Recent News
On January 26, 2026 Telesat signed a memorandum of understanding with Hanwha Systems to collaborate on next-generation sovereign satellite connectivity solutions and compatible user terminals. On January 21, 2026 the company issued a statement confirming creditor lawsuits filed in New York and Ontario related to portions of legacy GEO debt. On December 9, 2025 Telesat announced a strategic partnership with the Government of Canada and MDA Space to develop an Arctic MILSATCOM capability. On November 4, 2025 Telesat expanded its relationship with Farcast and invested US$5 million to support integrated user terminals for its Lightspeed network.
Technical Analysis
ADX at 18.49 indicates no trend; that lack of directional strength implies price movement will likely remain range-bound unless momentum indicators shift, increasing sensitivity of near-term valuation to news flow and liquidity events.
DI+ at 22.29 shows DI+ decreasing, a bearish directional signal that favors downward pressure; DI- shows a peak & reversal at 20.47, which signals bullish when DI- decreases, producing conflicting directional inputs that raise the chance of choppy price action.
MACD sits negative at -0.03 and the MACD trend declines with the MACD line below the signal (0.37), indicating bearish momentum and little technical support for sustained upside until the MACD trend reverses or crosses above the signal line.
MRO reads 21.26 with a dip & reversal trend; the positive MRO indicates price currently sits above the model target and thus carries a bias toward mean reversion, while the dip-and-reverse pattern suggests the oscillator recently turned higher from a pullback.
RSI at 51.67 with a decreasing trend shows neutral-to-weak momentum that has softened; combined with price below the 12/26-day EMAs (12-day EMA $30.16, 26-day EMA $30.32) the near-term bias tilts slightly negative.
Price relationships reinforce the cautious setup: last close $29.04 trades below the 20-day average ($31.24) and near the lower Bollinger band ($28.06), with the Ichimoku baseline and conversion lines clustered around $30.30—these levels act as short-term resistance while the $24.60 200-day average remains longer-term support.
Volume at 92,657 undercuts the 10-day average (325,985), suggesting thinner participation that can amplify moves when news arrives; elevated 42-day beta (1.60) signals heightened sensitivity to market swings.
Fundamental Analysis
Profitability metrics show substantial operating stress: EBIT stands at -$83,439,000 and EBIT margin equals -82.56%, far below the industry peer mean of 13.55% and the industry peer median of 15.86%. EBIT margin QoQ moved -165.89% and YoY -186.28%, reflecting heavy operating contraction relative to prior periods.
Revenue and growth: total revenue $101,060,000 with revenue growth YoY at -48.19% and QoQ at -47.83%, indicating material top-line decline over both horizons that compresses near-term free cash flow potential.
Cash and liquidity sit comparatively strong: cash and short-term investments $483,047,000, current ratio 4.11, and cash ratio 2.36 support near-term obligations while net debt rests at $2,826,527,000. Operating cash flow is -$11,346,000 and free cash flow -$41,679,000, with free cash flow yield -10.25% and free cash flow growth down QoQ, signaling negative cash conversion despite ample cash reserves.
Leverage and solvency highlight material balance-sheet risk: total debt $3,309,132,000, debt-to-equity 4.96, and debt-to-assets 47.78%. Debt-to-equity rose markedly YoY (218.03% change), and interest coverage is negative at -1.53x, showing insufficient operating earnings to cover interest expense and amplifying sensitivity to creditor actions cited in recent news.
Valuation multiples show dislocation: price-to-book 0.61x (below the industry peer mean 2.61x and median 2.66x), price-to-sales 4.02x (below industry peer mean 4.88x and median 5.12x), and enterprise value to revenue metrics that reflect negative operating performance. Forward EPS projects -$1.8225 with a forward P/E at -12.53. These measures reflect compressed fundamentals against meaningful leverage.
