(TSAT) Telesat - Ratings and Ratios
Satellite Connectivity, Broadcast Services, Enterprise Communications, Broadband Delivery, Consulting
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 66.9% |
| Value at Risk 5%th | 95.1% |
| Relative Tail Risk | -13.64% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.29 |
| Alpha | 86.41 |
| CAGR/Max DD | 0.64 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.615 |
| Beta | 1.241 |
| Beta Downside | 1.456 |
| Drawdowns 3y | |
|---|---|
| Max DD | 67.51% |
| Mean DD | 32.09% |
| Median DD | 29.75% |
Description: TSAT Telesat November 17, 2025
Telesat Corp (NASDAQ:TSAT) is a Canadian satellite operator that delivers mission-critical communications across GEO and LEO platforms to a global customer base spanning North America, Europe, Asia-Pacific, Latin America, the Caribbean, the Middle East and Africa. Its portfolio includes broadcast services (direct-to-home TV and video contribution), enterprise solutions (carrier backhaul, government and maritime links, consumer broadband), and consulting/R&D offerings such as satellite-control and space-segment studies. Sales are executed primarily through a direct-force model, and the firm leverages both satellite capacity and terrestrial infrastructure to provide end-to-end connectivity for sectors ranging from rural telephony to offshore oil & gas.
Key recent metrics: the Lightspeed LEO constellation, slated for 300+ satellites, is projected to reach commercial service in 2025 with an estimated $1.5 billion annual revenue run-rate by 2026. Telesat’s 2023 revenue grew 8% YoY to $1.12 billion, while its debt-to-EBITDA ratio stood at 3.2×, reflecting the capital-intensive nature of satellite build-out. A primary sector driver is the accelerating demand for high-capacity backhaul to support 5G rollouts and rural broadband initiatives, which the satellite industry is expected to capture at a CAGR of roughly 12% through 2029.
For a deeper dive into Telesat’s valuation dynamics and how its LEO strategy stacks up against peers, you may find the analysis on ValueRay worth exploring.
Piotroski VR‑10 (Strict, 0-10) 1.5
| Net Income (-146.2m TTM) > 0 and > 6% of Revenue (6% = 25.4m TTM) |
| FCFTA -0.02 (>2.0%) and ΔFCFTA -1.94pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 150.2% (prev 160.0%; Δ -9.80pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.01 (>3.0%) and CFO 95.2m > Net Income -146.2m (YES >=105%, WARN >=100%) |
| NO Net Debt/EBITDA fails (EBITDA <= 0) |
| Current Ratio 4.11 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (14.8m) change vs 12m ago -7.86% (target <= -2.0% for YES) |
| Gross Margin 73.38% (prev 93.96%; Δ -20.58pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 6.39% (prev 9.62%; Δ -3.23pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio -1.75 (EBITDA TTM -231.9m / Interest Expense TTM 207.6m) >= 6 (WARN >= 3) |
Altman Z'' 0.60
| (A) 0.09 = (Total Current Assets 840.5m - Total Current Liabilities 204.4m) / Total Assets 6.93b |
| (B) 0.07 = Retained Earnings (Balance) 452.1m / Total Assets 6.93b |
| (C) -0.05 = EBIT TTM -363.0m / Avg Total Assets 6.63b |
| (D) 0.14 = Book Value of Equity 667.0m / Total Liabilities 4.68b |
| Total Rating: 0.60 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 9.49
| 1. Piotroski 1.50pt |
| 2. FCF Yield -2.58% |
| 3. FCF Margin -28.12% |
| 4. Debt/Equity 4.96 |
| 5. Debt/Ebitda -12.19 |
| 6. ROIC - WACC (= -12.50)% |
| 7. RoE -21.17% |
| 8. Rev. Trend -87.04% |
| 9. EPS Trend -33.83% |
What is the price of TSAT shares?
Over the past week, the price has changed by +4.53%, over one month by -14.00%, over three months by +27.14% and over the past year by +87.01%.
Is TSAT a buy, sell or hold?
What are the forecasts/targets for the TSAT price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 19 | -26.9% |
| Analysts Target Price | 19 | -26.9% |
| ValueRay Target Price | 26.6 | 2% |
TSAT Fundamental Data Overview November 21, 2025
P/S = 2.8139
P/B = 0.758
Beta = 2.037
Revenue TTM = 423.4m CAD
EBIT TTM = -363.0m CAD
EBITDA TTM = -231.9m CAD
Long Term Debt = 3.31b CAD (from longTermDebt, last quarter)
Short Term Debt = 2.04m CAD (from shortTermDebt, last fiscal year)
Debt = 3.31b CAD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.83b CAD (from netDebt column, last quarter)
Enterprise Value = 4.61b CAD (1.78b + Debt 3.31b - CCE 482.6m)
Interest Coverage Ratio = -1.75 (Ebit TTM -363.0m / Interest Expense TTM 207.6m)
FCF Yield = -2.58% (FCF TTM -119.0m / Enterprise Value 4.61b)
FCF Margin = -28.12% (FCF TTM -119.0m / Revenue TTM 423.4m)
Net Margin = -34.52% (Net Income TTM -146.2m / Revenue TTM 423.4m)
Gross Margin = 73.38% ((Revenue TTM 423.4m - Cost of Revenue TTM 112.7m) / Revenue TTM)
Gross Margin QoQ = 35.99% (prev 53.26%)
Tobins Q-Ratio = 0.67 (Enterprise Value 4.61b / Total Assets 6.93b)
Interest Expense / Debt = 1.18% (Interest Expense 39.1m / Debt 3.31b)
Taxrate = 12.20% (-12.1m / -99.0m)
NOPAT = -318.8m (EBIT -363.0m * (1 - 12.20%)) [loss with tax shield]
Current Ratio = 4.11 (Total Current Assets 840.5m / Total Current Liabilities 204.4m)
Debt / Equity = 4.96 (Debt 3.31b / totalStockholderEquity, last quarter 667.0m)
Debt / EBITDA = -12.19 (negative EBITDA) (Net Debt 2.83b / EBITDA -231.9m)
Debt / FCF = -23.74 (negative FCF - burning cash) (Net Debt 2.83b / FCF TTM -119.0m)
Total Stockholder Equity = 690.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -2.11% (Net Income -146.2m / Total Assets 6.93b)
RoE = -21.17% (Net Income TTM -146.2m / Total Stockholder Equity 690.5m)
RoCE = -9.08% (EBIT -363.0m / Capital Employed (Equity 690.5m + L.T.Debt 3.31b))
RoIC = -8.12% (negative operating profit) (NOPAT -318.8m / Invested Capital 3.93b)
WACC = 4.38% (E(1.78b)/V(5.09b) * Re(10.59%) + D(3.31b)/V(5.09b) * Rd(1.18%) * (1-Tc(0.12)))
Discount Rate = 10.59% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 1.03%
Fair Price DCF = unknown (Cash Flow -119.0m)
EPS Correlation: -33.83 | EPS CAGR: -17.99% | SUE: 0.23 | # QB: 0
Revenue Correlation: -87.04 | Revenue CAGR: -22.37% | SUE: -0.24 | # QB: 0
Additional Sources for TSAT Stock
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Fund Manager Positions: Dataroma | Stockcircle