TSAT

MKT CAP:$701M

Telesat Corporation

Market Cap

$701M

Technology·Communication Equipment·🇨🇦 Canada·NASDAQ

Technology·Communication·🇨🇦·NASDAQ

Stock Price

$48.37+$19.21 (+65.88%)

Apr 23, 2026

Company Details

Telesat Corporation, a satellite operator, provides mission-critical communications services to broadcast, enterprise, and consulting customers worldwide. The company's satellite-based services allow direct-to-home (DTH) service providers t...

CEO

Daniel S. Goldberg

IPO Date

Jul 27, 2005

Website

www.telesat.com

Key Metrics TTM

Revenue

$420M

-28.3% YoY

Net Income

-$117M

EPS (Diluted)

-$7.91

Free Cash Flow

-$192M

Revenue / Share

$28.32

Gross Margin

85.5%

Operating Margin

27.2%

Net Margin

-27.8%

FCF Margin

-45.6%

P/S

1.7x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 17, 2026

$305MEPS -$7.75

Q4 2025

Mar 17, 2026

$69MEPS -$6.18

Q3 2025

Nov 4, 2025

$74MEPS -$1.74

Q3 2021

Sep 29, 2021

$141M-4.8%EPS -$0.58

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$155M	$128M	$83M
Q3 18	$166M	$137M	$90M
Q4 18	$169M	$117M	$68M
Q1 19	$162M	$134M	$83M
Q2 19	$169M	$141M	$90M
Q3 19	$173M	$146M	$94M
Q4 19	$161M	$125M	$79M
Q1 20	$152M	$120M	$75M
Q2 20	$152M	$119M	$74M
Q3 20	$148M	$117M	$73M
Q4 20	$148M	$113M	$73M
Q1 21	$139M	$132M	$69M
Q2 21	$137M	$134M	$49M
Q3 21	$141M	$135M	$57M
Q3 25	$74M	$70M	$4M
Q4 25	$69M	$20M	$5M

Valuation

Quarter	P/S	P/E
Q2 18	1.4x	5.0x
Q3 18	1.7x	9.1x
Q4 18	1.4x	—
Q1 19	1.3x	12.4x
Q2 19	1.3x	4.8x
Q3 19	1.5x	—
Q4 19	1.2x	5.7x
Q1 20	0.6x	—
Q2 20	0.7x	—
Q3 20	0.7x	—
Q4 20	0.9x	2.8x
Q1 21	0.8x	1.1x
Q2 21	0.9x	1.6x
Q3 21	1.1x	2.8x
Q3 25	0.8x	78.8x
Q4 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	$69M	$47M
Q3 18	$90M	$74M
Q4 18	$90M	$84M
Q1 19	$86M	$83M
Q2 19	$57M	$56M
Q3 19	$76M	$74M
Q4 19	$55M	$53M
Q1 20	$79M	$78M
Q2 20	$28M	$22M
Q3 20	$111M	$62M
Q4 20	$53M	$42M
Q1 21	$72M	$70M
Q2 21	$39M	$33M
Q3 21	$70M	$60M
Q3 25	-$8M	-$101M
Q4 25	-$22M	-$183M

Capital Expenditures

Quarter	CapEx
Q2 18	$21M
Q3 18	$16M
Q4 18	$6M
Q1 19	$4M
Q2 19	$1M
Q3 19	$2M
Q4 19	$2M
Q1 20	$1M
Q2 20	$6M
Q3 20	$50M
Q4 20	$11M
Q1 21	$2M
Q2 21	$6M
Q3 21	$10M
Q3 25	$93M
Q4 25	$161M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	-6.2%	-9.1%
Q3 18	+6.0%	-1.3%
Q4 18	-8.3%	+27.8%
Q1 19	-4.3%	+8.4%
Q2 19	+9.2%	+10.1%
Q3 19	+4.4%	+4.3%
Q4 19	-4.9%	-19.3%
Q1 20	-6.1%	-2.6%
Q2 20	-10.1%	-2.1%
Q3 20	-14.8%	-5.3%
Q4 20	-8.3%	-9.5%
Q1 21	-8.7%	-9.6%
Q2 21	-9.6%	+14.6%
Q3 21	-4.8%	+12.3%
Q3 25	-49.9%	-6.3%
Q4 25	-50.7%	-8.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$2M	1.2%
Q3 18	$528.4K	0.3%
Q4 18	$19M	11.1%
Q1 19	$3M	1.6%
Q2 19	$3M	1.5%
Q3 19	$3M	1.5%
Q4 19	$4M	2.5%
Q1 20	$2M	1.2%
Q2 20	$2M	1.1%
Q3 20	$2M	1.1%
Q4 20	$4M	2.6%
Q1 21	$1M	0.9%
Q2 21	$18M	13.2%
Q3 21	$17M	12.3%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 18	—	—	$1M
Q3 18	—	—	$1M
Q4 18	—	—	$1M
Q1 19	—	$16M	—
Q2 19	—	$16M	—
Q3 19	—	$16M	—
Q4 19	—	$16M	—
Q1 20	—	—	$1M
Q2 20	—	—	$1M
Q3 20	—	—	$1M
Q4 20	$15M	—	$1M
Q1 21	—	$16M	—
Q2 21	—	$33M	—
Q3 21	—	$28M	—
Q3 25	—	$16M	—
Q4 25	—	$16M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$881M	$2M	$883M
Q2 22	$837M	$4M	$841M
Q3 22	$880M	$4M	$885M
Q4 22	$1.2B	$376.4K	$1.2B
Q1 23	$881M	$43M	$924M
Q2 23	$832M	$5M	$836M
Q3 23	$949M	$6M	$955M
Q4 23	$1.2B	$461.1K	$1.2B
Q1 24	$1.3B	$487.4K	$1.3B
Q2 24	$1.0B	$456.7K	$1.0B
Q3 24	$787M	$160.0K	$788M
Q4 24	$403M	$412.9K	$404M
Q1 25	$583M	$500.6K	$583M
Q2 25	$400M	$300.4K	$400M
Q3 25	$353M	$0	$353M
Q4 25	$361M	$11M	$372M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	24M	+0.0%	+0.0%
Q3 18	24M	0.0%	+0.0%
Q4 18	24M	0.0%	+0.0%
Q1 19	24M	+0.0%	+0.0%
Q2 19	24M	0.0%	+0.0%
Q3 19	24M	0.0%	+0.0%
Q4 19	24M	+0.0%	+0.0%
Q1 20	24M	0.0%	+0.0%
Q2 20	24M	0.0%	+0.0%
Q3 20	24M	0.0%	+0.0%
Q4 20	24M	+0.0%	+0.0%
Q1 21	13M	-45.0%	-45.0%
Q2 21	13M	0.0%	-45.0%
Q3 21	13M	0.0%	-45.0%
Q3 25	15M	+12.3%	-38.2%
Q4 25	15M	+0.3%	+12.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	—	—
Q3 18	—	—
Q4 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q3 25	$121.1K	610
Q4 25	$96.6K	711

Revenue / Employee