TSAT Technology

Telesat Corporation

$40.30+7.90%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Technology
Industry: Communication Equipment
Country: Canada
Market cap: 2.1B USD
Enterprise value: 2.8B USD
Full-time employees: 711

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.05 vs a peer median of 0.87), less short-term liquidity (current ratio 0.25 vs a peer median of 1.83) and more debt relative to equity (6.58× vs a peer median of 0.25×)higher risk: bigger price swings (beta 2.05 vs peers 0.87), less liquidity (current ratio 0.25 vs peers 1.83) and more debt vs equity (6.58× vs peers 0.25×)

Ranks #1,594 of 1,612 technology companies (bottom 2%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 16% from December 2022 to December 2025.
Telesat had 16% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Telesat had 16% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 6.6× equity vs a peer median of 0.2×.Debt is 6.6× equity vs peers 0.2×.
Debt is 6.6× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 6.6× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Operating margin at a 6-year low. -73% in 2025, the weakest of the last 6 years.
Telesat's operating margin fell to -73% in 2025, its lowest in the 6 years of filings we have.
Investment surge. Capital spending 34% of revenue, up from 4.3% in 2022.
Telesat is spending 34% of revenue on facilities and equipment, up from 4.3% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

StockQuotient Score

9/ 100

Oct 5 9 → Nov 4 9

Valuation

Is the price right?

23/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 22 → 23

Share price -14.1%+2
Company's reported figures updated-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-18.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield2.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · CAD→USD convertedReported value50% base weight · Z-score -0.59Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-8.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield62.9%

SEC filings (IFRS mapped) · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

5/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 7.5%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.13Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth-18.0%

SEC filings (IFRS mapped) · 3 years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.80Sector median: 0.0483 · MAD: 0.0793

Revenue growth-26.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.04Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 34.5 points to -72.7%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-72.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-2.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.46Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-6.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.59Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin38.8%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-29.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.05

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.18Sector median: 0.8710 · MAD: 0.3700

Current ratio0.25×

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.53Sector median: 1.8295 · MAD: 0.6848

Debt / equity6.58×

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Telesat

Is Telesat getting weaker?: Its latest SEC filing (Mar 17, 2026) got weaker in some ways: operating margin fell 34.5 points to -72.7%; 12-month revenue fell 7.5%. Its overall score is unchanged at 9/100 since Oct 28, 2026.
How is Telesat valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 23/100 against 1,711 technology peers. Earnings yield -18.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -18.4% vs peers 2.2% (weaker than 100% of peers).
Is Telesat growing?: More slowly than most of its peers. Growth scores 5/100 against 1,711 technology peers. 3-year revenue growth -18.0% vs a peer median of 4.8% (weaker than 100% of peers).3-year revenue growth -18.0% vs peers 4.8% (weaker than 100% of peers).
How profitable is Telesat?: Less profitable than most of its peers. Profitability scores 7/100 against 1,711 technology peers. Operating margin -72.7% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -72.7% vs peers 6.3% (weaker than 100% of peers).
How risky is Telesat?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 0.25× vs a peer median of 1.83× (weaker than 100% of peers).Current ratio 0.25× vs peers 1.83× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 17, 2026 · compared with the quarter ended Sep 30, 2025

Got weaker

Operating margin fell 34.5 points to -72.7%
12-month revenue fell 7.5%

Worth watching: Telesat is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	451.9M CAD	418.0M CAD	−7.5%
Net income (12 months)	−156.1M CAD	−155.4M CAD	−0.5%
Operating margin	-38.2%	-72.7%	−34.5 pts
Free cash flow (12 months)	−21.9M CAD	−73.8M CAD	+236.7%
Debt	3.3B CAD	3.5B CAD	+5.6%
Cash	482.6M CAD	509.8M CAD	+5.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	96.0%	92.9%	94.5%	93.4%	—	—
Operating margin	54.0%	39.0%	80.8%	-7.1%	-72.7%	▼ 66 pts
Net margin	12.2%	-3.1%	22.3%	-15.4%	-37.2%	▼ 22 pts
Return on assets (ROA)	1.5%	-0.4%	2.5%	-1.3%	-2.4%	▼ 1.1 pts
Return on equity (ROE)	22.3%	-4.9%	23.7%	-12.4%	-29.3%	▼ 17 pts
Free cash flow margin	34.5%	27.2%	18.1%	-0.4%	-17.7%	▼ 17 pts
Current ratio	8.89×	10.43×	13.19×	3.98×	0.25×	▼ 94%
Quick ratio	8.80×	10.42×	13.16×	3.97×	0.25×	▼ 94%
Debt to equity	9.12×	8.00×	4.83×	4.36×	6.58×	▲ 51%
Interest coverage	2.18×	1.34×	2.10×	-0.17×	-1.40×	▼ 745%

