Telesat Corporation (TSAT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 17, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TSAT SEC filings page.
Telesat Corporation (TSAT) reported $304.8M in revenue for fiscal year 2025, down 23.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Telesat Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Telesat Corporation has an operating margin of -72.7%, meaning the company loses $73 on every $100 of revenue. This results in a profitability score of 11/100. This is down from -7.0% the prior year.
Telesat Corporation's revenue declined 23.1% year-over-year, from $396.6M to $304.8M. This contraction results in a growth score of 3/100.
Telesat Corporation has elevated debt relative to equity (D/E of 2.17), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 29/100, reflecting increased financial risk.
Telesat Corporation's current ratio of 0.25 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Telesat Corporation generated $48.6M in operating cash flow, capex of $102.5M consumed most of it, leaving -$53.8M in free cash flow. This results in a low score of 16/100, reflecting heavy capital investment rather than weak cash generation.
Telesat Corporation posts a -29.3% return on equity (ROE), meaning it loses $29 for every $100 of shareholders' equity. This results in a returns score of 21/100. This is down from -12.3% the prior year.
Telesat Corporation scores -0.37, below the 1.81 distress threshold. The score is pulled down most by current liabilities exceeding current assets by $1.8B against total assets of $4.8B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Telesat Corporation passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
Telesat Corporation reported a net loss of $113.3M while generating $48.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Telesat Corporation reported an operating loss of $221.6M against $158.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Telesat Corporation earned -$6.25 per diluted share (EPS) in Q4 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Cash & Balance Sheet
Telesat Corporation recorded an outflow of $51.4M in free cash flow in Q4 2025, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Telesat Corporation held $371.8M in cash against $840.5M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
Telesat Corporation invested $29.4M in capex in Q4 2025, funding long-term assets and infrastructure. This represents an increase of 150.6% from the same quarter a year earlier. Against the prior quarter it is up 34.8%.
Not reported for Q4 2025.
Not reported for Q4 2025.
TSAT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q3'256-K | Q2'256-K | Q4'246-K | Q3'246-K | Q2'246-K | Q4'2320-F | Q4'2220-F |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $72.6M-29.2% | $77.9M-30.1% | N/A | $102.5M | $111.4M | N/A | N/A |
| Cost of Revenue | N/A | $3.4M-25.5% | $3.2M-60.6% | N/A | $4.6M | $8.1M | N/A | N/A |
| Gross Profit | N/A | $69.1M-29.4% | $74.7M-27.7% | N/A | $97.9M | $103.3M | N/A | N/A |
| Operating Income | N/A | $4.3M-90.3% | $13.1M-70.9% | N/A | $44.2M | $45.1M | N/A | N/A |
| Interest Expense | N/A | $38.9M-11.5% | $39.4M-13.0% | N/A | $44.0M | $45.3M | N/A | N/A |
| Income Tax | N/A | -$12.1M-416.0% | $2.8M-86.6% | N/A | $3.8M | $20.9M | N/A | N/A |
| Net Income | N/A | -$25.3M-291.1% | $15.4M-40.5% | -$310.6M | $13.2M | $25.9M | N/A | N/A |
| EPS (Basic) | -$6.25n/m | -$1.71-281.8% | $1.05-43.7% | -$6.30 | $0.94 | $1.86 | N/A | N/A |
| EPS (Diluted) | -$6.25n/m | -$1.71-287.7% | $1.01-43.4% | -$6.23 | $0.91 | $1.79 | N/A | N/A |
| Diluted Shares (Avg) | N/A | 15M-7.9% | 17M+4.5% | N/A | 16M | 16M | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses, EBITDA.
