Telesat Corp (TSAT) - Net Assets

Latest as of March 2026: CA$1.66 Billion CAD ≈ $1.20 Billion USD

Based on the latest financial reports, Telesat Corp (TSAT) has net assets worth CA$1.66 Billion CAD (≈ $1.20 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$6.69 Billion ≈ $4.84 Billion USD) and total liabilities (CA$5.03 Billion ≈ $3.64 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check TSAT intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CA$1.66 Billion
% of Total Assets	24.87%
Annual Growth Rate	4.28%
5-Year Change	4.11%
10-Year Change	48.2%
Growth Volatility	16.63

Telesat Corp - Net Assets Trend (2012–2025)

This chart illustrates how Telesat Corp's net assets have evolved over time, based on quarterly financial data. See operational self-sufficiency of Telesat Corp to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Telesat Corp (2012–2025)

The table below shows the annual net assets of Telesat Corp from 2012 to 2025. For live valuation and market cap data, see TSAT market cap overview.

Year	Net Assets	Change
2025-12-31	CA$1.77 Billion ≈ $1.28 Billion	-29.12%
2024-12-31	CA$2.50 Billion ≈ $1.81 Billion	+4.07%
2023-12-31	CA$2.40 Billion ≈ $1.74 Billion	+30.68%
2022-12-31	CA$1.84 Billion ≈ $1.33 Billion	+8.00%
2021-12-31	CA$1.70 Billion ≈ $1.23 Billion	+16.43%
2020-12-31	CA$1.46 Billion ≈ $1.06 Billion	+17.23%
2019-12-31	CA$1.25 Billion ≈ $900.85 Million	+13.94%
2018-12-31	CA$1.09 Billion ≈ $790.65 Million	-4.36%
2017-12-31	CA$1.14 Billion ≈ $826.70 Million	-4.29%
2016-12-31	CA$1.19 Billion ≈ $863.75 Million	+30.05%
2015-12-31	CA$918.13 Million ≈ $664.16 Million	-18.83%
2014-12-31	CA$1.13 Billion ≈ $818.27 Million	+0.83%
2013-12-31	CA$1.12 Billion ≈ $811.57 Million	+9.27%
2012-12-31	CA$1.03 Billion ≈ $742.72 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Telesat Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 11.3% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	CA$330.81 Million	62.32%
Common Stock	CA$70.00 Million	13.19%
Other Comprehensive Income	CA$130.01 Million	24.49%
Total Equity	CA$530.82 Million	100.00%

Telesat Corp Competitors by Market Cap

The table below lists competitors of Telesat Corp ranked by their market capitalization.

Company	Market Cap
Minerva S.A SA:BEEF3	$740.14 Million
Shanghai Sheng Jian Environment Technology Co Ltd SHG:603324	$740.36 Million
Golden Entertainment Inc NASDAQ:GDEN	$740.46 Million
Oneness Biotech Co Ltd TWO:4743	$740.84 Million
Sichuan Mingxing Electric Power Co Ltd SHG:600101	$739.96 Million
Baticim Bati Anadolu Cimento Sanayi AS IS:BTCIM	$739.87 Million
Replimune Group Inc NASDAQ:REPL	$739.85 Million
UBISOFT ENTMT ADR 1/5 F:UEN0	$739.77 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Telesat Corp's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 710,280,000 to 530,820,000, a change of -179,460,000 (-25.3%).
Net loss of 155,354,000 reduced equity.
Other comprehensive income decreased equity by 53,856,000.
Other factors increased equity by 29,750,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	CA$-155.35 Million	-29.27%
Other Comprehensive Income	CA$-53.86 Million	-10.15%
Other Changes	CA$29.75 Million	+5.6%
Total Change	CA$-	-25.27%

Book Value vs Market Value Analysis

This analysis compares Telesat Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 1.87x
The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
The price-to-book ratio has decreased from 7.88x to 1.87x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2012-12-31	CA$8.59	CA$67.73	x
2013-12-31	CA$9.39	CA$67.73	x
2014-12-31	CA$9.46	CA$67.73	x
2015-12-31	CA$7.68	CA$67.73	x
2016-12-31	CA$9.98	CA$67.73	x
2017-12-31	CA$9.55	CA$67.73	x
2018-12-31	CA$9.13	CA$67.73	x
2019-12-31	CA$104.59	CA$67.73	x
2020-12-31	CA$122.61	CA$67.73	x
2021-12-31	CA$8.93	CA$67.73	x
2022-12-31	CA$39.02	CA$67.73	x
2023-12-31	CA$43.30	CA$67.73	x
2024-12-31	CA$50.96	CA$67.73	x
2025-12-31	CA$36.26	CA$67.73	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Telesat Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): -29.27%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -37.17%
• Asset Turnover: 0.06x
• Equity Multiplier: 12.44x
Recent ROE (-29.27%) is below the historical average (5.43%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2012	2.37%	2.88%	0.15x	5.66x	CA$-78.31 Million
2013	6.07%	7.59%	0.16x	5.10x	CA$-44.11 Million
2014	1.17%	1.43%	0.16x	5.07x	CA$-99.93 Million
2015	-29.08%	-27.96%	0.16x	6.54x	CA$-358.76 Million
2016	24.53%	31.46%	0.15x	5.14x	CA$173.49 Million
2017	44.19%	54.46%	0.16x	4.99x	CA$390.76 Million
2018	-8.32%	-10.07%	0.15x	5.38x	CA$-200.23 Million
2019	15.03%	20.55%	0.15x	4.76x	CA$62.67 Million
2020	16.77%	29.84%	0.15x	3.82x	CA$98.83 Million
2021	37.88%	20.81%	0.12x	15.28x	CA$116.11 Million
2022	-16.68%	-10.55%	0.12x	13.49x	CA$-128.15 Million
2023	23.74%	22.31%	0.11x	9.48x	CA$90.93 Million
2024	-12.35%	-15.36%	0.08x	9.78x	CA$-158.75 Million
2025	-29.27%	-37.17%	0.06x	12.44x	CA$-208.44 Million

Industry Comparison

This section compares Telesat Corp's net assets metrics with peer companies in the Communication Equipment industry.

Industry Context

Industry: Communication Equipment
Average net assets among peers: $76,143,105
Average return on equity (ROE) among peers: 14.48%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Telesat Corp (TSAT)	CA$1.66 Billion	2.37%	3.02x	$740.12 Million
Bewhere Holdings Inc (BEW)	$4.02 Million	-45.89%	0.05x	$54.75 Million
Baylin Technologies Inc (BYL)	$41.85 Million	-48.64%	0.64x	$49.82 Million
C-Com Satellite Systems Inc. (CMI)	$2.54 Million	-83.12%	0.15x	$29.65 Million
Enablence Technologies Inc (ENA)	$-5.60 Million	0.00%	0.00x	$150.59 Million
Evertz Technologies Limited (ET)	$355.40 Million	21.91%	0.31x	$882.92 Million
Ironman International Ltd. (IMI)	$-169.76K	0.00%	0.00x	$13.81 Million
Lite Access Technologies Inc (LTE)	$21.20 Million	-38.23%	0.12x	$7.89 Million
Novra Technologies Inc (NVI)	$268.10K	323.89%	5.07x	$3.38 Million
Quarterhill Inc (QTRH)	$265.79 Million	0.36%	0.14x	$158.83 Million

About Telesat Corp

TO:TSAT Canada Communication Equipment

Market Cap

$740.12 Million

CA$1.02 Billion CAD

Market Cap Rank

#10469 Global

#304 in Canada

Share Price

CA$67.73

Change (1 day)

+3.56%

52-Week Range

CA$25.97 - CA$81.06

All Time High

CA$81.06