EchoStar (SATS)
Communication Services · $30.1B market cap · SEC CIK 0001415404
fundamentals score out of 100
No earnings date is scheduled in the next few months.
The case for SATS
- Has compounded revenue at 51.4% a year over five years.
The case against
- Losing money over the last year: net margin -97.6%, return on equity -152%.
- Revenue fell 5.6% year over year.
- Burned $1.1B of free cash in FY2025.
- Heavily leveraged. Debt is 4.3× equity.
- Current liabilities exceed current assets (ratio 0.30).
- Free-cash-flow yield of -3.5% is lower than 100% of Communication Services companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Communication Services companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 22 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 65 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 7 |
| Momentumhow the price has behaved lately | 47 |
| Stabilityhow violently it moves, what it owes and what it pays you | 25 |
- It is losing money, so it has no P/E; that counts against value rather than being skipped.
- Each factor except momentum is half fixed thresholds, half rank among the 19 Communication Services companies.
Key numbers
| Price / earnings | n/a |
|---|---|
| Price / book | 6.01× |
| Price / sales | 2.0× |
| Revenue growth (YoY) | -5.6% |
| EPS growth (YoY) | — |
| Gross margin | 27% |
| Operating margin | -116% |
| Net margin | -98% |
| Return on equity | -152% |
| Debt / equity | 4.31× |
| Current ratio | 0.30 |
| Dividend yield | none |
| Beta | 1.07 |
| 52-week range | $65.76 – $147.25 |
| Position in that range | 36% of the way up |
| 3-month return | -12.7% |
| 1-year return | +31.6% |
Five years of financials, as filed
Pulled from EchoStar's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $15.0B | $15.8B | $17.0B | $18.6B | $19.8B |
| Operating income | -$17.7B | -$304M | -$278M | $2.2B | $3.4B |
| Net income | -$51.9M | -$125M | -$496M | $167M | $62.7M |
| Operating cash flow | -$99.4M | $1.3B | $2.4B | $3.6B | $4.7B |
| Capital expenditure | $966M | $1.5B | $3.1B | $3.1B | $1.6B |
| Total assets | $43.0B | $60.9B | $57.1B | $58.7B | $6.0B |
| Total liabilities | $37.2B | $40.7B | $36.7B | $36.7B | $2.6B |
| Shareholder equity | $5.8B | $20.2B | $19.9B | $21.5B | $3.4B |
| Cash | $1.9B | $4.3B | $1.8B | $2.5B | $536M |
| Long-term debt | — | $2.0B | — | $1.5B | $1.5B |
| Free cash flow | -$1.1B | -$292M | -$668M | $571M | $3.0B |
| Operating margin | -118.1% | -1.9% | -1.6% | 12.0% | 17.3% |
| Net margin | -0.3% | -0.8% | -2.9% | 0.9% | 0.3% |
| Diluted shares | 288M | 274M | 271M | 308M | 313M |
Share count is down 8.2% over 4 years. Buybacks have been shrinking the pie.
What EchoStar says it does
– Patents and Other Intellectual Property" in this Annual Report on Form 10-K for further information. We may not be aware of all intellectual property rights that our services or the products used in connection with our services may potentially infringe. In addition, patent applications in the United States are confidential until the Patent and Trademark Office either publishes the application or issues a patent (whichever arises first). Therefore, it is difficult to evaluate the extent to which our services or the products used in connection with our services may infringe claims contained in pending patent applications. Furthermore, it is sometimes not possible to determine definitively whether a claim of infringement is valid. ​ 44 ​ Table of Contents ​ If our products contain defects, we could be subject to significant costs to correct such defects and our product and network service contracts could be delayed or…
Risk factors SATS lists in its 10-K
- Amendments to the Network Services Agreement
- Amended and Restated License Purchase Agreement
- Ended December 31, 2025 Compared to the Year Ended December 31, 2024
- Ended December 31, 2024 Compared to the Year Ended December 31, 2023
- RESULTS OF OPERATIONS – Pay-TV Segment
- Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024
- Explanation of Key Metrics and Other Items – SLING TV subscribers
- "Liquidity and Capital Resources – Subscriber Acquisition and Retention Costs."
- Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023
- RESULTS OF OPERATIONS – Wireless Segment
- RESULTS OF OPERATIONS – Broadband and Satellite Services Segment
- % of Equipment sales and other revenue
- RESULTS OF OPERATIONS – Other Segment
- For the Year Ended December 31, 2025