The company's financial stability is under pressure, evidenced by a debt-to-equity ratio that increased to 2.19 in 2026Q1 alongside a concerning decline in the current ratio to 0.25.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 616.7M | 607.29M | 1.02B | 1.82B | 1.79B | 1.62B | 701.21M | 875.2M | 849.22M | 554.97M | 901.7M | 759.79M | 564.86M | 374.82M | 274.47M |
| Cash & Short-Term Investments | 375.8M | 509.38M | 552.63M | 1.67B | 1.68B | 1.45B | 642.37M | 792.15M | 787.07M | 479.21M | 782.41M | 690.73M | 497.36M | 298.71M | 187.76M |
| Cash Only | 375.8M | 493.87M | 552.06M | 1.67B | 1.68B | 1.45B | 540.01M | 418.38M | 768.43M | 479.05M | 782.41M | 690.73M | 497.36M | 298.71M | 180.96M |
| Short-Term Investments | 0 | 15.51M | 565K | 631K | 515K | 861K | 102.36M | 373.77M | 18.63M | 162K | 0 | 0 | 0 | 0 | 6.8M |
| Accounts Receivable | 49.52M | 64.32M | 188.18M | 94.8M | 59.66M | 125.92M | 43.21M | 70.02M | 39.25M | 58.6M | 48.04M | 44.88M | 42.03M | 41.68M | 60.88M |
| Days Sales Outstanding | 56.01 | 56.22 | 120.28 | 49.14 | 28.68 | 60.62 | 19.22 | 28.06 | 15.87 | 23.06 | 18.84 | 17.16 | 16.62 | 16.96 | 26.27 |
| Inventory | 0 | 1.48M | 1.46M | 4.32M | 2.02M | 16.98M | 4.1M | 2.74M | 2.43M | 3M | 3.92M | 5.93M | 5.15M | 4.41M | 5.01M |
| Days Inventory Outstanding | 0.97 | 2.05 | 14.01 | 40.91 | 13.67 | 205.14 | 44.85 | 26.89 | 2.28 | 5.83 | 8.17 | 11.75 | 10.01 | 8.3 | 7.65 |
| Other Current Assets | 191.38M | 18.43M | 272.41M | 41.24M | 33.96M | 17.65M | 6.87M | 343.17K | 17.57M | 10.32M | 62.8M | 7.71M | 8.87M | 17.24M | 20.82M |
| Total Non-Current Assets | 4.19B | 5.99B | 5.92B | 4.5B | 4.69B | 4.75B | 3.68B | 3.69B | 5.04B | 5.14B | 5.24B | 5.24B | 5.17B | 5.34B | 5.42B |
| Property, Plant & Equipment | 2.07B | 2.71B | 2.28B | 1.26B | 1.36B | 1.43B | 1.03B | 1.13B | 1.7B | 1.79B | 1.92B | 1.93B | 1.86B | 1.96B | 2.09B |
| Fixed Asset Turnover | 0.16x | 0.15x | 0.25x | 0.56x | 0.56x | 0.53x | 0.79x | 0.81x | 0.53x | 0.52x | 0.49x | 0.50x | 0.50x | 0.46x | 0.40x |
| Goodwill | 1.55B | 2.21B | 2.61B | 2.45B | 2.45B | 2.45B | 1.92B | 1.89B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B |
| Intangible Assets | 313.12M | 441.92M | 497.47M | 692.76M | 756.88M | 762.66M | 611.61M | 619.08M | 811.15M | 813M | 832.51M | 811.4M | 820.57M | 845.29M | 858.7M |
| Long-Term Investments | 34.24M | 6.99M | 0 | 0 | 10.48M | 16.35M | 37.33M | 39.91M | 16.65M | 18.95M | 0 | 0 | 0 | 0 | 22.25M |
| Other Non-Current Assets | 239.71M | 610.71M | 533.27M | 94.07M | 63.28M | 43.53M | 12.61M | 11.22M | 57.82M | 72.26M | 42.35M | 61.59M | 44.8M | 88.8M | -5.42B |
| Total Assets | 4.81B | 6.6B | 6.95B | 6.31B | 6.48B | 6.36B | 4.38B | 4.57B | 5.88B | 5.7B | 6.14B | 6B | 5.74B | 5.72B | 5.81B |
| Asset Turnover | 0.06x | 0.06x | 0.08x | 0.11x | 0.12x | 0.12x | 0.19x | 0.20x | 0.15x | 0.16x | 0.15x | 0.16x | 0.16x | 0.16x | 0.15x |
| Asset Growth % | -22.64% | -4.99% | 10.01% | -2.57% | 1.84% | 45.23% | -4.07% | -22.39% | 3.28% | -7.18% | 2.23% | 4.65% | 0.34% | -1.52% | - |
| Total Current Liabilities | 2.45B | 3.31B | 256.58M | 137.73M | 171.4M | 181.96M | 127.26M | 124.35M | 178.22M | 156.08M | 205.48M | 248.61M | 255.31M | 378.66M | 236.18M |
| Accounts Payable | 63.87M | 57.4M | 107.95M | 4.57M | 1.98M | 3.46M | 23.62M | 20.24M | 3.61M | 2.66M | 2.5M | 3.35M | 3.33M | 10.02M | 35.54M |
| Days Payables Outstanding | 211.05 | 79.35 | 1.04K | 43.31 | 13.36 | 41.75 | 258.35 | 198.47 | 3.38 | 5.17 | 5.22 | 6.64 | 6.48 | 18.86 | 54.26 |
| Short-Term Debt | 1.71B | 2.34B | 0 | 0 | 0 | 0 | 1.67M | 20.26M | 7.89M | 14.49M | 22.66M | 93.9M | 70.36M | 88.57M | 0 |
