EchoStar

ECHO · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

ECHO · Last close · October 26, 2026

$89.26

EchoStar's revenue fell 5.2% to $15.0 billion in fiscal 2025. Its operating margin was −118.1%, down from −1.9% a year earlier. Free cash flow was −$1.1 billion. It paid out $49 million in dividends and buybacks. The diluted share count rose 4.9%.

EchoStar Corporation Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001104659-26-021817 Updated October 9, 2026

Revenue

$15.0B

5.2%

Operating margin

−118.1%

116.2 pts

Net income

−$14.5B

Free cash flow

−$1.1B

Return on capital

−39.9%

39.3 pts

Market cap

$31.4B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. EchoStar's 2025 loss included large write-downs that made its EBITDA negative, so net debt to EBITDA is blank for that year.

What EchoStar does

EchoStar is a holding company with four business segments. Pay-TV sells satellite and streaming television under the DISH and SLING brands. Wireless sells mobile phone service and devices, mainly under the Boost Mobile brand. Broadband and Satellite Services sells satellite internet to consumers and communications services to government, enterprise and airline customers. An Other segment holds its older 5G network operations.

The 10-K says the Federal Communications Commission (FCC) reviewed whether EchoStar was using its airwave licenses (spectrum) as required, and that the FCC viewed the spectrum as underused. EchoStar then agreed to sell licenses to AT&T for an aggregate purchase price of $22.650 billion in cash, subject to certain adjustments. It also agreed to sell other spectrum licenses to SpaceX. Both sales depend on closing conditions.

In 2025 EchoStar chose not to pay interest on some of its senior notes on the due dates, then paid within the grace periods. It says its Wireless business is moving to a hybrid model that uses other carriers' networks.

Its biggest risks, as it describes them

The AT&T and SpaceX spectrum sales may not close, or may close on different terms.
Regulatory action by the FCC over its spectrum licenses.
Operating risks to its satellites in orbit and interference from others using the same spectrum.
Lawsuits, especially over intellectual property, with possible large costs.
Rules in its charter and bylaws that may make a takeover harder.

From EchoStar's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2022, earnings per share grew 27.0% a year and net income 55.4% a year, as new shares raised the share count by 226% and diluted each share's earnings. EchoStar then lost money in fiscal 2023, 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value EchoStar yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from EchoStar's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. EchoStar's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to EchoStar's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 9% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $89.26
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and EchoStar's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,546	4,307	2,444	5,547	2,984
Debt incl. finance leases	1,496	1,620	22,764	26,603	25,980
Net debt (negative means net cash)	−50	−2,687	20,320	21,056	22,996
Net debt to EBITDA	−0.0x	−0.8x	15.4x	12.9x	—
Debt to equity	0.5x	0.1x	1.1x	1.3x	4.5x
Interest coverage	35.8x	39.1x	−3.1x	−0.2x	−8.5x
Current ratio	4.2x	1.1x	0.6x	1.4x	0.4x
Quick ratio	4.0x	0.9x	0.5x	1.3x	0.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $68,070 of EchoStar shares on the open market, and 6 insiders sold $57.4 million, $39.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	William David WadeDirector	Sold	2,425	$91.48	$221,839	Form 4
Aug 12, 2026	William David WadeDirector	Sold	2,575	$92.65	$238,574	Form 4
Aug 7, 2026	Stephen J ByeDirector	Sold	8,508	$89.83	$764,273	Form 4
Jun 12, 2026	Dean MansonChief Legal Officer	Sold plan	10,000	$130.39	$1.3 million	Form 4
Jun 5, 2026	Hamid AkhavanCEO, EchoStar Capital, Director	Sold plan	52,586	$121.00	$6.4 million	Form 4
Jun 4, 2026	Dean MansonChief Legal Officer	Sold plan	10,000	$119.50	$1.2 million	Form 4
Mar 6, 2026	Hamid AkhavanCEO, EchoStar Capital, Director	Sold	71,005	$107.52	$7.6 million	Form 4
Mar 5, 2026	Dean MansonChief Legal Officer	Sold	19,031	$114.56	$2.2 million	Form 4
Mar 4, 2026	John SwieringaPres, Tech & COO	Sold	50,088	$113.58	$5.7 million	Form 4
Dec 11, 2025	Hamid AkhavanCEO, EchoStar Capital, Director	Sold plan	285,832	$105.33	$30.1 million	Form 4
Dec 11, 2025	Tom A OrtolfDirector	Sold	1,754	$104.06	$182,521	Form 4
Nov 21, 2025	John SwieringaPres, Tech & COO	Sold	22,000	$67.34	$1.5 million	Form 4