TSAT price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

LEENO Industrial Inc.058470.KQ97/ 100

Transcend Information, Inc.2451.TW94/ 100

Joint Stock Company Kaspi.kzKSPI93/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.05 vs a peer median of 0.87), less short-term liquidity (current ratio 0.25 vs a peer median of 1.83) and more debt relative to equity (6.58× vs a peer median of 0.25×)higher risk: bigger price swings (beta 2.05 vs peers 0.87), less liquidity (current ratio 0.25 vs peers 1.83) and more debt vs equity (6.58× vs peers 0.25×)

Ranks #1,594 of 1,612 technology companies (bottom 2%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 16% from December 2022 to December 2025.

Telesat had 16% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Telesat had 16% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 6.6× equity vs a peer median of 0.2×.Debt is 6.6× equity vs peers 0.2×.

Debt is 6.6× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 6.6× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Operating margin at a 6-year low. -73% in 2025, the weakest of the last 6 years.

Telesat's operating margin fell to -73% in 2025, its lowest in the 6 years of filings we have.

Investment surge. Capital spending 34% of revenue, up from 4.3% in 2022.

Telesat is spending 34% of revenue on facilities and equipment, up from 4.3% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Questions investors ask about Telesat

Is Telesat getting weaker?

Its latest SEC filing (Mar 17, 2026) got weaker in some ways: operating margin fell 34.5 points to -72.7%; 12-month revenue fell 7.5%. Its overall score is unchanged at 9/100 since Oct 28, 2026.

How is Telesat valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 23/100 against 1,711 technology peers. Earnings yield -18.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -18.4% vs peers 2.2% (weaker than 100% of peers).

Is Telesat growing?

More slowly than most of its peers. Growth scores 5/100 against 1,711 technology peers. 3-year revenue growth -18.0% vs a peer median of 4.8% (weaker than 100% of peers).3-year revenue growth -18.0% vs peers 4.8% (weaker than 100% of peers).

How profitable is Telesat?

Less profitable than most of its peers. Profitability scores 7/100 against 1,711 technology peers. Operating margin -72.7% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -72.7% vs peers 6.3% (weaker than 100% of peers).

How risky is Telesat?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 0.25× vs a peer median of 1.83× (weaker than 100% of peers).Current ratio 0.25× vs peers 1.83× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

451.9M CAD

418.0M CAD

−7.5%

Net income (12 months)

−156.1M CAD

−155.4M CAD

−0.5%

Operating margin

-38.2%

-72.7%

−34.5 pts

Free cash flow (12 months)

−21.9M CAD

−73.8M CAD

+236.7%

Debt

3.3B CAD

3.5B CAD

+5.6%

Cash

482.6M CAD

509.8M CAD

+5.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

96.0%

92.9%

94.5%

93.4%

—

Operating margin

54.0%

39.0%

80.8%

-7.1%

-72.7%

▼ 66 pts

Net margin

12.2%

-3.1%

22.3%

-15.4%

-37.2%

▼ 22 pts

Return on assets (ROA)

1.5%

-0.4%

2.5%

-1.3%

-2.4%

▼ 1.1 pts

Return on equity (ROE)

22.3%

-4.9%

23.7%

-12.4%

-29.3%

▼ 17 pts

Free cash flow margin

34.5%

27.2%

18.1%

-0.4%

-17.7%

▼ 17 pts

Current ratio

8.89×

10.43×

13.19×

3.98×

0.25×

▼ 94%

Quick ratio

8.80×

10.42×

13.16×

3.97×

0.25×

▼ 94%

Debt to equity

9.12×

8.00×

4.83×

4.36×

6.58×

▲ 51%

Interest coverage

2.18×

1.34×

2.10×

-0.17×

-1.40×

▼ 745%