SATS · Cable & Satellite · Communication Services

EchoStar Corporation

$98.13−4.0%Close 11/12

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What it sells: Service is 93% of revenue (fiscal year to Dec 2025), down from 95% two years earlier.
Growing?: No: revenue down 69% on a year earlier (quarter ended Sep 2026).
Expensive?: About usual: 3.6× trailing earnings; its five-year median is 2.9×. Priced 70% below the peer median of 12x.
Analysts?: 100% of 9 say buy; average 12-month target $139, 42% above today's price.
Risky?: Much swingier than most large companies: its price swung 56% over the past year (the S&P 500's 14%), and it fell as much as 68% since Nov 2021.

Market cap$28.6B

Revenue (TTM)$12.2B

Net income (TTM)$9.9B

P/E (trailing)3.6x

52-week closing range$67 – $142

Dividend yieldNo dividend

EchoStar Corporation (SATS) is a U.S. telecommunications company that provides satellite broadband and managed network services (primarily under Hughes / HughesNet), Pay‑TV distribution (DISH TV, Sling TV), and wireless service (including Boost Mobile) using a mix of owned satellite/network infrastructure and third‑party access; revenue is generated mainly via subscriber/service fees, equipment sales/leases, and enterprise/government networking contracts.

More about EchoStar

Market Position

EchoStar participates across mature U.S. Pay‑TV and wireless markets while also competing in satellite connectivity and managed networking through Hughes, differentiating with an integrated “house of brands,” satellite capacity/ground systems, and a nationwide wireless footprint built around spectrum and network deployment.

Key Segments

Operational reporting is commonly discussed around Pay‑TV, Wireless (Retail Wireless/5G network), and Broadband & Satellite Services (Hughes), reflecting distinct subscriber bases, ARPU dynamics, and capital needs.

How has the stock done?

Over the past year SATS rose 40.9%; the communication services ETF (XLC) fell 5.3% and the S&P 500 rose 10.8%.

SATS +40.9%Communication services ETF (XLC) −5.3%

How much it movesRisk

Biggest fall

−68%

From Nov 12, 2021 to Nov 16, 2023, the deepest drop from a high since Nov 2021

Volatility, past year

56%

How much the price swings in a year; the S&P 500's was 14%

Beta, past year

1.59

When the S&P 500 moves 1%, the stock has moved about 1.6% the same way

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.

Is the business growing?

Revenue was $1.1B in the quarter ended Sep 2026, down 69% from a year earlier.

Revenue by quarter

Change from the same quarter a year earlier

Show the data

Quarter ended	Revenue	vs a year earlier
Dec 2022	$4.5B	0%
Mar 2023	$4.4B	−9%
Jun 2023	$4.4B	−7%
Sep 2023	$4.1B	−10%
Dec 2023	$4.2B	−8%
Mar 2024	$4.0B	−8%
Jun 2024	$4.0B	−9%
Sep 2024	$3.9B	−5%
Dec 2024	$4.0B	−5%
Mar 2025	$3.9B	−4%
Jun 2025	$3.7B	−6%
Sep 2025	$3.6B	−7%
Dec 2025	$3.8B	−4%
Mar 2026	$3.7B	−5%
Jun 2026	$3.6B	−4%
Sep 2026	$1.1B	−69%

Revenue went from $18.6B in FY22 to $15.0B in FY25; net income from $2.5B to −$14.5B.

RevenueNet income

Show the data

Fiscal year	Revenue	Net income
FY22	$18.6B	$2.5B
FY23	$17.0B	−$1.7B
FY24	$15.8B	−$120M
FY25	$15.0B	−$14.5B

Revenue by productFiscal years, from EchoStar's 10-K

In the fiscal year to Dec 2025, Service was 93% and Equipment Sales and Other Revenue was 7% of revenue.

ServiceEquipment Sales and Other Revenue

Show the data

Fiscal year	Part	Revenue	Share
FY2023	Service	$16.1B	95%
FY2023	Equipment Sales and Other Revenue	$870M	5%
FY2024	Service	$15.0B	95%
FY2024	Equipment Sales and Other Revenue	$869M	5%
FY2025	Service	$14.0B	93%
FY2025	Equipment Sales and Other Revenue	$981M	7%

Revenue by regionFiscal years, from EchoStar's 10-K

In the fiscal year to Dec 2025, North America was 98% and Other Excluding North America was 2% of revenue.

North AmericaOther Excluding North America

Show the data

Fiscal year	Part	Revenue	Share
FY2023	North America	$16.7B	98%
FY2023	Other Excluding North America	$345M	2%
FY2024	North America	$15.5B	98%
FY2024	Other Excluding North America	$317M	2%
FY2025	North America	$14.7B	98%
FY2025	Other Excluding North America	$288M	2%

Earnings per shareDiluted, GAAP

EPS, quarter ended Sep 2026

$7.97

A year earlier −$44.37

EPS, last four quarters

$27.39

Diluted, from SEC filings

Quarters: EchoStar Corporation's SEC filings, named by the month they end. Fiscal years: EchoStar Corporation's annual reports to the SEC.

How it makes money

The company loses $96.6 for every $100 of revenue. Operating expenses exceed all of gross profit. It was profitable 3 years ago and is now loss-making.

Where each $1 of revenue goesFiscal year ended 2025-12-31

Revenue

Total sales

$15.0B100%

Gross profit

Revenue minus direct costs

$3.9B25.8% of revenue

Cost of revenue

Direct cost of making or buying goods

$11.1B74.2% of revenue

Operating loss

Expenses above gross profit

−$17.7B−118.1% of revenue

Net loss

The bottom-line loss

−$14.5B−96.6% of revenue

Gross margin, fiscal year

25.8%

−8.7 pts over 3 years

Operating margin, fiscal year

−118.1%

Loss exceeds revenue

Net margin, fiscal year

−96.6%

−109.9 pts over 3 years

Each margin is that line of the income statement divided by revenue. Fiscal year: EchoStar Corporation's annual reports to the SEC.

How much does it spend on building?

EchoStar spent $449M on property and equipment in the four quarters to Sep 2026, 3.7% of its revenue, against 7.6% a year earlier.

Capital spending, last four quarters

$449M

Down 61.0% on the four quarters before

Share of revenue, last four quarters

3.7%

7.6% a year earlier

Capital spending as a share of revenue over five years, with Verizon Communications and T-Mobile US

EchoStar 3.7%Verizon Communications 12.0%T-Mobile US 10.7%

Capital spendingBy quarter

Show the data

Quarter ended	Capital spending	Revenue	Cash from operations	Share of revenue, four quarters
Dec 2023	$567M	$4.2B	$411M	18.2%
Mar 2024	$520M	$4.0B	$451M	17.2%
Jun 2024	$347M	$4.0B	$480M	14.0%
Sep 2024	$334M	$3.9B	$276M	11.0%
Dec 2024	$344M	$4.0B	$46M	9.8%
Mar 2025	$258M	$3.9B	$207M	8.2%
Jun 2025	$293M	$3.7B	$7.5M	8.0%
Sep 2025	$256M	$3.6B	$112M	7.6%
Dec 2025	$158M	$3.8B	−$425M	6.4%
Mar 2026	$133M	$3.7B	$238M	5.7%
Jun 2026	$92M	$3.6B	−$10M	4.4%
Sep 2026	$65M	$1.1B	$113M	3.7%

From EchoStar Corporation's SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.

How much goes into research?

EchoStar spent $49M on research and development in the four quarters to Sep 2026, 0.4% of its revenue, against 0.5% a year earlier. Over the year its research spending fell 30.0% and its revenue fell 19.8%.

Research and development, last four quarters

$49M

Down 30.0% on the four quarters before

Share of revenue, last four quarters

0.4%

0.5% a year earlier

Research as a share of revenue over five years

EchoStar 0.4%

Research and developmentBy quarter

Show the data

Quarter ended	Research and development	Revenue	Share of revenue, four quarters
Dec 2023	$29M	$4.2B	0.6%
Mar 2024	$25M	$4.0B	0.6%
Jun 2024	$29M	$4.0B	0.7%
Sep 2024	$20M	$3.9B	0.6%
Dec 2024	$17M	$4.0B	0.6%
Mar 2025	$18M	$3.9B	0.5%
Jun 2025	$16M	$3.7B	0.5%
Sep 2025	$19M	$3.6B	0.5%
Dec 2025	$15M	$3.8B	0.5%
Mar 2026	$16M	$3.7B	0.4%
Jun 2026	$14M	$3.6B	0.4%
Sep 2026	$4.0M	$1.1B	0.4%

From EchoStar Corporation's SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

In its latest annual report EchoStar buys from AT&T, Space Exploration Technologies, T-Mobile US and 19 more; sells to AT&T, Space Exploration Technologies.

