Telesat Corporation Class A Common Shares and Class B Variable Voting Shares (TSAT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 25	-$1.84	$1.24	+167.4%	—	$116.7M	—
Q4 24	-$3.76	-$8.06	-114.4%	—	$128M	—
Q3 24	-$0.43	$1.23	+386.0%	—	$98.6M	—
Q2 24	$1.45	$2.45	+69.0%	—	$152.4M	—
Q1 24	$0.04	-$1.08	-2800.0%	—	$152.2M	—
Q1 23	—	$0.44	—	—	$183.4M	—
Q4 22	—	$1.31	—	—	$206.7M	—
Q3 22	—	-$3.6	—	—	$180.1M	—
Q2 22	—	-$0.13	—	—	$186.6M	—
Q1 22	—	$0.89	—	—	$185.8M	—
Q4 21	—	$1.76	—	—	$187.5M	—
Q1 04	$1.66	$2.29	+38.0%	—	—	—
Q4 03	$1.84	-$0.66	-135.9%	—	—	—
Q3 03	$1.89	$0.97	-48.7%	—	—	—
Q2 03	$0.5	$1.97	+294.0%	—	—	—
Q1 03	$0.54	$3.61	+568.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$10.6	—	—	$418M	—
FY24	—	-$6.29	—	—	$571M	—
FY23	—	$11.7	—	—	$704.2M	—
FY22	—	-$1.9	—	—	$759.2M	—
FY21	—	$13.1

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$910.9M	$820.5M	$758.2M	$759.2M	$704.2M	$571M	$418M
YoY change	—	-9.93%	-7.59%	+0.13%	-7.25%	-18.9%	-26.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	910.9M	820.5M	758.2M	759.2M	704.2M	571M	418M
Cost of revenue	37.2M	33.4M	30.2M	54M	38.5M	38M	22.7M
Gross profit	873.7M	787.1M	728M	705.2M	665.6M	533.1M	395.2M
Gross margin	95.9%	95.9%	96%	92.9%	94.5%	93.4%	94.6%
Research & development	—	—	—	—	—	—	—
Selling, general & administrative	87.9M	89.9M	156.1M	152.2M	117.9M	110.3M	92.6M
Operating expenses	128.3M	148.3M	98.3M	205M	-178.6M	169.8M	189M
Operating income	479.2M	404.8M	410M	296.4M	648.5M	224.7M	57.3M
Operating margin	52.6%	49.3%	54.1%	39%	92.1%	39.3%	13.7%
Non-operating income, net	-38.6M	34.3M	8M	-128.4M	228.2M	-362.4M	-461M
Pretax income	202.3M	240.5M	233.4M	-30.2M	672.9M	-315.5M	-597.6M
Income tax	15.1M	-4.4M	71M	51.4M	89.6M	-13M	-67.4M
Net income	187.2M	244.8M	162.4M	-81.6M	583.3M	-302.5M	-530.2M
Net margin	20.6%	29.8%	21.4%	-10.7%	82.8%	-53%	-126.9%
EBITDA	778.6M	644M	633.1M	523.7M	911.4M	386.7M	233.4M
EPS	15.7	20.6	13.1	-1.9	11.7	-6.29	-10.6
Diluted EPS	15.7	20.6	13.1	-1.9	11.3	-6.29	-10.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	175.1M	165.9M	152.2M	152.4M	98.6M	128M	116.7M	106.1M	101.1M	94M	87.1M	79.5M
Cost of revenue	10.4M	8.8M	10.7M	11.1M	4.4M	10M	6.7M	4.3M	4.8M	6.9M	8.6M	5.4M
Gross profit	164.7M	157.1M	141.5M	141.3M	94.2M	118M	110M	101.8M	96.3M	87.1M	78.4M	74M
Gross margin	94.1%	94.7%	93%	92.7%	95.5%	92.2%	94.2%	95.9%	95.3%	92.7%	90.1%	93.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	27M	29.1M	25.3M	28.4M	15.7M	34.6M	26.1M	21.6M	22.4M	22.6M	24.5M	25.2M
Operating expenses	39.2M	41.3M	36.4M	45.2M	28.3M	48.5M	46.3M	46.2M	53.1M	43.4M	162.2M	56.3M
Operating income	75.3M	70M	65.9M	61.7M	40.9M	39.7M	26.9M	18M	5.7M	6.7M	-81.4M	-13M
Operating margin	43%	42.2%	43.3%	40.5%	41.5%	31%	23%	17%	5.67%	7.09%	-93.5%	-16.4%
Non-operating income, net	-8.8M	6.5M	-68.4M	137.8M	42.3M	-491.1M	-27M	108.1M	-95.2M	-447M	-33.1M	-491.5M
Pretax income	14.9M	29.1M	-45.9M	157.8M	52M	-500.5M	-50.5M	79.3M	-137.9M	-488.5M	-160.3M	-553.1M
Income tax	18.4M	-8.9M	6.5M	28.5M	3.7M	-53.2M	918K	3.8M	-16.8M	-55.3M	-9.4M	5.4M
Net income	-3.5M	38M	-52.3M	129.3M	48.3M	-447.2M	-51.5M	75.5M	-121.1M	-433.2M	-150.9M	-558.5M
Net margin	-2%	22.9%	-34.4%	84.8%	49%	-349.4%	-44.1%	71.2%	-119.8%	-460.7%	-173.4%	-702.6%
EBITDA	141.9M	134.2M	126.2M	116.4M	77.1M	35.9M	70.2M	62.7M	49.2M	51.4M	-46.5M	20.1M
EPS	-0.08	—	-1.08	2.55	1.27	-8.97	-1.08	1.43	-2.38	-8.48	-3.04	-10.9
Diluted EPS	-0.08	—	-1.08	2.45	1.23	-8.97	-1.08	1.38	-2.38	-8.48	-3.04	-10.9

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	2.4B
Enterprise value	—	—	—	—	—	—	—	3.5B
Shares outstanding	16.9M	16.9M	17.1M	17.5M	19.2M	13.9M	14.6M	14.6M

Valuation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	8.58
P/S	—	—	—	—	—	—	—	6.85
P/B	—	—	—	—	—	—	—	2.73
EV/EBITDA	—	—	—	—	—	—	—	37.1
EV/Sales	—	—	—	—	—	—	—	13.8
Earnings yield	—	—	—	—	—	—	—	11.7%
FCF yield	—	—	—	—	—	—	—	19.1%
PEG	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	95.9%	95.9%	96%	92.9%	94.5%	93.4%	94.6%	93.1%
Operating margin	52.6%	49.3%	54.1%	39%	92.1%	39.3%	13.7%	-15.1%
Net margin	20.6%	29.8%	21.4%	-10.7%	82.8%	-53%	-126.9%	-102.9%
ROE	—	16.8%	9.57%	-4.43%	24.3%	-12.1%	-30%	-73%
ROA	—	4.39%	2.55%	-1.26%	9.3%	-4.36%	-8.03%	0.03%
ROIC	—	10.5%	7%	7.33%	14.2%	4.43%	1.2%	-1.78%
Return on tangible assets	—	-28.1%	-289.6%	-112.3%	-13.4K%	-41.8%	-41.1%	-84%

Financial health

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	5.51	8.89	10.4	13.2	3.98	0.25	0.17
Quick ratio	—	5.48	8.8	10.4	13.2	3.97	0.25	0.17
Debt / equity	—	2.2	2.26	2.11	1.35	1.25	2	3.24
Debt / assets	—	0.58	0.6	0.6	0.51	0.45	0.54	0.56
Net debt / EBITDA	—	3.72	3.76	4.21	1.71	6.66	13	45.9
Interest coverage	1.75	2.18	2.24	0.86	3.48	-0.29	-1.73	-5.42
Effective tax rate	7.47%	0%	30.4%	0%	13.3%	0%	0%	0%

