Telesat Corporation (TSAT) Balance Sheet
TSAT balance sheet, 2025
December 31, 2025 · Canadian dollarsC$6.60B assets = C$4.83B liabilities + C$1.77B equity
Both columns are drawn to the same scale: what TSAT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TSAT financial health
Current ratio0.18
Tight · current assets cover current liabilities 0.18×
Debt / equity6.66
High leverage · C$6.66 of debt for each $1 of equity
Equity / assets8.0%
Thin equity · of assets funded by shareholders
Cash / debt14.4%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles40.2%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
TSAT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$6.14B2016 | C$6.60B2025 | +0.8%/yr | |
| Total liabilities | C$4.94B2016 | C$4.83B2025 | −0.3%/yr | |
| Shareholders’ equity | C$1.19B2016 | C$530.4M2025 | −8.6%/yr | |
| Cash & short-term investments | C$782.4M2016 | C$509.4M2025 | −4.7%/yr | |
| Total debt | C$3.87B2016 | C$3.53B2025 | −1.0%/yr | |
| Net cash (debt) | −C$3.08B2016 | −C$3.02B2025 | +C$62.5M | |
| Working capital | C$696.2M2016 | −C$2.71B2025 | −C$3.4B | |
| Current ratio | 4.392016 | 0.182025 | −4.21 | |
| Debt / equity | 3.242016 | 6.662025 | +3.42 | |
| Shares outstanding | 23.9M2016 | 14.6M2025 | −5.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TSAT assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
TSAT liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
TSAT debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TSAT balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$509.4M | C$552.6M | C$1.67B | C$1.68B | C$1.45B | C$642.4M | C$792.2M | C$787.1M | C$479.2M | C$782.4M |
| Cash & equivalents | C$493.9M | C$552.1M | C$1.67B | C$1.68B | C$1.45B | C$540.0M | C$418.4M | C$768.4M | C$479.0M | C$782.4M |
| Short-term investments | C$15.5M | C$565,000 | C$631,000 | C$515,000 | C$861,000 | C$102.4M | C$373.8M | C$18.6M | C$162,000 | — |
| Receivables | C$64.3M | C$188.2M | C$94.8M | C$59.7M | C$125.9M | C$43.2M | C$70.0M | C$39.2M | C$58.6M | C$48.0M |
| Inventory | C$1.5M | C$1.5M | C$4.3M | C$2.0M | C$17.0M | C$4.1M | C$2.7M | C$2.4M | C$3.0M | C$3.9M |
| Other current assets | C$32.1M | C$279.0M | C$47.9M | C$48.3M | C$24.1M | C$11.5M | C$10.3M | C$20.5M | C$14.2M | C$67.3M |
| Total current assets | C$607.3M | C$1.02B | C$1.82B | C$1.79B | C$1.62B | C$701.2M | C$875.2M | C$849.2M | C$555.0M | C$901.7M |
| Property, plant & equipment (net) | C$2.71B | C$2.28B | C$1.26B | C$1.36B | C$1.43B | C$1.03B | C$1.13B | C$1.70B | C$1.79B | C$1.92B |
| Goodwill & intangible assets | C$2.65B | C$3.11B | C$3.14B | C$3.20B | C$3.21B | C$2.53B | C$2.51B | C$3.26B | C$3.26B | C$3.28B |
| Long-term investments | C$0 | C$0 | C$0 | C$10.5M | C$16.3M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other non-current assets | C$621.9M | C$536.3M | C$97.0M | C$113.3M | C$89.7M | C$112.7M | C$60.7M | C$74.5M | C$91.2M | C$42.3M |
| Total assets | C$6.60B | C$6.95B | C$6.31B | C$6.48B | C$6.36B | C$4.38B | C$4.57B | C$5.88B | C$5.70B | C$6.14B |
| Liabilities | ||||||||||
| Accounts payable | C$57.4M | C$108.0M | C$4.6M | C$2.0M | C$3.5M | C$23.6M | C$20.2M | C$3.6M | C$2.7M | C$2.5M |
| Short-term debt | C$2.34B | C$2.0M | C$2.2M | C$2.1M | C$1.9M | C$1.7M | C$20.3M | C$7.9M | C$14.5M | C$22.7M |
| Deferred revenue | C$45.3M | C$57.5M | C$55.1M | C$66.8M | C$78.2M | C$64.2M | C$50.7M | — | — | — |
| Total current liabilities | C$3.31B | C$256.6M | C$137.7M | C$171.4M | C$182.0M | C$127.3M | C$124.4M | C$178.2M | C$156.1M | C$205.5M |
| Long-term debt | C$1.15B | C$3.10B | C$3.20B | C$3.85B | C$3.79B | C$3.19B | C$0 | C$0 | C$0 | C$0 |
| Lease obligations | C$40.1M | C$33.4M | C$33.3M | C$34.1M | C$35.7M | C$29.1M | — | — | — | — |
| Other long-term liabilities | C$363.1M | C$1.10B | C$579.6M | C$618.0M | C$691.6M | C$0 | C$3.48B | C$4.61B | C$4.40B | C$4.74B |
| Total liabilities | C$4.83B | C$4.45B | C$3.91B | C$4.64B | C$4.67B | C$3.23B | C$3.61B | C$4.79B | C$4.55B | C$4.94B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$69.9M | C$59.1M | C$51.3M | C$46.6M | C$42.8M | C$20.9M | C$20.5M | C$153.7M | C$152.7M | C$658.7M |
| Retained earnings (deficit) | C$330.5M | C$467.3M | C$534.1M | C$356.3M | C$350.0M | C$994.1M | C$795.1M | C$843.6M | C$968.4M | C$467.9M |
| Accumulated other comprehensive income | C$129.9M | C$183.9M | C$76.6M | C$78.6M | C$22.8M | C$29.6M | C$45.8M | C$95.7M | C$21.7M | C$67.4M |
| Minority interest | C$1.24B | C$1.79B | C$1.74B | C$1.36B | — | — | — | — | — | — |
| Total shareholders' equity | C$530.4M | C$710.3M | C$661.9M | C$481.4M | C$415.7M | C$1.15B | C$960.3M | C$1.09B | C$1.14B | C$1.19B |
| Key figures | ||||||||||
| Total debt | C$3.53B | C$3.13B | C$3.23B | C$3.88B | C$3.83B | C$2.52B | C$2.89B | C$3.73B | C$3.55B | C$3.87B |
| Net cash (debt) | −C$3.02B | −C$2.58B | −C$1.56B | −C$2.21B | −C$2.38B | −C$1.88B | −C$2.09B | −C$2.94B | −C$3.07B | −C$3.08B |
| Working capital | −C$2.71B | C$764.7M | C$1.68B | C$1.62B | C$1.44B | C$573.9M | C$750.8M | C$671.0M | C$398.9M | C$696.2M |
| Tangible book value | −C$2.12B | −C$2.40B | −C$2.48B | −C$2.72B | −C$2.79B | −C$1.39B | −C$1.55B | −C$2.16B | −C$2.12B | −C$2.09B |
| Shares outstanding | 14.6M | 13.9M | 15.3M | 12.3M | 12.0M | 13.2M | 24.0M | 23.9M | 23.9M | 23.9M |
| Current ratio | 0.18 | 3.98 | 13.19 | 10.43 | 8.89 | 5.51 | 7.04 | 4.76 | 3.56 | 4.39 |
| Quick ratio | 0.17 | 2.89 | 12.81 | 10.14 | 8.66 | 5.39 | 6.93 | 4.64 | 3.45 | 4.04 |
| Debt / equity | 6.66 | 4.41 | 4.88 | 8.07 | 9.21 | 2.20 | 3.00 | 3.41 | 3.11 | 3.24 |
| Equity / assets | 8.0% | 10.2% | 10.5% | 7.4% | 6.5% | 26.2% | 21.0% | 18.6% | 20.1% | 19.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | C$383.4M | C$375.8M | C$509.4M | C$482.6M | C$547.8M | C$798.1M | C$552.6M | C$1.08B | C$1.43B | C$1.76B | C$1.67B | C$1.31B |
| Cash & equivalents | C$383.4M | C$375.8M | C$493.9M | C$482.6M | C$547.4M | C$797.4M | C$552.1M | C$1.08B | C$1.43B | C$1.76B | C$1.67B | C$1.30B |
