Telesat (TSAT)


Market Price (9/19/2026): $48.84 | Market Cap: $743.3 MilSector: Information Technology | Industry: Communications Equipment

Telesat (TSAT)


Market Price (9/19/2026): $48.84
Market Cap: $743.3 Mil
Sector: Information Technology
Industry: Communications Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, and Advanced Aviation & Space. Themes include Telecom Infrastructure, Wireless Services, Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -82 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 459%

Stock price has recently run up significantly
12M Rtn12 month market price return is 101%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -21%, Rev Chg QQuarterly Revenue Change % is -25%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -78%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -54%

Key risks
TSAT key risks include [1] substantial debt and financial pressure from funding its Lightspeed constellation, Show more.

0 Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, and Advanced Aviation & Space. Themes include Telecom Infrastructure, Wireless Services, Show more.
1 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -82 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%
2 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 459%
3 Stock price has recently run up significantly
12M Rtn12 month market price return is 101%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -21%, Rev Chg QQuarterly Revenue Change % is -25%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -78%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -54%
7 Key risks
TSAT key risks include [1] substantial debt and financial pressure from funding its Lightspeed constellation, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/18/2026

Telesat (TSAT) stock has lost about 10% since 5/31/2026 because of the following key factors:

1. Telesat reported significantly weaker than expected financial results for fiscal Q2 2026 (ended June 30, 2026), released on August 13, 2026. The company reported a basic EPS of -$7.85, missing analyst consensus estimates of -$0.71 by $7.14. Additionally, revenue declined by 25% year-over-year to $79 million, and adjusted EBITDA fell by 62% to $22 million compared to Q2 2025. This poor financial performance, which included a net loss of $559 million, led to a 14.21% stock price drop on the day of the announcement.

2. A substantial non-cash charge related to Lightspeed project warrants heavily impacted net income in fiscal Q2 2026. Telesat recognized a $475 million non-cash charge due to the increased fair value of warrants held by the Canadian and Quebec governments, which were issued to back the Lightspeed constellation's financing. As the Lightspeed project gained momentum and secured significant contracts, its enterprise value rose, requiring Telesat to record this growing equity claim as a financial liability, which appeared as a large paper loss on its income statement.

Show more
Updated on 9/18/2026

Telesat (TSAT) stock has lost about 10% since 5/31/2026 because of the following key factors:

1. Telesat reported significantly weaker than expected financial results for fiscal Q2 2026 (ended June 30, 2026), released on August 13, 2026. The company reported a basic EPS of -$7.85, missing analyst consensus estimates of -$0.71 by $7.14. Additionally, revenue declined by 25% year-over-year to $79 million, and adjusted EBITDA fell by 62% to $22 million compared to Q2 2025. This poor financial performance, which included a net loss of $559 million, led to a 14.21% stock price drop on the day of the announcement.

2. A substantial non-cash charge related to Lightspeed project warrants heavily impacted net income in fiscal Q2 2026. Telesat recognized a $475 million non-cash charge due to the increased fair value of warrants held by the Canadian and Quebec governments, which were issued to back the Lightspeed constellation's financing. As the Lightspeed project gained momentum and secured significant contracts, its enterprise value rose, requiring Telesat to record this growing equity claim as a financial liability, which appeared as a large paper loss on its income statement.

3. Increased capital expenditure guidance for the Lightspeed constellation raised investor concerns about funding and execution risk. Despite securing a substantial $2.7 billion, 15-year contract with the Government of Canada to expand the Lightspeed constellation from 156 to 225 satellites, Telesat also increased its 2026 Lightspeed spending guidance by $300 million, to a range of $1.3 billion to $1.5 billion. This higher projected spending, in the context of ongoing losses, likely amplified investor anxieties about the capital intensity and financing requirements of the ambitious LEO project.

4. The traditional Geostationary (GEO) satellite business experienced a notable decline in revenue during fiscal Q2 2026. The GEO segment, which typically generates cash for the company, saw its revenue decrease by 26% to $78 million in Q2 2026, primarily due to contract non-renewals. This further pressure on the core business highlights a challenging operational environment and increases reliance on the future success and commercialization of the Lightspeed constellation.

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Stock Movement Drivers

Fundamental Drivers

The -9.9% change in TSAT stock from 5/31/2026 to 9/18/2026 was primarily driven by a -6.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269182026Change
Stock Price ($)54.2148.83-9.9%
Change Contribution By: 
Total Revenues ($ Mil)388362-6.9%
P/S Multiple2.12.1-1.7%
Shares Outstanding (Mil)1515-1.6%
Cumulative Contribution-9.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/18/2026
ReturnCorrelation
TSAT-9.9% 
Market (SPY)0.9%54.7%
Sector (XLK)-0.7%61.5%

Fundamental Drivers

The 55.5% change in TSAT stock from 2/28/2026 to 9/18/2026 was primarily driven by a 99.9% change in the company's P/S Multiple.
(LTM values as of)22820269182026Change
Stock Price ($)31.4048.8355.5%
Change Contribution By: 
Total Revenues ($ Mil)452362-20.0%
P/S Multiple1.02.199.9%
Shares Outstanding (Mil)1515-2.8%
Cumulative Contribution55.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/18/2026
ReturnCorrelation
TSAT55.5% 
Market (SPY)11.6%51.0%
Sector (XLK)36.8%53.8%

Fundamental Drivers

The 135.6% change in TSAT stock from 8/31/2025 to 9/18/2026 was primarily driven by a 230.3% change in the company's P/S Multiple.
(LTM values as of)83120259182026Change
Stock Price ($)20.7348.83135.6%
Change Contribution By: 
Total Revenues ($ Mil)489362-26.1%
P/S Multiple0.62.1230.3%
Shares Outstanding (Mil)1515-3.5%
Cumulative Contribution135.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/18/2026
ReturnCorrelation
TSAT135.6% 
Market (SPY)19.4%46.3%
Sector (XLK)45.1%49.1%

Fundamental Drivers

The 145.0% change in TSAT stock from 8/31/2023 to 9/18/2026 was primarily driven by a 474.8% change in the company's P/S Multiple.
(LTM values as of)83120239182026Change
Stock Price ($)19.9348.83145.0%
Change Contribution By: 
Total Revenues ($ Mil)750362-51.8%
P/S Multiple0.42.1474.8%
Shares Outstanding (Mil)1315-11.6%
Cumulative Contribution145.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/18/2026
ReturnCorrelation
TSAT145.0% 
Market (SPY)75.6%29.9%
Sector (XLK)119.9%31.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TSAT Return-27%-74%39%58%77%78%31%
Peers Return61%-7%10%40%152%78%924%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
TSAT Win Rate0%25%58%50%58%67% 
Peers Win Rate52%52%52%33%54%72% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
TSAT Max Drawdown--80%-54%-32%-40%-41% 
Peers Max Drawdown-52%-48%-54%-58%-45%-33% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VSAT, GSAT, IRDM, ASTS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

How Low Can It Go

EventTSATS&P 500
2025 US Tariff Shock
  % Loss-26.2%-18.8%
  % Gain to Breakeven35.6%23.1%
  Time to Breakeven44 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.3%-9.5%
  % Gain to Breakeven14.0%10.5%
  Time to Breakeven2 days24 days
2023 SVB Regional Banking Crisis
  % Loss-28.8%-6.7%
  % Gain to Breakeven40.4%7.1%
  Time to Breakeven21 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-77.2%-24.5%
  % Gain to Breakeven337.6%32.4%
  Time to Breakeven1081 days427 days

Compare to VSAT, GSAT, IRDM, ASTS

In The Past

Telesat's stock fell -26.2% during the 2025 US Tariff Shock. Such a loss loss requires a 35.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTSATS&P 500
2025 US Tariff Shock
  % Loss-26.2%-18.8%
  % Gain to Breakeven35.6%23.1%
  Time to Breakeven44 days79 days
2023 SVB Regional Banking Crisis
  % Loss-28.8%-6.7%
  % Gain to Breakeven40.4%7.1%
  Time to Breakeven21 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-77.2%-24.5%
  % Gain to Breakeven337.6%32.4%
  Time to Breakeven1081 days427 days

Compare to VSAT, GSAT, IRDM, ASTS

In The Past

Telesat's stock fell -26.2% during the 2025 US Tariff Shock. Such a loss loss requires a 35.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Telesat (TSAT)

Telesat (TSAT) is a Canadian satellite operator that provides mission-critical communication services globally. The company operates a fleet of geostationary satellites to deliver a diverse range of satellite-based solutions, making it a key player in global connectivity.

Its main products and services include broadcast solutions, enabling direct-to-home (DTH) television, transmission for cable networks, and occasional use for live events, often with value-added services like digital encoding and uplinking. Telesat also provides robust enterprise connectivity, offering satellite capacity and end-to-end services such as internet and cellular backhaul for telecommunications carriers, network integrators, and industries like oil and gas and mining.

Beyond these, Telesat extends broadband communication to maritime and aeronautical markets, serves government clients in both the U.S. and Canada, and offers direct-to-consumer broadband services. The company's primary customers span broadcasters, large enterprises, government agencies, and mobility markets worldwide, along with providing specialized consulting services related to space and earth segments.

AI Analysis | Feedback

  • Imagine an Amazon Web Services (AWS) or Microsoft Azure, but providing satellite connectivity and communication infrastructure from space.
  • It's like American Tower or Crown Castle, but instead of ground-based cell towers, they own and operate a fleet of satellites providing communication capacity to businesses and governments worldwide.

AI Analysis | Feedback

  • Broadcast Services: Facilitates the transmission of television programming, audio, and information channels for DTH providers, broadcasters, and cable networks, including value-added and occasional use services.
  • Enterprise & Network Connectivity: Provides satellite capacity and end-to-end solutions for businesses, internet/cellular backhaul, rural telephony, and specialized communication for maritime, aeronautical, oil & gas, and mining industries.
  • Government Services: Delivers mission-critical satellite communication services to government entities, including the U.S. and Canadian governments.
  • Direct-to-Consumer Broadband: Offers direct satellite-based broadband internet access to individual consumers.
  • Consulting and Satellite Operations: Provides expert consulting services related to space and earth segments, satellite control, and research, alongside operating satellite and hybrid networks.

AI Analysis | Feedback

Telesat (TSAT) primarily sells its mission-critical communication services to other companies and governments (B2B and B2G customers) worldwide, rather than directly to individual consumers. The provided company description does not list specific names of its major customer companies. However, it identifies several key categories of organizations it serves:

  • Broadcast and Direct-To-Home (DTH) Service Providers & Cable Networks: Telesat enables these customers to deliver television programming, audio, and information channels to their subscribers and transmit broadcast services.
  • Telecommunications Carriers and Network Services Integrators: The company provides satellite capacity and end-to-end services for enterprise connectivity, internet and cellular backhaul, and rural telephony to these entities.
  • Governments: Telesat offers services to the U.S. government (often through government service integrators) and provides satellite services directly to the Canadian government.
  • Maritime and Aeronautical Markets: This includes companies operating commercial airplanes and vessels, for which Telesat provides broadband communication services.
  • Oil & Gas and Mining Industries: Telesat offers specialized communications services for companies operating in these sectors.
  • Enterprise and Consulting Customers: A broad range of businesses and consulting firms utilize Telesat's communication and consulting services.

AI Analysis | Feedback

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AI Analysis | Feedback

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Daniel S. Goldberg, President and Chief Executive Officer

Daniel S. Goldberg has served as President and Chief Executive Officer of Telesat since 2006. Under his leadership, Telesat expanded its global footprint and initiated the development of the Telesat Lightspeed Low Earth Orbit (LEO) satellite constellation. Prior to joining Telesat, Mr. Goldberg was CEO of SES New Skies, following its acquisition by SES, where he also sat on the SES Executive Committee. Before the acquisition, he held successive leadership roles at New Skies, including CEO, Chief Operating Officer, and General Counsel. Earlier in his career, he held senior legal and regulatory positions at PanAmSat and practiced law at Covington & Burling, served as a Deputy Prosecutor, and was an associate lawyer at Goldberg, Godles, Wiener & Wright. Mr. Goldberg earned his undergraduate degree from the University of Virginia and a law degree from Harvard Law School.

Donald Tremblay, Chief Financial Officer

Donald Tremblay is Telesat's Chief Financial Officer, appointed effective October 20, 2025, succeeding Andrew Browne. He brings over 35 years of financial expertise and leadership, including at publicly listed companies in high-growth, capital-intensive industries. His experience includes equity and debt capital market transactions, mergers and acquisitions, compliance, and risk management. Before joining Telesat, Mr. Tremblay served as CFO of Champion Iron. As CFO of Transalta, he restructured the company's balance sheet, and as CFO of Brookfield Renewable, he significantly grew the organization's market capitalization. He is a certified public accountant and holds a Bachelor of Business Administration in accounting from the Université du Québec en Outaouais.

Michel Forest, Chief Technology Officer

Michel Forest will become Telesat's Chief Technology Officer, effective at the end of February 2025, following the retirement of David Wendling. In this role, he will oversee satellite operations, satellite and systems engineering, launch activities, and program management. Most recently, Mr. Forest served as Telesat's Vice President of LEO System Engineering, where he led the end-to-end architecture and system performance of the advanced Telesat Lightspeed constellation. Prior to his decade-long career at Telesat, he held leadership positions in satellite systems and antenna engineering at MDA Space.

Asit Tandon, Chief Network and Information Officer

Asit Tandon joined Telesat as Chief Network and Information Officer, effective January 13, 2025. He is responsible for the terrestrial elements of the Telesat Lightspeed network, including Network Operations systems, the Network Operations Center, facilities, program management, customer fulfillment, and network and corporate IT systems. Mr. Tandon brings deep expertise from a distinguished career in planning, deploying, and operating telecom networks, having held leadership roles at Hutchison-3 Indonesia, Bharti Airtel, and Siemens Ltd.

Glenn Katz, Chief Commercial Officer

Glenn Katz is Telesat's Chief Commercial Officer, a position he assumed in October 2021 as the company's first CCO. He is responsible for product development, product management, product marketing, and leading the international sales team for all Telesat services. Before joining Telesat, Mr. Katz served as Senior Vice President and General Manager of Enterprise Solutions for Comcast Business, an organization he helped launch and expand over seven years. His previous roles include President and CEO of Spacenet, Inc., Interim President and CEO of Starband, and various executive and engineering positions with Gilat Satellite Networks, Scientific Atlanta, and Digital Transmission Systems. Mr. Katz holds Master and Bachelor degrees in Electrical Engineering from the Georgia Institute of Technology.

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AI Analysis | Feedback

The key risks to Telesat's business primarily revolve around its financial health and the successful deployment and monetization of its ambitious Lightspeed low-Earth orbit (LEO) satellite constellation, alongside challenges in its legacy geostationary (GEO) business.

  1. Significant Financial Risk and Debt Burden: Telesat faces substantial financial risk due to its considerable debt load, including a US$1.9 billion senior secured term loan and US$500 million senior secured notes maturing in December 2026. The company's ability to refinance this debt is highly uncertain amidst ongoing earnings weakness and limited capital market access, leading to concerns about potential distressed exchanges or restructuring. There have also been creditor lawsuits alleging insolvency and asset transfers to avoid creditors, highlighting severe financial deterioration. This debt burden is compounded by a period of negative cash flow as the company incurs massive capital expenditures for Lightspeed before new revenue ramps up.
  2. Execution Risks with Telesat Lightspeed Constellation: The success of the Telesat Lightspeed constellation, a crucial element for the company's future, is subject to significant execution risks. These include challenges in securing full financing, keeping the program on budget and on schedule, and achieving substantial revenue generation from broadband satellite communication markets that have historically seen modest growth. The project has already encountered supply chain delays, affecting manufacturing and launch timelines. Furthermore, Telesat faces intense competition from well-capitalized LEO competitors such as Starlink, OneWeb, Viasat, and Amazon Kuiper, some of whom are expected to enter the market years ahead of Lightspeed. The company's reliance on a major competitor like SpaceX for satellite launches also presents a risk.
  3. Declining Revenue from Legacy GEO Business: Telesat's existing geostationary (GEO) satellite business is experiencing a higher-than-expected rate of revenue erosion and customer losses. This decline is attributed to reduced rates on renewed contracts with direct-to-home television providers and decreased demand for services from other clients, coupled with an aging satellite fleet. This ongoing revenue decrease from the legacy segment exacerbates the company's financial pressures as it simultaneously invests heavily in the Lightspeed project and awaits new revenue streams from the LEO constellation.

AI Analysis | Feedback

The proliferation and rapid deployment of competing Low Earth Orbit (LEO) satellite constellations, such as Starlink, OneWeb, and Project Kuiper, pose a clear emerging threat to Telesat's traditional geostationary (GEO) satellite services. These LEO constellations offer significantly lower latency and potentially higher data speeds, directly competing with and offering a disruptive alternative to Telesat's existing GEO offerings for services like internet and cellular backhaul, direct-to-consumer broadband, and broadband communication services for maritime and aeronautical markets.

AI Analysis | Feedback

Telesat Corporation (TSAT) operates in several key markets for its satellite communication products and services. The addressable market sizes for its main offerings are outlined below:

Direct-to-Home (DTH) Television and Satellite Broadcasting

The global Direct-to-Home (DTH) TV market is estimated to be valued at approximately USD 149.48 billion in 2026 and is projected to reach USD 247.26 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 5.64%. Another estimate places the global DTH Satellite Television Services market at US$135.6 billion in 2024, with a projection to reach US$170.9 billion by 2030, exhibiting a CAGR of 3.9%. Additionally, the global satellite TV broadcasting and cable TV market size was valued at US$152.59 billion in 2024 and is estimated to grow at a CAGR of 4.2% from 2024 to 2030.

Satellite Backhaul and Enterprise Connectivity

The global satellite backhaul market size was valued at USD 7.53 billion in 2024 and is expected to reach USD 44.57 billion by 2032, demonstrating a robust CAGR of 24.89% during the forecast period. This growth is driven by the increasing demand for high-speed, reliable connectivity in remote and rural regions, alongside the expansion of mobile networks, broadband services, and cloud-based applications. Another perspective suggests the satellite backhaul market is expected to grow from $3.55 billion in 2025 to $4.04 billion in 2026, and further to $6.87 billion by 2030 with a CAGR of 14.2%.

Maritime Satellite Communication

The global maritime satellite communication market is projected to expand from USD 8.16 billion in 2026 to USD 15.43 billion by 2031, at a CAGR of 13.58%. Another estimate states the market size was valued at USD 4.5 billion in 2025 and is projected to grow from USD 5.0 billion in 2026 to USD 11.8 billion by 2034, with a CAGR of 11.42%.

Aeronautical/Aviation Communication

The global aircraft communication market size was valued at approximately USD 9.88 billion in 2024 and is projected to reach USD 24.96 billion by 2034, growing at a CAGR of roughly 9.71%. Similarly, the global Aerospace Communication System Market size is estimated at USD 11.1 billion in 2025 and is expected to reach USD 26.9 billion by the end of 2034. Both of these markets include satellite communication (SATCOM) as a key system.

Total Addressable Market for LEO Services (Telesat Lightspeed)

The total addressable market (TAM) for Low Earth Orbit (LEO) services, which is a key focus for Telesat's Lightspeed network, is projected to reach approximately US$650 billion globally by 2032. The enterprise segment alone is expected to account for around US$320 billion of this market, encompassing aviation, maritime, and government verticals.

AI Analysis | Feedback

Telesat Corporation (TSAT) is expected to experience significant revenue growth over the next two to three years, primarily driven by the following factors:

  1. Commercialization of the Telesat Lightspeed Low Earth Orbit (LEO) Constellation: The deployment and full commercialization of the Telesat Lightspeed constellation are anticipated to be the foremost drivers of future revenue growth. Initial Lightspeed satellites are planned for launch in mid-2026, with global service expected to commence in late 2027, leading to a substantial revenue ramp through 2028. Analysts project an average annual revenue growth of 19% for Telesat over the next three years, largely attributable to the Lightspeed project. The company has already secured a robust commercial pipeline, with a committed backlog for Lightspeed exceeding CAD 1 billion as of the second quarter of 2025.
  2. Expansion into High-Growth Enterprise, Government, and Mobility Markets: The Lightspeed constellation is strategically designed to cater to the escalating demand for high-capacity, low-latency broadband connectivity across various sectors. Telesat is targeting the fixed and mobile network operators, aeronautical and maritime users, enterprise customers requiring resilient backhaul, and government agencies. The company has reported strong customer interest, particularly within the aviation and government segments, since the Lightspeed project secured its financing. Initial service offerings will focus on government, mobility, and enterprise backhaul to accelerate revenue generation.
  3. Diversification of Revenue Streams and Global Market Reach: Telesat is undergoing a pivotal shift, repositioning itself from a traditional Geostationary (GEO) satellite operator to a cutting-edge LEO network provider. This strategic move aims to diversify its revenue streams by tapping into new markets and offering innovative services. The Lightspeed constellation is designed to deliver fiber-like connectivity, extending the reach of internet and 5G networks, specifically targeting unserved and underserved communities globally. This expansion is supported by leveraging sovereign partnerships and anchor national contracts, including in Canada, to secure multi-year capacity commitments and expand reseller ecosystems with telecom operators and internet service providers.

AI Analysis | Feedback

Share Repurchases

  • Telesat repurchased $75.0 million (US$60 million) face value of 6.5% Senior Unsecured Notes in March and April 2022 for $37.2 million (US$29.8 million) through open market purchases.
  • An additional $35.0 million (US$28.0 million) face value of 6.5% Senior Unsecured Notes were repurchased in April 2022 for $17.8 million (US$14.2 million).
  • As of November 2025, cumulative principal amount of debt repurchases totaled USD 857 million at a cost of USD 450 million, resulting in approximately USD 53 million in annual interest savings and a 36% reduction in overall debt.

Share Issuance

  • The number of outstanding shares for Telesat increased from 12.02 million in 2021 to 14.79 million as of February 2026.
  • As part of the funding agreements for the Lightspeed constellation, the Government of Canada received warrants for 10% of Telesat LEO common shares (based on a US$3 billion equity valuation), and the Government of Quebec received warrants for 1.87%.

Inbound Investments

  • In September 2024, Telesat completed funding agreements with the Government of Canada for a CAD 2.14 billion loan and the Government of Quebec for a CAD 400 million loan, providing a total of CAD 2.54 billion for the Telesat Lightspeed constellation.
  • An initial Memorandum of Understanding (MOU) in February 2021 outlined a CAD 400 million investment into Telesat Lightspeed from the Government of Quebec, including CAD 200 million in preferred equity and a CAD 200 million loan.

Outbound Investments

  • In November 2025, Telesat invested US$5 million in Farcast, a San Francisco-based startup, to develop advanced satellite User Terminals for the Telesat Lightspeed network.

Capital Expenditures

  • Telesat's expected capital expenditures for the full year 2025 are projected to be in the range of CAD 900 million to CAD 1.1 billion, with virtually all of it allocated to the Telesat Lightspeed program.
  • Capital expenditures for the Lightspeed program were expected to be between CAD 1 billion and CAD 1.4 billion for 2024.
  • The total growth capital expenditures for the construction of the Telesat Lightspeed constellation are estimated to be approximately US$3.5 billion.

Better Bets vs. Telesat (TSAT)

Peer Outperformance in Communications Equipment

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Share of Communications Equipment constituents that TSAT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
81%
of 37 industry peers · 100.9% return
3Y
61%
of 36 industry peers · 209.2% return
5Y
insufficient peer history
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Median price return by industry across the Information Technology sector, ranked by 5Y. Communications Equipment is TSAT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 52.1%181.3%268.8% TTMI 801% · FLEX 705% · SANM 419%
Technology Distributors 9 28.9%72.0%93.7% CLMB 332% · AVT 193% · SNX 146%
Semiconductor Materials & Equipment 26 89.8%82.2%93.2% AXTI 784% · AEHR 741% · KLAC 402%
Communications Equipment ← 36 16.8%84.8%75.0% AAOI 1310% · LITE 990% · FEIM 981%
Electronic Components 26 32.0%62.1%64.5% CLS 3836% · BELFA 1302% · COHR 425%
Technology Hardware, Storage & Peripherals 20 33.3%77.5%50.2% DELL 1135% · STX 1090% · SMCI 949%
Semiconductors 55 20.4%28.8%38.4% POET 1815% · MU 1302% · NVDA 919%
Internet Services & Infrastructure 6 7.4%46.2%23.4% DOCN 58% · VRSN 41% · GDDY 35%
Electronic Equipment & Instruments 26 -13.1%6.0%-11.4% PI 216% · ACFN 114% · OSIS 112%
IT Consulting & Other Services 28 -24.5%-19.3%-28.5% CHRN 537268% · APLD 1258% · TSSI 669%
Application Software 122 -30.3%-16.0%-46.5% VIDA 176264% · INLX 5435% · PLTR 519%
Systems Software 68 -17.7%7.9%-55.7% QNC 457% · ZETA 379% · PANW 358%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