Along the supply chainTwo steps either way, as each company’s latest annual report names the others

Their suppliers

Ciena CIENto AT&T

AST SpaceMobile ASTSto AT&T

Frontier Communicationsto AT&T

Tesla TSLAto Space Exploration Technologies

Valorto Space Exploration Technologies

Comcast CMCSAto T-Mobile US

DT DTEGYto T-Mobile US

UScellular ADto T-Mobile US

Suppliers

AT&T T

Crown Castle CCI

Disney DIS

Space Exploration Technologies SPCX

T-Mobile US TMUS

A Diamond Infra

B Diamond Infra

C Diamond Infra

Capital Telecom Holdings II

Capital Telecom Holdings

CONX

Crown Castle Fiber

D Diamond Infra

DCHSCU Acquisition Holdings

Diamond Towers II

Diamond Towers IV

Diamond Towers V

Hughes Systique

Lanteris Space

NagraStar

WBD

Zayo Group

SATSEchoStar

Customers

AT&T T

Space Exploration Technologies SPCX

Their customers

AST SpaceMobile ASTSfrom AT&T

Carnival CCLfrom Space Exploration Technologies

Anthropic ANTfrom Space Exploration Technologies

Deere DEfrom Space Exploration Technologies

Partners

Space Exploration Technologies SPCXEchoStar invested in it · Provides equity consideration under spectrum commercial agreementUp to $8.5 billion in Class A Common Stock, valued at $212 per share, under Initial SpaceX Transactions

InvidiEchoStar invested in it · Equity investment in addressable advertising software company35% equity interest

TSIEchoStar invested in it · Equity investment in Canadian wireless communications company33% equity interest

Hughes SystiqueEchoStar invested in it · Equity investment in software development provider42% equity interest

Target TGTMarkets and distributes wireless products and services

Best Buy BBYMarkets and distributes wireless products and services

Walmart WMTMarkets and distributes wireless products and services

Amazon AMZNProvides online indirect sales channel Apple AAPLProvides online indirect sales channel

NagraStarJoint venture providing encryption and security systems50% equity interest

DeluxeBuilds digital cinema satellite distribution network50% equity interest

Changes since the previous annual report (10-K filed Feb 27, 2025)

A Diamond InfraNamed for the first time, as a supplier

B Diamond InfraNamed for the first time, as a supplier

C Diamond InfraNamed for the first time, as a supplier

Capital Telecom HoldingsNamed for the first time, as a supplier

Capital Telecom Holdings IINamed for the first time, as a supplier

Crown Castle CCINamed for the first time, as a supplier

Crown Castle FiberNamed for the first time, as a supplier

D Diamond InfraNamed for the first time, as a supplier

DCHSCU Acquisition HoldingsNamed for the first time, as a supplier

Diamond Towers IINamed for the first time, as a supplier

Diamond Towers IVNamed for the first time, as a supplier

Diamond Towers VNamed for the first time, as a supplier

Disney DISNamed for the first time, as a supplier

Lanteris SpaceNamed for the first time, as a supplier

WBDNamed for the first time, as a supplier

Zayo GroupNamed for the first time, as a supplier

Maxar SpaceNo longer named (was a supplier)

MirrorNo longer named (was a partner)

NordicTrackNo longer named (was a partner)

Peloton PTONNo longer named (was a partner)

YahsatNo longer named (was a partner)