The latest 12 of 13 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Fail
F-score	3 of 8	4 of 8	1 of 8
Accruals ratio	−7.1%	−2.3%	−27.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put EchoStar side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
EchoStar	FY25	−5.2%	−118.1%	−7.1%	−39.9%	—	1
Rogers Communications	FY25	5.4%	45.2%	10.1%	15.0%	2.7x	5	Compare
Veon	FY25	9.9%	32.7%	—	36.4%	0.6x	—	Compare
T-Mobile US	FY25	8.5%	20.7%	20.4%	9.8%	2.8x	6	Compare
Shenandoah Telecommunications	FY25	9.1%	−6.5%	−72.1%	−1.3%	5.8x	3	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,810	1,525	1,763	1,886	1,888	19,819	18,634	17,016	15,826	15,005
Revenue growth	−2.1%	−15.8%	15.6%	7.0%	0.1%	949.8%	−6.0%	−8.7%	−7.0%	−5.2%
Gross profit	1,606	1,313	—	—	—	—	—	—	—	—
Research and development	31	32	28	26	29	91	110	110	91	68
Operating income	296	31	36	73	112	3,422	2,233	−278	−304	−17,723
Net income	180	393	−40	−63	−52	2,521	2,537	−1,702	−120	−14,497
Diluted EPS (US$)	1.92	4.07	−0.42	−0.65	−0.41	7.94	8.05	−6.28	−0.44	−50.41
Diluted shares (millions)	94	97	96	97	98	313	308	271	274	288
Cash flow
Cash from operations	803	727	734	656	534	4,655	3,621	2,433	1,253	−99
Capital expenditure	722	583	555	419	409	1,619	3,050	3,101	1,545	966
Free cash flow	81	144	179	238	126	3,036	571	−668	−292	−1,065
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	33	0	44	261	89	0	0	48
Acquisitions	0	0	0	0	0	0	8	0	0	0
Stock-based compensation	15	10	10	9	9	59	83	52	36	36
Balance sheet at fiscal year end
Cash and short-term investments	3,094	3,246	3,210	2,460	2,534	1,546	4,307	2,444	5,547	2,984
Debt incl. finance leases	3,358	3,365	3,304	2,390	2,394	1,496	1,620	22,764	26,603	25,980
Total assets	9,009	8,750	8,661	7,154	7,073	6,045	58,748	57,109	60,939	43,016
Total liabilities	5,002	4,573	4,506	3,409	3,466	2,631	36,698	36,721	40,694	37,204
Shareholders' equity	3,920	4,163	4,140	3,670	3,542	3,354	21,488	19,880	20,191	5,766
Margins and ratios
Gross margin	88.7%	86.1%	—	—	—	—	—	—	—	—
Operating margin	16.4%	2.0%	2.0%	3.9%	6.0%	17.3%	12.0%	−1.6%	−1.9%	−118.1%
Net margin	9.9%	25.7%	−2.3%	−3.3%	−2.8%	12.7%	13.6%	−10.0%	−0.8%	−96.6%
Free cash flow margin	4.5%	9.4%	10.2%	12.6%	6.7%	15.3%	3.1%	−3.9%	−1.9%	−7.1%
Return on capital	4.5%	0.6%	0.7%	1.5%	0.8%	14.2%	9.0%	−0.7%	−0.6%	−39.9%
Return on equity	4.7%	9.7%	−1.0%	−1.6%	−1.4%	73.1%	20.4%	−8.2%	−0.6%	−111.7%
Return on assets	2.2%	4.4%	−0.5%	−0.8%	−0.7%	38.4%	7.8%	−2.9%	−0.2%	−27.9%
Net debt to EBITDA	0.4x	0.3x	0.2x	−0.1x	−0.4x	−0.0x	−0.8x	15.4x	12.9x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: EchoStar's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with EchoStar.