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Telecom services · Communication Services · Fiscal year ends Dec 31 · Reports in CAD
Telesat reported revenue of CAD 418M in the fiscal year ended Dec 2025, down 26.8% from the year before. Operating income was −CAD 304M, an operating margin of −72.7%, and net income was −CAD 530M. Operating cash flow of CAD 67M less capital expenditure of CAD 141M left free cash flow of −CAD 74M. Net debt was CAD 3B.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 758 | 759 | 704 | 571 | 418 |
| Cost of revenue | 30.2 | 54.0 | 38.5 | 38.0 | – |
| Gross profit | 728 | 705 | 666 | 533 | – |
| Research & development | – | – | – | 11.6 | 11.6 |
| Operating income | 409 | 296 | 569 | −40.3 | −304 |
| Interest expense | 188 | 222 | 270 | 244 | 218 |
| Pre-tax income | 233 | −30.2 | 673 | −316 | −598 |
| Income tax | 71.0 | 51.4 | 89.6 | −13.0 | −67.4 |
| Net income | 162 | −81.6 | 583 | −302 | −530 |
| Diluted EPS | 1.99 | −1.93 | 11.29 | −6.29 | −10.61 |
| Diluted shares | 46.6 | 12.3 | 15.3 | 13.9 | 14.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,450 | 1,678 | 1,669 | 552 | 510 |
| Receivables | 123 | 41.2 | 78.3 | 159 | 58.4 |
| Inventory | 17.0 | 2.0 | 4.3 | 1.5 | 1.5 |
| Current assets | 1,617 | 1,788 | 1,817 | 1,021 | 832 |
| Net PP&E | 1,430 | 1,364 | 1,260 | 2,277 | 2,717 |
| Goodwill | 2,447 | 2,447 | 2,447 | 2,613 | 2,215 |
| Total assets | 6,362 | 6,480 | 6,313 | 6,945 | 6,604 |
| Payables | 54.6 | 43.6 | 43.6 | 158 | 57.4 |
| Current liabilities | 182 | 171 | 138 | 257 | 3,317 |
| Short-term debt | – | – | – | – | 2,341 |
| Long-term debt | 3,793 | 3,850 | 3,197 | 3,097 | 1,152 |
| Total liabilities | 4,666 | 4,639 | 3,914 | 4,448 | 4,834 |
| Shareholders' equity | 416 | 481 | 662 | 710 | 531 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 293 | 240 | 170 | 62.5 | 66.7 |
| Capital expenditure | 31.7 | 32.7 | 42.9 | 64.8 | 141 |
| Free cash flow | 262 | 207 | 127 | −2.3 | −73.8 |
| Stock-based compensation | 73.7 | 67.4 | 33.0 | 17.6 | 4.1 |
| Dividends paid | 0.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.1% | −7.2% | −18.9% | −26.8% |
| Operating income growth (YoY) | – | −27.5% | 91.9% | −107.1% | – |
| EPS growth (YoY) | – | −197.0% | – | −155.7% | – |
| Gross margin | 96.0% | 92.9% | 94.5% | 93.4% | – |
| Operating margin | 54.0% | 39.0% | 80.8% | −7.1% | −72.7% |
| Net margin | 21.4% | −10.7% | 82.8% | −53.0% | −126.9% |
| Return on equityBlank when equity is negative | 39.1% | −16.9% | 88.1% | −42.6% | −99.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.6% | 4.7% | 9.2% | −0.6% | −9.2% |
| Free cash flow margin | 34.5% | 27.2% | 18.1% | −0.4% | −17.7% |
| Cash conversion (CFO ÷ net income) | 1.81x | −2.94x | 0.29x | −0.21x | −0.13x |
| Receivable days | 59 | 20 | 41 | 102 | 51 |
| Inventory days | 205 | 14 | 41 | 14 | – |
| Payable days | 660 | 294 | 413 | 1521 | – |
| Interest cover | 2.18x | 1.34x | 2.10x | −0.17x | −1.40x |
| Debt ÷ equity | 9.12x | 8.00x | 4.83x | 4.36x | 6.58x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,343 | 2,172 | 1,528 | 2,545 | 2,984 |
| Current ratio | 8.89x | 10.4x | 13.2x | 3.98x | 0.25x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.