TSAT Stock Analysis: Telesat | NASDAQ
Communication Equipment | NASDAQ, USA | Market Cap: 2.307m USD | 12M Return: 126.9% | CA8795123097 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 7.80M
Qual. Beats: 1
Rev. Trend: -99.5%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Telesat Corporation (NASDAQ: TSAT) is a Canadian satellite operator founded in 1969 and headquartered in Ottawa, providing mission-critical communications solutions to customers across the Americas, Europe, the Middle East, Africa, Asia, and Australia. The company operates through two segments: Geostationary (GEO) satellites and Low Earth Orbit (LEO) satellites, with its flagship LEO project - Telesat Lightspeed - aimed at building a global broadband constellation. Telesat monetizes its satellite capacity through broadcast services (direct-to-home TV, video distribution), enterprise and government connectivity (telecom backhaul, resource industries, maritime and aeronautical), consulting and research services, and direct-to-consumer broadband offerings, sold primarily through a direct sales force.
As one of the worlds longest-established commercial satellite operators, Telesat competes in a global industry where incumbents are being challenged by newer entrants deploying large LEO broadband constellations. The sector is capital-intensive, with operators relying on long-lived orbital assets and long-term capacity contracts with broadcasters, telecom carriers, and government customers to generate recurring revenue. Telesats dual GEO/LEO strategy positions it to serve both traditional geostationary use cases and the growing demand for low-latency global broadband.
- Lightspeed LEO constellation delays and capex overruns weigh on margins
- GEO broadcast segment revenue declines amid shift to LEO competition
- High debt load from Lightspeed constrains capital allocation flexibility
| Net Income: -372.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.11 > 0.02 and ΔFCF/TA -10.94 > 1.0 |
| NWC/Revenue: -961.7% < 20% (prev 143.2%; Δ -1.10k% < -1%) |
| CFO/TA -0.02 > 3% & CFO -113.4m > Net Income -372.2m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 0.17 > 1.5 & < 3 |
| Outstanding Shares: last quarter (15.2m) vs 12m ago -8.11% < -2% |
| Gross Margin: 45.63% > 18% (prev 94.43%; Δ -48.80% > 0.5%) |
| Asset Turnover: 5.35% > 50% (prev 7.24%; Δ -1.89% > 0%) |
| Interest Coverage Ratio: -3.07 > 6 (EBIT TTM -641.2m / Interest Expense TTM 209.0m) |
| A: -0.51 (Total Current Assets 714.4m - Total Current Liabilities 4.19b) / Total Assets 6.76b |
| B: 0.02 (Retained Earnings 119.0m / Total Assets 6.76b) |
| C: -0.09 (EBIT TTM -641.2m / Avg Total Assets 6.76b) |
| D: 0.07 (Book Value of Equity 376.8m / Total Liabilities 5.58b) |
| Altman-Z'' = -3.88 = D |
| DSRI: 1.40 (Receivables 74.0m/71.4m, Revenue 361.8m/489.3m) |
| GMI: 2.07 (GM 94.43% / 45.63%) |
| AQI: 0.88 (AQ_t 0.44 / AQ_t-1 0.50) |
| SGI: 0.74 (Revenue 361.8m / 489.3m) |
| TATA: -0.04 (NI -372.2m - CFO -113.4m) / TA 6.76b) |
| Beneish M = -1.99 (Cap -4..+1) = B |
As of September 13, 2026, the stock is trading at USD 49.75 with a total of 132,913 shares traded. Over the past week, the price has changed by +12.94%, over one month by -16.36%, over three months by -0.74% and over the past year by +126.86%.
Current recommended Stop Loss: 46.10 (which is 7.3% or 1.2 ATR below the current price).
Telesat has no consensus analysts rating.
| Analysts Target Price | 19 | -61.7% |
Market Cap CAD = 3.20b (2.31b USD * 1.3869 USD.CAD)
P/S = 6.3786
P/B = 2.4736
Revenue TTM = 361.8m CAD
EBIT TTM = -641.2m CAD
EBITDA TTM = -505.0m CAD
Long Term Debt = 1.05b CAD (from longTermDebt, last quarter)
Short Term Debt = 2.74b CAD (from shortTermDebt, last quarter)
Debt = 3.84b CAD (from shortLongTermDebtTotal, last quarter) + Leases 40.1m
Net Debt = 3.45b CAD (calculated: Debt 3.84b - CCE 383.4m)
Enterprise Value = 6.65b CAD (3.20b + Debt 3.84b - CCE 383.4m)
Interest Coverage Ratio = -3.07 (Ebit TTM -641.2m / Interest Expense TTM 209.0m)
EV/FCF = -9.01x (Enterprise Value 6.65b / FCF TTM -738.4m)
FCF Yield = -11.10% (FCF TTM -738.4m / Enterprise Value 6.65b)
FCF Margin = -204.1% (FCF TTM -738.4m / Revenue TTM 361.8m)
Net Margin = -102.9% (Net Income TTM -372.2m / Revenue TTM 361.8m)
Gross Margin = 45.63% ((Revenue TTM 361.8m - Cost of Revenue TTM 196.7m) / Revenue TTM)
Gross Margin QoQ = 22.70% (prev 26.65%)
Tobins Q-Ratio = 0.98 (Enterprise Value 6.65b / Total Assets 6.76b)
Interest Expense / Debt = 5.45% (Interest Expense 209.0m / Debt 3.84b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -506.5m (EBIT -641.2m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.17 (Total Current Assets 714.4m / Total Current Liabilities 4.19b)
Debt / Equity = 10.18 (Debt 3.84b / totalStockholderEquity, last quarter 376.8m)
Debt / EBITDA = -6.84 (negative EBITDA) (Net Debt 3.45b / EBITDA -505.0m)
Debt / FCF = -4.68 (negative FCF - burning cash) (Net Debt 3.45b / FCF TTM -738.4m)
Total Stockholder Equity = 486.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -5.51% (Net Income -372.2m / Total Assets 6.76b)
RoE = -76.45% (Net Income TTM -372.2m / Total Stockholder Equity 486.8m)
RoCE = -41.68% (EBIT -641.2m / Capital Employed (Equity 486.8m + L.T.Debt 1.05b))
RoIC = -9.57% (negative operating profit) (NOPAT -506.5m / Invested Capital 5.30b)
WACC = 8.90% (E(3.20b)/V(7.04b) * Re(14.42%) + D(3.84b)/V(7.04b) * Rd(5.45%) * (1-Tc(0.21)))
Discount Rate = 14.42% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 11.67 | Cagr: 4.76%
[DCF] Fair Price = unknown (Cash Flow -738.4m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 3.64 | # QB: 1
Revenue Correlation: -99.48 | Revenue CAGR: -23.48% | SUE: -0.01 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=-23.9%
EPS next Year (2027-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=-13.5%