At a glance
EchoStar Corporation is worth $26.75B. Revenue fell 5.2% to $15.00B in fiscal 2025, at a loss; over 4 years it has grown 6.7% a year. It pays no dividend; it spent $399.3M buying back its shares over FY2021–FY2025. The stock returned +23.0% over the past year with dividends reinvested and +29.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.3% in the 2020 crash (S&P 500: 33.7%) and 42.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 65 months and 24 months after the lows.
The business in plain English
EchoStar is a holding company based in Englewood, Colorado, whose subsidiaries include DISH Network and DISH Wireless. It earns most of its money from subscribers who pay for TV and mobile service. Revenue was $15.0 billion in 2025. Pay-TV, which packages channels it pays programmers and local stations to carry, brought in $9.7 billion, or 64.6% of the total. Retail Wireless, its mobile phone business, brought in $3.8 billion (25.3%), and Broadband and Satellite Services added $1.46 billion (9.7%).
The wireless business has changed shape. In late 2025, EchoStar shifted to what it calls a hybrid mobile network operator model. It runs the network core and the billing and sign-up software, while AT&T supplies base stations, radios and spectrum (the licensed airwaves that carry wireless signals). AT&T agreed to provide these services through December 31, 2031. In August 2025, EchoStar began shutting down parts of its own 5G network.
Spectrum sales are reshaping the company. After a 2025 Federal Communications Commission (FCC) review that treated its airwaves as underused, EchoStar agreed to sell licenses to AT&T for $22.65 billion in cash and to SpaceX for $17 billion. Part of the SpaceX price would pay off secured debt, and up to $8.5 billion would come as SpaceX shares, making EchoStar a minority owner of the private company.
Price history
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SATS +23.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Pay Tv | $9.70B | 64.6% |
| Retail Wireless | $3.80B | 25.3% |
| Broadband And Satellite Services | $1.46B | 9.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.58B, down 4% from a year earlier, and net income was $8.46B.
- For fiscal 2025, revenue was $15.00B (-5.2% year over year; -6.7% a year from FY2021 to FY2025) with a -96.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | -6.7% weak |
|---|---|
| Operating margin | -118.1% weak |
| Free cash flow margin | -7.1% weak |
| Return on equity (FY2025) | -251.4% weak |
| Return on assets (FY2025) | -33.7% weak |
| Net cash (cash minus debt) | $-16.94B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.89B | $-40.1M | $125.6M |
| FY2021 | $19.82B | $2.49B | $3.04B |
| FY2022 | $18.63B | $2.48B | $570.7M |
| FY2023 | $17.02B | $-1.70B | $-668.3M |
| FY2024 | $15.83B | $-119.5M | $-292.2M |
| FY2025 | $15.00B | $-14.50B | $-1.07B |
Valuation snapshot
| Market value | $26.75B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SATS price data to Nov 2, 2026 | -15.3% | +23.0% | +83.9% | +29.7% | +9.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.3% |
| 2025 | +374.7% |
| 2024 | +38.2% |
| 2023 | -0.7% |
| 2022 | -36.7% |
| 2021 | +24.4% |
| 2020 | -51.1% |
| 2019 | +45.1% |
| 2018 | -38.7% |
| 2017 | +16.6% |
| 2016 | +31.4% |
| 2015 | -25.5% |
| 2014 | +5.6% |
| 2013 | +45.3% |
| 2012 | +63.4% |
| 2011 | -16.1% |
| 2010 | +24.0% |
| 2009 | +35.4% |
| 2008 | -21.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.8% over that stretch · deepest drop along the way 33.3%, back to its old high 65.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.9% over that stretch · deepest drop along the way 42.2%, back to its old high 24.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 9 sales ($10.1M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 5, 2026 | Hamid Akhavan CEO, EchoStar Capital, Director | sell (plan) | $5.5M |
| Jun 4, 2026 | Dean Manson CHIEF LEGAL OFFICER | sell (plan) | $1.2M |
| Jun 5, 2026 | Hamid Akhavan CEO, EchoStar Capital, Director | sell (plan) | $909K |
| Jun 12, 2026 | Dean Manson CHIEF LEGAL OFFICER | sell (plan) | $782K |
| Jun 12, 2026 | Dean Manson CHIEF LEGAL OFFICER | sell (plan) | $522K |
Who owns it
Large shareholders (13G filings)
| STATE STREET CORPORATION | 6.7% | Jun 30, 2026 |
| BlackRock, Inc. | 6.7% | Jun 30, 2026 |
| Vanguard Capital Management | 6.25% | Mar 31, 2026 |
| Wellington Management Group LLP | 5.3% | Jun 30, 2026 |
| DARSANA CAPITAL PARTNERS LP | 5.3% | Nov 14, 2025 |
| Darsana Capital Partners LP | 4.5% | Dec 31, 2025 |
| REDWOOD CAPITAL MANAGEMENT LLC | 3.6% | Sep 30, 2025 |
| Loomis, Sayles & Co., L.P. | 3.04% | Mar 31, 2025 |
| FMR LLC | 1.8% | Jun 30, 2026 |
ETFs with the most weight in SATS
| UFO Procure Space ETF | 4.27% |
| FDLS Inspire Fidelis Multi Factor ETF | 0.95% |
| XT iShares Exponential Technologies ETF | 0.56% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.46% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.43% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.4% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 0.36% |
| OASC OneAscent Small Cap Core ETF | 0.36% |
What could go wrong
- Doubt it can keep operating. The 10-K filed March 2, 2026 said EchoStar and some subsidiaries lacked the cash, expected cash flow or committed financing to cover obligations for twelve months, raising substantial doubt they can keep operating.