TitleDate
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1Would You Still Hold Telesat Stock If It Fell 30%?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TSATVSATGSATIRDMASTSMedian
NameTelesat Viasat Globalst.Iridium .AST Spac. 
Mkt Price48.8376.3882.8446.7758.5258.52
Mkt Cap0.710.510.75.017.510.5
Rev LTM3624,626281884115362
Op Inc LTM-8210913210-47313
FCF LTM-283578244288-1,737244
FCF 3Y Avg-68-21132290-899-21
CFO LTM-1131,592572395-145395
CFO 3Y Avg421,114417374-135374

Growth & Margins

TSATVSATGSATIRDMASTSMedian
NameTelesat Viasat Globalst.Iridium .AST Spac. 
Rev Chg LTM-26.1%1.3%7.7%3.1%2,256.9%3.1%
Rev Chg 3Y Avg-21.4%22.5%13.4%4.5%813.3%13.4%
Rev Chg Q-25.1%-1.2%-3.5%3.8%2,626.6%-1.2%
QoQ Delta Rev Chg LTM-6.9%-0.3%-0.8%1.0%35.7%-0.3%
Op Inc Chg LTM-156.2%198.4%32.8%-3.5%-81.9%-3.5%
Op Inc Chg 3Y Avg-87.0%-58.5%73.9%103.1%-39.8%-39.8%
Op Mgn LTM-22.7%2.4%4.8%23.8%-410.3%2.4%
Op Mgn 3Y Avg16.5%-5.7%0.6%23.4%-7,583.2%0.6%
QoQ Delta Op Mgn LTM-9.5%0.0%-3.8%-2.1%30.3%-2.1%
CFO/Rev LTM-31.4%34.4%203.7%44.7%-125.5%34.4%
CFO/Rev 3Y Avg3.6%24.2%156.8%44.0%-3,935.8%24.2%
FCF/Rev LTM-78.2%12.5%86.8%32.6%-1,506.1%12.5%
FCF/Rev 3Y Avg-21.9%-0.4%48.0%34.3%-11,848.2%-0.4%

Valuation

TSATVSATGSATIRDMASTSMedian
NameTelesat Viasat Globalst.Iridium .AST Spac. 
Mkt Cap0.710.510.75.017.510.5
P/S2.12.338.15.7151.85.7
P/Op Inc-9.196.3796.223.8-37.023.8
P/EBIT-0.722.2796.223.9-24.022.2
P/E-2.0-356.3-196.353.6-28.3-28.3
P/CFO-6.66.618.712.7-120.96.6
Total Yield-50.1%-0.3%-0.5%3.2%-3.5%-0.5%
Dividend Yield0.0%0.0%0.0%1.3%0.0%0.0%
FCF Yield 3Y Avg8.8%-12.0%2.4%7.6%-9.9%2.4%
D/E5.10.70.00.40.20.4
Net D/E4.60.50.00.30.00.3

Returns

TSATVSATGSATIRDMASTSMedian
NameTelesat Viasat Globalst.Iridium .AST Spac. 
1M Rtn5.9%-0.4%0.5%-3.7%-11.9%-0.4%
3M Rtn7.1%19.1%3.0%5.3%-27.4%5.3%
6M Rtn31.8%64.6%41.1%85.3%-34.9%41.1%
12M Rtn100.9%153.4%139.7%154.6%41.2%139.7%
3Y Rtn209.2%210.0%318.4%-2.0%1,313.5%210.0%
1M Excs Rtn6.7%0.4%1.2%-2.9%-11.2%0.4%
3M Excs Rtn5.1%17.1%1.0%3.3%-29.4%3.3%
6M Excs Rtn7.3%30.7%18.8%63.0%-53.6%18.8%
12M Excs Rtn76.8%120.1%125.7%143.7%26.2%120.1%
3Y Excs Rtn119.1%162.3%217.7%-67.7%1,284.5%162.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Geosynchronous Equatorial Orbit (GEO)413554693726 
Low Earth Orbit (LEO)5171133 
Other0000 
Broadcast    391
Consulting and other    13
Enterprise    354
Total418571704759758


