Saturday 17 October 2026 Export TSAT’s income statement to Excel — free account

Telesat Corporation

Telesat Corporation’s revenue for fiscal 2025 (year ended December 2025) was $299.1 million, down 28.2% from fiscal 2024. In the quarter to June 2026, revenue fell 25.2%, EPS fell 864.1%, free cash flow grew 68.1% and total debt fell 1.60%, each against the same quarter a year earlier.

44.96 1.56 −3.35%

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Market cap: $709.9M
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 Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.64%

Capital & Financial Ratios $m

Market Cap 709.90

Revenue 261.99

Net Income (909.35)

Free Cash Flow (203.76)

Net Debt 2,470.20

Current Ratio 0.17

Debt/Equity 3.21

P/E ratio 0.00

Fwd P/E (3.82)

P/S ratio 2.61

P/B ratio 0.80

Past 5Y EPS Growth —

This Y EPS Growth (50.30%)

Next Y EPS Growth 46.58%

Next Y revenue growth 6.17%

Next 5Y EPS Growth 11.24%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 95.69%

10-year low 10-year high

P/B against its own 10 years 42.28%

10-year low 10-year high

EV/Sales against its own 10 years 97.22%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,236	403	365	277
Receivables	70	137	46	53
Inventory	—	—	—	—
Other	0	0	0	—
	1,346	745	596	516

	2023	2024	2025	Q'26
Payables	32	116	41	36
ST’ Debt	—	—	1,676	1,981
Other	68	67	656	1,011
	102	187	2,374	3,028