WMDST values the stock as over-valued given the combination of declining revenue, negative margins, high leverage, and creditor litigation pressure that increase downside risk relative to current market pricing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 547.4 M |
| Operating Cash Flow | $ -11.35 M | |
| Capital Expenditures | $ -30.33 M | |
| Change In Working Capital | $ -33.61 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -64.78 M | |
| End Period Cash Flow | $ 482.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 101.1 M | |
| Forward Revenue | $ 19.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 4.8 M | |
| Depreciation | $ 26.2 M | |
| Depreciation and Amortization | $ 37.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 95.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 96.3 M | |
| EBITDA | $ -45.96 M | |
| EBIT | $ -83.44 M | |
| Operating Income | $ 5.7 M | |
| Interest Income | $ 6.0 M | |
| Interest Expense | $ 54.5 M | |
| Net Interest Income | $ -48.48 M | |
| Income Before Tax | $ -137.90 M | |
| Tax Provision | $ -16.82 M | |
| Tax Rate | 12.2 % | |
| Net Income | $ -35.27 M | |
| Net Income From Continuing Operations | $ -121.08 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -1.82 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.9 B | |
| Intangible Assets | $ 3.0 B | |
| Net Tangible Assets | $ -2.34 B | |
| Total Current Assets | $ 840.5 M | |
| Cash and Short-Term Investments | $ 483.0 M | |
| Cash | $ 482.6 M | |
| Net Receivables | $ 53.2 M | |
| Inventory | — | |
| Long-Term Investments | $ 396.4 M | |
| LIABILITIES | ||
| Accounts Payable | $ 111.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 204.4 M | |
| Net Debt | $ 2.8 B | |
| Total Debt | $ 3.3 B | |
| Total Liabilities | $ 4.7 B | |
| EQUITY | ||
| Total Equity | $ 667.0 M | |
| Retained Earnings | $ 452.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 45.07 | |
| Shares Outstanding | 14.798 M | |
| Revenue Per-Share | $ 6.83 | |
| VALUATION | Market Capitalization | $ 406.7 M |
| Enterprise Value | $ 3.2 B | |
| Enterprise Multiple | -70.344 | |
| Enterprise Multiple QoQ | -505.003 % | |
| Enterprise Multiple YoY | 1217.946 % | |
| Enterprise Multiple IPRWA | high: 60.377 mean: 6.309 median: -2.794 low: -63.738 TSAT: -70.344 |
|
| EV/R | 31.989 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 10.383 | |
| Asset To Liability | 1.481 | |
| Debt To Capital | 0.832 | |
| Debt To Assets | 0.478 | |
| Debt To Assets QoQ | 1.265 % | |
| Debt To Assets YoY | 17794.382 % | |
| Debt To Assets IPRWA | high: 0.907 median: 0.675 mean: 0.651 TSAT: 0.478 low: 0.023 |
|
| Debt To Equity | 4.961 | |
| Debt To Equity QoQ | 5.278 % | |
| Debt To Equity YoY | 21803.046 % | |
| Debt To Equity IPRWA | high: 12.228 TSAT: 4.961 median: 4.399 mean: 4.286 low: 0.031 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.61 | |
| Price To Book QoQ | 27.826 % | |
| Price To Book YoY | 173.287 % | |
| Price To Book IPRWA | high: 2.762 median: 2.664 mean: 2.614 TSAT: 0.61 low: -2.85 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 4.024 | |
| Price To Sales QoQ | 32.374 % | |
| Price To Sales YoY | 234.515 % | |
| Price To Sales IPRWA | high: 5.123 median: 5.123 mean: 4.876 TSAT: 4.024 low: 0.998 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -12.534 | |
| Forward PE/G | — | |
| Forward P/S | 21.051 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 34.224 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.015 | |
| Asset Turnover Ratio QoQ | -3.401 % | |
| Asset Turnover Ratio YoY | -32.061 % | |
| Asset Turnover Ratio IPRWA | high: 0.29 mean: 0.082 low: 0.069 median: 0.069 TSAT: 0.015 |
|
| Receivables Turnover | 1.943 | |
| Receivables Turnover Ratio QoQ | 3.591 % | |
