Latest Ratios: P/E Ratio -6.2x · EV/EBITDA 19.5x · ROE -7.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $695M | $426M | $229M | $159M | $92M | $345M | $277M | $774M | $892M | $1.1B | $983M |
| Enterprise Value | $2.8B | $3.5B | $2.8B | $1.7B | $2.3B | $2.7B | $2.3B | $3.2B | $3.9B | $4.1B | $4.1B |
| P/E Ratio → | -6.21 | — | — | 1.01 | — | 2.19 | 5.66 | 20.72 | — | 10.44 | 16.76 |
| P/S Ratio | 2.36 | 1.02 | 0.40 | 0.23 | 0.12 | 0.45 | 0.34 | 0.85 | 0.99 | 1.14 | 1.06 |
| P/B Ratio | 0.55 | 0.24 | 0.09 | 0.07 | 0.05 | 0.20 | 0.24 | 0.81 | 0.82 | 0.92 | 0.82 |
| P/FCF | — | — | — | 1.40 | 0.56 | 1.32 | 0.78 | 2.28 | 2.46 | 3.10 | 3.47 |
| P/OCF | 14.81 | 6.39 | 3.67 | 0.94 | 0.40 | 1.16 | 0.74 | 2.06 | 1.91 | 2.17 | 1.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.29 | 4.92 | 2.44 | 3.03 | 3.59 | 2.76 | 3.56 | 4.27 | 4.45 | 4.37 |
| EV / EBITDA | 19.53 | 16.81 | 28.54 | 2.25 | 4.60 | 4.33 | 3.54 | 4.35 | 5.37 | 5.62 | 5.43 |
| EV / EBIT | 70.30 | — | — | 1.82 | 12.00 | 6.46 | 5.09 | 6.84 | 8.34 | 8.48 | 8.20 |
| EV / FCF | — | — | — | 15.11 | 13.99 | 10.45 | 6.36 | 9.54 | 10.62 | 12.13 | 14.34 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.8% | 36.8% | 93.4% | 94.5% | 92.9% | 96.0% | 95.9% | 95.9% | 56.9% | 79.8% | 81.2% |
| Operating Margin | 13.7% | 13.7% | -7.1% | 80.8% | 39.0% | 54.0% | 49.3% | 52.5% | 51.8% | 52.4% | 53.3% |
| Net Profit Margin | -37.2% | -37.2% | -15.4% | 22.3% | -3.1% | 12.2% | 29.8% | 20.6% | -10.1% | 54.5% | 31.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.3% | -7.3% | -3.6% | 7.4% | -1.3% | 6.5% | 23.2% | 18.2% | -8.1% | 43.2% | 27.7% |
| ROA | -2.3% | -2.3% | -1.3% | 2.5% | -0.4% | 1.7% | 5.5% | 3.6% | -1.6% | 8.5% | 4.8% |
| ROIC | 0.9% | 0.9% | -0.7% | 10.7% | 5.5% | 8.5% | 9.3% | 9.6% | 8.5% | 8.6% | 8.7% |
| ROCE | 1.1% | 1.1% | -0.6% | 9.1% | 4.7% | 7.8% | 9.3% | 9.4% | 8.3% | 8.5% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.00 | 2.00 | 1.25 | 1.35 | 2.11 | 2.26 | 2.20 | 3.00 | 3.41 | 3.11 | 3.24 |
| Debt / EBITDA | 17.14 | 17.14 | 31.83 | 4.22 | 7.77 | 6.09 | 3.95 | 3.88 | 5.20 | 4.84 | 5.16 |
| Net Debt / Equity | — | 1.72 | 1.03 | 0.65 | 1.20 | 1.40 | 1.73 | 2.57 | 2.71 | 2.69 | 2.58 |
| Net Debt / EBITDA | 14.74 | 14.74 | 26.21 | 2.04 | 4.41 | 3.78 | 3.11 | 3.31 | 4.13 | 4.19 | 4.12 |
| Debt / FCF | — | — | — | 13.71 | 13.43 | 9.13 | 5.58 | 7.26 | 8.16 | 9.03 | 10.88 |
| Interest Coverage | -1.73 | -1.73 | -0.29 | 3.48 | 0.86 | 2.24 | 2.18 | 1.75 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.18 | 0.18 | 3.98 | 13.19 | 10.43 | 8.89 | 5.51 | 7.04 | 4.76 | 3.56 | 4.39 |
| Quick Ratio | 0.18 | 0.18 | 3.97 | 13.16 | 10.42 | 8.80 | 5.48 | 7.02 | 4.75 | 3.54 | 4.37 |
| Cash Ratio | 0.15 | 0.15 | 2.15 | 12.12 | 9.79 | 7.97 | 5.05 | 6.37 | 4.42 | 3.07 | 3.81 |
| Asset Turnover | — | 0.06 | 0.08 | 0.11 | 0.12 | 0.12 | 0.19 | 0.20 | 0.15 | 0.16 | 0.15 |
| Inventory Turnover | 177.82 | 177.82 | 26.06 | 8.92 | 26.70 | 1.78 | 8.14 | 13.57 | 160.31 | 62.60 | 44.66 |
| Days Sales Outstanding | — | 56.22 | 120.28 | 49.14 | 28.68 | 60.62 | 19.22 | 28.06 | 15.87 | 23.06 | 18.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 98.6% | — | 45.8% | 17.7% | 4.8% | — | 9.6% | 6.0% |
| FCF Yield | — | — | — | 71.4% | 177.9% | 75.6% | 128.4% | 43.9% | 40.7% | 32.3% | 28.9% |
| Buyback Yield | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 48.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 48.0% | 0.0% |
| Shares Outstanding | — | $15M | $14M | $15M | $12M | $12M | $13M | $24M | $24M | $24M | $24M |
Lightspeed constellation funding gap
As reported in recent financial filings, TSAT trades at a P/S of 2.14 and a P/B of 0.49, suggesting that the market is pricing the company as a distressed legacy asset rather than a growth-stage technology platform, despite the potential option value inherent in its spectrum filings.