TSAT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q3'256-K | Q2'256-K | Q4'246-K | Q3'246-K | Q2'246-K | Q4'2320-F | Q4'2220-F |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.8B-0.1% | $5.0B | $5.0B | $4.8B+0.9% | N/A | N/A | $4.8B-0.1% | $4.8B-3.8% |
| Current Assets | $606.8M-14.4% | $603.5M | $640.5M | $709.2M-48.5% | N/A | N/A | $1.4B+4.1% | $1.3B+4.4% |
| Cash & Equivalents | $371.8M-3.0% | $346.5M-56.5% | $401.9M-61.5% | $383.4M-69.7% | $797.4M | $1.0B | $1.3B+2.0% | $1.2B+9.3% |
| Inventory | $1.1M+7.1% | N/A | N/A | $1.0M-69.1% | N/A | N/A | $3.3M+118.7% | $1.5M-88.8% |
| Accounts Receivable | $42.6M-61.4% | $38.2M | $37.3M | $110.4M+86.1% | N/A | N/A | $59.3M+94.5% | $30.5M-68.3% |
| Goodwill | $1.6B-11.0% | $1.8B | $1.8B | $1.8B-2.1% | N/A | N/A | $1.9B+2.5% | $1.8B-5.6% |
| Total Liabilities | $3.5B-18.6% | $4.5B | $4.5B | $4.3B+1.1% | N/A | N/A | $4.3B-3.4% | $4.4B-4.8% |
| Current Liabilities | $2.4B+1257.8% | $146.7M | $126.0M | $178.2M+70.8% | N/A | N/A | $104.3M-17.6% | $126.7M-11.1% |
| Non-Current Liabilities | $1.1B-73.4% | $4.3B | $4.3B | $4.2B-0.6% | N/A | N/A | $4.2B-3.0% | $4.3B-4.6% |
| Long-Term Debt | $840.5M-60.9% | $2.4B | $2.3B | $2.2B-11.2% | N/A | N/A | $2.4B-14.9% | $2.8B-4.1% |
| Total Equity | $387.1M-21.5% | $478.9M-75.5% | $496.5M-74.1% | $493.3M-1.6% | $2.0B | $1.9B | $501.4M+40.9% | $355.8M+9.4% |
| Retained Earnings | $241.3M-25.7% | $324.6M | $357.8M | $324.5M-19.8% | N/A | N/A | $404.5M+53.6% | $263.3M-3.9% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
TSAT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q3'256-K | Q2'256-K | Q4'246-K | Q3'246-K | Q2'246-K | Q4'2320-F | Q4'2220-F |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.0Mn/m | -$8.1Mn/m | N/A | -$1.2M | -$2.5M | N/A | N/A | N/A |
| Capital Expenditures | $29.4M+150.6% | $21.8M+81.5% | N/A | $11.7M | $12.0M | N/A | N/A | N/A |
| Free Cash Flow | -$51.4Mn/m | -$29.9Mn/m | N/A | -$12.9M | -$14.5M | N/A | N/A | N/A |
| Investing Cash Flow | -$161.4Mn/m | -$91.3Mn/m | N/A | -$387.1M | -$232.6M | N/A | N/A | N/A |
| Financing Cash Flow | $207.0Mn/m | $46.0Mn/m | N/A | -$8.4M | -$15.6M | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Dividends Paid, Share Buybacks.
TSAT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q3'256-K | Q2'256-K | Q4'246-K | Q3'246-K | Q2'246-K | Q4'2320-F | Q4'2220-F |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 95.3%-0.2pp | 95.9%+3.2pp | N/A | 95.5% | 92.7% | N/A | N/A |
| Operating Margin | N/A | 5.9%-37.2pp | 16.8%-23.6pp | N/A | 43.1% | 40.5% | N/A | N/A |
| Net Margin | N/A | -34.9%-47.8pp | 19.8%-3.5pp | N/A | 12.9% | 23.3% | N/A | N/A |
| Return on Equity | N/A | -5.3%-6.0pp | 3.1%+1.8pp | -63.0% | 0.7% | 1.4% | N/A | N/A |
| Return on Assets | N/A | -0.5% | 0.3% | -6.4% | N/A | N/A | N/A | N/A |
| Current Ratio | 0.25-3.7x | 4.11 | 5.08 | 3.98-9.2x | N/A | N/A | 13.19+2.8x | 10.43+1.5x |
| Debt-to-Equity | 2.17-2.2x | 4.96 | 4.71 | 4.36-0.5x | N/A | N/A | 4.83-3.2x | 8.00-1.1x |
| Liabilities-to-Equity | 9.11+0.3x | 9.38 | 8.99 | 8.78+0.2x | N/A | N/A | 8.54-3.9x | 12.46-1.8x |
| Asset Turnover | N/A | 0.01 | 0.02 | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | N/A | -41.2%-27.1pp | N/A | N/A | -14.1% | N/A | N/A | N/A |
Note: The current ratio is below 1.0 (0.25), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Telesat Corporation TSAT | FY2025 | $304.8M | -$113.3M | -37.2% | $614.9M | 14/100 |
| Harmonic Inc HLIT | FY2025 | $360.5M | -$43.3M | -12.0% | $1.1B | 62/100 |
| Digi International Inc DGII | FY2025 | $430.2M | $40.8M | 9.5% | $2.8B | 53/100 |
| ADTRAN Holdings, Inc. ADTN | FY2025 | $1.1B | -$45.7M | -4.2% | $525.6M | 33/100 |
| NETGEAR, Inc. NTGR | FY2025 | $699.6M | -$17.9M | -2.6% | $606.4M | 41/100 |
