Telesat Corporation (TSAT) 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

-399.7%

-$111.96

vs $37.35 price

Levered DCF

-$157.79

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.67

Distress zone

Rating

D+

Overall 1 / 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	-3.76×	-3.76×	1.22×	-5.35×	2.76×	7.22×	26.88×	-66.88×
P/B	1.1×	0.46×	0.29×	0.26×	1.05×	0.31×	1.05×	1.11×
P/S	1.4×	0.58×	0.27×	0.16×	0.57×	0.43×	1.1×	1.35×
EV / EBITDA	-15.76×	43.38×	1.54×	5.9×	4.39×	3.45×	4.69×	5.87×
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%	54.0%	49.3%	52.5%	51.8%
Net margin	-37.2%	-15.4%	22.3%	-3.1%	12.2%	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×	8.07×	9.21×	2.2×	3×	3.41×
Interest coverage	0.26×	-0.17×	2.1×	1.34×	2.18×	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%	-4.9%	22.3%	21.4%	19.5%	-8.3%
Return on invested capital	0.9%	-0.6%	8.0%	4.7%	4.6%	9.5%	9.9%	8.2%
Return on assets	-2.4%	-1.3%	2.5%	-0.4%	1.5%	5.6%	4.1%	-1.5%
Free cash flow yield	-119.4%	-0.7%	59.3%	131.4%	59.8%	100.7%	33.8%	29.8%
Earnings yield	-26.6%	-26.6%	81.8%	-19.0%	21.2%	69.4%	18.6%	-7.5%
Enterprise value	$3.6B	$2.9B	$1.8B	$2.3B	$2.8B	$2.3B	$3.5B	$4.2B
Net debt / EBITDA	-13.22×	38.47×	1.37×	5.58×	3.71×	2.93×	3.33×	4.16×
Cash conversion cycle (days)	-21	-903	47	29	224	-194	-144	15