| Short-term investments | C$556,000 | C$426,000 | C$15.5M | C$442,000 | C$411,000 | C$685,000 | C$565,000 | C$219,000 | C$625,000 | C$667,000 | C$631,000 | C$7.6M |
| Receivables | C$74.0M | C$49.5M | C$64.3M | C$53.2M | C$71.4M | C$91.1M | C$188.2M | C$70.2M | C$78.7M | C$85.6M | C$94.8M | C$57.0M |
| Inventory | C$0 | C$0 | C$1.5M | C$0 | C$0 | C$0 | C$1.5M | C$0 | C$0 | C$0 | C$4.3M | C$4.3M |
| Other current assets | C$257.0M | C$191.4M | C$32.1M | C$304.7M | C$253.2M | C$265.8M | C$279.0M | C$116.8M | C$84.2M | C$55.6M | C$47.9M | C$32.9M |
| Total current assets | C$714.4M | C$616.7M | C$607.3M | C$840.5M | C$872.4M | C$1.15B | C$1.02B | C$1.26B | C$1.59B | C$1.90B | C$1.82B | C$1.40B |
| Property, plant & equipment (net) | C$3.07B | C$2.07B | C$2.71B | C$2.65B | C$2.49B | C$2.43B | C$2.28B | C$1.84B | C$1.56B | C$1.27B | C$1.26B | C$960.3M |
| Goodwill & intangible assets | C$2.63B | C$1.86B | C$2.65B | C$3.01B | C$2.97B | C$3.10B | C$3.11B | C$3.17B | C$3.20B | C$3.18B | C$3.14B | C$2.36B |
| Long-term investments | C$18.5M | C$17.2M | C$0 | C$17.7M | C$14.9M | C$13.0M | C$0 | C$6.2M | C$6.5M | C$6.7M | C$0 | C$7.1M |
| Other non-current assets | C$332.9M | C$238.3M | C$621.9M | C$407.5M | C$411.0M | C$427.6M | C$536.3M | C$49.2M | C$50.0M | C$51.2M | C$97.0M | C$45.7M |
| Total assets | C$6.76B | C$4.81B | C$6.60B | C$6.93B | C$6.75B | C$7.13B | C$6.95B | C$6.33B | C$6.40B | C$6.41B | C$6.31B | C$4.78B |
| Liabilities | ||||||||||||
| Accounts payable | C$50.2M | C$63.9M | C$57.4M | C$111.6M | C$90.0M | C$92.7M | C$108.0M | C$157.5M | C$162.0M | C$51.6M | C$4.6M | C$32.8M |
| Short-term debt | C$2.74B | C$1.71B | C$2.34B | — | — | — | C$2.0M | C$16.9M | C$1.8M | C$2.8M | C$2.2M | C$26.5M |
| Deferred revenue | — | — | C$45.3M | — | — | — | C$57.5M | — | — | — | C$55.1M | C$8.4M |
| Total current liabilities | C$4.19B | C$2.45B | C$3.31B | C$204.4M | C$171.7M | C$205.0M | C$256.6M | C$290.1M | C$259.5M | C$162.4M | C$137.7M | C$155.5M |
| Long-term debt | C$1.05B | C$1.27B | C$1.15B | C$3.31B | C$3.19B | C$3.35B | C$3.10B | C$2.91B | C$3.00B | C$3.27B | C$3.20B | C$3.28B |
| Lease obligations | — | — | C$40.1M | — | — | — | C$33.4M | — | — | — | C$33.3M | — |
| Other long-term liabilities | C$332.9M | C$0 | C$363.1M | C$1.16B | C$1.12B | C$1.12B | C$1.10B | C$488.1M | C$520.1M | C$532.7M | C$579.6M | C$0 |
| Total liabilities | C$5.58B | C$3.61B | C$4.83B | C$4.68B | C$4.48B | C$4.68B | C$4.45B | C$3.69B | C$3.78B | C$3.96B | C$3.91B | C$3.00B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$87.2M | C$62.6M | C$69.9M | C$68.5M | C$68.4M | C$66.0M | C$59.1M | C$56.5M | C$56.3M | C$53.2M | C$51.3M | C$37.6M |
| Retained earnings (deficit) | C$119.0M | C$204.7M | C$330.5M | C$452.1M | C$487.3M | C$456.7M | C$467.3M | C$585.5M | C$567.4M | C$523.2M | C$534.1M | C$385.2M |
| Accumulated other comprehensive income | C$170.6M | C$105.8M | C$129.9M | C$146.4M | C$120.5M | C$186.0M | C$183.9M | C$104.5M | C$117.9M | C$103.8M | C$76.6M | C$66.8M |
