Start here if you're new
what it is
EchoStar sells pay TV, wireless service, satellite capacity, and broadband, then tries to stitch them into one telecom business.
how it gets paid
Last year Echostar made $15.0B in revenue. pay-tv services was the main engine at $8.7B, or 58% of sales.
why growth slowed
Revenue fell 5.2% last year. Revenue was $11.2 billion, up 210% vs. prior year, but the quarter was buried by a massive loss.
what just happened
Latest quarter EPS came in at -$46.25, a blowout miss against the $5.74 estimate.
At a glance
C+ balance sheet — struggling to keep the lights on
5/100 earnings predictability — expect surprises
4.0% return on capital — nothing to write home about
-$3.95 fy2027 eps est
$20B fy2029 rev est
xvary composite: 15/100 — weak
What they do
EchoStar sells pay TV, wireless service, satellite capacity, and broadband, then tries to stitch them into one telecom business.
The moat is spectrum, satellites, and installed customers. You cannot wake up and rebuild a national wireless footprint or launch orbital assets with couch-cushion money. Officers and directors own 89.6% of Class A stock, so your fate is tied to Charles Ergen's playbook whether you like it or not.
How they make money
$15.0B
annual revenue · their business grew -5.2% last year
pay-tv services
$8.7B
8.0%
wireless services
$4.1B
+6.0%
broadband internet
$1.3B
3.0%
satellite services and technology
$0.9B
+2.0%
The products that matter
legacy video and connectivity base
Satellite broadband and video
$15.0B companywide revenue
this is still the economic base of the company, but total revenue fell 5.2% last year. scale only helps you if the base stops shrinking.
core cash flow
quarterly operating run rate
Connectivity operations
$3.6B quarterly revenue
the latest quarter produced $3.6B in revenue and -$44.37 in EPS. in human-speak: the business is still big, but the earnings power is hard to defend.
stabilization needed
licenses and infrastructure optionality
Spectrum and network assets
$21.8B long-term debt
these assets are the strategic reason the story is still alive, but they sit against a balance sheet carrying $21.8B in long-term debt. that means time has a financing cost.
the real debate
Key numbers
-118.1%
operating margin
Operating margin → profit after running the business → so what: EchoStar lost more than it sold from core operations, which tells you this turnaround is still underwater.
$21.8B
long-term debt
Long-term debt → money owed for years → so what: debt equals 41% of capital, leaving less room for bad surprises in a business already posting losses.
89.6%
insider control
Insider ownership → how much stock bosses control → so what: with 89.6% of Class A stock in insider hands, outside shareholders get a very small steering wheel.
$20.0B
2029 revenue goal
Revenue goal → expected sales in a few years → so what: getting from $15.0 billion to $20.0 billion means about 33% more sales, while current annual revenue is still shrinking.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $21.8B (41% of capital)
- net profit margin 4.3% — keeps 4 cents of every dollar in revenue
- return on equity 7% — $0.07 profit for every $1 investors have put in
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
You invested $10,000 in SATS 3 years ago → it's now worth $53,440.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Latest quarter EPS came in at -$46.25, a blowout miss against the $5.74 estimate.
Revenue was $11.2 billion, up 210% vs. prior year, but the quarter was buried by a massive loss. The annual picture is still weak too, with 2025 EPS at -$40.40.
$11.2B
revenue
$46.25
eps
n/a
n/a
the number that mattered
The number that mattered was a huge gap vs analyst models (verify actual vs consensus — prior surprise % failed sanity check), because it tells you forecasts still do not have a firm grip on this business.
-
these arrangements helped address scrutiny from the federal communications commission regarding underutilized spectrum licenses and unmet build-out requirements.in addition, the spacex deal is expected to ease liquidity pressures by helping cover roughly $2 billion in cash interest payments on debt through 2027.
-
founder and chairman charlie ergen has resumed an active leadership role since late last year.
-
mr.
-
ergen stepped in as president and chief executive officer, focusing on stabilizing subscriber erosion at dish and boost mobile.at the same time, hamid akhavan now leads echostar capital, a newly created division dedicated to investment strategy and capital allocation, separating oversight of growth initiatives from legacy operations.
-
echostar is in the midst of a strategic reset.by signing two major agreements and establishing a dedicated capital arm, management appears to be pivoting from an asset-heavy, cash-constrained structure toward a more flexible, hybrid model. monetizing spectrum reduces the need for significant network buildout spending, as the company can leverage at&t’s and spacex’s infrastructure.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is FCC action on underbuilt spectrum licenses. if regulators force concessions or tighter build-out terms, the asset story supporting the stock takes the hit first.
med
spectrum and build-out pressure
Lawmakers and the FCC have raised concerns about underused licenses and unmet build-out requirements. If regulators force concessions, the strategic value of the spectrum stack takes a direct hit.
Impact: regulatory action could threaten $2.2B–$3.8B in revenue and weaken the core asset argument.
med
debt and interest burden
$21.8B in long-term debt leaves little room for operating mistakes. Management is already leaning on outside arrangements expected to help cover roughly $2B in cash interest payments through 2027.
Impact: if that liquidity support slips, the balance sheet becomes the story faster than the operations do.
med
operating decline keeps outrunning the asset thesis
Revenue fell 5.2% last year, the latest quarter came in at $3.6B, and quarterly EPS was -$44.37. The market can forgive ugly numbers for a while. It does not forgive numbers that stay ugly.
Impact: another year that looks anything like the recent $14.5B loss would make the stock look less like optionality and more like deterioration.
A forced hit to spectrum value or another year of losses near the recent $14.5B mark would land on a company already carrying $21.8B in long-term debt. That is a thin margin for error.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
fcc spectrum decisions
If the FCC eases pressure on build-out obligations, the asset case gets room to breathe. If it escalates, the thesis changes fast.
metric
quarterly revenue versus the $3.6B run rate
You want to see revenue hold around this level. Another step down would say the operating business is still sliding.
trend
subscriber erosion at dish and boost
Management needs to slow the bleed. Fewer customer losses would matter more than polished strategic language.
calendar
capital moves through 2027
The next stretch is about proving those arrangements really do help cover roughly $2B in cash interest payments through 2027.
Analyst rankings
risk profile
high risk
stability score 5 — in human-speak, this is a name where large drawdowns are part of the package.
earnings predictability
5 / 100
The earnings line is extremely hard to model. If you own it, expect surprises rather than smooth progress.
xvary composite
50 / 100
Middle-of-the-road score, but for the wrong reason: the data reads more conflicted than comfortably average.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 244 buyers vs. 110 sellers in 4q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$35
$151
$107
current price
$93
target midpoint · 13% from current · 3-5yr high: $170 (+60% · 12% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive