TSATNasdaqCommunications Services, NECFiscal year ends December 31
Telesat Corp
Financials through Q4 FY2025, quarter ended Dec 31, 2025Last filing: 20-F on Mar 17, 2026
$44.88−0.08 (-0.18%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
–
Operating margin
-72.7%−122.0 pts over 5 years
Net margin
-37.2%−67.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -26.8% | -18.0% | -12.6% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -25.0% | |
| Return on assets | – | – | -2.3% | |
| Current ratio | – | 5.51 | 0.25 | |
| Debt to equity | – | 2.18 | 6.58 | |
| Interest coverage | – | 2.0× | -1.4× | |
| Inventory turnover | – | – | – | |
| Capex to revenue | – | 2.0% | 33.6% | |
| Diluted shares | – | 50M | 15M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Telesat generated C$832.28M from operations and spent C$312.69M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
C$832.28M
Used
C$312.69M
Capital expenditureC$312.68M100%DividendsC$10.00K0%Share buybacksC$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-37.2%
×Asset turnover0.06×
×Equity multiplier10.92×
=Return on equity, FY2025-25.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -37.2% | 0.06× | 10.92× | -25.0% |
| FY2024 | -15.4% | 0.09× | 9.66× | -12.8% |
| FY2023 | 22.3% | 0.11× | 11.19× | 27.5% |
| FY2022 | -3.1% | 0.12× | 14.31× | -5.3% |
| FY2021 | 12.2% | 0.13× | 6.37× | 9.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-C$155.35M
- Cash generatingOperating cash flow above zeroC$66.70M
- Return on assets improvedROA up on the prior year-1.4% → -2.2%
- Earnings backed by cashOperating cash flow above net incomeC$66.70M vs -C$155.35M
- Less leverageLong-term debt to assets fell44.6% → 17.5%
- Better liquidityCurrent ratio rose3.98 → 0.25
- No dilutionShare count did not rise14M → 15M
- Gross margin improvedGross margin up on the prior year93.35% → –
- More efficientAsset turnover rose0.09 → 0.06