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Telesat Corp (TSAT) stock

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NASDAQ: TSAT Nasdaq Communications Equipment

D Fundamentals grade

Telesat Corp is a US-listed company in the communications equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$20

Price-to-sales vs peers

Base case. Range ~$15–$110. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Telesat Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds61 adding, 35 cuttingOf 23 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Telesat files

Where Telesat stands after its latest Filing

Revenue for the twelve months was $299m, down 28.2% on a year earlier, a steeper fall than the 20.1% decline a quarter earlier. That puts it 39 of 40 for growth among the communications equipment companies we cover. Free-cash-flow margin fell to -17.7% from 34.5% a year earlier. Operating margin narrowed to -72.7% from 54.0%. The diluted share count is up 5.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 7 financial-health checks. Our price-to-sales vs peers value is $19.94 a share, against a share price of $40.09.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Telesat Corp's trailing-twelve-month revenue fell 28.2% year on year, with a free-cash-flow margin of -17.7%. Where it stands out: gross margin of 93.4% ranks 1 of 36 communications equipment companies we cover. Where it lags: revenue growth of -28.2% ranks 39 of 40 communications equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 2993.1% while net income fell 73.6%: a 2919pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Telesat Corp's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 28.2% over the last 12 months.
  • Growth slowing. The growth rate is 8.1 points lower than a quarter earlier.
  • Loss-making. Operating margin is -72.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 65.7 points on a year ago.
  • Burning cash. Free cash flow was -17.7% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 5.0% in a year.

Price chart

  • 1 day+7.7%
  • 1 week-14.3%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$299M
Operating margin
-72.7%
Net margin
-37.2%
EPS (TTM, diluted)
$-7.60

Growth

Revenue growth
−28.2%
Change in growth rate
−8.1 pts
Share count change
+5.0%

Cash

Free cash flow (TTM)
-$52.9M
FCF margin
-17.7%
Stock pay % of revenue
1.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for TSAT from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Telesat Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Telesat Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$3.8 ~$1.7–$6.8 Left out: out of range vs price (0.10x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$20 ~$15–$110 Included, half weight
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$15–$110 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Telesat Corp with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Telesat Corp: too few analysts cover it.