Per share

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	53.9	48.6	44.5	43.5	36.7	41	28.5	24.4
EPS (basic)	15.7	20.6	13.1	-1.9	11.7	-6.29	-10.6	-10.6
EPS (diluted)	15.7	20.6	13.1	-1.9	11.3	-6.29	-10.6	-17.8
Book value per share	—	86.4	99.5	105.4	124.9	179.1	120.9	17.7
FCF per share	20.1	21	15.3	11.2	5.88	-0.17	-5.04	-18.6
Cash per share	—	48.5	85.1	96.1	86.9	39.7	34.9	25.2
Capex per share	0.49	0.97	1.86	1.87	2.23	4.65	—	—

Capital allocation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.92%	1.99%	4.18%	4.31%	6.1%	11.3%	—	—
Capex / operating cash flow	1.39%	2.59%	6.01%	9.05%	6.39%	-109.7%	—	—
Payout ratio	0.01%	0%	0.01%	0%	0%	—	—	0%

Yield

—

trailing twelve months

Frequency

Annual

Last dividend

$1.50

ex-dividend Dec 3, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 3, 2020	$1.50
May 13, 2020	$5.50
Dec 5, 2012	$29.00

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	818.8M	1.5B	1.7B	1.7B	552.6M	510.2M
Receivables	40.1M	95.5M	29.3M	47.6M	48.3M	30.6M
Inventory	5.2M	17M	2M	4.3M	1.5M	1.5M
Total current assets	893.6M	1.6B	1.8B	1.8B	1B	832.1M
Property, plant & equipment	1.2B	1.3B	1.3B	1.2B	2.2B	2.6B
Goodwill & intangibles	6.5B	6.4B	6.4B	6.3B	6.2B	5.3B
Total assets	5.6B	6.4B	6.5B	6.3B	6.9B	6.6B
Accounts payable	5.4M	3.5M	2M	4.6M	108M	5.2M
Short-term debt	2.1M	1.9M	2.1M	2.2M	2M	2.3B
Total current liabilities	162.1M	182M	171.4M	137.7M	256.6M	3.3B
Long-term debt	3.2B	3.8B	3.9B	3.2B	3.1B	1.2B
Total liabilities	4.1B	4.7B	4.6B	3.9B	4.4B	4.8B
Shareholders' equity	1.5B	1.7B	1.8B	2.4B	2.5B	1.8B
Total debt	3.2B	3.8B	3.9B	3.2B	3.1B	3.5B
Net debt	2.4B	2.4B	2.2B	1.6B	2.6B	3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.8B	1.7B	1.8B	1.4B	767.7M	552.6M	798.1M	547.8M	483M	510.2M	523.2M	383.8M
Receivables	64.4M	47.6M	65.3M	74.5M	43.6M	48.3M	62.3M	50.9M	53.2M	30.6M	58.8M	54.5M
Inventory	—	4.3M	—	—	—	1.5M	—	—	—	1.5M	—	—
Total current assets	1.9B	1.8B	1.9B	1.6B	900.9M	1B	1.2B	872.4M	840.5M	832.1M	857.8M	714.1M
Property, plant & equipment	—	1.2B	—	—	—	2.2B	—	—	—	2.6B	—	—
Goodwill & intangibles	6.4B	6.3B	6.4B	6.4B	4.5B	6.2B	6.2B	5.9B	6B	5.3B	5.2B	5.3B
Total assets	6.5B	6.3B	6.4B	6.4B	4.5B	6.9B	7.1B	6.8B	6.9B	6.6B	6.7B	6.8B
Accounts payable	44.5M	4.6M	51.6M	162M	112.2M	108M	92.7M	90M	111.6M	5.2M	88.8M	50.2M
Short-term debt	36M	2.2M	—	—	12M	2M	—	—	—	2.3B	2.4B	2.7B
Total current liabilities	211.3M	137.7M	162.4M	259.5M	206.6M	256.6M	205M	171.7M	204.4M	3.3B	3.4B	4.2B
