Telesat Corporation (TSAT) Key Metrics
TSAT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsTSAT returns How much profit the business earns on the capital it uses.
TSAT financial health Debt, liquidity and how easily interest is covered.
TSAT efficiency & capital use Working capital cycle and where the cash goes.
TSAT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TSAT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TSAT cash returned to shareholders
TSAT key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −25.0% | −12.8% | 27.5% | −5.3% | 11.9% | 23.2% | 18.2% | −8.1% | 43.2% | 27.7% |
| Return on invested capital (ROIC) | 1.3% | −1.2% | 20.1% | 8.5% | 9.8% | 13.3% | 12.5% | 9.0% | 9.9% | 9.0% |
| Return on assets (ROA) | −2.3% | −1.3% | 2.5% | −0.4% | 1.7% | 5.5% | 3.6% | −1.6% | 8.5% | 4.8% |
| Return on tangible assets | −3.9% | −2.3% | 5.0% | −0.7% | 2.9% | 13.2% | 9.1% | −3.5% | 20.7% | 10.2% |
| Free cash flow margin | −167.1% | −0.4% | 16.2% | 21.6% | 34.4% | 43.3% | 37.3% | 40.2% | 36.7% | 30.5% |
| Income quality (OCF / net income) | — | — | 1.08 | — | 3.20 | 1.52 | 2.01 | — | 0.96 | 1.80 |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 6.66 | 4.41 | 4.88 | 8.07 | 9.21 | 2.20 | 3.00 | 3.41 | 3.11 | 3.24 |
| Debt / assets | 0.54 | 0.45 | 0.51 | 0.60 | 0.60 | 0.58 | 0.63 | 0.63 | 0.62 | 0.63 |
| Net debt / EBITDA | — | 38.46 | 1.37 | 5.58 | 3.71 | 2.77 | 2.83 | 4.14 | 4.19 | 4.12 |
| Current ratio | 0.18 | 3.98 | 13.19 | 10.43 | 8.89 | 5.51 | 7.04 | 4.76 | 3.56 | 4.39 |
| Quick ratio | 0.18 | 3.97 | 13.16 | 10.42 | 8.80 | 5.48 | 7.02 | 4.75 | 3.54 | 4.37 |
| Interest coverage | 0.3 | -0.2 | 2.1 | 1.3 | 2.2 | 2.0 | 1.8 | — | — | — |
| 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 |
| Invested capital | C$3.55B | C$3.29B | C$2.22B | C$2.69B | C$2.79B | C$3.03B | C$3.05B | C$4.04B | C$4.21B | C$4.28B |
| Tangible asset value | −C$886.5M | −C$613.7M | −C$740.4M | −C$1.36B | −C$1.51B | −C$1.39B | −C$1.55B | −C$2.16B | −C$2.12B | −C$2.09B |
| Net current asset value | −C$4.22B | −C$3.43B | −C$2.10B | −C$2.85B | −C$3.05B | −C$2.53B | −C$2.73B | −C$3.94B | −C$4.00B | −C$4.04B |
| Capital allocation | ||||||||||
| Dividends paid | — | — | C$0 | C$0 | C$10,000 | C$10,000 | C$20,000 | C$20,000 | C$10,000 | C$10,000 |
| Share buybacks (net) | — | C$7.7M | C$3.2M | — | C$16,000 | — | — | — | C$506.1M | — |
| Dividend payout ratio | — | — | 0.0% | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 148.8% | 0.0% |
| Capex / revenue | 183.1% | 11.4% | 8.0% | 8.5% | 4.7% | 2.0% | 3.9% | 11.4% | 15.8% | 26.2% |
| Capex / operating cash flow | 1,147.0% | 103.8% | 33.0% | 28.2% | 12.1% | 4.4% | 9.6% | 22.2% | 30.1% | 46.2% |
| Capex / depreciation | 5.14 | 0.47 | 0.29 | 0.32 | 0.16 | 0.07 | 0.13 | 0.41 | 0.59 | 0.97 |
| Stock-based compensation / revenue | 1.0% | 3.1% | 4.7% | 8.9% | 9.7% | 1.5% | 1.8% | 3.3% | 0.3% | 0.6% |
| R&D / revenue | — | — | 6.9% | 8.7% | 4.2% | 2.6% | 0.8% | — | — | — |
| SG&A / revenue | 22.2% | 19.3% | 16.7% | 20.0% | 20.6% | 11.0% | 9.7% | — | — | — |
| Efficiency | ||||||||||
| Days sales outstanding | 110.3 | 90.4 | 40.0 | 44.6 | 40.7 | 25.2 | 21.9 | 19.8 | 21.0 | 18.2 |
| Days of inventory on hand | 2.0 | 27.8 | 30.0 | 64.2 | 127.3 | 37.4 | 25.4 | 2.5 | 6.7 | 10.3 |
| Days payables outstanding | 114.3 | 540.8 | 31.0 | 18.4 | 163.5 | 239.9 | 116.9 | 2.9 | 5.0 | 6.1 |
| Cash conversion cycle (days) | -1.9 | -422.6 | 39.1 | 90.5 | 4.5 | -177.3 | -69.7 | 19.4 | 22.7 | 22.4 |
| Receivables turnover | 3.31 | 4.04 | 9.12 | 8.18 | 8.97 | 14.49 | 16.67 | 18.46 | 17.39 | 20.03 |
| Payables turnover | 3.19 | 0.67 | 11.77 | 19.88 | 2.23 | 1.52 | 3.12 | 124.25 | 72.73 | 59.78 |
| Inventory turnover | 179.50 | 13.15 | 12.15 | 5.68 | 2.87 | 9.75 | 14.40 | 143.50 | 54.28 | 35.52 |
| Asset turnover | 0.06 | 0.09 | 0.11 | 0.12 | 0.14 | 0.18 | 0.17 | 0.16 | 0.16 | 0.15 |
| Average receivables | C$126.3M | C$141.5M | C$77.2M | C$92.8M | C$84.6M | C$56.6M | C$54.6M | C$48.9M | C$53.3M | C$46.5M |
| Average payables | C$82.7M | C$56.3M | C$3.3M | C$2.7M | C$13.5M | C$21.9M | C$11.9M | C$3.1M | C$2.6M | C$2.9M |
| Average inventory | C$1.5M | C$2.9M | C$3.2M | C$9.5M | C$10.5M | C$3.4M | C$2.6M | C$2.7M | C$3.5M | C$4.9M |
| Intangibles / total assets | 40.2% | 44.8% | 49.7% | 49.4% | 50.4% | 57.8% | 54.9% | 55.4% | 57.2% | 53.4% |
Computed from TSAT's annual financial statements (latest annual report filed March 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
TSAT valuation and financial ratios
Telesat earned a return on equity of −25.0% and a return on invested capital of 1.3% in fiscal 2025. It ended the year with C$3.5 billion of debt and C$509.4 million in cash and short-term investments, net debt of C$3.0 billion.
See the TSAT income statement, the TSAT chart for price history, or the TSAT stock overview for the latest quote and news.
TSAT key metrics FAQ
What is Telesat's return on equity?
Telesat's return on equity (ROE) was −25.0% in fiscal 2025: net income of -C$155.2 million on average shareholders' equity of C$620.3 million.
What is Telesat's ROIC?
Telesat's return on invested capital was 1.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Telesat have?
Telesat had total debt of C$3.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 6.66.
What is Telesat's current ratio?
Telesat's current ratio was 0.18 at the end of fiscal 2025: current assets were 0.18 times current liabilities.