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MARKETS / NASDAQ / TSAT
NASDAQ · COMMUNICATIONS SERVICES, NEC · MID CAP

Telesat Corp. TSAT

7 fiscal years on record · CAD · FY2025 reported · SEC filings only
CAD 418.0M
▼ 26.8% YoY
CAD -155.4M
CAD -73.8M
In brief

What this company does

Telesat provides its customers with communications services, since the start of the satellite communications industry in the 1960s. Its headquarters is located at 160 Elgin Street, Ottawa, where it leases approximately 75,900 square feet. Its GEO satellite fleet is comprised of 14 satellites and offers coverage with a concentration over the Americas. As of December 31, 2025, Telesat and its subsidiaries had approximately 711 permanent full- and part-time employees. Its broadcast services provided approximately 47% of its revenues for the year ended December 31, 2025, with customers including North American DTH providers Bell TV, Shaw Direct and DISH Network. Its enterprise services provided approximately 49% of its revenues for the year ended December 31, 2025, with customers including Bell Canada, Hughes Network Systems, iForte, Marlink, Northwestel, Telespazio, Viasat and Vodafone. Its consulting and other services provided approximately 4% of its revenues for the year ended December 31, 2025.

Written from the business description in TELESAT CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 17 March 2026. Every sentence was checked against that document before publication.

Growth
CAD 418.0M
Revenue, FY2025 · full 7-year series below
Revenue CAD M Net income CAD M
FY2025 · Revenue 418.0 · Net income -155.4
400M800M-80M2019202020212022202320242025
Compound annual growth
−18.0%
−12.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −12.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−127 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -72.7% · Net -126.9%
50%-50%-100%2019202020212022202320242025
ROE
FY2025 · ROE -25.0%
10%20%-10%-20%2019202020212022202320242025

Each CAD of equity lost 25 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow CAD M
FY2025 · FCF -73.8
200.0M-25.0M-50.0M2019202020212022202320242025
Net buybacks CAD Dividends CAD
FY2021 · Dividends 10000.0 · Net buybacks —
800016000201920202021

Total assetsCAD 6.6B
EquityCAD 530.8M
CashCAD 509.8M
Gross debtCAD 3.5B
Net debtCAD 3.0B
Current ratio0.25×

Net debt stands at 562% of equity.

The 7-year record
7 fiscal years
Every figure from documents filed with the SEC · CAD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019
Revenue CAD B0.40.60.70.80.80.80.9
Operating income CAD B−0.3−0.00.60.30.40.40.5
EBITDA CAD B·······
Income tax CAD B−0.1−0.00.10.10.1−0.00.0
Net income CAD B−0.2−0.10.2−0.00.10.20.2
Free cash flow CAD B−0.1−0.00.10.20.30.40.4
EPS, diluted CAD −10.61−6.2911.29−1.931.994.923.76
Dividend / sh CAD ·······
Payout %····000
ROE %−25.0−12.827.5−5.39.916.8·
Shares out B0.010.010.010.010.01··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 26 reconciliationsAUDITED

Reconciled in 7 of 19 fiscal years. 63 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityCommunications Services, NEC
Listed onNASDAQ
Incorporated inoutside the United States — SEC code A1
Fiscal year endsDecember 31
Data on record since2019

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