Positioning

Short interest
11.0%
of tradable shares
Days to cover
13.07
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
50%
of shares
Held by insiders
2.3%
of shares
Employees
711
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Telesat Corp in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Telesat Corp
$200M $300M $400M $500M $600M $700M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $686.5M Revenue (TTM), FY20 Q4: $611.8M Revenue (TTM), FY21 Q4: $605.1M Revenue (TTM), FY22 Q4: $583.9M Revenue (TTM), FY23 Q4: $521.9M Revenue (TTM), FY24 Q4: $417M Revenue (TTM), FY25 Q4: $299.2M $299.2M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $686.5M
FY20 Q4 $611.8M
FY21 Q4 $605.1M
FY22 Q4 $583.9M
FY23 Q4 $521.9M
FY24 Q4 $417M
FY25 Q4 $299.2M
Revenue growth, TTM YoY Telesat Corp
-30% -20% -10% 0% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: -10.9% Revenue growth, TTM YoY, FY21 Q4: -1.1% Revenue growth, TTM YoY, FY22 Q4: -3.5% Revenue growth, TTM YoY, FY23 Q4: -10.6% Revenue growth, TTM YoY, FY24 Q4: -20.1% Revenue growth, TTM YoY, FY25 Q4: -28.2% -28.2%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 -10.9%
FY21 Q4 -1.1%
FY22 Q4 -3.5%
FY23 Q4 -10.6%
FY24 Q4 -20.1%
FY25 Q4 -28.2%
Operating margin (TTM) Telesat Corp
-100% -50% 0% 50% 100% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: 52.5% Operating margin (TTM), FY20 Q4: 49.3% Operating margin (TTM), FY21 Q4: 54.0% Operating margin (TTM), FY22 Q4: 39.0% Operating margin (TTM), FY23 Q4: 80.8% Operating margin (TTM), FY24 Q4: -7.1% Operating margin (TTM), FY25 Q4: -72.7% -72.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 52.5%
FY20 Q4 49.3%
FY21 Q4 54.0%
FY22 Q4 39.0%
FY23 Q4 80.8%
FY24 Q4 -7.1%
FY25 Q4 -72.7%
FCF margin (TTM) Telesat Corp
-20% 0% 20% 40% 60% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: 40.3% FCF margin (TTM), FY20 Q4: 43.3% FCF margin (TTM), FY21 Q4: 34.5% FCF margin (TTM), FY22 Q4: 27.2% FCF margin (TTM), FY23 Q4: 18.1% FCF margin (TTM), FY24 Q4: -0.4% FCF margin (TTM), FY25 Q4: -17.7% -17.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 40.3%
FY20 Q4 43.3%
FY21 Q4 34.5%
FY22 Q4 27.2%
FY23 Q4 18.1%
FY24 Q4 -0.4%
FY25 Q4 -17.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 687 612 605 584 522 417 299
Gross profit 658 587 581 542 493 389 —
EBITDA 561 476 502 385 567 72 −111
Operating income 360 302 327 228 422 −29 −218
Net income 141 183 74 −18 116 −64 −111
Diluted EPS $11.34 $14.68 $6.35 −$1.48 $8.37 −$4.59 −$7.60
Growth (year on year)
Revenue — −10.9% −1.1% −3.5% −10.6% −20.1% −28.2%
EBITDA — −15.1% +5.4% −23.4% +47.3% −87.3% −254.5%
Operating income — −16.3% +8.2% −30.2% +84.9% −107.0% —
Net income — +29.4% −59.5% −124.7% — −155.0% —
Diluted EPS — +29.5% −56.7% −123.4% — −154.9% —
Margins
Gross margin 95.9% 95.9% 96.0% 92.9% 94.5% 93.4% —
EBITDA margin 81.7% 77.8% 82.9% 65.9% 108.6% 17.2% −37.1%
Operating margin 52.5% 49.3% 54.0% 39.0% 80.8% −7.1% −72.7%
Net margin 20.6% 29.8% 12.2% −3.1% 22.3% −15.4% −37.2%
Free-cash-flow margin 40.3% 43.3% 34.5% 27.2% 18.1% −0.4% −17.7%
Cash flow
Cash from operations 283 277 234 184 126 46 48
Capital spending 6 12 25 25 32 47 101
Free cash flow 277 265 209 159 94 −2 −53
Stock-based pay 12 9 59 52 24 13 3
Free cash flow after stock pay 265 256 150 107 70 −15 −56
Balance sheet
Cash 792 642 1,135 1,240 1,264 383 372
Total debt 0 2,499 2,968 2,845 2,422 2,150 2,548
Net debt (negative = net cash) −792 1,857 1,834 1,605 1,157 1,767 2,176
Diluted shares 12m 12m 12m 12m 15m 14m 15m
Returned to shareholders
Dividends 0 0 0 — — — —
Total returned 0 0 0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 7 checks passed · December 31, 2025
What it owns · $4.8bn
Short-term assets $607mLonger-term assets $4.2bn
What it owes, and who funded it · $3.9bn
Short-term liabilities $2.4bnLonger-term liabilities $1.1bnShareholders' equity $387m
  • Short-term assets cover short-term liabilities $607m of assets due within a year against $2.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $607m short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $372m of cash against $2.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 658% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 218% to 658% over five years.
  • A year's operating cash flow covers at least 20% of debt $48m of operating cash flow against $2.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$218m against $156m of interest.

