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Telesat Corporation

TSAT Technology Communication Equipment

Telesat Corporation’s revenue for fiscal 2025 (year ended December 2025) was $299.1 million, down 28.2% from fiscal 2024.

Revenue
−21.5%
EPS
−327.3%
Free cash flow
+1,108.2%
Total debt
−1.07%

Quarter to September 2026, against a year earlier

41.12 3.93 +10.57%
Market cap
$567.4M
P/E
0.0×
Fwd P/E
−3.8×
Dividend yield
—
F-score
3/9
Altman Z
−0.40
Beneish M
−3.59
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.53%

Capital & Financial Ratios $m

Size
Market Cap 567.44
Revenue ttm 246.26
Net income ttm (928.50)
Free cash flow ttm 130.01
Net debt Q 2,324.48
Valuation
P/E 0.00
Forward P/E (3.82) (negative: loss-making)
Price / sales 2.30
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.76
Financial health
Current ratio Q 0.26 (below 1: weak)
Debt / equity Q 3.91 (above 2: weak)
Interest coverage Q (0.45)
Growth
Revenue growth Q −21.45% (below 0%: shrinking)
Operating income growth Q −503.38% (below 0%: shrinking)
EPS, this year −71.51% (below 0%: weak)
EPS, next year A +55.61% (at or above 15%: strong)
Revenue, next year A +7.41%
EPS, past 5 yrs —
EPS, next 5 yrs A +18.73% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.7×, against a ten-year median of 3.1×; over the ten years it ranged from −1.3× in 2022 to 12.4× in 2026.
P/S against its own 10 years 92.23%
10-year low 10-year high
P/B against its own 10 years 41.25%
10-year low 10-year high
EV/Sales against its own 10 years 95.24%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,236 403 365 582
Receivables 70 137 46 50
Inventory — — — —
Other 0 0 0 0
1,346 745 596 805
2023 2024 2025 Q'26
Payables 32 116 41 51
ST’ Debt — — 1,676 1,966
Other 68 67 656 1,070
102 187 2,374 3,086

Compound Annual Growth %

10y 5y 3y
Sales — (18.27%) (19.99%)
Cash Flow 0.00% 0.00% (35.27%)
Earnings 0.00% 0.00% 0.00%
Book Value 27.86% 43.31% (3.56%)

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate −0.72 Actual 1.00

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 −0.85 −0.97 Miss by 0.12
Mar 2026 0.00 −2.21 Miss by 2.21
Jun 2026 −0.82 −7.87 Miss by 7.05
Sep 2026 −0.72 1.00 Beat by 1.72
Dec 2026 −1.00 — Reports 16 March 2027

