Recent News
March 17, 2026 — Telesat announced it will add 500 MHz of military Ka‑band (Mil‑Ka) capacity to the initial 156 satellites in the Telesat Lightspeed LEO constellation to address defence and allied-government demand. March 4, 2026 — A shareholder litigation firm announced an investigation into Telesat related to alleged securities claims. April 10, 2026 — A second law firm publicized an independent investor inquiry into the company’s disclosures.
Technical Analysis
ADX at 34.32 indicates a strong directional trend in place; trend strength supports meaningful near-term moves rather than rangebound chop.
Directional indicators show DI+ at 30.47 with a peak‑and‑reversal pattern (bearish) while DI‑ sits at 12.34 with a dip‑and‑reversal pattern (bearish); the directional structure therefore favors sellers despite recent price strength.
MACD reads 3.79 with a peak‑and‑reversal trend, signaling bearish momentum as the oscillator declines; the MACD currently sits above its signal line (3.15), which contrasts with the momentum reversal and suggests momentum weakening from a recent peak.
MRO at 36.28 with a dip‑and‑reversal trend stays positive, which implies price currently sits above the model target and carries potential to pare gains.
RSI at 59.84 and rising indicates constructive buying pressure without an overbought extreme; that supports continuation of recent strength in the short run but leaves room for pullback if momentum rolls over.
Price sits well above major moving averages: last close $49.84 versus 200‑day average $29.65 and 50‑day average $37.32; the 12‑day EMA (price 12‑day EMA $47.54, increasing) confirms the short‑term bullish price posture, while the Ichimoku components (Tenkan/Kijun at $44.51; Senkou A/B ~ $31) place price clearly above the cloud.
Volatility and market interest remain elevated: 42‑day beta 2.94 and 10‑day volume above its 10‑day average; the high beta implies that swing amplitude should exceed large‑cap norms over the next several weeks.
Fundamental Analysis
Total revenue $94,041,000 with year‑over‑year revenue decline of 6.945% and a sequential revenue uptick of 46.026% QoQ; the QoQ momentum contrasts with the YoY contraction.
Operating income $6,669,000 produces an operating margin of 7.092%. By contrast, EBIT sits at negative $435,035,000, yielding an EBIT margin of -462.601%; that EBIT margin lies well below the industry peer range (industry peer low -73.27%, mean -5.75%, median -9.54%, high 24.76%).
Net income totaled negative $125,543,000 with net income from continuing operations at negative $433,206,000; operating cash flow was negative $172,267,000 and free cash flow negative $70,454,000, producing a free cash flow yield of -16.199% (yearly basis).
Balance sheet and leverage: total debt $3,533,716,000, net debt $2,983,809,000, total equity $530,820,000 — debt to equity ~6.66x and debt to assets 53.51%. Interest coverage stands negative at -8.14x. Cash and short‑term investments $510,228,000 provide liquidity but current ratio 0.25 and quick ratio ~0.25 signal constrained near‑term working capital flexibility.
Capital efficiency metrics trail peers: asset turnover 0.0139 versus industry peer mean 0.12892; book value per share $35.87 with 14,798,216 shares outstanding. Price/sales 4.62 sits slightly above the industry peer mean 4.35; price/book 0.82 sits below the industry peer mean 2.99. Gross margin registers 92.668%, materially above the industry peer mean 52.923%.
Forward estimates show negative forward EPS -$1.8225 and forward P/E -15.35 (reflecting expected losses). Free cash growth YoY strong at 125.22% but absolute free cash flow remains negative. QoQ and YoY change metrics: revenue QoQ +46.03%, revenue YoY -7.952%; operating margin QoQ +25.168%, operating margin YoY -102.051% — these comparisons indicate recent operating improvement from a weak prior year base.
