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EchoStar Corporation

ECHO Communication Services Telecom Services

EchoStar Corporation’s revenue for fiscal 2025 (year ended December 2025) was $15.0 billion, down 5.18% from fiscal 2024.

Revenue
−68.8%
EPS
+121.6%
Free cash flow
+133.3%
Total debt
−63.3%

Quarter to September 2026, against a year earlier

90.57 8.05 −8.16%
Market cap
$26.2B
P/E
2.7×
Fwd P/E
3.9×
Dividend yield
—
F-score
4/9
Altman Z
−0.80
Beneish M
−4.13
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2022

  • Pay-TV
  • Wireless
  • Broadband and Satellite Services

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 55.88
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — 3 — — 3 — 2 — — —
Insider Ownership 54.42%

Capital & Financial Ratios $m

Size
Market Cap 26,160.00
Revenue ttm 12,167.28
Net income ttm 9,881.89
Free cash flow ttm (532.75)
Net debt Q (4,312.46)
Valuation
P/E 2.66
Forward P/E 3.94
Price / sales 2.16
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.55
Financial health
Current ratio Q 10.16 (at or above 1.5: strong)
Debt / equity Q 0.57
Interest coverage Q 0.47
Growth
Revenue growth Q −68.80% (below 0%: shrinking)
Operating income growth Q +100.89% (above 0%: growing)
EPS, this year +156.89% (at or above 15%: strong)
EPS, next year A −87.40% (below 0%: weak)
Revenue, next year A −5.07% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +14.06%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.8×; over the ten years it ranged from 0.1× in 2022 to 8.8× in 2016.
P/E against its own 10 years 32.59%
10-year low 10-year high
P/S against its own 10 years 65.82%
10-year low 10-year high
P/B against its own 10 years 87.72%
10-year low 10-year high
EV/Sales against its own 10 years 49.50%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,444 5,698 3,160 13,969
Receivables 1,122 1,199 1,274 401
Inventory 665 455 381 119
Other 16 88 35 308
4,892 8,096 5,133 14,949
2023 2024 2025 Q'26
Payables 774 741 542 291
ST’ Debt 3,047 943 7,321 14
Other — — — —
8,019 5,831 12,363 1,472

Compound Annual Growth %

10y 5y 3y
Sales 23.29% 51.37% (6.97%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 4.39% 10.01% (35.43%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.29 Actual 0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY21 −0.02 0.02 Beat by 0.04
Q2 FY21 0.08 0.14 Beat by 0.06
Q3 FY21 0.40 0.38 Miss by 0.02
Q2 FY26 −0.29 0.19 Beat by 0.48
Q3 FY26 0.02 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.51) 24.12 7.92 — —
’25 (0.71) (1.06) (44.37) (4.16) (50.41)
’24 (0.40) (0.76) (0.52) 1.24 (0.44)
’23 0.89 0.75 (0.51) (7.48) (6.28)
’22 1.06 0.16 0.27 6.85 8.24
’21 0.84 0.41 0.38 6.50 8.05
’20 (0.56) (0.12) 0.26 0.01 (0.41)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,667 3,576 1,128 — —
’25 3,870 3,725 3,614 3,796 15,005
’24 4,015 3,953 3,891 3,967 15,826
’23 4,388 4,356 4,109 4,163 17,016
’22 502 499 497 17,136 18,634
’21 483 500 505 18,332 19,819
’20 466 459 474 489 1,888
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 238 (10) 113 — —
’25 207 8 112 (425) (99)
’24 451 480 276 46 1,253
’23 790 749 482 411 2,433
’22 104 147 92 3,278 3,621
’21 117 192 119 4,228 4,655
’20 71 174 120 169 534
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 105 (102) 48 — —
’25 (52) (286) (144) (583) (1,065)
’24 (68) 159 (58) (300) (267)
’23 32 (184) (370) (154) (632)
’22 (13) 65 25 471 548
’21 (70) 100 21 2,952 3,003
’20 (42) 71 13 44 87
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.6% a year for ten years.

Implied
9.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,810 1,525 1,763 1,886 1,888 19,819 18,634 17,016 15,826 15,005 12,167 +26.5% 14,244 13,395 12,785 (5.2%)
Gross margin, % 59.94 54.37 57.99 58.25 60.57 36.95 34.47 29.80 25.61 25.82 32.49 (34.1) pt
EBT 217 (32) (126) (93) (28) 3,350 3,335 (1,932) (76) (18,893) 11,724 n/m
EBT margin, % 11.97 (2.11) (7.14) (4.94) (1.47) 16.90 17.90 (11.35) (0.48) (125.91) 96.35 (137.9) pt
Net income 181 393 (39) (74) (52) 2,521 2,537 (1,635) (125) (14,507) 9,882 n/m
Per share, $
Per share, $ Revenue 19.30 15.98 18.31 19.50 19.28 72.04 68.99 62.82 57.74 52.18 41.85 +11.7%
Earnings 1.94 4.13 (0.42) (0.65) (0.41) 9.17 9.39 (6.28) (0.44) (50.41) 34.07 n/m
Cash flow 8.56 7.62 7.63 6.78 5.46 16.92 13.41 8.98 4.57 (0.35) (0.29) n/m
Capex (7.69) (6.39) (5.29) (4.63) (4.57) (6.01) (11.38) (11.31) (5.54) (3.36) (1.54) (8.8%)
Free cash flow 0.87 1.22 2.34 2.15 0.89 10.91 2.03 (2.33) (0.97) (3.70) (1.83) n/m
Book value 42.72 43.78 43.17 38.72 36.84 12.41 79.92 73.66 73.87 20.21 58.45 (8.0%)
Shares, m 94 95 96 97 98 275 270 271 274 288 289 +13.3%
Valuation, ×
Valuation, × P/E 26.74 14.54 0.00 0.00 0.00 2.85 1.77 0.00 0.00 0.00 2.66 4.6
P/S 2.67 3.70 2.01 2.22 1.10 0.37 0.24 0.25 0.40 2.08 2.16 1.5
P/B 1.21 1.35 0.85 1.12 0.58 2.12 0.21 0.21 0.31 5.38 1.55 1.3
EV/Sales 2.98 3.96 2.06 2.19 1.02 0.36 1.24 1.44 1.72 3.60 1.81 2.1
EV/FCF 66.03 51.74 16.11 19.83 22.25 2.40 42.22 (36.01) (85.66) (48.47) (37.73) 5.0
Cash, $m
Cash, $m Operating cash flow 803 727 735 656 534 4,655 3,621 2,433 1,253 (99) (84) n/m
Capex (722) (610) (509) (448) (447) (1,653) (3,074) (3,064) (1,519) (966) (449) +3.3%
Free cash flow 82 117 225 208 87 3,003 548 (632) (267) (1,065) (533) n/m
Balance, $m
Balance, $m Working capital 3,192 3,302 2,236 2,340 1,483 1,467 315 (3,127) 2,265 (7,230) 13,477 n/m
Net debt 563 389 95 (56) (141) (33) 18,589 20,320 20,905 22,820 (4,312) +50.9%
Shareholders’ equity 4,007 4,177 4,155 3,746 3,607 3,414 21,586 19,950 20,245 5,812 16,993 +4.2%
Returns, %
Returns, % ROA 2.24 4.43 (0.46) (0.80) (0.56) 37.90 7.65 (2.94) (0.20) (27.89) 24.25 (30.1) pt
ROIC 4.05 0.42 0.53 1.24 2.03 63.27 3.47 (0.43) (0.46) (38.69) 1.35 (42.7) pt
ROE 4.67 9.62 (0.97) (1.59) (1.09) 70.82 19.82 (8.20) (0.59) (111.27) 82.42 (115.9) pt
People
People Employees 4,000 2,100 2,200 2,300 2,400 2,500 2,300 15,300 13,700 12,100 — +13.1%
Revenue/emp, $m 0.45 0.73 0.80 0.82 0.79 7.93 8.10 1.11 1.16 1.24 — +11.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

EchoStar is a communications holding company with four operating segments: Pay-TV, Wireless, Broadband and Satellite Services, and Other. Its consumer video business sells subscription television through DISH TV, which uses satellites to deliver channel packages to homes, and SLING TV, which streams live and on-demand programming over the internet.

Its Wireless segment sells nationwide mobile service, phones and related services principally under the Boost Mobile and Gen Mobile brands. Plans include high-speed data, unlimited talk and text, without annual service contracts. EchoStar now operates a Hybrid MNO model: it retains its 5G network core, billing and provisioning capabilities, while AT&T supplies parts of the network including base stations, radios, radio-access-network software and spectrum.