EPS $

Mar Jun Sep Dec Year
’26 (2.21) (7.87) (7.39) — —
’25 (0.75) 1.00 (1.73) (6.08) (7.59)
’24 (0.80) 1.79 0.90 (6.41) (4.59)
’23 0.44 7.49 (0.06) 0.54 8.36
’22 0.89 (0.13) (3.59) 1.30 (1.46)
’21 0.98 0.64 (0.81) 1.83 1.77
’20 (3.92) 2.36 1.64 2.87 2.98
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 63 57 58 — —
’25 81 77 73 68 299
’24 113 111 101 91 417
’23 136 134 130 122 522
’22 147 146 138 153 584
’21 190 — — — 605
’20 209 — — — 820
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3 (55) 341 — —
’25 97 (18) (8) (23) 48
’24 56 (8) (1) (1) 46
’23 46 30 40 9 125
’22 34 20 69 53 176
’21 (6) (2) (3) 248 236
’20 (4) (3) 2 (5) (11)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (29) (94) 304 — —
’25 76 (296) (30) (50) (50)
’24 42 (16) (13) (14) (2)
’23 37 15 35 (3) 84
’22 27 14 65 45 151
’21 (6) (2) (3) 220 208
’20 (4) (3) 2 (19) (25)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 903 911 820 605 584 522 417 299 246 (14.6%) 321 273 580 +24.7%
Gross margin, % 0.00 0.00 56.88 57.03 56.45 100.00 65.89 70.95 63.62 49.33 44.14 +49.3 pt
EBT (8) (9) (5) (5) (11) 188 (23) 498 (230) (428) (981) +55.6%
EBT margin, % 0.00 0.00 (0.58) (0.60) (1.31) 31.14 (3.98) 95.56 (55.25) (142.98) (398.35) (143.0) pt
Net income 47 134 10 90 93 126 (62) 432 (221) (379) (929) n/m
Per share, $
Per share, $ Revenue 0.00 0.00 29.19 29.45 26.52 13.39 47.43 38.88 29.90 20.43 16.20 n/m
Earnings 1.53 4.35 0.31 2.90 3.01 1.83 (1.46) 8.67 (4.59) (7.59) (23.55) n/m
Cash flow (0.69) (0.80) 0.06 0.07 (0.35) 5.24 14.30 9.34 3.27 3.26 17.55 n/m
Capex 0.00 0.00 0.00 (0.71) (0.44) (0.63) (2.05) (3.10) (3.40) (6.65) (9.00) +218.0%
Free cash flow (0.69) (0.80) 0.06 (0.64) (0.79) 4.60 12.25 6.23 (0.13) (3.39) 8.55 +19.4%
Book value 5.51 9.39 9.62 11.32 6.77 30.03 114.70 132.46 130.74 86.50 48.91 +35.8%
Shares, m 31 31 31 31 31 45 12 13 14 15 15 (8.0%)
Valuation, ×
Valuation, × P/E — — 120.16 11.11 6.97 10.30 0.00 1.18 0.00 0.00 0.00 18.7
P/S — — 0.00 0.00 0.59 1.29 0.18 0.27 0.55 1.42 2.30 0.5
P/B — — 3.87 2.86 3.10 0.95 0.08 0.08 0.13 0.34 0.76 1.4
EV/Sales — — 0.00 0.00 2.92 3.18 3.08 2.51 6.14 8.59 11.74 3.3
EV/FCF — — 544.86 359.00 (129.96) 16.31 11.98 15.65 (1,480.99) (8.54) (23.88) (84.0)
Cash, $m
Cash, $m Operating cash flow (21) (25) 2 2 (11) 236 176 125 46 48 267 n/m
Capex 0 0 0 (22) (14) (29) (25) (42) (47) (97) (137) +199.6%
Free cash flow (21) (25) 2 (20) (25) 208 151 84 (2) (50) 130 +9.9%
Balance, $m
Balance, $m Working capital 35 265 260 255 29 1,146 1,244 1,244 558 (1,779) (2,281) n/m
Net debt 32 (194) (243) 3,482 3,184 1,891 1,688 1,143 2,317 2,143 2,324 +59.7%
Shareholders’ equity 170 291 298 350 210 1,356 1,412 1,777 1,822 1,267 744 +25.0%
Returns, %
Returns, % ROA 19.71 42.09 2.73 24.89 28.85 3.10 (0.36) 2.42 (1.32) (2.27) (5.32) (22.0) pt
ROIC (2.08) (4.54) (7.55) (0.11) (0.02) 6.33 4.60 9.02 (0.44) (3.99) (6.97) (1.9) pt
ROE 33.85 58.33 3.27 27.72 33.27 10.55 (1.30) 7.30 (3.56) (7.20) (23.28) (41.1) pt
People
People Employees 21 21 20 19 12 471 455 490 610 711 — +47.9%
Revenue/emp, $m 0.00 0.00 45.15 47.94 68.37 1.28 1.28 1.06 0.68 0.42 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Telesat Corporation vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HLIT Harmonic Inc. $1.0B — (loss-making) 20.6× +4.53% (above 0%: growing) +571.00% (above 0%: growing) −124.42% (below 0%: shrinking) 51.81% 17.58% Compare
FEIM Frequency Electronics, Inc. $611.5M 218× 55.2× +69.79% (above 0%: growing) +485.71% (above 0%: growing) +361.82% (above 0%: growing) 45.84% 22.17% Compare
TSAT Telesat Corporation $567.4M — (loss-making) — (loss-making) −21.45% (below 0%: shrinking) n/m +1,108.22% (above 0%: growing) 8.53% (30.37%)
NTGR NETGEAR, Inc. $517.2M — (loss-making) — (loss-making) −9.33% (below 0%: shrinking) n/m +69.51% (above 0%: growing) 40.09% (8.19%) Compare
GILT Gilat Satellite Networks Ltd. $514.6M 14.6× 21.6× +16.86% (above 0%: growing) −35.29% (below 0%: shrinking) −250.32% (below 0%: shrinking) 30.37% 3.83% Compare
CLFD Clearfield, Inc. $390.1M — (loss-making) 153× +13.18% (above 0%: growing) +100.00% (above 0%: growing) −6.00% (below 0%: shrinking) 31.79% 5.86% Compare
ADTN ADTRAN Holdings, Inc. $336.5M — (loss-making) — (loss-making) +0.62% (above 0%: growing) n/m −713.59% (below 0%: shrinking) 38.49% (0.27%) Compare
LTRX Lantronix, Inc. $234.4M — (loss-making) 68.7× +8.03% (above 0%: growing) n/m +89.00% (above 0%: growing) 43.67% (1.26%) Compare
AVNW Aviat Networks, Inc. $218.2M 89.4× 12.8× +4.81% (above 0%: growing) n/m −56.30% (below 0%: shrinking) 30.81% 4.82% Compare
Median of peers $452.3M 89.4× 38.4× +6.42% +292.86% −31.15% 39.29% 4.33%

All 46 Communication Equipment stocks →

Telesat Corporation (TSAT) Latest News

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Trefis

26 Oct

Impact 4 · · Investing.com

21 Oct

Impact 3 · · Trefis

14 Oct

Impact 3 · · Trefis

23 Sep

Impact 4 · · Simply Wall St.

17 Sep

Impact 4 ·

15 Sep

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2 Sep

Impact 3 ·

1 Sep

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20 Aug

Impact 3 · · The Motley Fool transcript

13 Aug

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript
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7 Aug

Impact 4 ·

4 Aug

Impact 5 · · MarketBeat
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Impact 4 · · financialpost.com
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27 Jul

Impact 4 ·

22 Jul

Impact 4 · · Trefis

8 Jul

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7 May

Impact 3 · · financialpost.com

5 May

Impact 3 · · MarketBeat
stockrow.com/TSAT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com