XStocksXray

Research report · 16 October 2026

EchoStar CORP (ECHO)

Communication Services · Wireless Telecommunication Services · US stock · price as of 16 Oct 2026

Key indicators

Price	$85.37
52-week range	$65.76 – $147.25
Market cap	$30.0B
P/E (trailing)	3.0×
EV / EBITDA	–
Free-cash-flow yield	−2.4%
Dividend yield	–
Revenue (last 12 months)	$14.7B
Revenue growth (3y a year)	−7.0%
Operating margin	−112.7%
Return on invested capital	−41.8%
Net debt / EBITDA	–

Fair value

Blended fair value$894.42 book-value models

Versus priceData under review+0% to fair value

Peer multiples	$522.55
Fundamentals-adjusted multiple	$1,266.28
Model uncertainty	High

X-Ray Score

21/ 100 · Medium confidence · ahead of 0% of sector peers

Valuation47

Growth3

Profitability3

Financial health27

Dividends–

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

EchoStar is a communications company with satellite, pay television and wireless operations. Its businesses include Hughes satellite broadband, DISH and Sling pay television, and Boost Mobile wireless service. It also develops satellite and mobile network technology. Customers are consumers, businesses, government agencies and enterprises that need connectivity in places terrestrial networks do not reach.

Monthly subscriptions for television, broadband and mobile service, together with equipment and network services, generated revenue of $14.7 billion over the last twelve months. Revenue has changed at -7.0% a year across the last three years. The operating margin is -112.7%, a large operating loss, and the business earns -42% on the capital invested in it. No dividend is paid.

StocksXray gives EchoStar CORP an X-Ray Score of 21 out of 100 (medium confidence), ahead of 0% of the S&P 500 stocks in its sector. Its strongest lens is valuation (47) and its weakest is growth (3).

Our fair value blend is $894.42. At $85.37 the stock trades 90% below that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.

XStocksXray

EchoStar CORP (ECHO)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$26.35	$16.68	$16.57	$22.90	$108.70	$85.37
Market cap	$8.3B	$5.1B	$4.5B	$6.3B	$31.3B	$30.0B
P/E	3.3×	2.1×	–	–	–	3.0×
EV / revenue	0.4×	0.2×	1.5×	1.7×	3.6×	3.2×
EV / EBITDA	1.8×	1.2×	18.8×	16.8×	–	–
Price / free cash flow	2.7×	9.0×	–	–	–	–
Free-cash-flow yield	36.8%	11.1%	−14.9%	−4.7%	−3.4%	−2.4%
Price / book	2.5×	0.2×	0.2×	0.3×	5.4×	2.1×
Dividend yield	–	–	–	–	–	–

Fundamentals checklist ● 2 Good · ● 0 Average · ● 9 Bad · each check graded against the sector

Cash quality

Earnings backed by cash22.5%Bad

Free-cash-flow yield−2.4%Bad

Risk models

Altman Z score0.9×Bad

Piotroski F-Score2 of 9Bad

Growth

Revenue growth (3y)−7.0%Bad

Growth consistency0%Bad

Balance sheet

Current ratio5.2×Good

Valuation

Fair value vs price10.5×Good

EBIT / EV yield−35.0%Bad

Profitability

Return on invested capital−41.8%Bad

Operating margin−112.7%Bad

XStocksXray

EchoStar CORP (ECHO)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	19,819	18,634	17,016	15,826	15,005	14,654
Gross profit	–	–	–	–	–	–
Operating income	3,422	2,233	-278	-304	-17,723	-16,516
Net income	63	167	-496	-125	-52	8,774
Diluted EPS ($)	7.94	8.05	-6.28	-0.44	-50.41	28.85
Free cash flow	3,036	571	-668	-292	-1,065	-725
Gross margin	–	–	–	–	–	–
Operating margin	17.3%	12.0%	−1.6%	−1.9%	−118.1%	−112.7%
Net margin	0.3%	0.9%	−2.9%	−0.8%	−0.3%	59.9%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	6,045	58,748	57,109	60,939	43,016	39,425
Cash	536	2,498	1,821	4,305	1,883	440
Total debt	1,496	3,049	22,764	26,603	25,980	17,432
Equity	3,354	21,488	19,880	20,191	5,766	14,155
Dividend per share ($)	–	–	–	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	3,870	3,725	3,614	3,796	3,667	3,576
Growth vs a year earlier	−3.6%	−5.8%	−7.1%	−4.3%	−5.2%	−4.0%
Net income ($M)	-203	-306	-12,781	13,240	-147	8,462
Diluted EPS ($)	-0.71	-1.06	-44.37	–	-0.51	24.12

XStocksXray

EchoStar CORP (ECHO)

Peers in Wireless Telecommunication Services

Company	X-Ray
ECHO · EchoStar CORP	21
TMUS · T-Mobile US, Inc.	67

Market Compass outlook for Communication Services: Favourable (76/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	−10.0%
1 month	−9.3%
3 months	−5.5%
6 months	−35.9%
1 year	+14.1%
3 years	+488.8%
5 years	+234.1%

Technical summary

DailyStrongly bearish3 bullish · 1 neutral · 12 bearish

WeeklyBearish3 bullish · 1 neutral · 8 bearish

MonthlyBullish5 bullish · 1 neutral · 2 bearish

50-day / 200-day average	$90.80 / $108.10
52-week low / high	$65.76 / $147.25
Classic pivot, support and resistance	S2 81.90 · S1 83.64 · P – · R1 87.75 · R2 90.12

XStocksXray

EchoStar CORP (ECHO)

Strengths

No check stands out as a clear strength against its sector.

Risks and weak spots

Earnings backed by cash is weak against Communication Services peers (22.5%).
Free-cash-flow yield is weak against Communication Services peers (−2.4%).
Altman Z score is weak against Communication Services peers (0.9×).
Piotroski F-Score is weak against Communication Services peers (2 of 9).
Revenue growth (3y) is weak against Communication Services peers (−7.0%).
Growth consistency is weak against Communication Services peers (0%).
EBIT / EV yield is weak against Communication Services peers (−35.0%).
Return on invested capital is weak against Communication Services peers (−41.8%).

Latest SEC filings

Date	Form	Items
2 Oct 2026	8-K	1.01,2.01,9.01
18 Sep 2026	DEF 14A
7 Aug 2026	8-K	7.01,9.01
3 Aug 2026	8-K	1.03,2.04,5.02,7.01,8.01,9.01
3 Aug 2026	10-Q
28 Jul 2026	8-K	1.02,2.01,8.01,9.01
7 Jul 2026	8-K	5.02,8.01
25 Jun 2026	8-K	5.02,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.