Long-term debt	3.3B	3.2B	3.3B	3B	2.1B	3.1B	3.4B	3.2B	3.3B	1.2B	1.3B	1.1B
Total liabilities	4.1B	3.9B	4B	3.8B	2.6B	4.4B	4.7B	4.5B	4.7B	4.8B	5B	5.6B
Shareholders' equity	2.4B	2.4B	2.4B	2.6B	1.9B	2.5B	2.4B	2.3B	2.2B	1.8B	1.7B	1.2B
Total debt	3.3B	3.2B	3.3B	3B	2.1B	3.1B	3.4B	3.2B	3.3B	3.5B	3.6B	3.8B
Net debt	1.5B	1.6B	1.5B	1.6B	1.3B	2.6B	2.6B	2.6B	2.8B	3B	3.1B	3.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	187.2M	244.8M	162.4M	-81.6M	583.3M	-302.5M	-530.2M
Depreciation & amortization	266.2M	234.1M	219.8M	203.7M	195.8M	138.6M	148.9M
Stock-based compensation	16M	12.5M	73.7M	67.4M	33M	17.6M	4.1M
Change in working capital	-15.6M	13.2M	-72.7M	324K	-35.1M	-63.4M	76.8M
Operating cash flow	600.6M	630.2M	528M	361.2M	671.8M	-59.1M	66.7M
Capital expenditure	-8.3M	-16.3M	-31.7M	-32.7M	-42.9M	-64.8M	—
Investing cash flow	-12M	-92.2M	-268.8M	145K	225.2M	-1.1B	-619.8M
Dividends paid	-20K	-10K	-10K	0	0	—	—
Share repurchases	—	—	—	—	—	—	—
Financing cash flow	-40.3M	-450.2M	605.2M	-104.9M	-354.7M	-170.6M	671.8M
Net change in cash	548.2M	87.7M	864.4M	256.5M	542.3M	-1.3B	118.7M
Free cash flow	339.7M	355.4M	260.6M	196.1M	112.9M	-2.4M	-73.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-3.5M	38M	-52.3M	129.3M	48.3M	-447.2M	-51.5M	75.5M	-121.1M	-433.2M	-150.9M	-558.5M
Depreciation & amortization	50.2M	45.8M	39.2M	34.5M	25M	29.9M	36.8M	37.6M	37.5M	37M	30.7M	30.8M
Stock-based compensation	7.1M	6.9M	5.4M	6M	2.2M	3.1M	3.2M	2.4M	3M	-4.5M	3.1M	3.8M
Change in working capital	-5.6M	-16.6M	6.9M	-36.8M	-31.7M	10.9M	120.3M	2.3M	-49.2M	3.4M	2.8M	—
Operating cash flow	106.2M	100.4M	35.4M	192.2M	71.4M	-389.2M	145.1M	-30.7M	-11.3M	-30.2M	3.6M	-75.5M
Capital expenditure	-6.5M	-16M	-19.3M	-12.4M	-11.5M	-16.9M	-34.7M	—	—	—	—	—
Investing cash flow	332.3M	-52.5M	-20M	-200M	-224.7M	-557.4M	-230.6M	-147M	-97.1M	-180.2M	-74.5M	-103.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-162.2M	-30.4M	-2.3M	-132.3M	-15M	-12.5M	332.5M	-8.1M	64.1M	283.3M	119.8M	92.6M
Net change in cash	276.3M	17.6M	13.1M	-140.2M	-168.3M	-959.1M	247M	-185.7M	-44.4M	72.9M	48.9M	-86.6M
Free cash flow	47.1M	-3M	56.3M	-22.8M	-13.9M	-18.6M	104.2M	-65.9M	-41.7M	-70.5M	-39.5M	-131M

Revenue	$175.1M	$165.9M	$152.2M	$152.4M	$98.6M	$128M	$116.7M	$106.1M	$101.1M	$94M	$87.1M	$79.5M
YoY change	-2.79%	-19.7%	-17%	-15.2%	-43.7%	-22.8%	-23.3%	-30.4%	+2.47%	-26.5%	-25.4%	-25.1%

Telesat Corporation Class A Common Shares and Class B Variable Voting Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement