# Telesat Corporation Class A Common Shares and Class B Variable Voting Shares (TSAT) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Energy / Energy Equipment & Services. Price $44.90, market value $2.3 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Telesat Corporation Class A Common Shares and Class B Variable Voting Shares reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 8.8×**. Each dollar of revenue is priced at 8.8×.
- **Price / book: 1.9×**. The shares trade at 1.9× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: -8.9%** (5-yr avg 69.2%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 92.9%**. Telesat Corporation Class A Common Shares and Class B Variable Voting Shares keeps 92.9% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -22.7%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -37.2%**. The company reported a net loss over the last twelve months.
- **Return on equity: -29.3%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -2.2%**. Return on all capital, debt included, is -2.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -5.6%**. Each dollar of assets produces -5.6% of profit.

## Growth
- **Revenue growth (1 yr): -26.8%** (3-yr -18.0%/yr). Revenue fell 26.8% over the last year.
- **EPS growth (1 yr): -68.7%**. Earnings per share fell 68.7%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 6.66**. Debt is 6.66 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: net cash**. Telesat Corporation Class A Common Shares and Class B Variable Voting Shares holds more cash than debt.
- **Interest coverage: -0.4×**. Operating profit covers interest only -0.4×: fragile.
- **Current ratio: 0.25** (quick 0.25). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 0.04**. A Z-score of 0.04 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Telesat Corporation Class A Common Shares and Class B Variable Voting Shares does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 106.5%** (YTD 54.3%, 3-mo 0.8%). The shares are up 106.5% over twelve months including dividends.
- **From 52-week high: -27.0%** (115.8% above the low). Trading 27% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 49**. An RSI of 49 is neutral.
- **Beta (1 yr): 3.38** (volatility 94%). Beta of 3.38 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=TSAT · Page: https://foliofundamentals.com/stocks/tsat

Not investment advice.