Valuation: WMDST values the stock as over‑valued. The current price sits below the mean external price target ($56.15) but the combination of extremely negative EBIT relative to revenue, elevated leverage, and negative cash flow yield anchors the WMDST over‑valuation assessment.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-03 |
| NEXT REPORT DATE: | 2026-05-05 |
| CASH FLOW | Begin Period Cash Flow | $ 482.6 M |
| Operating Cash Flow | $ -172.27 M | |
| Capital Expenditures | $ -40.25 M | |
| Change In Working Capital | $ -1.93 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 27.2 M | |
| End Period Cash Flow | $ 509.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 94.0 M | |
| Forward Revenue | $ 5.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 6.9 M | |
| Depreciation | $ 26.7 M | |
| Depreciation and Amortization | $ 37.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 87.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 87.1 M | |
| EBITDA | $ -397.99 M | |
| EBIT | $ -435.04 M | |
| Operating Income | $ 6.7 M | |
| Interest Income | $ 5.3 M | |
| Interest Expense | $ 53.4 M | |
| Net Interest Income | $ -48.14 M | |
| Income Before Tax | $ -488.48 M | |
| Tax Provision | $ -55.27 M | |
| Tax Rate | 11.315 % | |
| Net Income | $ -125.54 M | |
| Net Income From Continuing Operations | $ -433.21 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ -1.82 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.6 B | |
| Intangible Assets | $ 2.7 B | |
| Net Tangible Assets | $ -2.13 B | |
| Total Current Assets | $ 832.1 M | |
| Cash and Short-Term Investments | $ 510.2 M | |
| Cash | $ 509.8 M | |
| Net Receivables | $ 30.6 M | |
| Inventory | $ 1.5 M | |
| Long-Term Investments | $ 869.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 5.2 M | |
| Short-Term Debt | $ 2.3 B | |
| Total Current Liabilities | $ 3.3 B | |
| Net Debt | $ 3.0 B | |
| Total Debt | $ 3.5 B | |
| Total Liabilities | $ 4.8 B | |
| EQUITY | ||
| Total Equity | $ 530.8 M | |
| Retained Earnings | $ 330.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 35.87 | |
| Shares Outstanding | 14.798 M | |
| Revenue Per-Share | $ 6.35 | |
| VALUATION | Market Capitalization | $ 434.9 M |
| Enterprise Value | $ 3.5 B | |
| Enterprise Multiple | -8.69 | |
| Enterprise Multiple QoQ | -87.647 % | |
| Enterprise Multiple YoY | 26.152 % | |
| Enterprise Multiple IPRWA | high: 179.9 median: 179.9 mean: 147.344 TSAT: -8.69 low: -24.028 |
|
| EV/R | 36.776 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 12.441 | |
| Asset To Liability | 1.366 | |
| Debt To Capital | 0.869 | |
| Debt To Assets | 0.535 | |
| Debt To Assets QoQ | 11.997 % | |
| Debt To Assets YoY | 18.734 % | |
| Debt To Assets IPRWA | high: 0.913 mean: 0.607 median: 0.588 TSAT: 0.535 low: 0.025 |
|
| Debt To Equity | 6.657 | |
| Debt To Equity QoQ | 34.187 % | |
| Debt To Equity YoY | 51.067 % | |
| Debt To Equity IPRWA | high: 10.201 TSAT: 6.657 mean: 3.808 median: 3.088 low: -10.872 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.819 | |
| Price To Book QoQ | 34.382 % | |
| Price To Book YoY | 119.888 % | |
| Price To Book IPRWA | high: 4.852 median: 3.149 mean: 2.988 TSAT: 0.819 low: -2.435 |
|
| 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) | 4.625 | |
| Price To Sales QoQ | 14.924 % | |
| Price To Sales YoY | 123.664 % | |
| Price To Sales IPRWA | high: 5.042 median: 5.042 TSAT: 4.625 mean: 4.351 low: 1.015 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -15.354 | |
| Forward PE/G | — | |
| Forward P/S | 86.117 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -60.671 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.014 | |
| Asset Turnover Ratio QoQ | -5.89 % | |
| Asset Turnover Ratio YoY | -27.905 % | |
| Asset Turnover Ratio IPRWA | high: 0.335 mean: 0.129 low: 0.117 median: 0.117 TSAT: 0.014 |
|
| Receivables Turnover | 2.246 | |
| Receivables Turnover Ratio QoQ | 15.603 % | |
| Receivables Turnover Ratio YoY | -3.996 % | |
| Receivables Turnover Ratio IPRWA | TSAT: 2.246 high: 1.981 mean: 1.26 median: 1.235 low: 1.136 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 40.631 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -1075.651 | |
| Cash Conversion Cycle Days QoQ | -48.038 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 62.438 median: 54.99 mean: 48.163 low: -25.456 TSAT: -1075.651 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.038 | |
| CapEx To Revenue | -0.428 | |
| CapEx To Depreciation | -1.506 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.7 B | |
| Net Invested Capital | $ 4.0 B | |
| Invested Capital | $ 4.0 B | |
| Net Tangible Assets | $ -2.13 B | |
| Net Working Capital | $ -2.49 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.154 | |
| Current Ratio | 0.251 | |
| Current Ratio QoQ | -93.902 % | |
| Current Ratio YoY | -93.699 % | |
| Current Ratio IPRWA | high: 3.043 mean: 2.078 median: 2.072 low: 0.462 TSAT: 0.251 |
|
| Quick Ratio | 0.25 | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | -93.701 % | |
| Quick Ratio IPRWA | high: 2.656 mean: 1.259 median: 0.99 TSAT: 0.25 low: 0.067 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -8.879 | |
| Cost Of Debt | 1.385 % | |
| Interest Coverage Ratio | -8.14 | |
| Interest Coverage Ratio QoQ | 431.343 % | |
| Interest Coverage Ratio YoY | 6.654 % | |
| Interest Coverage Ratio IPRWA | high: 2.464 mean: -1.011 median: -1.352 low: -7.162 TSAT: -8.14 |
|
| Operating Cash Flow Ratio | -0.052 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 1116.283 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -4.652 % | |
| Revenue Growth | -6.945 % | |
| Revenue Growth QoQ | 46.026 % | |
| Revenue Growth YoY | -7.952 % | |
| Revenue Growth IPRWA | high: 11.397 % median: 7.596 % mean: 7.579 % low: -5.897 % TSAT: -6.945 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 92.668 % | |
| Gross Margin QoQ | -2.739 % | |
| Gross Margin YoY | 0.496 % | |
| Gross Margin IPRWA | TSAT: 92.668 % high: 56.168 % median: 56.168 % mean: 52.923 % low: 13.533 % |
|
| EBIT Margin | -462.601 % | |
| EBIT Margin QoQ | 460.294 % | |
| EBIT Margin YoY | 33.815 % | |
| EBIT Margin IPRWA | high: 24.761 % mean: -5.749 % median: -9.542 % low: -73.265 % TSAT: -462.601 % |
|
| Return On Sales (ROS) | 7.092 % | |
| Return On Sales QoQ | 25.168 % | |
| Return On Sales YoY | -102.051 % | |
| Return On Sales IPRWA | high: 41.004 % median: 19.86 % mean: 17.857 % TSAT: 7.092 % low: -16.046 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -70.45 M | |
| Free Cash Flow Yield | -16.199 % | |
| Free Cash Flow Yield QoQ | 58.07 % | |
| Free Cash Flow Yield YoY | 131.018 % | |
| Free Cash Flow Yield IPRWA | high: 8.501 % mean: 2.886 % median: 2.093 % low: -0.823 % TSAT: -16.199 % |
|
| Free Cash Growth | 69.04 % | |
| Free Cash Growth QoQ | -287.997 % | |
| Free Cash Growth YoY | 12521.572 % | |
| Free Cash Growth IPRWA | high: 112.532 % TSAT: 69.04 % median: 56.322 % mean: 15.617 % low: -236.207 % |
|
| Free Cash To Net Income | 0.561 | |
| Cash Flow Margin | -183.183 % | |
| Cash Flow To Earnings | 1.372 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -1.856 % | |
| Return On Assets QoQ | 259.69 % | |
| Return On Assets YoY | -2.47 % | |
| Return On Assets IPRWA | high: 1.893 % mean: -1.241 % median: -1.503 % TSAT: -1.856 % low: -10.594 % |
|
| Return On Capital Employed (ROCE) | -13.238 % | |
| Return On Equity (ROE) | -0.237 | |
| Return On Equity QoQ | 347.258 % | |
| Return On Equity YoY | 32.998 % | |
| Return On Equity IPRWA | high: 0.246 mean: -0.048 median: -0.08 TSAT: -0.237 low: -0.698 |
|
| DuPont ROE | -20.959 % | |
| Return On Invested Capital (ROIC) | -9.587 % | |
| Return On Invested Capital QoQ | 420.184 % | |
| Return On Invested Capital YoY | -37.511 % | |
| Return On Invested Capital IPRWA | high: 4.045 % mean: -0.789 % median: -1.164 % TSAT: -9.587 % low: -18.711 % |
|