- Heavy debt with little cash. Debt was $17.4 billion versus $496 million in cash and investments on June 30, 2026. June and August 2026 SEC filings reported debt called due early; the August filing also flagged bankruptcy or receivership.
- Big spectrum sales could slip or change. The 10-K said the AT&T ($22.65 billion) and SpaceX ($17 billion) spectrum sales still needed regulatory approvals and that future results depend on them. The SpaceX sale's last step is expected around November 30, 2027.
- Share price may hinge on SpaceX. The 10-K warns the stock may reflect hopes for a potential stake in SpaceX, a private company with no public share price. Setbacks at SpaceX or a failed deal could hit the stock hard.
- Wireless relies on rival AT&T's network. EchoStar relies on AT&T for base stations, radios and spectrum, with minimum purchase commitments. The 10-K warns that carriers whose networks it uses also compete with it and could limit or end access.
- Pay-TV faces fading demand, rising costs. Pay-TV brought in 64.6% of 2025 revenue. The 10-K warns that changing viewing habits, rising programming costs and rivals with better content deals may cut subscribers. Total revenue fell 5.2% in 2025.
Recent events
- Major agreement signed; Acquisition or sale of assets completed
- Investor presentation or announcement
- Bankruptcy or receivership; Debt obligation accelerated; Executive or board change; Investor presentation or announcement; Other company announcement
- Major agreement ended; Acquisition or sale of assets completed; Other company announcement
- Executive or board change; Other company announcement
- Executive or board change
- Other company announcement
- Debt obligation accelerated
- Other company announcement
- Major agreement signed; Major agreement ended
For income and retirement investors
EchoStar pays no dividend, so it provides no regular income. Any return comes from the share price, so drawing income from it means cashing in shares. The company has used buybacks instead, spending about $399 million on its own stock from fiscal 2021 through 2025, including $48.5 million in 2025 and nothing in 2023 or 2024. Free cash flow, the cash left after running and investing in the business, was negative $1.07 billion in 2025.
The shares have fallen hard in past downturns. In the 2020 COVID crash they dropped 33% and took about 65 months, until August 2025, to regain their prior peak. In the 2022 bear market they fell 42% and needed about 24 months to recover. Its worst-ever drop was 81%. As of October 28, 2026, the stock's one-year beta was 1.71, meaning it tended to move about 1.7 times as much as the market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does EchoStar make money?
Mostly from subscriber fees. In 2025, EchoStar's $15.0 billion of revenue came 64.6% from Pay-TV, 25.3% from Retail Wireless (mobile phone service) and 9.7% from Broadband and Satellite Services. Its subsidiaries include DISH Network and DISH Wireless. In wireless, EchoStar runs the network core and billing software, while AT&T supplies radios, base stations and spectrum under an agreement that runs through December 31, 2031.
Does EchoStar pay a dividend?
No. EchoStar paid no dividends from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. It returned some cash through share buybacks instead, about $399 million over those five years. With a $14.5 billion net loss and negative free cash flow of $1.07 billion in 2025, there was no spare cash from operations to pay out. Anyone relying on this stock for income would have to cash in shares.
Why is EchoStar selling spectrum to AT&T and SpaceX?
Largely because regulators pushed it to. In 2025 the Federal Communications Commission (FCC) reviewed whether EchoStar was meeting its 5G build-out duties. The company says the FCC viewed its spectrum, the radio airwaves licensed for wireless service, as underused and made clear it must sell a large amount or face license revocation. EchoStar then agreed to sell licenses to AT&T for $22.65 billion in cash and to SpaceX for $17 billion, partly paid in SpaceX stock and partly used to repay secured debt.
Why did EchoStar stock soar in 2025?
Partly on hopes tied to SpaceX. The share price rose about 375% in calendar 2025. EchoStar's 10-K says part of the gain may reflect market speculation about its potential stake in SpaceX, which would pay up to $8.5 billion of the spectrum price in its own shares, valued at $212 each. The company warns that setbacks at SpaceX or a failed deal could push its stock down sharply. As of October 28, 2026, the shares were down 12.7% year to date.
Is EchoStar in financial trouble?
Yes, its filings point to serious strain. The 10-K filed March 2, 2026 raised substantial doubt that EchoStar and some subsidiaries could keep operating, citing too little cash or committed financing for twelve months. Debt was $17.4 billion against $496 million of cash and investments on June 30, 2026. An August 3, 2026 SEC filing was made under the items for bankruptcy or receivership and for debt called due early. EchoStar lost $14.5 billion in 2025, though it reported $8.46 billion of net income for the June 2026 quarter.