Telesat Corp key statistics and ratios

In fiscal 2025, Telesat Corp had return on equity of -25.3%, an operating margin of -72.7%, debt equal to 658.2% of equity and a current ratio of 0.25. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Telesat Corp: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	95.9%	95.9%	96.0%	92.9%	94.5%	93.4%	—
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%
Return on equity	14.7%	17.3%	10.0%	−5.4%	27.2%	−12.9%	−25.3%
Return on assets	—	4.2%	1.6%	−0.4%	2.4%	−1.3%	−2.3%
Asset turnover	—	0.14	0.13	0.12	0.11	0.09	0.06
Current ratio	—	5.51	8.89	10.43	13.19	3.98	0.25
Debt to equity	0.0%	218.3%	912.4%	799.7%	483.0%	436.0%	658.2%
Interest cover (operating income ÷ interest)	1.9x	2.0x	2.2x	1.3x	2.1x	n/m	n/m
Effective tax rate	8.1%	−1.8%	30.4%	—	13.3%	—	—
R&D as % of revenue	—	—	—	—	—	2.0%	2.8%
Capital spending as % of revenue	0.9%	2.0%	4.2%	4.3%	6.1%	11.3%	33.6%
Free cash flow ÷ net income	196.2%	145.2%	282.9%	—	80.9%	—	—
Dividends ÷ net income	0.0%	0.0%	0.0%	—	—	—	—
Dividends and buybacks ÷ free cash flow	0.0%	0.0%	0.0%	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Telesat Corp's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Telesat Corp.