- Price
- CA$41.34 → CA$40.18(−2.8%)
- Discount
- -8.2% → -5.2%(+3.0 pts)
- Next earnings
- 2026-11-07 → 2026-11-13
- Balance sheet
- AtCash: CA$398M
Debt: CA$245M
Net cash: CA$153M
MDA Space had net cash at June 30, 2026, MDA Space had C$397but it is borrowing to pay for two acquisitions after that date.8 million Management expects net debt of cash and C$2451.0 million of5 to 2.5 times adjusted EBITDA after both deals close. Debt is long-term debt, so it had net cash of and excludes C$152.8 million. It also had C$133.3 million of lease liabilities. Total liquidity was C$1.1 billion. Net debt was 0.4 times adjusted EBITDA at December 31, 2025, and it became net cash in 2026 after the US share offering in March. After June 30, the company raised more money for two acquisitions. On July 14, 2026, itMDA Space sold 23 million new shares for about US$819 million. On August 5, 2026, it issued C$600 million of 6.50% senior unsecured notes due 2033. The purchase of Blue Canyon Technologies costs US$620 million, and committed senior secured debt also funds it. The purchase of about 70% of CLS costs about €567 million, and MDA Space can also pay about €198 million to repay the CLS debt. Cash and a term loan pay for the rest. Management expects net debt of 1.5 to 2.5 times adjusted EBITDA after both deals close. Free cash flow was negative C$178 million in the first half of 2026, and capital spending for 2026 is guided at C$225 million to C$275 million. The releases do not give a credit rating. The debt is moderate for the size of the company, but the company must turn its backlog into cash to keep debt in the target range.
As of 2026-06-30.
- Checkpoints
- Nov 713, 2026 (estimate): Q3 2026 results: cash flow and backlog. Pending. Watch: Free cash flow near zero or better and backlog of C$4 billion or more pass; another large cash outflow or a lower backlog fails.
Q4 2026 (estimate): Blue Canyon Technologies and CLS purchases close. Pending. Watch: Both deals close with net debt in the 1.5 to 2.5 times target range passes; a delay into mid-2027 or a higher leverage fails.
Dec 2026 (estimate): First Telesat Lightspeed launch. Pending. Watch: The first MDA-built Lightspeed satellites launch by the end of 2026 passes; a new delay because of satellites or chips fails.
Mar 2027 (estimate): Q4 2026 results and 2027 guidance. Pending. Watch: 2027 guidance near 50% revenue growth with the acquisitions, and positive free cash flow, passes; lower growth or another year of negative free cash flow fails.
2027 (estimate): Amazon closes its purchase of Globalstar. Pending. Watch: Amazon keeps the MDA Space satellite programs after the deal closes passes; a cut or cancellation of the Globalstar satellites fails.