest	1,239	1,786	1,737	1,355	1,281	0
Other liabilities	327	1,064	510	590	692	745
Total liabilities	6,073	6,235	5,612	5,999	5,947	4,121
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	70.0	59.1	51.3	46.6	42.8	156
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	461	651	611	434	373	1,304
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	531	710	662	480	416	1,460
Total liabilities & shareholders' equity	6,604	6,945	6,274	6,480	6,362	5,581

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Telesat Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−530	−302	583	−80.1	158	246
Depreciation, depletion & amortization	149	139	196	204	220	234
Deferred taxes	–	–	–	–	–	–
Non-cash items	551	494	−295	373	226	111
Changes in working capital	−103	−267	−315	−268	−307	−218
Cash from operations	66.7	62.5	169	229	296	372
Investing activities
Capital expenditures	−765	−1,111	−140	−64.6	−316	−93.0
Other investing cash flows	3.9	19.0	351	64.7	42.9	0
Cash from investing	−761	−1,092	212	0.1	−273	−93.0
Financing activities
Financing cash flow items	−10.8	−12.3	−8.5	−5.1	−12.5	5.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	683	−158	−346	−99.7	618	−455
Cash from financing	672	−170	−355	−105	605	−450
Foreign exchange effects	−20.1	82.3	−35.1	104	2.4	−38.1
Net change in cash	−42.3	−1,117	−8.7	228	631	−209
Free cash flow	−698	−1,048	29.6	164	−19.3	279

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.