| Gilat Satellite Networks Ltd GILT | FY2025 | $451.7M | $20.7M | 4.6% | $573.9M | 66/100 |
Where Telesat Corporation Ranks
Frequently Asked Questions
What is Telesat Corporation's annual revenue?
Telesat Corporation (TSAT) reported $304.8M in total revenue for fiscal year 2025. This represents a -23.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Telesat Corporation's revenue growing?
Telesat Corporation (TSAT) revenue declined by 23.1% year-over-year, from $396.6M to $304.8M in fiscal year 2025.
Is Telesat Corporation profitable?
No, Telesat Corporation (TSAT) reported a net loss of $113.3M in fiscal year 2025, with a net profit margin of -37.2%.
How much debt does Telesat Corporation have?
As of fiscal year 2025, Telesat Corporation (TSAT) had $371.8M in cash and equivalents against $840.5M in long-term debt.
What is Telesat Corporation's operating margin?
Telesat Corporation (TSAT) had an operating margin of -72.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Telesat Corporation's net profit margin?
Telesat Corporation (TSAT) had a net profit margin of -37.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Telesat Corporation's return on equity (ROE)?
Telesat Corporation (TSAT) has a return on equity of -29.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Telesat Corporation's free cash flow?
Telesat Corporation (TSAT) recorded an outflow of $53.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Telesat Corporation's operating cash flow?
Telesat Corporation (TSAT) generated $48.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Telesat Corporation's total assets?
Telesat Corporation (TSAT) had $4.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Telesat Corporation's capital expenditures?
Telesat Corporation (TSAT) invested $102.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Telesat Corporation spend on research and development?
Telesat Corporation (TSAT) invested $8.5M in research and development during fiscal year 2025.
What is Telesat Corporation's current ratio?
Telesat Corporation (TSAT) had a current ratio of 0.25 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Telesat Corporation's debt-to-equity ratio?
Telesat Corporation (TSAT) had a debt-to-equity ratio of 2.17 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Telesat Corporation's liabilities-to-equity ratio?
Telesat Corporation (TSAT) had a liabilities-to-equity ratio of 9.11 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Telesat Corporation's return on assets (ROA)?
Telesat Corporation (TSAT) had a return on assets of -2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Telesat Corporation's P/E ratio?
Telesat Corporation (TSAT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $614.9M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Telesat Corporation's price-to-sales ratio?
Telesat Corporation (TSAT) trades at 2.0x sales, its market capitalization divided by $304.8M revenue, FY2025. The market capitalization is $614.9M as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Telesat Corporation's Altman Z-Score?
Telesat Corporation (TSAT) has an Altman Z-Score of -0.37, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Telesat Corporation's Piotroski F-Score?
Telesat Corporation (TSAT) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Telesat Corporation's earnings high quality?
Telesat Corporation (TSAT) reported a net loss of $113.3M while generating $48.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Telesat Corporation cover its interest payments?
Telesat Corporation (TSAT) reported an operating loss of $221.6M against $158.7M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Telesat Corporation?
Telesat Corporation (TSAT) scores 14 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.