The negative P/E of -5.63 and the absence of a forward P/E highlight the lack of near-term earnings visibility as the company pivots toward the capital-intensive Lightspeed constellation. Investors should monitor whether the current valuation floor holds, as the market appears to be discounting the legacy GEO business while remaining skeptical of the LEO transition's ultimate success.
Based on the company's reported figures, ROIC has trended toward near-zero levels, falling from 1.2% in 2024Q1 to 0.1% in 2026Q1, which indicates that the firm is currently failing to generate meaningful returns on its invested capital as it navigates a period of significant operational transition.
The erosion of ROIC suggests that the massive capital outlays required for the LEO build-out are not yet yielding productive returns, potentially due to the long lead times inherent in satellite deployment. This trend warrants further investigation into whether the company can achieve a positive spread over its cost of capital before its liquidity buffer is exhausted.
According to quarterly data, asset turnover remains extremely low at 0.02, reflecting the high fixed-asset intensity of the satellite business and the current inability of the company to generate sufficient revenue volume to justify its massive in-orbit infrastructure investment compared to historical performance.
The volatility in the cash conversion cycle, characterized by erratic DSO and DPO figures, suggests that the company is struggling to manage its working capital effectively amidst declining revenue. This lack of efficiency may indicate that the company is facing increased pressure from customers to renegotiate terms, further straining its already limited cash position.
As evidenced by the reported D/E ratio of 2.19 in 2026Q1, the company's leverage profile has deteriorated significantly, with interest coverage ratios turning negative at -2.19, signaling that the firm's ability to service its debt obligations is becoming increasingly precarious under current operating conditions.
The anomalous reporting of leverage metrics suggests that the company's capital structure may be more complex than standard ratios imply, potentially masking hidden refinancing risks. Investors should monitor the company's ability to secure additional funding, as the current negative interest coverage suggests that the existing debt load is unsustainable without a rapid improvement in operational cash flow.
Based on the provided financial data, the P/E ratio is the most commonly misapplied metric for TSAT, as it obscures the company's true economic reality by failing to account for the massive non-cash depreciation and impairment charges associated with its legacy GEO satellite fleet.
Using P/E to evaluate a company in a heavy investment phase like TSAT is misleading because it ignores the cash-burning nature of the LEO transition and the potential for capitalized interest to artificially inflate earnings. Analysts should instead focus on EV/EBITDA or a discounted cash flow model that explicitly accounts for the funding gap and the long-term utility of the spectrum assets.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying TSAT stock.
Telesat Corporation's current P/E ratio is -6.2x. The historical average is 28.4x.
Telesat Corporation's current EV/EBITDA is 19.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.3x.
Telesat Corporation's return on equity (ROE) is -7.3%. The historical average is 6.4%.
Based on historical data, Telesat Corporation is trading at a P/E of -6.2x. Compare with industry peers and growth rates for a complete picture.
Telesat Corporation has 36.8% gross margin and 13.7% operating margin. Operating margin between 10-20% is typical for established companies.
Telesat Corporation's Debt/EBITDA ratio is 17.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.