| Minority interest | C$808.2M | C$1.14B | C$1.24B | C$1.58B | C$1.60B | — | — | — | — | — | — | — |
| Total shareholders' equity | C$376.8M | C$373.1M | C$530.4M | C$667.0M | C$676.3M | C$708.6M | C$710.3M | C$746.5M | C$741.6M | C$680.3M | C$661.9M | C$489.6M |
| Key figures | ||||||||||||
| Total debt | C$3.80B | C$2.62B | C$3.53B | C$3.31B | C$3.19B | C$3.35B | C$3.13B | C$2.93B | C$3.00B | C$3.27B | C$3.23B | C$2.44B |
| Net cash (debt) | −C$3.41B | −C$2.24B | −C$3.02B | −C$2.83B | −C$2.64B | −C$2.56B | −C$2.58B | −C$1.85B | −C$1.57B | −C$1.51B | −C$1.56B | −C$1.13B |
| Working capital | −C$3.48B | −C$1.84B | −C$2.71B | C$636.2M | C$700.7M | C$950.0M | C$764.7M | C$974.6M | C$1.33B | C$1.74B | C$1.68B | C$1.25B |
| Tangible book value | −C$2.25B | −C$1.49B | −C$2.12B | −C$2.34B | −C$2.29B | −C$2.39B | −C$2.40B | −C$2.43B | −C$2.46B | −C$2.50B | −C$2.48B | −C$1.87B |
| Shares outstanding | 15.2M | 15.0M | 14.8M | 14.8M | 16.6M | 14.4M | 14.1M | 16.1M | 15.9M | 13.7M | 14.5M | 13.8M |
| Current ratio | 0.17 | 0.25 | 0.18 | 4.11 | 5.08 | 5.63 | 3.98 | 4.36 | 6.13 | 11.69 | 13.19 | 9.01 |
| Quick ratio | 0.11 | 0.17 | 0.17 | 2.62 | 3.61 | 4.34 | 2.89 | 3.96 | 5.81 | 11.34 | 12.81 | 8.77 |
| Debt / equity | 10.07 | 7.02 | 6.66 | 4.96 | 4.71 | 4.73 | 4.41 | 3.92 | 4.05 | 4.81 | 4.88 | 4.98 |
| Equity / assets | 5.6% | 7.8% | 8.0% | 9.6% | 10.0% | 9.9% | 10.2% | 11.8% | 11.6% | 10.6% | 10.5% | 10.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 17, 2026); data from EODHD.
TSAT financial position
At the end of fiscal 2025 (December 31, 2025), Telesat had total assets of C$6.6 billion (down 5.0% from a year earlier), total liabilities of C$4.8 billion and shareholders' equity of C$530.4 million. It held C$509.4 million in cash and short-term investments against C$3.5 billion of debt, net debt of C$3.0 billion. Its current ratio was 0.18. In the latest quarter (ended June 30, 2026) total assets were C$6.8 billion and equity C$376.8 million.
Related: TSAT income statement, TSAT cash flow statement, TSAT key metrics. See the TSAT stock overview for the latest quote and news.
TSAT balance sheet FAQ
What are Telesat's total assets?
Telesat reported total assets of C$6.6 billion at the end of fiscal 2025 (December 31, 2025), compared with C$6.9 billion a year earlier.
How much debt does Telesat have?
Telesat had C$3.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 6.66.
How much cash does Telesat have?
Telesat held C$509.4 million in cash and short-term investments at the end of fiscal 2025; with C$3.5 billion of debt that is net debt of C$3.0 billion.
What is Telesat's book value?
Telesat's shareholders' equity (book value) was C$530.4 million at the end of fiscal 2025.
What is Telesat's current ratio?
Telesat had current assets of C$607.3 million and current liabilities of C$3.3 billion, a current ratio of 0.18 (current liabilities exceed current assets).
How much goodwill does Telesat have?
Telesat carried C$2.7 billion of goodwill and intangible assets, 40.2% of total assets, at the end of fiscal 2025.