NASDAQ: ECHO
EchoStar
Communication Services · Communications Services, NEC
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$29.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.86B |
| FY2017, ended Dec 31, 2017 | $5.74B |
| FY2018, ended Dec 31, 2018 | $3.50B |
| FY2019, ended Dec 31, 2019 | $4.24B |
| FY2020, ended Dec 31, 2020 | $1.99B |
| FY2021, ended Dec 31, 2021 | $2.26B |
| FY2022, ended Dec 31, 2022 | $1.39B |
| FY2023, ended Dec 31, 2023 | $4.50B |
| FY2024, ended Dec 31, 2024 | $6.56B |
| FY2025, ended Dec 31, 2025 | $31.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $29.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$14.7B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.81B |
| FY2017, ended Dec 31, 2017 | $1.89B |
| FY2018, ended Dec 31, 2018 | $1.76B |
| FY2019, ended Dec 31, 2019 | $1.89B |
| FY2020, ended Dec 31, 2020 | $1.89B |
| FY2021, ended Dec 31, 2021 | $19.8B |
| FY2022, ended Dec 31, 2022 | $18.6B |
| FY2023, ended Dec 31, 2023 | $17.0B |
| FY2024, ended Dec 31, 2024 | $15.8B |
| FY2025, ended Dec 31, 2025 | $15.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $14.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $180M | $81.0M |
| FY2017, ended Dec 31, 2017 | $393M | $144M |
| FY2018, ended Dec 31, 2018 | −$40.5M | $179M |
| FY2019, ended Dec 31, 2019 | −$62.9M | $238M |
| FY2020, ended Dec 31, 2020 | −$40.1M | $126M |
| FY2021, ended Dec 31, 2021 | $2.49B | $3.04B |
| FY2022, ended Dec 31, 2022 | $2.48B | $571M |
| FY2023, ended Dec 31, 2023 | −$1.70B | −$668M |
| FY2024, ended Dec 31, 2024 | −$120M | −$292M |
| FY2025, ended Dec 31, 2025 | −$14.5B | −$1.07B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | −$5.67B | −$725M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$440M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.57B |
| FY2017, ended Dec 31, 2017 | $2.43B |
| FY2018, ended Dec 31, 2018 | $928M |
| FY2019, ended Dec 31, 2019 | $1.52B |
| FY2020, ended Dec 31, 2020 | $896M |
| FY2021, ended Dec 31, 2021 | $536M |
| FY2022, ended Dec 31, 2022 | $2.50B |
| FY2023, ended Dec 31, 2023 | $1.82B |
| FY2024, ended Dec 31, 2024 | $4.31B |
| FY2025, ended Dec 31, 2025 | $1.88B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $440M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$17.4B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.36B |
| FY2017, ended Dec 31, 2017 | $3.37B |
| FY2018, ended Dec 31, 2018 | $3.30B |
| FY2019, ended Dec 31, 2019 | $2.39B |
| FY2020, ended Dec 31, 2020 | $2.39B |
| FY2021, ended Dec 31, 2021 | $1.50B |
| FY2022, ended Dec 31, 2022 | $1.50B |
| FY2023, ended Dec 31, 2023 | $22.8B |
| FY2024, ended Dec 31, 2024 | $26.6B |
| FY2025, ended Dec 31, 2025 | $26.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $17.4B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 207% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.290M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 94.6M |
| FY2017, ended Dec 31, 2017 | 95.8M |
| FY2018, ended Dec 31, 2018 | 95.3M |
| FY2019, ended Dec 31, 2019 | 97.8M |
| FY2020, ended Dec 31, 2020 | 93.7M |
| FY2021, ended Dec 31, 2021 | 85.9M |
| FY2022, ended Dec 31, 2022 | 83.3M |
| FY2023, ended Dec 31, 2023 | 272M |
| FY2024, ended Dec 31, 2024 | 286M |
| FY2025, ended Dec 31, 2025 | 289M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 290M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $43.5M more issued than bought back
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $15.2M | — |
| FY2017, ended Dec 31, 2017 | $0 | $10.1M | — |
| FY2018, ended Dec 31, 2018 | $33.3M | $9.99M | — |
| FY2019, ended Dec 31, 2019 | $0 | $9.35M | $103M |
| FY2020, ended Dec 31, 2020 | $43.5M | $8.89M | $2.76M |
| FY2021, ended Dec 31, 2021 | $261M | $59.4M | — |
| FY2022, ended Dec 31, 2022 | $89.3M | $83.0M | — |
| FY2023, ended Dec 31, 2023 | — | $51.5M | — |
| FY2024, ended Dec 31, 2024 | — | $36.4M | — |
| FY2025, ended Dec 31, 2025 | $48.5M | $36.3M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $43.5M | — |
Revenue (TTM)
$14.7B
−5.2% YoY
Net income (TTM)
−$5.67B
n/m YoY
Cash
$440M
−81.2% YoY
Total debt
$17.4B
−34.1% YoY
Valuation
At current price- Market Cap
- $28.2B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.9×
- Price / Book
- 2.0×
- EV / EBITDA
- n/m. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $14.7B
- Revenue Growth YoY
- −5.2%
- Revenue CAGR 3Y
- −7.0%
- Revenue CAGR 5Y
- 51.4%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- −113%
- Net Margin
- −38.7%
- FCF Margin
- −4.9%
- Return on Equity
- −33.5%
Earnings
Trailing 12 months- Net Income
- −$5.67B
- EPS (diluted)
- −$24.88
- EBITDA
- −$15.6B
- Operating Income
- −$16.5B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $440M
- Total Debt
- $17.4B
- Net Debt
- $17.0B
- Total Assets
- $39.4B
- Total Liabilities
- $25.2B
- Shareholders' Equity
- $14.2B
Cash Flow
Trailing 12 months- Operating Cash Flow
- −$85.3M
- Capital Expenditure
- $640M
- Free Cash Flow
- −$725M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.99
Every ratio is calculated from the company’s reported figures.
