EchoStar Corporation ECHO

Communication ServicesTelecommunications ServicesUnited States of America

Last close 96.94 USD on Nov 1, 2026, −10.8% year to date

Quant rating

Quant rating C Rank 63 of 135 in Communication Services

Growth A 9 of 135
Valuation D 118 of 135
Quality D 118 of 135
Revisions B 29 of 135
Momentum B 21 of 135

Wall Street consensus Buy (1.75)Average target 123.70 USD +27.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 28.2B
Enterprise value: 45.2B
52-week range: 65.82 – 147.14
3-year range: 9.68 – 147.14
Dividend yield: –
Beta (5 years): 1.08
Shares outstanding: 291M
Next earnings: Nov 4, 2026

About the company

EchoStar Corporation is a holding company. The Company provides technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar, Boost Mobile, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. The Company’s segments include Pay-TV, Wireless, Broadband and Satellite Services, and Other. Pay-TV segment offers services under the DISH brand and the SLING brand. Wireless segment offers nationwide wireless services to subscribers primarily under its Boost Mobile and Gen Mobile brands. Broadband and Satellite Services segment provides broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions to government and enterprise customers. Other segment primarily consists of its legacy 5G Network and 5G Network deployment operations that are not utilized in the Wireless segment’s Hybrid MNO business.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	15,005	15,826	17,016	1,998	1,986	–
Revenue growth	−5.2%	−7.0%	751.6%	0.6%	5.2%	51.4%
EPS (basic, normalized)	−50.41	−0.44	0.33	2.10	1.42	–
EPS growth	–	–	−84.3%	47.9%	–	–
Gross margin	25.8%	25.6%	29.8%	56.9%	60.5%	39.7%
Net margin	−96.6%	−0.8%	−10.0%	8.9%	3.7%	−19.0%
ROE	−111.7%	−0.6%	−14.6%	5.2%	2.1%	−23.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	496
Current ratio	5.20x
Long-term debt (mil)	15,985
Net debt (mil)	16,982
Total equity (mil)	14,155
Net debt / equity	1.20x
Net debt / EBITDA	−1.05x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	15,005	−5.2%	3.0x	−16,138	−1,097.2%	−2.8x	−50.41	−11,356.8%	−1.9x
2026	14,209	−5.3%	3.2x	2,329	+114.4%	19.4x	24.54	+148.7%	4.0x
2027	13,295	−6.4%	3.4x	2,230	−4.2%	20.3x	2.99	−87.8%	32.4x
2028	12,523	−5.8%	3.6x	2,175	−2.5%	20.8x	4.01	+34.2%	24.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	14,209	−0.2%	−0.8%	−1.3%	24.54	+0.5%	+7,731.2%	+812.6%
2027	13,295	−0.5%	−3.3%	−4.9%	2.99	+4.1%	−33.6%	+7,575.0%
2028	12,523	−0.9%	−5.1%	−9.4%	4.01	+1.1%	+7.6%	+1,683.0%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,015	3,953	3,891	3,967	3,870	3,725	3,614	3,796	3,667	3,576
Sales mean (mil)	4,061	3,983	3,909	3,932	3,871	3,818	3,748	3,762	3,662	3,625
Surprise	−1.1%	−0.7%	−0.5%	+0.9%	0.0%	−2.4%	−3.6%	+0.9%	+0.2%	−1.4%
EPS reported	−0.40	−0.76	−0.52	1.23	−0.71	−1.06	12.85	−4.20	−0.28	−3.60
EPS mean	−0.21	−0.25	−0.39	−0.55	−0.88	−1.00	−1.21	−0.73	−0.84	1.70
Surprise	−86.0%	−203.0%	−32.1%	−322.7%	+19.1%	−5.8%	−1,163.5%	−474.6%	+66.9%	−311.2%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ECHO EchoStar Corporation	28.2B	−1.05x	−96.6%	1.99x	4.0x	32.4x	19.4x	20.3x
VZ Verizon Communications Inc	185.4B	3.26x	12.4%	1.75x	8.8x	8.4x	6.5x	6.3x
TMUS T-Mobile US Inc	165.7B	2.47x	12.4%	2.95x	14.0x	11.1x	6.7x	6.2x
T AT&T Inc.	144.2B	3.60x	17.4%	1.36x	8.9x	8.2x	6.4x	6.3x
CMCSA Comcast Corporation	82.5B	2.14x	16.2%	0.89x	6.6x	6.6x	4.9x	4.9x
ASTS AST SpaceMobile, Inc.	15.9B	−5.02x	−482.2%	8.42x	−18.7x	−34.7x	−50.3x	229.7x
Mean		0.90x	−86.7%	2.89x	3.9x	5.4x	−1.0x	45.6x
Median		2.30x	12.4%	1.87x	7.7x	8.3x	6.5x	6.3x