AT&T TNow also a customer

CONXWas a partner, now a supplier

Space Exploration Technologies SPCXNow also a customer and a partner

Show the filing's words

Company	Role	In the filing's words
AT&T	customer	“Pursuant to the terms and subject to the conditions set forth in the AT&T License Purchase Agreement, we have agreed to sell all our 3.45–3.55 GHz and 600 MHz spectrum licenses, including licenses exchanged as part of the Omega License Purchase Agreement, as defined and detailed in Note 15 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K, (collectively, the “3.45 GHz and 600 MHz Licenses”), and to a 99-year extension of existing leases for AT&T’s exclusive use of certain wireless spectrum licenses in Hawaii for an aggregate purchase price of $22.650 billion in cash, subject to certain potential adjustments (the “Closing Purchase Price”).”
AT&T	supplier	“As a Hybrid MNO, we currently depend on T-Mobile and AT&T to provide us with network services pursuant to the MNSA and the NSA, respectively.”
Space Exploration Technologies	customer	“The consideration for the Initial SpaceX Transactions payable at the Spectrum Acquisition Closing is $17 billion (the “Total Consideration Amount”)....The SpaceX License Purchase Agreement also provides for future long-term commercial agreements that will enable us to offer our Wireless subscribers access to SpaceX’s next-generation Starlink Direct to Cell text and voice and broadband services utilizing certain rights and licenses related to the Spectrum that are to be conveyed by us to SpaceX at the Spectrum Acquisition Closing.”
Space Exploration Technologies	partner · EchoStar invested in it	“The remaining amount after paying off the Seller Notes (the “Purchase Price”) will be paid by SpaceX to us as follows: (i) up to $8.5 billion will be paid in SpaceX’s Class A Common Stock, valued at $212 per share (the “Equity Amount”); and (ii) any amount of the Purchase Price exceeding $8.5 billion will be paid in cash.”
Space Exploration Technologies	supplier	“During the third quarter of 2025, we entered into an agreement with SpaceX for launch services for this satellite, which is expected to be launched during 2028.”
T-Mobile US	supplier	“As a Hybrid MNO, we currently depend on T-Mobile and AT&T to provide us with network services pursuant to the MNSA and the NSA, respectively.”
Target	partner · distribution deal with it	“We currently market and distribute our products and services indirectly through third-party owned Boost-branded stores, multi-branded stores, national retail stores (such as Target, Best Buy and Walmart stores) and other stores (such as convenience and grocery stores).”
Best Buy	partner · distribution deal with it	“We currently market and distribute our products and services indirectly through third-party owned Boost-branded stores, multi-branded stores, national retail stores (such as Target, Best Buy and Walmart stores) and other stores (such as convenience and grocery stores).”
Walmart	partner · distribution deal with it	“We currently market and distribute our products and services indirectly through third-party owned Boost-branded stores, multi-branded stores, national retail stores (such as Target, Best Buy and Walmart stores) and other stores (such as convenience and grocery stores).”
Amazon	partner · distribution deal with it	“We have both an indirect sales channel, which includes third-party owned retail stores and big box stores, as well as online through Amazon and Apple, and a direct sales channel, which services customers online through each respective brand’s website.”
Apple	partner · distribution deal with it	“We have both an indirect sales channel, which includes third-party owned retail stores and big box stores, as well as online through Amazon and Apple, and a direct sales channel, which services customers online through each respective brand’s website.”
NagraStar	partner · joint venture with it	“We own a 50% interest in NagraStar L.L.C. (“NagraStar”), a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming.”
NagraStar	supplier	“We own a 50% interest in NagraStar L.L.C. (“NagraStar”), a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming.”
Invidi	partner · EchoStar invested in it	“We own a 35% interest in Invidi Technologies Corporation (“Invidi”), an entity that provides proprietary software for the addressable advertising market.”
TSI	partner · EchoStar invested in it	“We own a 33% interest in TerreStar Solutions, Inc. (“TSI”), an entity that provides wireless mobile communication coverage in Canada using a satellite user terminal.”
Deluxe	partner · joint venture with it	“We own 50% of Deluxe/EchoStar LLC (“Deluxe”), a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada.”
Lanteris Space	supplier	“On May 15, 2025, we entered into a contract with Lanteris Space LLC for the construction of EchoStar XXVI, a DBS satellite that is capable of providing service to the CONUS and is intended to be used at the 119 degree orbital location.”
Crown Castle	supplier	“On November 20, 2025, Crown Castle-affiliated lessors who entered into a Master Lease Agreement (“MLA”) with DISH Wireless L.L.C., which relates to tower facilities for our 5G Network, and Crown Castle Fiber LLC, which entered into a Master Product Agreement (“MPA”) with DISH Wireless L.L.C., which relates to fiber and other infrastructure for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the United States District Court for the District of Colorado.”
Crown Castle Fiber	supplier	“On November 20, 2025, Crown Castle-affiliated lessors who entered into a Master Lease Agreement (“MLA”) with DISH Wireless L.L.C., which relates to tower facilities for our 5G Network, and Crown Castle Fiber LLC, which entered into a Master Product Agreement (“MPA”) with DISH Wireless L.L.C., which relates to fiber and other infrastructure for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the United States District Court for the District of Colorado.”
Diamond Towers II	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
Diamond Towers IV	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
Diamond Towers V	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
Capital Telecom Holdings	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
Capital Telecom Holdings II	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
DCHSCU Acquisition Holdings	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
A Diamond Infra	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
B Diamond Infra	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
C Diamond Infra	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
D Diamond Infra	supplier	“On January 19, 2026, Diamond Towers II LLC, Diamond Towers IV LLC, Diamond Towers V LLC, Capital Telecom Holdings LLC, Capital Telecom Holdings II LLC, DCHSCU Acquisition Holdings, LLC, A Diamond Infra LLC, B Diamond Infra LLC, C Diamond Infra LLC, and D Diamond Infra LLC, which entered into agreements with DISH Wireless L.L.C. for tower and rooftop facilities for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
Zayo Group	supplier	“On November 26, 2025, Zayo Group, LLC, which has a Master Services Agreement with DISH Wireless L.L.C. relating to high-speed fiber and transport services as well as network connectivity issues for our 5G Network, filed a declaratory judgment lawsuit against our wholly-owned subsidiary DISH Wireless L.L.C. in the District Court for the City and County of Denver, Colorado.”
Disney	supplier	“On August 26, 2025, ESPN Enterprises, Inc. and other Disney affiliates (“Disney”) sued our wholly-owned subsidiary DISH Network L.L.C. in the United States District Court for the Southern District of New York....In each case, the plaintiffs contend that Sling TV’s Day Pass, Weekend Pass and Week Pass subscriptions breach their respective carriage agreements with DISH Network.”
WBD	supplier	“On September 5, 2025, WarnerMedia Network Sales and other Warner Bros Discovery affiliates (“WBD”) sued our wholly-owned subsidiary DISH Network L.L.C. in the same court. In each case, the plaintiffs contend that Sling TV’s Day Pass, Weekend Pass and Week Pass subscriptions breach their respective carriage agreements with DISH Network.”
CONX	supplier	“Concurrently with the transaction closing on May 1, 2024, we entered into an agreement to lease back the property from CONX for an initial 10-year term. During the years ended December 31, 2025 and 2024, we recorded $3 million and $2 million, respectively, for this lease in “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss).”
Hughes Systique	partner · EchoStar invested in it	“We own 42% of Hughes Systique Corporation (“Hughes Systique”) and contract with Hughes Systique for software development services.”
Hughes Systique	supplier	“We own 42% of Hughes Systique Corporation (“Hughes Systique”) and contract with Hughes Systique for software development services.”
AT&T (10-K filed Feb 9, 2026)	calls it a supplier	“On August 25, 2025, we agreed to purchase FCC licenses in the 600 MHz and 3.45 GHz bands from EchoStar for approximately $23,000, subject to certain adjustments....We signed a short-term spectrum manager lease on the 3.45 GHz spectrum, which was deployed in cell sites covering nearly two-thirds of the U.S. population.”
Space Exploration Technologies (424B4 filed Jun 12, 2026)	calls it a supplier	“In September 2025, we announced a definitive agreement with EchoStar to purchase its AWS-4 and H-block spectrum licenses. The Spectrum Transaction was approved by the FCC on May 12, 2026 and is subject to other closing conditions prior to completion.”

Only the companies EchoStar names in its 10-K filed Mar 2, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 3.6x, below the peer median of 12x, but earnings are expected to fall, so the discount may be deserved.

3.6×P/E (trailing)

Priced 70% below the peer median of 12x.

Vs. peersP/E, trailing (x)

SATSPeersPeer median 12x

Show the data

Company	P/E (trailing)
TMUS · T-Mobile US, Inc.	16.5×
CHTR · Charter Communications, Inc.	12.5×
T · AT&T Inc.	12×
VZ · Verizon Communications Inc.	11.9×
CMCSA · Comcast Corporation	7.9×
SATS · EchoStar Corporation	3.6×

Against its own past five yearsTrailing P/E

At 3.6× trailing earnings SATS is inside the middle of its five-year range; the five-year median is 2.9×.

Trailing P/EMiddle half of five years 2.4×–4.4×Median 2.9×

Show the data

Date	Trailing P/E
Nov 8, 2021	16.0×
Feb 8, 2022	6.2×
May 10, 2022	4.3×
Aug 10, 2022	3.3×
Nov 8, 2022	2.5×
Feb 9, 2023	2.1×
May 11, 2023	2.1×
Aug 11, 2023	3.8×
Nov 9, 2023	2.4×
Nov 11, 2026	3.7×
Nov 12, 2026	3.6×

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $139, 42% above the current price; 100% of 9 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

12-month price targetsCurrent price $98.13

12 mo agoTodayIn 12 mo

High target

$207+111%

Average target

$139+42%

Low target

$117+19%

Ratings9 analysts

Strong Buy 3Buy 6Hold 0Sell 0Strong Sell 0

Buy or Strong Buy: 9 analysts (100%). Sell or Strong Sell: 0.

Targets and ratings over the past year10 changes by 6 firms

Since May 18, 2026 the average of the analysts' latest price targets went from $134.33 to $133.00 (−1%), while SATS went from $136.45 to $98.13 (−28%). In the past three months targets were raised twice and cut once. 3 upgrades and no downgrades over the year; the latest: JP Morgan moved it to Overweight from Underweight on Oct 16, 2026.

Average target $133.00SATSMiddle half of targetsUpgrade

Targets raised, by monthTargets cut

Show every change

Date	Firm	Change	Rating	Target
Nov 4, 2026	UBS	Target raised	Buy	$160.00, was $150.00
Nov 4, 2026	Morgan Stanley	Target cut	Overweight	$132.00, was $134.00
Oct 16, 2026	JP Morgan	Upgrade	Overweight, was Underweight	$144.00
Sep 8, 2026	UBS	Upgrade	Buy, was Neutral	$150.00, was $127.00
Aug 4, 2026	TD Cowen	Target cut	Buy	$130.00, was $155.00
Aug 4, 2026	Citigroup	Target cut	Buy	$117.00, was $126.00
Jul 17, 2026	Raymond James	Upgrade	Strong Buy, was Market Perform	$115.00
May 18, 2026	TD Cowen	Target raised	Buy	$155.00, was $129.00
Mar 3, 2026	UBS	Target raised	Neutral	$127.00, was $125.00
Feb 4, 2026	Citigroup	Target raised	Neutral	$121.00, was $111.00

Earnings against estimatesLast 4 quarters, per share

Average estimateReported, beatReported, missed

Show the data

Quarter	Estimate	Reported	Surprise
Dec ’25	−$0.75	−$4.16	−454.7%
Mar ’26	−$0.56	−$0.51	+8.9%
Jun ’26	−$0.09	$24.12	+26900.0%
Sep ’26	$0.24	$7.97	+3220.8%

Expected nextConsensus of Nov 10, 2026

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.84 a share, and revenue of $3.5B, down 8% on a year earlier.

EPS, quarter ending Dec 2026

$0.84

Adjusted. Dec 2025: a loss of $4.16, far from its estimate; range $0.84 to $0.84; 2 analysts

Revenue, quarter ending Dec 2026

$3.5B−8% on a year earlier

Dec 2025: $3.8B; range $3.4B to $3.6B; 2 analysts

Show the data

Period	Figure	Expected	Low to high	Analysts	A year earlier	Change
Quarter ending Dec 2026	EPS (adjusted)	$0.84	$0.84 to $0.84	2	−$4.16 (Dec 2025)	—
Quarter ending Dec 2026	Revenue	$3.5B	$3.4B to $3.6B	2	$3.8B (Dec 2025)	−8%
Quarter ending Mar 2027	EPS (adjusted)	$0.90	$0.90 to $0.90	1	−$0.51 (Mar 2026)	—
Quarter ending Mar 2027	Revenue	$3.3B	$3.3B to $3.3B	1	$3.7B (Mar 2026)	−11%

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $449M exceeds operating cash flow of −$84M, leaving free cash flow of −$533M. The gap has to be covered with cash on hand or borrowing.

Where a year of cash went4 quarters to Sep 2026

Show the data

Line	Amount
Op. cash flow	−$84M
Capex	−$449M
Free cash flow	−$533M
Dividends	—
Buybacks	—
Cash retained	−$533M

Free cash flow yield

−1.9%

Free cash flow is negative, so the company is burning cash.

Dividend yield

No dividend

No dividend today; cash goes to growth and share buybacks.

By quarter: free cash flow and what went back to shareholdersLast 12 quarters

Free cash flowDividendsBuybacks

Show the data

Quarter ended	Free cash flow	Dividends	Buybacks
Dec 2023	−$156M	—	—
Mar 2024	−$68M	—	—
Jun 2024	$132M	—	—
Sep 2024	−$58M	—	—
Dec 2024	−$299M	—	—
Mar 2025	−$52M	—	—
Jun 2025	−$286M	—	—
Sep 2025	−$144M	—	—
Dec 2025	−$583M	—	$0
Mar 2026	$105M	—	—
Jun 2026	−$102M	—	—
Sep 2026	$48M	—	—

Diluted sharesUp 21.9% in a year

EchoStar had 351M diluted shares in the quarter ended Sep 2026, 21.9% more than a year earlier, and 21.7% more each year on average since Mar 2020.

Show the data

Quarter ended	Diluted shares
Mar 2020	98M
Jun 2020	98M
Sep 2020	98M
Mar 2021	94M
Jun 2021	91M
Sep 2021	89M
Mar 2022	86M
Jun 2022	84M
Sep 2022	83M
Mar 2025	287M
Jun 2025	288M
Sep 2025	288M
Mar 2026	289M
Jun 2026	352M
Sep 2026	351M

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 0.4, short-term debt coverage is tight; shareholder equity is only 13% of assets, so debt-to-equity (4.5) says little; it has net debt and its operations used cash over the last four quarters.

Current ratio

0.4Tight liquidity

Assets that can be turned into cash soon are 0.4x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity

4.5Small equity

Shareholder funds are only 13% of assets, so $4.5 of debt per $1 of them says little about whether the debt can be carried. The years of operating cash flow it would take to repay it say more.

Net debt

$23.0BMore debt than cash

Cash and short-term investments of $3.0B against debt of $26.0B. Lease obligations of $4.1B are not counted: they are rent owed, not money borrowed. It also holds $194M of long-term investments, which can be stakes in other companies rather than cash.

Net debt ÷ cash flow

—No cash from operations

Its operations used $84M of cash over the last four quarters, so the net debt of $23.0B is not being paid down from the business.

AssetsTotal ~$43.0B

Cash

$1.9B4.4%

Investments

$1.3B3.0%

Receivables

$1.3B3.0%

Inventory

$380M0.9%

Property & equipment

$2.5B5.7%

Intangibles

$34.6B80.4%

Other

$1.1B2.6%

Liabilities & equityTotal ~$43.0B

Current

$12.4B28.7%

Long-term

$24.8B57.7%

Equity

$5.8B13.6%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Are insiders buying or selling?

Officers and directors bought $158K and sold $57.4M of SATS on the open market in the 12 months to Nov 12, 2026. 68% of the sales were made under 10b5-1 plans, set up in advance. The largest was Hamid Akhavan (CEO, EchoStar Capital; director), who sold $44.1M in 27 sales.