Where the money comes from and where it goes Fiscal 2022

Fiscal 2022: revenue by segment, and margins
Pay-TV 12,505 67.11%
Wireless 4,180 22.43%
Broadband and Satellite Services 1,998 10.72%
Gross margin 34.47%
Operating margin 11.98%
Pre-tax margin 17.90%

Revenue by segment since 2009

EchoStar Corporation vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CHT Chunghwa Telecom Co., Ltd. $37.9B 29.6× — +5.50% (above 0%: growing) +2.33% (above 0%: growing) +39.64% (above 0%: growing) 37.54% 21.61% Compare
VOD Vodafone Group PLC $37.0B 32.5× 13.4× −11.38% (below 0%: shrinking) −130.12% (below 0%: shrinking) −16.70% (below 0%: shrinking) 30.36% 0.00% Compare
ORANY Orange $29.8B 7.1× — −5.73% (below 0%: shrinking) +128.97% (above 0%: growing) +104.16% (above 0%: growing) 16.49% 0.00% Compare
ECHO EchoStar Corporation $26.2B 2.7× 3.9× −68.80% (below 0%: shrinking) n/m +133.30% (above 0%: growing) 42.28% 13.10%
CHTR Charter Communications, Inc. $22.2B 3.2× 2.8× −1.74% (below 0%: shrinking) +14.35% (above 0%: growing) +45.18% (above 0%: growing) 39.27% 22.65% Compare
TELFY Telefonica SA $21.5B — (loss-making) 10.8× −5.45% (below 0%: shrinking) n/m −124.79% (below 0%: shrinking) 28.59% 10.79% Compare
VIV Telefonica Brasil S.A. $18.1B 29.4× 13.0× +20.64% (above 0%: growing) +33.01% (above 0%: growing) +3.07% (above 0%: growing) 45.54% 16.48% Compare
TIGO Millicom International Cellular SA $13.3B 19.9× 23.4× +59.40% (above 0%: growing) −83.95% (below 0%: shrinking) +66.11% (above 0%: growing) 75.26% 21.20% Compare
SKM SK Telecom Co., Ltd. $11.2B 23.6× — +0.47% (above 0%: growing) +406.25% (above 0%: growing) −29.63% (below 0%: shrinking) 89.10% 12.99% Compare
Median of peers $21.8B 23.6× 13.0× −0.63% +14.35% +21.36% 38.41% 14.73%

All 55 Telecom Services stocks →

From the latest earnings call

Updated

  • On EchoStar’s second-quarter call, Charlie Ergen said the Hughes Chapter 11 filing was limited to Hughes entities and excluded EchoStar Corporation and other non-Hughes subsidiaries.
  • Ergen said EchoStar would prioritize its core businesses and other opportunities before considering returning capital through share repurchases or dividends.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
JPMorgan Oct 21, 2026 Upgrade Underperform → Outperform 144.00
UBS Oct 19, 2026 Upgrade Buy 150.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 59.22%
Held by the ten largest 25.73%
Holder Shares Stake Change
Vanguard 15.96m 5.49% −378.64k
BlackRock 12.69m 4.37% −6.12m
State Street 10.66m 3.67% −3.88m
Wellington Management 8.41m 2.89% +973.34k
UBS 5.67m 1.95% +1.75m
Darsana Capital Partners LP 5.00m 1.72% −2.00m
Arini Capital Management Ltd 4.84m 1.67% +1.39m
Geode Capital Management 3.96m 1.36% −707.00k
Pentwater Capital Management LP 3.86m 1.33% +1.50m
Apollo Management Holdings, L.P. 3.70m 1.27% +1.81m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

EchoStar Corporation (ECHO) Latest News

5 Nov

Impact 3 · · Stocktwits

4 Nov

Impact 3 · · Barchart
Impact 3 · · Benzinga

3 Nov

Impact 3 · · Benzinga
Impact 3 · · 24/7 Wall St.

2 Nov

Impact 4 · · TIKR
Impact 4 ·
Impact 3 · · Stocktwits
Impact 3 · · TechCrunch
Impact 3 · · TIKR
Impact 3 · · GuruFocus.com
Impact 3 · · GuruFocus.com
Impact 3 · · GuruFocus.com
Impact 3 · · InvestorsHub
Impact 3 · · Investing.com

30 Oct

Impact 3 · · Benzinga

27 Oct

Impact 4 · · Zacks

26 Oct

Impact 3 · · Barchart

23 Oct

Impact 3 · · Simply Wall St.

21 Oct

Impact 4 · · MarketBeat
Impact 4 · · InvestorsHub

19 Oct

Impact 4 · · TheStreet
Impact 3 · · TIKR

16 Oct

Impact 3 · · MarketBeat

15 Oct

Impact 3 · · GlobeNewswire

2 Oct

Impact 4 · · The Motley Fool

30 Sep

Impact 3 · · Insider Monkey
Impact 3 · · Insider Monkey

25 Sep

Impact 3 · · Barchart

16 Sep

Impact 3 ·

ECHO metrics, ten years each

stockrow.com/ECHO · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com