Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Telesat Corp files with the SEC in its annual reports.
In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
911
820
758
759
704
571
418
Cost of revenue
37.2
33.4
30.2
54
38.5
38
Gross profit
874
787
728
705
666
533
Research and development
11.6
11.6
Operating income
478
405
409
296
569
-40.3
-304
Interest expense
152
Interest income
202
241
236
Pre-tax income
187
245
233
-30.2
673
-316
-598
Income tax
15.1
-4.35
71
51.4
89.6
-13
-67.4
Net income to minority interests
69.8
-57.8
426
-215
-375
Net income
187
245
92.5
-23.8
157
-87.7
-155
EPS, basic
4.11
5.38
2.05
-1.93
11.71
-6.29
-10.61
EPS, diluted
4.09
5.35
1.99
-1.93
11.29
-6.29
-10.61
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
1,027
818
1,450
1,678
1,669
552
510
Receivables
51.9
123
41.2
78.3
159
58.4
Inventory
5.22
17
2.02
4.32
1.46
1.49
Total current assets
894
1,617
1,788
1,817
1,021
832
Property, plant and equipment
1,319
1,430
1,364
1,260
2,277
2,717
Goodwill
2,447
2,447
2,447
2,447
2,613
2,215
Intangible assets
779
763
757
693
497
442
Total assets
5,581
6,362
6,480
6,313
6,945
6,604
Accounts payable
30.1
54.6
43.6
43.6
158
57.4
Short-term debt
2,341
Total current liabilities
162
182
171
138
257
3,317
Lease liabilities
32
31.1
31.3
37.4
Total liabilities
4,121
4,666
4,639
3,914
4,448
4,834
Total debt
3,187
3,793
3,850
3,197
3,097
3,494
Retained earnings
1,267
350
356
534
467
331
Shareholders' equity
1,460
416
481
662
710
531
Minority interests
1,281
1,359
1,737
1,786
1,239
Total equity
1,245
1,458
1,702
1,840
2,399
2,497
1,770
Total liabilities and equity
5,581
6,362
6,480
6,313
6,945
6,604
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
187
245
162
-81.6
583
-302
-530
Cash from operations
376
372
293
240
170
62.5
66.7
Capital expenditures
-8.35
-16.3
-31.7
-32.7
-42.9
-64.8
-141
Cash from investing
-39.6
-92.2
-270
11.7
212
-1,092
-761
Debt issued
3,786
620
690
Debt repaid
-3,743
-454
-97.2
-344
-156
-4.5
Dividends paid
-0.02
-0.01
-0.01
Cash from financing
-40.3
-450
605
-127
-356
-170
672
Exchange rate effect
-36.9
-38.1
2.45
104
-35.1
82.3
-20.1
Net change in cash
259
-209
631
228
-8.7
-1,117
-42.3
Free cash flow
367
355
262
207
127
-2.34
-73.8
Interest paid
176
180
154
163
209
162
185
Income taxes paid
95.5
53.4
94.2
98.1
66.8
60.5
-8.22
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.
Profitability
Metric
Value
How it is calculated
Operating margin
-72.7%
Operating income / revenue.
Pre-tax margin
-143.0%
Pre-tax income / revenue.
Net margin
-37.2%
Net income / revenue.
FCF margin
-17.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
16.0%
Cash from operations / revenue.
Return on equity (ROE)
-25.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-2.3%
Net income / average total assets.
Return on invested capital (ROIC)
-7.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
2.8%
Research and development expense / revenue.
Capex / revenue
33.6%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-26.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-18.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-12.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
6.8%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
-34.7%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y
-29.1%
Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-25.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
3.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-18.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-4.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
0.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
3.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.25x
Current assets / current liabilities.
Quick ratio
0.17x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.15x
(Cash + short-term investments) / current liabilities.
Debt / equity
6.58x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
52.9%
Total debt / total assets.
Liabilities / assets
73.2%
Total liabilities / total assets.
Net debt
CA$2.98B
Total debt - cash - short-term investments. Negative means more cash than debt.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-CA$10.61
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-CA$10.61
Net income per basic share, as reported (split-adjusted).
What was Telesat Corp's revenue in fiscal 2025?
Telesat Corp reported revenue of CA$418.0M for fiscal 2025, 26.8% lower than the year before.
Was Telesat Corp profitable in fiscal 2025?
No. It reported a net loss of CA$155.4M.
How much free cash flow did Telesat Corp generate in fiscal 2025?
Cash from operations of CA$66.7M minus capital expenditures of CA$140.5M left free cash flow of -CA$73.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.