Sold

$57.4M

40 sales

Bought

$158K

2 purchases

Under 10b5-1 plans

68%

Share of the sales' value

Trades on the priceA dot a day, sized by value

SATSSaleSale under a 10b5-1 planPurchase

Who tradedOpen-market trades, last 12 months

Hamid Akhavan

CEO, EchoStar Capital; director · 83% under a 10b5-1 plan

−$44.1M27 trades

John Swieringa

PRES, TECH & COO

−$7.2M3 trades

Dean Manson

Chief Legal Officer · 53% under a 10b5-1 plan

−$4.7M5 trades

Stephen J Bye

Director

−$764K2 trades

William David Wade

Director

−$460K2 trades

Show every trade

Date	Insider	Role	Trade	Shares	Price	Value	Filed
Nov 5, 2026	William P Wall	Director	Buy	1,000	$90.41	$90K	Nov 9, 2026
Aug 13, 2026	William David Wade	Director	Sale	2,425	$91.48	$222K	Aug 14, 2026
Aug 12, 2026	William David Wade	Director	Sale	2,575	$92.65	$239K	Aug 14, 2026
Aug 7, 2026	Stephen J Bye	Director	Sale	3,508	$89.73	$315K	Aug 11, 2026
Aug 7, 2026	Stephen J Bye	Director	Sale	5,000	$89.90	$450K	Aug 11, 2026
Jun 12, 2026	Dean Manson	Chief Legal Officer	Sale (10b5-1 plan)	6,000	$130.39	$782K	Jun 16, 2026
Jun 12, 2026	Dean Manson	Chief Legal Officer	Sale (10b5-1 plan)	4,000	$130.39	$522K	Jun 16, 2026
Jun 5, 2026	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	45,073	$121.00	$5.5M	Jun 9, 2026
Jun 5, 2026	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	7,513	$121.00	$909K	Jun 9, 2026
Jun 4, 2026	Dean Manson	Chief Legal Officer	Sale (10b5-1 plan)	10,000	$119.50	$1.2M	Jun 8, 2026
Mar 6, 2026	Hamid Akhavan	CEO, EchoStar Capital; director	Sale	71,005	$107.52	$7.6M	Mar 10, 2026
Mar 5, 2026	Dean Manson	Chief Legal Officer	Sale	7,631	$114.51	$874K	Mar 9, 2026
Mar 5, 2026	Dean Manson	Chief Legal Officer	Sale	11,400	$114.60	$1.3M	Mar 9, 2026
Mar 4, 2026	John Swieringa	PRES, TECH & COO	Sale	15,000	$114.04	$1.7M	Mar 6, 2026
Mar 4, 2026	John Swieringa	PRES, TECH & COO	Sale	35,088	$113.39	$4.0M	Mar 6, 2026
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	20,129	$104.10	$2.1M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	14,940	$104.65	$1.6M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	3,240	$105.88	$343K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	3,657	$106.72	$390K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	5,123	$108.02	$553K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	2,911	$108.78	$317K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	29,608	$104.10	$3.1M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	23,040	$104.66	$2.4M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	5,595	$105.93	$593K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	4,670	$106.84	$499K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	7,831	$108.01	$846K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	4,256	$108.76	$463K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	29,607	$104.10	$3.1M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	23,172	$104.67	$2.4M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	5,465	$105.95	$579K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	4,668	$106.84	$499K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	7,833	$108.01	$846K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	4,255	$108.76	$463K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	28,500	$104.09	$3.0M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	26,621	$104.61	$2.8M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	6,169	$105.96	$654K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	6,095	$106.77	$651K	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	11,880	$108.18	$1.3M	Dec 15, 2025
Dec 11, 2025	Hamid Akhavan	CEO, EchoStar Capital; director	Sale (10b5-1 plan)	6,567	$108.92	$715K	Dec 15, 2025
Dec 11, 2025	Tom A Ortolf	Director	Sale	1,754	$104.06	$183K	Dec 15, 2025
Nov 21, 2025	John Swieringa	PRES, TECH & COO	Sale	22,000	$67.34	$1.5M	Nov 25, 2025
Nov 18, 2025	George R Brokaw	Director	Buy	1,000	$68.07	$68K	Nov 20, 2025

From the Form 4s filed with the SEC about EchoStar Corporation (49 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 34 other transactions (grants, option exercises, shares withheld for tax and gifts).