From Telesat Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+5.0%
year over year
R&D spending
2.8%
of revenue
Days sales outstanding
52 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated TSAT ATEN CRNT CMTL AUDC AVNW Median
Revenue, last 12 months $299m $310m $339m $250m $246m $440m $324m
Revenue growth, last 12 months −28.2% 12.2% −14.1% −17.0% 1.4% 1.2% 11.0%
Revenue growth, 3-year average — 4.3% −2.2% −23.2% 21.4% 8.5% 4.1%
Revenue growth, latest quarter — 15.5% — −8.6% — 4.8% 12.9%
Gross margin 93.4% 79.4% 33.8% 38.9% 65.0% 31.5% 43.7%
Operating margin −72.7% 16.1% 2.1% −7.3% 5.7% 4.4% 2.2%
Operating margin, 3-year average — 15.9% 3.6% −10.7% 9.3% 3.9% −1.4%
Net margin −37.2% 13.9% −0.6% −14.5% 3.6% 0.6% −0.0%
Cash from operations / revenue 16.0% 24.8% 9.3% 15.0% 12.0% 3.1% 9.9%
Free-cash-flow margin −17.7% 19.6% 5.3% 8.9% 9.3% 1.4% 7.7%
Free-cash-flow margin, 3-year average — 22.9% −0.2% −3.1% 12.7% 2.2% 2.2%
Stock pay / revenue 1.0% 7.5% 1.2% 1.3% 2.7% 1.4% 3.9%
Change in share count 5.0% −1.3% 1.5% 1.5% −5.4% 1.6% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth -28.2% 11.3% 39 of 40
Change in growth rate Growth -8.1pp +2.0pp 37 of 40
Gross margin Profitability 93.4% 44.1% 1 of 36
Operating margin Profitability -72.7% 2.4% 37 of 40
Net margin Profitability -37.2% 0.6% 37 of 40
Free-cash-flow margin Cash generation -17.7% 8.2% 32 of 38
Stock pay as % of revenue Cash generation 1.0% 3.9% 5 of 37
Long-term debt as % of assets Balance sheet 17.5% 10.4% 19 of 23
Change in share count Balance sheet 5.0% 1.6% 26 of 36
Days sales outstanding Balance sheet 52 days 75 days 11 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$2.2B
Institutions reporting
103
Shares held vs prior quarter
▼ 1.7%
Positions opened / closed
38 / 11

Top buyers and sellers, Q2 2026: 61 institutions bought and 35 sold ; the biggest buyer was Millennium Management LLC (+393K shares) and the biggest seller Rubric Capital Management LP (−844K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Public Sector Pension Investment Board $922M 18.2M 42.4% 0.0%
Mhr Fund Management LLC $913M 18.0M 42.0% 0.0%
GAMCO Investors, Inc. Et Al $87.2M 1.7M 4.0% ▼ 2.6%
Gabelli Funds LLC $36.3M 716K 1.7% ▲ 0.3%
Millennium Management LLC $27.6M 544K 1.3% ▲ 258.7%
Nexpoint Asset Management, L.P. $20.1M 397K 0.9% 0.0%
Lm Asset Management Inc. $13.5M 266K 0.6% ▼ 30.4%
Morgan Stanley $13M 256K 0.6% ▲ 56.9%
Penderfund Capital Management Ltd. $11M 225K 0.5% ▼ 39.3%
Pembroke Management, Ltd $9.3M 183K 0.4% ▲ 97.7%
Vestcor Inc $8.9M 175K 0.4% ▼ 30.0%
Mackenzie Financial Corp $8.5M 119K 0.4% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Telesat Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Telesat Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Telesat Corp in brief

What does Telesat Corp do?
Telesat Corp is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Telesat Corp's stock ticker?
Telesat Corp trades under the ticker TSAT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Telesat Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Telesat Corp reported revenue of $299M, 28.2% lower than a year earlier, according to its SEC filings.
What is Telesat Corp's free cash flow?
Telesat Corp's free-cash-flow margin is -17.7% of revenue over the trailing twelve months, ranking 32 of the 38 communications equipment companies we cover.
Who are Telesat Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Public Sector Pension Investment Board, Mhr Fund Management LLC and GAMCO Investors, Inc. Et Al. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Telesat Corp have?
Telesat Corp's debt-to-equity ratio is 658.2%, from its latest balance sheet (218.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Telesat Corp's competitors?
In our Communications Equipment peer group, the companies closest to Telesat Corp are A10 Networks, Inc., Ceragon Networks LTD, Comtech Telecommunications Corp, Audiocodes LTD and Aviat Networks, Inc. The side-by-side comparison below sets their revenue, margins and growth against Telesat Corp's.