Technical analysis

1M+8.7%
3M+12.8%
1Y+29.6%
3Y+630.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, EchoStar Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	15,005	15,826	17,016	1,998	1,986	1,888
Cost of revenue	11,130	11,773	11,945	862	784	744
Gross profit	3,875	4,053	5,070	1,136	1,202	1,144
Selling, general & administrative expenses	2,380	2,427	2,989	455	462	475
Research & development	–	–	–	32.8	31.8	29.4
Depreciation/amortization	1,586	1,930	1,598	458	491	525
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	17,521	−689	728	0.7	55.5	1.7
Other operating expenses	0	0	0	0	0	0
Operating income	−17,612	385	−245	190	162	112
Net interest income (expense)	−1,284	−516	−1,665	40.4	−21.0	−141
Gain (loss) on sale of assets	–	50.4	–	–	–	–
Other non-operating income (expense)	2.7	5.6	−21.9	3.2	−12.4	0.2
Net income before taxes	−18,893	−75.6	−1,932	233	128	−27.8
Provision for taxes	−4,386	48.9	−297	66.7	65.6	24.1
Minority interest	9.8	5.0	−67.2	10.5	10.2	11.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−14,497	−120	−1,702	177	72.9	−40.1
Extraordinary items	–	–	–	–	0	0
Net income	−14,497	−120	−1,702	177	72.9	−40.1
EBIT, normalized	−91.1	−304	483	190	217	116
EBITDA, normalized	1,538	1,698	2,081	648	709	641
Basic EPS, normalized	−50.41	−0.44	0.33	2.10	1.42	–

Balance sheet in millions of USD, fiscal years

Balance sheet, EchoStar Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,984	5,547	2,444	1,678	1,546	2,534
Receivables	1,274	1,199	1,122	240	195	190
Total inventory	381	455	665	124	103	98.0
Prepaid expenses	284	655	644	61.9	57.3	55.4
Other current assets	211	239	16.1	21.5	25.4	30.8
Total current assets	5,133	8,096	4,892	2,125	1,927	2,908
Property, plant & equipment	2,458	12,448	12,627	2,389	2,487	2,519
Goodwill	–	–	–	532	511	512
Intangibles	54.4	74.9	173	133	139	135
Long-term investments	194	202	314	368	311	294
Note receivable	–	–	–	141	163	195
Other long-term assets	35,177	40,118	39,103	510	507	511
Total assets	43,016	60,939	57,109	6,199	6,045	7,073
Liabilities
Accounts payable	542	741	774	102	110	123
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,861	3,496	3,443	199	209	299
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	7,321	943	3,047	–	0	898
Other current liabilities	639	651	755	122	141	105
Total current liabilities	12,363	5,831	8,019	423	460	1,425
Long-term debt	18,659	25,660	19,717	1,497	1,496	1,495
Minority interest	46.2	53.9	508	96.4	60.3	64.9
Other liabilities	6,182	9,202	8,985	680	675	546
Total liabilities	37,251	40,747	37,229	2,696	2,691	3,531
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.3	0.3	0.3	0.1	0.1	0.1
Additional paid-in capital	8,876	8,768	8,302	3,367	3,346	3,321
Retained earnings (accumulated deficit)	−2,879	11,618	11,738	834	656	584
Treasury stock	−48.5	–	–	−526	−437	−175
Other equity	−183	−196	−160	−172	−212	−188
Total equity	5,766	20,191	19,880	3,503	3,354	3,542
Total liabilities & shareholders' equity	43,016	60,939	57,109	6,199	6,045	7,073

Cash flow statement in millions of USD, fiscal years

Cash flow statement, EchoStar Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−14,507	−125	−1,635	167	62.7	−51.9
Depreciation, depletion & amortization	1,586	1,930	1,598	458	491	525
Deferred taxes	−4,413	28.3	−337	21.4	37.7	18.1
Non-cash items	17,719	−364	2,640	−37.3	33.6	35.0
Changes in working capital	−484	−217	167	−78.7	6.9	8.2
Cash from operations	−99.4	1,253	2,433	530	632	534
Investing activities
Capital expenditures	−966	−1,546	−3,103	−349	−472	−447
Other investing cash flows	−439	−1,502	294	73.8	631	−695
Cash from investing	−1,405	−3,048	−2,809	−275	159	−1,142
Financing activities
Financing cash flow items	−28.4	1,736	−95.3	0	8.9	19.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−882	2,748	−182	−83.1	−1,156	−34.9
Cash from financing	−910	4,484	−277	−83.1	−1,147	−15.6
Foreign exchange effects	2.6	−5.7	3.0	−2.3	−3.7	−1.4
Net change in cash	−2,412	2,682	−650	169	−360	−625
Free cash flow	−1,065	−293	−670	181	160	86.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.