Telesat Corporation (TSAT.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-418.4%

-CA$167.27

vs CA$52.54 price

Levered DCF

-CA$227.83

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.43

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-3.73×	-3.76×	1.18×	-1.52×	2.74×	2.18×	2.86×	-59.21×
P/B	1.09×	0.46×	0.28×	0.25×	1.04×	0.37×	0.43×	4.93×
P/S	1.39×	0.58×	0.26×	0.16×	0.57×	0.65×	0.59×	5.97×
EV / EBITDA	-15.74×	43.38×	1.53×	5.9×	4.38×	4.32×	5.04×	11.73×
Gross margin	36.8%	93.4%	94.5%	92.9%	96.0%	95.9%	95.9%	56.9%
Operating margin	13.7%	-7.1%	80.8%	39.0%	54.3%	49.3%	52.5%	51.8%
Net margin	-37.2%	-15.4%	22.3%	-10.6%	20.8%	29.8%	20.6%	-10.1%
Current ratio	0.18×	3.98×	13.19×	10.43×	8.89×	5.51×	7.04×	4.76×
Debt / equity	6.66×	4.41×	4.88×	8.09×	9.19×	2.2×	3×	3.41×
Interest coverage	0.26×	-0.17×	2.1×	1.34×	2.19×	1.99×	1.76×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-29.3%	-12.4%	23.7%	-16.7%	37.9%	16.8%	15.0%	-8.3%
Return on invested capital	0.9%	-0.6%	8.0%	4.7%	4.4%	7.5%	7.6%	8.2%
Return on assets	-2.4%	-1.3%	2.5%	-1.2%	2.5%	4.4%	3.2%	-1.5%
Free cash flow yield	-120.6%	-0.7%	16.0%	134.6%	60.3%	66.3%	63.4%	6.7%
Earnings yield	-26.8%	-26.6%	84.7%	-65.7%	36.5%	45.7%	34.9%	-1.7%
Enterprise value	CA$3.6B	CA$2.9B	CA$1.7B	CA$2.3B	CA$2.8B	CA$2.9B	CA$3.7B	CA$8.3B
Net debt / EBITDA	-13.22×	38.47×	1.37×	5.59×	3.71×	3.54×	4.32×	4.16×
Cash conversion cycle (days)	-21	-903	47	29	224	23	-186	15