Watch
Revenue fell 5.2% over the last year, to $14.7B.
Watch
Lost $5.67B over the last 12 months.
Watch
Carries $17.0B of net debt without positive EBITDA.
Watch
Free cash flow was negative (−$725M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Mar 2, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K47Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 27, 2025 · Read the filing on EDGAR
- Revenue fell 7.0% to $15.8 billion and the operating loss widened slightly to $304 million, with Wireless losses growing to $2.8 billion.
- Net loss narrowed to $120 million from $1.7 billion, helped by a $689 million debt extinguishment gain and no repeat of the T-Mobile option loss.
- New financing and debt exchanges repaid the 2024 maturities, lifting cash to $5.7 billion, but total debt stands at $27.1 billion.
- DIRECTV ended its agreement to buy the Pay-TV business in November 2024 after DISH DBS bondholder exchange offers were not completed.
Business momentum
Mixed
“Our consolidated revenue totaled $15.826 billion for the year ended December 31, 2024, a decrease of $1.190 billion or 7.0% compared to the same period in 2023.”
Outlook
Cautious
“As of December 31, 2024, as a result of, among other things, capital expenditures for our 5G Network Deployment, we experienced negative free cash flow. We expect that this trend will continue in 2025 and in future periods.”
Financial stress
Moderate
“debt service requirements for the next twelve months from cash generated from operations, existing cash, cash equivalents and marketable investment securities balances and cash generated through raising additional capital”
Tone against the previous report
More positive
Red flags
- Minor
Other
“DTV terminated the Purchase Agreement effective at 11:59 pm ET on November 22, 2024”
Positives
Cash more than doubled after refinancing
“our cash, cash equivalents, current restricted cash and cash equivalents, and current marketable investment securities totaled $5.698 billion compared to $2.444 billion as of December 31, 2023”
FCC extended 5G build-out deadlines
“the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026”
Fewer wireless customers are leaving
“Our Wireless churn rate for the year ended December 31, 2024 was 3.00% compared to 4.17% for the same period in 2023.”
Concerns
Pay-TV keeps losing subscribers, and this segment earns all the company's operating profit
“We lost approximately 785,000 net DISH TV subscribers during the year ended December 31, 2024”
Wireless losses are growing as network costs and depreciation rise
“This change primarily resulted from an increase in operating loss from our Wireless segment, a decrease in operating income from our Pay-TV segment”
Operating cash flow fell by almost half while more capital may be needed
“Net cash flows from operating activities from 2023 to 2024 decreased $1.180 billion”
New risks since the previous report
Interest costs now hit results as 5G assets enter service and new high-rate debt is added
“we no longer capitalize interest on those assets and as a result, capitalized interest was reduced by $230 million, and interest expense increased”
End of federal internet subsidy program removed a source of wireless and broadband subscribers
“on June 1, 2024 the ACP program funding concluded and households no longer received their benefit”
Pay-TV sale collapsed, leaving the declining business and its debt with EchoStar
“DTV terminated the Purchase Agreement effective at 11:59 pm ET on November 22, 2024 pursuant to Section 7.01(a)(iv) of the Purchase Agreement because the DISH DBS Exchange Offers were not consummated”
Biggest risks named
- Heavy $27 billion debt load and need for more capital
- Continuing Pay-TV subscriber decline and rising programming costs
- Large Wireless losses and costly 5G network build-out
- FCC build-out deadlines and possible loss of spectrum licenses
- Reliance on T-Mobile and AT&T, which are also larger competitors
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | −8 | |
| Red flags | −0.9 | |
| New risks | −1.5 | |
| Score | 47 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Mar 2, 2026 | Pro | |||
| 10-K | Feb 27, 2025 | 47 | Mixed | 1 minor | |
| 10-K | Feb 29, 2024 | 0 | Sharp deterioration | 1 serious2 medium | |
| 10-K | Feb 23, 2023 | 56 | Stable | None | |
| 10-K | Feb 24, 2022 | 66 | Strong improvement | 1 medium | |
| 10-K | Feb 23, 2021 | 64 | Strong improvement | 1 medium2 minor | |
| 10-K | Feb 20, 2020 | 56 | Stable | 1 medium | |
| 10-K | Feb 21, 2019 | 58 | Stable | None | |
| 10-K | Feb 22, 2018 | 58 | Stable | None | |
| 10-K | Feb 24, 2017 | 56 | Stable | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 3, 2026. View filings on SEC EDGAR