TSAT Class A Telesat Corporation - Class A Common Shares and Class B Variable Voting Shares
NASDAQ · Telecommunication · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Mar 17, 2026
$48.00
· of 52w range
· above low
· to high
$23.0152w low
$61.5452w high
P/E
-2.7
EPS
$-10.61
Revenue
$418M
your badges
52W Range
$23–$62
Analyst Rating
BUY
Price Target
·
P/E
-2.7
ROE
-25.0%
Net Profit Margin
-37.2%
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TSAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$48.00
P/E
-2.7
EPS
$-10.61
Revenue
$418M
ROE
-25.0%
52W Range
$23–$62
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$418M2019-12-31 → 2025-12-31
EPS$-10.612019-12-31 → 2025-12-31
Free Cash Flow$-74M2021-12-31 → 2025-12-31
Net margin-37.2%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -2.75Y avg ≈1.2 | ≈1.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | -72.7%5Y avg ≈18.9% | ≈18.9% | · | · | |
| EBITDA Margin | -72.7%5Y avg ≈18.9% | ≈18.9% | · | · | |
| Pretax Margin | -143.0%5Y avg ≈-18.5% | ≈-18.5% | · | · | |
| Net Profit Margin | -37.2%5Y avg ≈-3.9% | ≈-3.9% | · | · | |
| ROA | -2.3%5Y avg ≈0.04% | ≈0.04% | · | · | |
| ROE | -25.0%5Y avg ≈-0.90% | ≈-0.90% | · | · | |
| ROIC | -50.8%5Y avg ≈33.6% | ≈33.6% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | TSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio | 0.35Y avg ≈7.3 | ≈7.3 | · | · | |
| Quick Ratio | 0.25Y avg ≈6.5 | ≈6.5 | · | · | |
| Interest Coverage | -1.45Y avg ≈0.8 | ≈0.8 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TSAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.1 | ≈0.1 | · | · | |
| Receivables Turnover | 3.85Y avg ≈7.7 | ≈7.7 | · | · | |
| Revenue / Employee | ≈$587.8K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Annualized Payout≈$1.50
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Dec 3, 2020 | $1.50 | USD | ≈33.4% |
| May 13, 2020 | $5.50 | USD | ≈30.6% |
| Dec 5, 2012 | $29.00 | USD | ≈79.3% |
| Apr 5, 2012 | $13.60 | USD | ≈20.6% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-131.3%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 13, 2026 | $-10.89 | $-1.15 | -846.9% |
| March 31, 2026 | May 8, 2026 | $-3.04 | $-1.23 | -146.3% |
| Dec. 31, 2025 | $-8.48 | $-3.40 | -149.7% | |
| Sept. 30, 2025 | $-2.38 | $-3.38 | 29.5% | |
| June 30, 2025 | $0.85 | $-2.13 | 139.9% | |
| March 31, 2025 | $1.24 | $-1.45 | 185.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $418M | $571M | $704M | $759M | $758M | $820M | |
| Cost of Revenue | · | $38M | $39M | $54M | $30M | $33M | |
| R&D Expense | $12M | $12M | · | · | · | · | |
| Operating Income | $-304M | $-40M | $569M | $296M | $409M | $405M | |
| Interest Expense | $218M | $244M | $270M | $222M | $188M | $204M | |
| Interest Income | · | · | · | $24M | $4M | $8M | |
| Pretax Income | $-598M | $-316M | $673M | $-30M | $233M | $245M | |
| Income Tax | $-67M | $-13M | $90M | $51M | $71M | $-4M | |
| Net Income | $-155M | $-88M | $157M | $-24M | $93M | $245M | |
| EPS (Basic) | $-10.61 | $-6.29 | $11.71 | $-1.93 | $2.05 | $4.95 | |
| EPS (Diluted) | $-10.61 | $-6.29 | $11.29 | $-1.93 | $1.99 | $4.92 | |
| Shares (Basic) | 14,640,626 | 13,937,443 | 13,417,290 | 12,311,264 | 45,168,650 | 49,537,082 | |
| Shares (Diluted) | 14,640,626 | 13,937,443 | 15,288,221 | 12,311,264 | 46,620,495 | 49,804,886 | |
| EBITDA | $-304M | $-40M | $569M | $296M | $412M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $494M | $539M | $1.42B | $1.67B | $1.37B | $818M | |
| Receivables | $58M | $159M | $78M | $41M | $123M | $52M | |
| Inventory | $1M | $1M | $4M | $2M | $17M | $5M | |
| Current Assets | $832M | $1.02B | $1.82B | $1.79B | $1.62B | $894M | |
| PP&E (Net) | $2.72B | $2.28B | $1.26B | $1.36B | $1.43B | $1.32B | |
| Goodwill | $2.21B | $2.61B | $2.45B | $2.45B | $2.45B | $2.45B | |
| Intangibles | $442M | $497M | $693M | $757M | $763M | $779M | |
| Total Assets | $6.60B | $6.95B | $6.31B | $6.48B | $6.36B | $5.58B | |
| Accounts Payable | $57M | $158M | $44M | $44M | $55M | $30M | |
| Current Liabilities | $3.32B | $257M | $138M | $171M | $182M | $162M | |
| Total Liabilities | $4.83B | $4.45B | $3.91B | $4.64B | $4.67B | $4.12B | |
| Retained Earnings | $331M | $467M | $534M | $356M | $350M | $1.27B | |
| Stockholders' Equity | $531M | $710M | $662M | $481M | $416M | $1.46B |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $67M | $62M | $170M | $240M | $293M | $372M | |
| CapEx | $141M | $65M | $43M | $33M | $32M | $16M | |
| Investing Cash Flow | $-761M | $-1.09B | $212M | $12M | $-270M | $-92M | |
| Dividends Paid | · | · | · | · | $10.0K | $10.0K | |
| Financing Cash Flow | $672M | $-170M | $-356M | $-127M | $605M | $-450M | |
| Free Cash Flow | $-74M | $-2M | $126M | $196M | $262M | · | |
| Levered FCF | $-267M | $-236M | $-108M | $-164M | $167M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -72.7% | -7.0% | 80.8% | 39.1% | 54.3% | · | |
| Net Margin | -37.2% | -15.4% | 22.3% | -3.1% | 13.7% | · | |
| Pretax Margin | -143.0% | -55.2% | 95.6% | -10.5% | 20.8% | · | |
| EBITDA Margin | -72.7% | -7.0% | 80.8% | 39.1% | 54.3% | · | |
| ROA | -2.3% | -1.3% | 2.5% | -0.36% | 1.7% | · | |
| ROE | -25.0% | -12.8% | 27.5% | -5.2% | 11.0% | · | |
| ROIC | -50.8% | -5.4% | 74.5% | 100.2% | 49.8% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.3 | 4.0 | 13.2 | 10.4 | 8.9 | · | |
| Quick Ratio | 0.2 | 2.7 | 10.9 | 10.0 | 8.6 | · | |
| Interest Coverage | -1.4 | -0.2 | 2.1 | 1.3 | 2.2 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | |
| Inventory Turnover | · | 13.2 | 12.1 | 5.7 | 2.7 | · | |
| Receivables Turnover | 3.8 | 4.8 | 11.8 | 9.3 | 8.7 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue / Share | $28.55 | $40.97 | $46.06 | $61.66 | $16.26 | · | |
| Cash Flow / Share | $4.56 | $4.48 | $11.06 | $18.59 | $6.36 | · | |
| EPS (TTM) | $-10.61 | $-6.29 | $11.29 | $-1.93 | $1.99 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $418M | $571M | $704M | $759M | $758M | · | |
| Net Income TTM | $-155M | $-88M | $157M | $-24M | $93M | · | |
| P/E | -2.7 | -2.6 | 0.9 | -3.9 | 14.4 | · | |
| Earnings Yield | -36.5% | -38.3% | 108.2% | -25.7% | 6.9% | · | |
| Payout Ratio | · | · | · | · | 0.01% | · | |
| Annual Payout | · | · | · | · | $10.0K | · |
No quarterly filings for TSAT
We don't have SEC filings for this ticker yet.
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $418M | $571M | $704M | $759M | $758M |
| Operating Margin % | -72.7% | -7.0% | 80.8% | 39.1% | 54.3% |
| Net Income | $-155M | $-88M | $157M | $-24M | $93M |
| Diluted EPS | $-10.61 | $-6.29 | $11.29 | $-1.93 | $1.99 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 0.3 | 4.0 | 13.2 | 10.4 | 8.9 |
| Quick Ratio | 0.2 | 2.7 | 10.9 | 10.0 | 8.6 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-74M | $-2M | $126M | $196M | $262M |
Institutional owners (13F) 111 filers · $2.2B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
111
Value held
$2.2B
New positions
39
Exited positions
12
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 39 (+14 vs prior Q) | 12 (+3 vs prior Q) | 27 (+4 vs prior Q) | 25 (+9 vs prior Q) | -729K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Public Sector Pension Investment Board | $921,851,096 | 18,211,203 | 42.66% | Shares |
| MHR FUND MANAGEMENT LLC | $912,936,357 | 18,035,092 | 42.25% | Shares |
| GAMCO INVESTORS, INC. ET AL | $87,237,749 | 1,723,385 | 4.04% | Shares |
| GABELLI FUNDS LLC | $36,258,144 | 716,281 | 1.68% | Shares |
| MILLENNIUM MANAGEMENT LLC | $27,551,049 | 544,272 | 1.27% | Shares |
| NEXPOINT ASSET MANAGEMENT, L.P. | $20,077,056 | 396,623 | 0.93% | Shares |
| LM Asset Management Inc. | $13,482,480 | 266,350 | 0.62% | Shares |
| MORGAN STANLEY | $12,967,984 | 256,183 | 0.60% | Shares |
| PenderFund Capital Management Ltd. | $11,026,219 | 225,153 | 0.51% | Shares |
| MACKENZIE FINANCIAL CORP | $8,547,442 | 118,830 | 0.40% | Shares |
| OSAIC HOLDINGS, INC. | $7,939,439 | 156,844 | 0.37% | Shares |
| AYAL Capital Advisors Ltd | $7,668,930 | 151,500 | 0.35% | Shares |
| Senvest Management, LLC | $6,968,754 | 137,668 | 0.32% | Shares |
| Rokos Capital Management LLP | $6,964,671 | 137,737 | 0.32% | Shares |
| GUARDIAN CAPITAL LP | $5,426,323 | 107,029 | 0.25% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $4,754,838 | 93,932 | 0.22% | Shares |
| Pembroke Management, LTD | $4,643,828 | 91,739 | 0.21% | Shares |
| CenterBook Partners LP | $3,619,330 | 71,500 | 0.17% | Shares |
| Quadrature Capital Ltd | $3,536,297 | 69,766 | 0.16% | Shares |
| K.J. Harrison & Partners Inc | $3,340,873 | 66,000 | 0.15% | Shares |
| CITADEL ADVISORS LLC | $3,207,131 | 63,357 | 0.15% | Shares |
| GABELLI & Co INVESTMENT ADVISERS, INC. | $2,830,215 | 55,911 | 0.13% | Shares |
| Qube Research & Technologies Ltd | $2,577,824 | 50,925 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,546,186 | 50,300 | 0.12% | Call option |
| TD Waterhouse Canada Inc. | $2,516,190 | 53,708 | 0.12% | Shares |
| FIL Ltd | $2,131,102 | 42,100 | 0.10% | Shares |
| National Philanthropic Trust | $2,024,800 | 40,000 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $1,943,808 | 38,400 | 0.09% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,822,320 | 36,000 | 0.08% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,688,936 | 33,365 | 0.08% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,581,470 | 31,242 | 0.07% | Shares |
| PCJ Investment Counsel Ltd. | $1,579,786 | 31,180 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $1,569,220 | 31,000 | 0.07% | Put option |
| BANK OF AMERICA CORP /DE/ | $1,562,133 | 30,860 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $1,550,743 | 30,635 | 0.07% | Shares |
| JANE STREET GROUP, LLC | $1,260,438 | 24,900 | 0.06% | Call option |
| FORMULA GROWTH LTD | $1,157,831 | 22,873 | 0.05% | Shares |
| BANK OF MONTREAL /CAN/ | $1,154,135 | 22,779 | 0.05% | Shares |
| TD Asset Management Inc | $1,151,995 | 22,722 | 0.05% | Shares |
| Voleon Capital Management LP | $1,088,583 | 21,505 | 0.05% | Shares |
| D. E. Shaw & Co., Inc. | $1,086,153 | 21,457 | 0.05% | Shares |
| XTX Topco Ltd | $925,637 | 18,286 | 0.04% | Shares |
| AMERICAN CENTURY COMPANIES INC | $918,391 | 18,108 | 0.04% | Shares |
| INTACT INVESTMENT MANAGEMENT INC. | $892,564 | 17,600 | 0.04% | Shares |
| GOLDMAN SACHS GROUP INC | $875,422 | 17,294 | 0.04% | Shares |
| Investment Management Corp of Ontario | $766,893 | 15,150 | 0.04% | Shares |
| STIFEL FINANCIAL CORP | $758,037 | 14,975 | 0.04% | Shares |
| Trexquant Investment LP | $739,761 | 14,614 | 0.03% | Shares |
| CITADEL ADVISORS LLC | $647,936 | 12,800 | 0.03% | Put option |
| IMC-Chicago, LLC | $614,274 | 12,135 | 0.03% | Shares |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| MHR INSTITUTIONAL ADVISORS LLC, MHRC I LLC, MHR INSTITUTIONAL PARTNERS IIA LP, MHR INSTITUTIONAL ADVISORS II LLC, MHRC II LLC, MHR INSTITUTIONAL PARTNERS III LP, MHR INSTITUTIONAL ADVISORS III LLC, MHR SAT SUBHOLDCO B, MHR SAT HOLDCO B, MHR SUN GP LLC, The Rachesky Revocable Trust, MHR SUN III LP, MHR FUND MANAGEMENT LLC, MHR HOLDINGS LLC, MARK H. RACHESKY, M.D. | July 9, 2026 | 35.50% | Amendment | Passive investment | SEC |
| GAMCO INVESTORS, INC. ET AL, GABELLI FUNDS LLC, GAMCO Asset Management Inc., GABELLI & Co INVESTMENT ADVISERS, INC., GABELLI FOUNDATION, INC., MJG ASSOCIATES, INC., GGCP, INC., Associated Capital Group, Inc., GABELLI MARIO J ×4 filings | April 2, 2026 | 11.60% | Amendment | · | SEC |
| Gabelli Funds, LLC I.D. No ., GAMCO Asset Management Inc. I.D. No ., MJG Associates, Inc. I.D. No ., Gabelli & Company Investment Advisers, Inc. I.D. No ., Gabelli Foundation, Inc. I.D. No ., GGCP, Inc. I.D. No ., GAMCO Investors, Inc. I.D. No ., Associated Capital Group, Inc. I.D. No., Mario J. Gabelli ×17 filings | Sept. 26, 2024 | · | Initial filing | · | SEC |
| MHR ADVISORS LLC, MHRC LLC, MHR INSTITUTIONAL ADVISORS LLC, MHRC I LLC, MHR INSTITUTIONAL PARTNERS IIA LP, MHR INSTITUTIONAL ADVISORS II LLC, MHRC II LLC, MHR INSTITUTIONAL PARTNERS III LP, MHR INSTITUTIONAL ADVISORS III LLC, MHR FUND MANAGEMENT LLC, MHR HOLDINGS LLC, MARK H. RACHESKY, M.D. ×2 filings | May 14, 2024 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 2 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
TSAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 11 analysts
BUY
2 18.2%
Strong Buy
6 54.5%
Buy
3 27.3%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
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Source: SEC 20-F filed Mar 17, 2026