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Telesat

TSAT on Nasdaq. Communications services, nec. Market value $1.7bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Media & telecom stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$47.66 a share, 107% above its 1-year low

Over the past year the price has ranged from $23.01 to $61.54.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

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20212022202320242025
Revenue
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Operating margin
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Debt to equity
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Shares outstanding
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Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown

Dates

Next results (estimated)
n/a
Last annual report (10-K)
17 March 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 103 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • MARK H. RACHESKY, M.D.
    Passive investor
    at least 35.5%
    (filed with 14 related holders)
    Since 8 July 2026
    What they said

    Item 4 is hereby amended and restated as follows. All of the Class B Shares reported on this Schedule 13D were acquired for investment purposes. The Reporting Persons intend to review their holdings in the Issuer on a continuing basis and as part of this ongoing review evaluate…

    Read the filing
  • GAMCO Asset Management Inc.
    Passive investor
    at least 11.6%−0.7 pts
    (filed with 8 related holders)
    Since 31 March 2026
    What they said

    The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the…

    Read the filing
  • Heard Investment Manager LLC
    Passive investor
    at least 10.4%−1.1 pts
    (filed with 1 related holder)
    Since 30 June 2025
  • Greywolf Opportunities Master Fund II LP
    Passive investor
    at least 6.2%
    (filed with 4 related holders)
    Since 31 December 2024
  • Daniel Lau
    Passive investor
    at least 4.3%
    (filed with 3 related holders)
    Since 31 March 2025
  • Heard Capital LLC
    Passive investor
    at least 4.2%−4.2 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Sold down below 5%
    Since 30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

We have no insider filings for this company yet.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.