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%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	63	57	—	—	—
’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)	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(2.21)	(7.87)	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	29.55	36.80	35.63	30.45	13.68	20.26	6.00	6.13	6.93	14.31	Analyst estimates 2026–2028 Powerpack
	High	42.20	51.75	48.80	42.77	36.42	56.54	30.98	22.75	18.80	36.85
People
People	Employees	21	21	20	19	12	471	455	490	610	711
	Revenue/emp, $m	0.00	0.00	45.15	47.94	68.37	1.28	1.28	1.06	0.68	0.42
Income, $m
Income, $m	Revenue	—	—	903	911	820	605	584	522	417	299
	Gross margin, %	0.00	0.00	56.88	57.03	56.45	100.00	65.89	70.95	63.62	49.33
	EBT	(8)	(9)	(5)	(5)	(11)	188	(23)	498	(230)	(428)
	EBT margin, %	0.00	0.00	(0.58)	(0.60)	(1.31)	31.14	(3.98)	95.56	(55.25)	(142.98)
	Net income	47	134	10	90	93	126	(62)	432	(221)	(379)
	Depreciation	0	0	249	266	234	175	157	145	101	107
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
	Earnings	1.53	4.35	0.31	2.90	3.01	1.83	(1.46)	8.67	(4.59)	(7.59)
	Cash flow	(0.69)	(0.80)	0.06	0.07	(0.35)	5.24	14.30	9.34	3.27	3.26
	Capex	0.00	0.00	0.00	(0.71)	(0.44)	(0.63)	(2.05)	(3.10)	(3.40)	(6.65)
	Free cash flow	(0.69)	(0.80)	0.06	(0.64)	(0.79)	4.60	12.25	6.23	(0.13)	(3.39)
	Book value	5.51	9.39	9.62	11.32	6.77	30.03	114.70	132.46	130.74	86.50
	Shares, m	31	31	31	31	31	45	12	13	14	15
Valuation, ×
Valuation, ×	P/E	—	—	120.16	11.11	6.97	10.30	0.00	1.18	0.00	0.00
	P/S	—	—	0.00	0.00	0.59	1.29	0.18	0.27	0.55	1.42
	P/B	—	—	3.87	2.86	3.10	0.95	0.08	0.08	0.13	0.34
	EV/Sales	—	—	0.00	0.00	2.92	3.18	3.08	2.51	6.14	8.59
	EV/FCF	—	—	544.86	359.00	(129.96)	16.31	11.98	15.65	(1,480.99)	(8.54)
Cash, $m
Cash, $m	Operating cash flow	(21)	(25)	2	2	(11)	236	176	125	46	48
	Capex	0	0	0	(22)	(14)	(29)	(25)	(42)	(47)	(97)
	Free cash flow	(21)	(25)	2	(20)	(25)	208	151	84	(2)	(50)
Balance, $m
Balance, $m	Working capital	35	265	260	255	29	1,146	1,244	1,244	558	(1,779)
	Total debt	69	61	13	3,741	3,216	3,047	2,979	2,379	2,720	2,508
	Net debt	32	(194)	(243)	3,482	3,184	1,891	1,688	1,143	2,317	2,143
	Shareholders’ equity	170	291	298	350	210	1,356	1,412	1,777	1,822	1,267
Returns, %
Returns, %	ROA	19.71	42.09	2.73	24.89	28.85	3.10	(0.36)	2.42	(1.32)	(2.27)
	ROIC	(2.08)	(4.54)	(7.55)	(0.11)	(0.02)	6.33	4.60	9.02	(0.44)	(3.99)
	ROE	33.85	58.33	3.27	27.72	33.27	10.55	(1.30)	7.30	(3.56)	(7.20)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
VISN Vistance Networks, Inc.	$1.4B	0.2×	9.4×	−1.39% (below 0%: shrinking)	+1,671.43% (above 0%: growing)	−200.40% (below 0%: shrinking)	35.33%	(2.78%)	Compare
HLIT Harmonic Inc.	$1.2B	— (loss-making)	32.4×	+53.55% (above 0%: growing)	n/m	+54.60% (above 0%: growing)	52.37%	17.71%	Compare
FEIM Frequency Electronics, Inc.	$788.9M	261×	65.7×	+69.79% (above 0%: growing)	+485.71% (above 0%: growing)	+361.82% (above 0%: growing)	45.84%	22.17%	Compare
TSAT Telesat Corporation	$709.9M	— (loss-making)	— (loss-making)	−25.15% (below 0%: shrinking)	n/m	+68.09% (above 0%: growing)	93.15%	(16.02%)
GILT Gilat Satellite Networks Ltd.	$620.1M	17.0×	44.7×	+16.86% (above 0%: growing)	−35.29% (below 0%: shrinking)	−250.32% (below 0%: shrinking)	30.37%	3.83%	Compare
NTGR NETGEAR, Inc.	$606.4M	— (loss-making)	— (loss-making)	−1.16% (below 0%: shrinking)	n/m	−118.63% (below 0%: shrinking)	40.21%	(5.01%)	Compare
ADTN ADTRAN Holdings, Inc.	$532.1M	— (loss-making)	— (loss-making)	+6.07% (above 0%: growing)	n/m	−52.65% (below 0%: shrinking)	36.97%	(3.58%)	Compare
CLFD Clearfield, Inc.	$407.4M	— (loss-making)	76.5×	+13.18% (above 0%: growing)	+100.00% (above 0%: growing)	−6.00% (below 0%: shrinking)	31.79%	5.86%	Compare
LTRX Lantronix, Inc.	$274.2M	— (loss-making)	179×	+8.03% (above 0%: growing)	n/m	+89.00% (above 0%: growing)	43.67%	(1.26%)	Compare
Median of peers	$613.2M	17.0×	55.2×	+10.61%	+292.86%	−29.32%	38.59%	1.29%

All 47 Communication Equipment stocks →

Telesat Corporation (TSAT) key facts

Concern: Telesat Corporation’s revenue for fiscal 2025 (year ended December 2025) was $299.1 million, down 28.2% from fiscal 2024.
Telesat Corporation (TSAT) is a Communication Equipment company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, TSAT traded at $44.96, a market capitalization of $709.9 million.
Return on equity was −7.20% and debt-to-equity 3.21.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −0.40 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.