Telesat (TSAT) Balance Sheet: Assets & Liabilities

Telesat (TSAT) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Telesat reported total assets of CAD 6.60B and total liabilities of CAD 4.83B. Shareholders' equity was CAD 530.82M, down 78.7% from CAD 2.50B a year earlier. Total debt stood at CAD 3.49B against CAD 510.23M in cash and short-term investments, a net debt position of CAD 2.98B. That puts debt-to-equity at 6.58, compared with 1.24 a year earlier.

Telesat Balance Sheet Analysis

Values in billions CAD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Telesat Corporation (TSAT) - Annual data in billions CAD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	0.51	0.55	1.67	1.68	1.45	0.82	0.54	0.77	0.48
Short-Term Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.48	0.02	0.00
Cash & Short-Term Investments	0.51	0.55	1.67	1.68	1.45	0.82	1.03	0.79	0.48
Accounts Receivable	0.03	0.16	0.08	0.06	0.12	0.06	0.09	0.04	0.06
Inventory	0.00	0.00	0.00	0.00	0.02	0.01	0.00	0.00	0.00
Other Current Assets	0.02	0.31	0.07	0.05	0.05	0.01	0.01	0.02	0.01
Total Current Assets	0.83	1.02	1.82	1.79	1.62	0.89	1.13	0.85	0.55
Non-Current Assets
Property, Plant & Equipment (Net)	2.72	2.28	1.26	1.36	1.43	1.32	1.46	1.70	1.79
Long-Term Investments	0.01	0.01	0.01	0.01	0.02	0.06	0.05	0.02	0.02
Goodwill	2.21	2.61	2.45	2.45	2.45	2.45	2.45	2.45	2.45
Intangible Assets	0.44	0.50	0.69	0.76	0.76	0.78	0.80	0.81	0.81
Other Non-Current Assets	0.00	0.53	0.09	0.06	0.09	0.00	0.01	0.06	0.07
Total Non-Current Assets	5.77	5.92	4.50	4.69	4.75	4.69	4.79	5.04	5.14
Total Assets	6.60	6.95	6.31	6.48	6.36	5.58	5.92	5.88	5.70
Current Liabilities
Accounts Payable	0.01	0.16	0.04	0.00	0.05	0.01	0.03	0.00	0.00
Short-Term Debt	2.34	0.00	0.00	0.00	0.01	0.00	0.03	0.01	0.01
Current Portion of Long-Term Debt	2.34	-	-	-	0.01	0.01	-	-	-
Accrued Liabilities	0.02	0.02	0.02	0.04	0.02	0.01	-	-	-
Deferred Revenue	0.05	0.06	0.06	0.07	0.08	0.08	0.07	0.00	0.00
Other Current Liabilities	0.85	0.07	0.07	0.10	0.09	0.06	0.11	0.17	0.14
Total Current Liabilities	3.32	0.26	0.14	0.17	0.18	0.16	0.16	0.18	0.16
Non-Current Liabilities
Long-Term Debt	1.15	3.10	3.20	3.88	3.79	3.21	3.72	3.72	3.53
Deferred Tax Liabilities	0.09	0.18	0.24	0.28	0.30	0.33	0.35	0.00	0.00
Other Non-Current Liabilities	0.01	0.46	0.56	0.06	0.67	0.09	0.80	0.89	0.86
Total Non-Current Liabilities	1.52	4.19	3.78	4.47	4.48	3.96	4.52	4.61	4.40
Total Liabilities	4.83	4.45	3.91	4.64	4.67	4.12	4.68	4.79	4.55
Stockholders' Equity
Common Stock	0.07	0.06	0.05	0.05	0.04	0.16	0.03	0.15	0.15
Retained Earnings	0.33	0.47	0.53	0.36	0.35	1.27	1.03	0.84	0.97
Accumulated Other Comprehensive Income	0.13	0.18	0.08	0.08	0.02	0.04	0.06	0.10	0.02
Additional Paid-in Capital	0.00	0.00	0.00	0.00	0.00	-0.13	0.00	0.00	0.00
Minority Interest	1.24	1.79	1.74	1.36	1.28	0.00	0.00	0.00	0.00
Shares Outstanding	0.01	0.01	0.01	0.01	0.01	-	-	-	-
Total Stockholders' Equity	0.53	2.50	2.40	0.48	1.70	1.46	1.25	1.09	1.14
Total Liabilities & Equity	6.60	6.95	6.31	6.48	6.37	5.58	5.92	5.88	5.70

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Telesat Balance Sheet

How much debt does Telesat have?

Telesat had total debt of CAD 3.49B as of Dec 31, 2025, against CAD 510.23M in cash and short-term investments. Its debt-to-equity ratio was 6.58. Total debt was CAD 3.10B a year earlier.

What are Telesat's total assets?

Telesat reported total assets of CAD 6.60B as of Dec 31, 2025, down 4.9% from CAD 6.95B a year earlier. Total liabilities were CAD 4.83B.

What is Telesat's shareholders' equity?

Telesat's shareholders' equity was CAD 530.82M as of Dec 31, 2025, or about CAD 35.76 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition