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Side-by-side financial comparison of Telesat Corp (TSAT) and VIASAT INC (VSAT). Click either name above to swap in a different company.
VIASAT INC is the larger business by last-quarter revenue ($1.2B vs $73.8M, roughly 15.7× Telesat Corp). VIASAT INC runs the higher net margin — 2.2% vs -119.8%, a 122.0% gap on every dollar of revenue. Over the past eight quarters, VIASAT INC's revenue compounded faster (0.3% CAGR vs -64.0%).
Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa.
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
TSAT vs VSAT — Head-to-Head
Income Statement — Q3 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $73.8M | $1.2B |
| Net Profit | $-88.4M | $25.0M |
| Gross Margin | 95.3% | — |
| Operating Margin | 5.9% | 2.3% |
| Net Margin | -119.8% | 2.2% |
| Revenue YoY | — | 3.0% |
| Net Profit YoY | — | 115.8% |
| EPS (diluted) | — | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $1.2B | ||
| Q3 25 | $73.8M | $1.1B | ||
| Q2 25 | $77.5M | $1.2B | ||
| Q1 25 | $152.2M | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $363.2M | $1.1B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | — | $25.0M | ||
| Q3 25 | $-88.4M | $-61.4M | ||
| Q2 25 | $55.1M | $-56.4M | ||
| Q1 25 | $-52.3M | $-246.1M | ||
| Q4 24 | — | $-158.4M | ||
| Q3 24 | — | $-137.6M | ||
| Q2 24 | $547.4M | $-32.9M | ||
| Q1 24 | — | $-100.3M |
| Q4 25 | — | — | ||
| Q3 25 | 95.3% | — | ||
| Q2 25 | 95.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 2.3% | ||
| Q3 25 | 5.9% | 3.1% | ||
| Q2 25 | 16.8% | 4.0% | ||
| Q1 25 | — | -13.4% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | -2.2% | ||
| Q2 24 | — | 5.3% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | -119.8% | -5.4% | ||
| Q2 25 | 71.2% | -4.8% | ||
| Q1 25 | -34.4% | -21.5% | ||
| Q4 24 | — | -14.1% | ||
| Q3 24 | — | -12.3% | ||
| Q2 24 | 150.7% | -2.9% | ||
| Q1 24 | — | -8.7% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $-0.45 | ||
| Q2 25 | — | $-0.43 | ||
| Q1 25 | — | $-1.92 | ||
| Q4 24 | — | $-1.23 | ||
| Q3 24 | — | $-1.07 | ||
| Q2 24 | — | $-0.26 | ||
| Q1 24 | — | $-1.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $352.3M | $1.3B |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $1.6B | $4.6B |
| Total Assets | $5.1B | $14.9B |
| Debt / EquityLower = less leverage | — | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.3B | ||
| Q3 25 | $352.3M | $1.2B | ||
| Q2 25 | $399.6M | $1.2B | ||
| Q1 25 | $552.1M | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | $1.7B | $1.8B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | — | $6.5B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $7.1B |
| Q4 25 | — | $4.6B | ||
| Q3 25 | $1.6B | $4.5B | ||
| Q2 25 | $1.7B | $4.6B | ||
| Q1 25 | $2.5B | $4.6B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | $2.4B | $5.0B | ||
| Q1 24 | — | $5.0B |
| Q4 25 | — | $14.9B | ||
| Q3 25 | $5.1B | $14.8B | ||
| Q2 25 | $4.9B | $14.9B | ||
| Q1 25 | $6.9B | $15.4B | ||
| Q4 24 | — | $15.6B | ||
| Q3 24 | — | $17.8B | ||
| Q2 24 | $6.3B | $16.1B | ||
| Q1 24 | — | $16.3B |
| Q4 25 | — | 1.37× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | 1.43× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 1.30× | ||
| Q2 24 | — | 1.42× | ||
| Q1 24 | — | 1.42× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $726.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 29.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $726.9M | ||
| Q3 25 | — | $282.2M | ||
| Q2 25 | — | $258.5M | ||
| Q1 25 | — | $298.4M | ||
| Q4 24 | — | $219.5M | ||
| Q3 24 | — | $239.2M | ||
| Q2 24 | — | $151.1M | ||
| Q1 24 | — | $232.0M |
| Q4 25 | — | 29.11× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TSAT
Segment breakdown not available.
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