| Deferred Revenue (Current) | 45.29M | 45.29M | 57.54M | 55.11M | 66.83M | 78.16M | 64.18M | 50.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 682.65M | 864.08M | 10.64M | 11.82M | 15.57M | 20.47M | 32.04M | 33.09M | 158.13M | 130.01M | 141.11M | 140.28M | 172.41M | 268.57M | 200.64M |
| Current Ratio | 0.25x | 0.18x | 3.98x | 13.19x | 10.43x | 8.89x | 5.51x | 7.04x | 4.76x | 3.56x | 4.39x | 3.06x | 2.21x | 0.99x | 1.16x |
| Quick Ratio | 0.25x | 0.18x | 3.97x | 13.16x | 10.42x | 8.80x | 5.48x | 7.02x | 4.75x | 3.54x | 4.37x | 3.03x | 2.19x | 0.98x | 1.14x |
| Cash Conversion Cycle | -154.07 | -21.08 | -903.38 | 46.74 | 29 | 224.01 | -194.28 | -143.52 | 14.76 | 23.72 | 21.79 | 22.27 | 20.15 | 6.4 | -20.33 |
| Total Non-Current Liabilities | 1.16B | 1.52B | 4.19B | 3.78B | 4.47B | 4.48B | 3.11B | 3.48B | 4.61B | 4.4B | 4.74B | 4.84B | 4.35B | 4.22B | 3.43B |
| Long-Term Debt | 913.23M | 1.15B | 3.1B | 3.2B | 3.85B | 3.79B | 2.5B | 2.84B | 3.72B | 3.53B | 3.84B | 3.98B | 3.49B | 3.3B | 3.43B |
| Capital Lease Obligations | 37.35M | 37.35M | 31.34M | 31.12M | 31.99M | 33.73M | 21.13M | 20.6M | 340K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 468.98M | 91.92M | 175.54M | 235.25M | 271.25M | 296.32M | 255.8M | 268.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 190.21M | 77.33M | 703M | 88.94M | 55.15M | 71.63M | 68.13M | 59.27M | 890.97M | 864.3M | 895.39M | 857.17M | 856.62M | 919.79M | -3.43B |
| Total Liabilities | 3.61B | 4.83B | 4.45B | 3.91B | 4.64B | 4.67B | 3.23B | 3.61B | 4.79B | 4.55B | 4.94B | 5.09B | 4.61B | 4.6B | 4.78B |
| Total Debt | 2.62B | 3.53B | 3.13B | 3.23B | 3.88B | 3.83B | 2.52B | 2.89B | 3.73B | 3.55B | 3.87B | 4.07B | 3.57B | 3.39B | 0 |
| Net Debt | 2.24B | 3.04B | 2.58B | 1.56B | 2.21B | 2.38B | 1.98B | 2.47B | 2.96B | 3.07B | 3.08B | 3.38B | 3.07B | 3.09B | -180.96M |
| Debt / Equity | 2.19x | 2.00x | 1.25x | 1.35x | 2.11x | 2.26x | 2.20x | 3.00x | 3.41x | 3.11x | 3.24x | 4.44x | 3.15x | 3.02x | - |
| Debt / EBITDA | 14.85x | 17.14x | 31.83x | 4.22x | 7.77x | 6.09x | 3.95x | 3.88x | 5.20x | 4.84x | 5.16x | 5.33x | 4.89x | 4.92x | - |
| Net Debt / EBITDA | 12.72x | 14.74x | 26.21x | 2.04x | 4.41x | 3.78x | 3.11x | 3.31x | 4.13x | 4.19x | 4.12x | 4.43x | 4.20x | 4.49x | -0.31x |
| Interest Coverage | -2.34x | -1.73x | -0.29x | 3.48x | 0.86x | 2.24x | 2.18x | 1.75x | - | - | - | - | - | - | - |
| Total Equity | 1.2B | 1.77B | 2.5B | 2.4B | 1.84B | 1.7B | 1.15B | 960.34M | 1.09B | 1.14B | 1.19B | 918.13M | 1.13B | 1.12B | 1.03B |
| Equity Growth % | -108.27% | -29.18% | 4.07% | 30.37% | 8.48% | 48.03% | 19.33% | -12.14% | -4.36% | -4.29% | 30.05% | -18.83% | 0.83% | 9.27% | - |
| Book Value per Share | 79.86 | 120.77 | 179.14 | 156.92 | 149.47 | 141.12 | 86.94 | 40.09 | 45.65 | 47.75 | 49.89 | 38.40 | 47.31 | 46.93 | 42.96 |
| Total Shareholders' Equity | 373.13M | 530.39M | 710.28M | 661.92M | 481.44M | 415.67M | 1.15B | 960.34M | 1.09B | 1.14B | 1.19B | 918.13M | 1.13B | 1.12B | 1.03B |
| Common Stock | 62.63M | 69.94M | 59.08M | 51.25M | 46.55M | 42.84M | 20.86M | 20.5M | 153.7M | 152.67M | 658.73M | 656.86M | 656.86M | 656.65M | 656.38M |
| Retained Earnings | 204.68M | 330.54M | 467.33M | 534.06M | 356.27M | 350.03M | 994.12M | 795.11M | 843.6M | 968.41M | 467.86M | 188.48M | 451.63M | 456.01M | 373.04M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 105.82M | 129.9M | 183.87M | 76.61M | 78.61M | 22.8M | 29.61M | 45.79M | 95.68M | 21.73M | 67.44M | 72.78M | 22.67M | 9.23M | 0 |
| Minority Interest | 823.14M | 1.24B | 1.79B | 1.74B | 1.36B | 1.28B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lightspeed constellation funding gap
As reported in recent financial filings, TSAT's balance sheet has weakened significantly, with total assets declining from $7.1B in 2025Q1 to $4.8B in 2026Q1, signaling a rapid erosion of the company's capital base as it struggles to fund its transition to the Lightspeed LEO constellation.
The consistent contraction in total assets relative to persistent debt levels suggests that the company is consuming its resource base to sustain operations. Investors should monitor whether this trajectory reflects a strategic downsizing or an inability to maintain the asset intensity required for competitive satellite operations.
Based on reported figures, the company's debt-to-equity ratio fluctuated from 1.37 in 2025Q1 to 2.19 in 2026Q1, a trend that warrants further investigation given the anomalous reporting of a 2.00 ratio in 2025Q4 which may obscure the true extent of the company's financial leverage.
The reliance on $2.6B in debt against a shrinking equity base of $373.1M indicates a highly precarious capital structure. This leverage appears driven by the necessity of funding capital-intensive infrastructure rather than strategic growth, which may limit the company's flexibility in a high-interest-rate environment.
According to quarterly balance sheet data, the current ratio plummeted from 5.63 in 2025Q1 to a concerning 0.25 in 2026Q1, indicating that the company's ability to cover short-term obligations has deteriorated to a level that suggests significant near-term liquidity stress.
The sharp decline in cash reserves from $1.8B in 2024Q1 to $375.8M in 2026Q1 highlights the aggressive cash burn associated with the Lightspeed project. This rapid depletion of liquid assets may force management to seek dilutive financing or government intervention to maintain operational continuity.
As evidenced by the shift in PPE from $2.4B in 2025Q1 to $2.1B in 2026Q1, the company's asset mix is undergoing a transition that may leave it vulnerable to the rapid technological obsolescence of its legacy GEO fleet compared to newer LEO alternatives.
The high concentration of goodwill at $1.6B relative to total assets suggests that the balance sheet remains sensitive to potential impairment charges if the expected synergies from the LEO transition fail to materialize. Analysts should scrutinize whether the carrying value of these assets accurately reflects their current market utility.
Based on the provided financial statements, the company's reliance on capitalized interest and potential accounting reclassifications may be artificially inflating the book value of assets, thereby masking the true economic impact of the ongoing revenue contraction and negative net margins.
The discrepancy between reported debt metrics and the company's operational reality suggests that headline figures may not capture the full extent of off-balance-sheet commitments or financing risks. Investors should remain cautious of the potential for future write-downs that could further impair the already thin equity cushion.
Quick answers to the most common questions about buying TSAT stock.
As of 2025, Telesat Corporation (TSAT) had total assets of $6.60B including $607.3M in current assets.
Telesat Corporation (TSAT) carries total debt of $3.53B, offset by $509.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Telesat Corporation (TSAT) has total shareholders' equity (book value) of $530.4M ($120.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Telesat Corporation (TSAT) reported a current ratio of 0.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.