# Telesat Corporation (TSAT.TO) fundamentals

Data as of 2026-11-04. TSX, Canada. Sector: Communication Services / Fixed & Integrated Telecom. Price C$56.64, market value C$2.9 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Telesat Corporation 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: 8.5×**. Each dollar of revenue is priced at 8.5×.
- **Price / book: 2.6×**. The shares trade at 2.6× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 6.3%** (5-yr avg 54.4%). Free cash flow equals 6.3% of the market value, below its five-year average of 54.4%, so the shares are pricier on cash than usual. Above 5% is generally attractive.

## Profitability
- **Gross margin: 92.2%**. Telesat Corporation keeps 92.2% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -8.7%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -126.9%**. The company reported a net loss over the last twelve months.
- **Return on equity: -99.9%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -0.8%**. Return on all capital, debt included, is -0.8%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -5.8%**. Each dollar of assets produces -5.8% of profit.

## Growth
- **Revenue growth (1 yr): -26.8%** (3-yr -18.0%/yr, 5-yr -12.6%/yr). Revenue fell 26.8% over the last year, against -12.6% a year compounded over five years: growth is slowing.
- **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 holds more cash than debt.
- **Interest coverage: -0.1×**. Operating profit covers interest only -0.1×: 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: -0.07**. A Z-score of -0.07 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend: none**. Telesat Corporation does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (7 analysts). 7 analysts cover Telesat Corporation; the consensus is buy, with an average price target of C$86.00 (+52% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 34.7%** (YTD 41.1%, 3-mo 7.2%). The shares are up 34.7% over twelve months including dividends.
- **From 52-week high: -33.8%** (73.7% above the low). Trading 34% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 39**. An RSI of 39 is neutral.
- **Beta (1 yr): 2.98** (volatility 96%). Beta of 2.98 against the S&P/TSX Composite: the shares move much more than the market.

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

Not investment advice.