Operating Income by Segment
$ Mil2025202420232022
Geosynchronous Equatorial Orbit (GEO)284443579605
Non-recurring items-2-3-1-0
Other-4-2-2-3
Share-based compensation-4-18-33-67
Amortization-44-11-13-15
Low Earth Orbit (LEO)-67-58-43-34
Depreciation-105-127-183-189
Other operating gains (losses), net-361-2652650
Total-304-40569296


Price Behavior

Price Behavior
Market Price$48.83 
Market Cap ($ Bil)0.7 
First Trading Date11/19/2021 
Distance from 52W High-20.5% 
   50 Days200 Days
DMA Price$44.99$40.36
DMA Trendupup
Distance from DMA8.5%21.0%
 3M1YR
Volatility106.8%91.3%
Downside Capture367.61330.38
Upside Capture370.61358.44
Correlation (SPY)51.6%47.2%
TSAT Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta10.125.945.033.933.421.52
Up Beta16.8212.109.174.033.131.37
Down Beta3.193.563.503.263.321.53
Up Capture753%350%431%876%1507%525%
Bmk +ve Days10213268138427
Stock +ve Days9172663134351
Down Capture604%393%336%255%184%110%
Bmk -ve Days11213259113324
Stock -ve Days12253864117392

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TSAT
TSAT93.2%91.2%1.12-
Sector ETF (XLK)40.5%26.4%1.2550.3%
Equity (SPY)16.9%12.9%0.9447.0%
Gold (GLD)19.1%29.3%0.6021.4%
Commodities (DBC)46.9%20.6%1.76-6.3%
Real Estate (VNQ)4.9%13.6%0.1010.0%
Bitcoin (BTCUSD)-34.5%43.9%-0.8427.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TSAT
TSAT4.1%79.9%0.38-
Sector ETF (XLK)20.2%25.9%0.6931.6%
Equity (SPY)12.9%17.2%0.5731.5%
Gold (GLD)19.1%18.8%0.839.8%
Commodities (DBC)11.3%19.5%0.451.3%
Real Estate (VNQ)1.1%18.8%-0.0523.4%
Bitcoin (BTCUSD)11.2%52.5%0.3917.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TSAT
TSAT2.0%79.9%0.38-
Sector ETF (XLK)24.4%25.0%0.8831.6%
Equity (SPY)15.1%18.0%0.7231.5%
Gold (GLD)12.1%16.4%0.619.8%
Commodities (DBC)8.3%18.1%0.371.3%
Real Estate (VNQ)4.4%20.7%0.1823.4%
Bitcoin (BTCUSD)61.7%66.1%1.0217.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 815202624.1%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest6.6 days
Basic Shares Quantity15.2 Mil
Short % of Basic Shares8.5%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/13/20266-K
03/31/202605/05/20266-K
12/31/202503/17/202620-F
09/30/202511/04/20256-K
06/30/202508/06/20256-K
03/31/202505/06/20256-K
12/31/202403/27/202520-F
09/30/202411/14/20246-K
06/30/202408/14/20246-K
03/31/202405/10/20246-K
12/31/202303/28/202420-F
09/30/202311/06/20236-K
06/30/202308/11/20236-K
03/31/202305/11/20236-K
12/31/202203/29/202320-F
09/30/202211/08/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/13/20266-K
03/31/202605/05/20266-K
12/31/202503/17/202620-F
09/30/202511/04/20256-K
06/30/202508/06/20256-K
03/31/202505/06/20256-K
12/31/202403/27/202520-F
09/30/202411/14/20246-K
06/30/202408/14/20246-K
03/31/202405/10/20246-K
12/31/202303/28/202420-F
09/30/202311/06/20236-K
06/30/202308/11/20236-K
03/31/202305/11/20236-K
12/31/202203/29/202320-F
09/30/202211/08/20226-K
06/30/202208/05/20226-K
03/31/202205/06/20226-K
12/31/202103/18/202220-F

Investor Activity (13F)

Updated Sep 19, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
MHR Fund Management LLC$652.9 Mil47.7%10Hold13F
Heard Capital LLC$22.1 Mil1.1%21TRIM -50.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Heard Capital LLC$22.1 Mil1.1%21TRIM -50.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
MHR Fund Management LLC$652.9 Mil47.7%10Hold13F
Heard Capital LLC$22.1 Mil1.1%21TRIM -50.3%13F
Core Cache Last Updated: 9/18/2026