| Receivables Turnover Ratio YoY | -4.841 % | |
| Receivables Turnover Ratio IPRWA | TSAT: 1.943 high: 1.853 mean: 1.206 median: 1.177 low: 1.058 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 46.971 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -2070.086 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 63.319 mean: 24.989 median: 18.766 low: -39.776 TSAT: -2070.086 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.159 | |
| CapEx To Revenue | -0.3 | |
| CapEx To Depreciation | -1.159 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.0 B | |
| Net Invested Capital | $ 4.0 B | |
| Invested Capital | $ 4.0 B | |
| Net Tangible Assets | $ -2.34 B | |
| Net Working Capital | $ 636.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.364 | |
| Current Ratio | 4.113 | |
| Current Ratio QoQ | -19.056 % | |
| Current Ratio YoY | -5.663 % | |
| Current Ratio IPRWA | TSAT: 4.113 high: 2.738 mean: 0.963 median: 0.606 low: 0.509 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -72.005 | |
| Cost Of Debt | 1.472 % | |
| Interest Coverage Ratio | -1.532 | |
| Interest Coverage Ratio QoQ | -161.795 % | |
| Interest Coverage Ratio YoY | -168.779 % | |
| Interest Coverage Ratio IPRWA | high: 2.021 median: 2.021 mean: 1.622 TSAT: -1.532 low: -3.48 |
|
| Operating Cash Flow Ratio | 0.105 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 2117.057 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.542 % | |
| Revenue Growth | -4.756 % | |
| Revenue Growth QoQ | -47.828 % | |
| Revenue Growth YoY | -48.186 % | |
| Revenue Growth IPRWA | high: 19.75 % mean: -2.586 % median: -2.972 % TSAT: -4.756 % low: -7.526 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 95.278 % | |
| Gross Margin QoQ | -0.655 % | |
| Gross Margin YoY | -0.244 % | |
| Gross Margin IPRWA | TSAT: 95.278 % high: 53.088 % mean: 31.026 % median: 23.584 % low: -11.487 % |
|
| EBIT Margin | -82.564 % | |
| EBIT Margin QoQ | -165.889 % | |
| EBIT Margin YoY | -186.275 % | |
| EBIT Margin IPRWA | high: 15.86 % median: 15.86 % mean: 13.554 % low: -38.641 % TSAT: -82.564 % |
|
| Return On Sales (ROS) | 5.666 % | |
| Return On Sales QoQ | -66.35 % | |
| Return On Sales YoY | -94.079 % | |
| Return On Sales IPRWA | high: 14.608 % TSAT: 5.666 % mean: 0.241 % median: -4.438 % low: -20.032 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -41.68 M | |
| Free Cash Flow Yield | -10.248 % | |
| Free Cash Flow Yield QoQ | -49.814 % | |
| Free Cash Flow Yield YoY | -7.526 % | |
| Free Cash Flow Yield IPRWA | high: 4.059 % mean: -0.777 % median: -1.333 % low: -6.053 % TSAT: -10.248 % |
|
| Free Cash Growth | -36.724 % | |
| Free Cash Growth QoQ | -77.501 % | |
| Free Cash Growth YoY | 146.702 % | |
| Free Cash Growth IPRWA | high: 24.599 % TSAT: -36.724 % median: -66.611 % mean: -67.996 % low: -189.092 % |
|
| Free Cash To Net Income | 1.182 | |
| Cash Flow Margin | 21.242 % | |
| Cash Flow To Earnings | -0.609 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -0.516 % | |
| Return On Assets QoQ | -270.297 % | |
| Return On Assets YoY | -283.63 % | |
| Return On Assets IPRWA | high: 0.62 % median: 0.62 % mean: 0.343 % TSAT: -0.516 % low: -5.639 % |
|
| Return On Capital Employed (ROCE) | -1.241 % | |
| Return On Equity (ROE) | -0.053 | |
| Return On Equity QoQ | -270.306 % | |
| Return On Equity YoY | -320.517 % | |
| Return On Equity IPRWA | high: 0.158 median: 0.031 mean: 0.021 TSAT: -0.053 low: -0.206 |
|
| DuPont ROE | -5.25 % | |
| Return On Invested Capital (ROIC) | -1.843 % | |
| Return On Invested Capital QoQ | -156.24 % | |
| Return On Invested Capital YoY | -84.122 % | |
| Return On Invested Capital IPRWA | high: 1.488 % median: 1.488 % mean: 1.207 % TSAT: -1.843 % low: -6.79 % |
|