# EchoStar (ECHO.US)

Canonical: https://gigainvestors.com/s/ECHO

Analysis as of: 2026-10-16T07:28:09.893Z. Financial observations: FY2006–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $86.85 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 7

- Operating margin variation: 0.98×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.09×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.17×

- FY2022: 0.12×

- FY2023: -0.02×

- FY2024: -0.02×

- FY2025: -0.01×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 14.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: -0.5%

- Typical minus recent gross margin: 14.3 pp

- Typical gross margin (annual median): 40.1%

- Recent gross margin (lower of latest and 3-year median): 25.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 20.9%

- ROIC including acquisitions, ten-year median: 0.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.0%

- FY2017: 4.8%

- FY2018: 3.9%

- FY2019: 1.8%

- FY2020: 2.9%

- FY2021: 87.5%

- FY2022: 4.0%

- FY2023: -0.5%

- FY2024: -0.5%

- FY2025: -0.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$13B

- Net income, five-year total: -$11B

- Return on incremental invested capital: -11.6%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 6.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $3.2B

- FY2022: $602M

- FY2023: -$3.2B

- FY2024: $266M

- FY2025: -$14B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs -0.5%

- Per-share earnings: 1.90 to -6.28 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.9%

- Ordinary dilution, 5-year annual growth: 24.0%

- Market cap gain: $26B

- Cumulative retained earnings: -$3.2B

- Diluted shares, 10-year annual growth: 11.9%

- Diluted shares, 5-year annual growth: 24.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$8.18

- Per-share value, starting three-year median: $1.90

- Per-share value, ending three-year median: -$6.28

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 3.8%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $38B

- Cumulative net income, 10 years: -$11B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: -0.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.90

- FY2017: $4.09

- FY2018: -$0.42

- FY2019: -$0.64

- FY2020: -$0.41

- FY2021: $28.09

- FY2022: $29.86

- FY2023: -$6.28

- FY2024: -$0.44

- FY2025: -$50.41

### accounting: pass

- Sloan accruals: -33.5%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.9%

- FY2017: -3.8%

- FY2018: -8.9%

- FY2019: -10.1%

- FY2020: -8.1%

- FY2021: 30.7%

- FY2022: -1.9%

- FY2023: -7.2%

- FY2024: -2.3%

- FY2025: -33.5%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Carl Icahn](https://gigainvestors.com/ic): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 33% since May 2026 · sales -2.3%

Story as of 2026-10-16T09:58:40.259Z; price observation 2026-10-15.

- 2026-08-03: EchoStar Swings To Q2 Profit On Deconsolidation Gain, But Revenue Declines ([nasdaq.com](https://www.nasdaq.com/articles/echostar-swings-q2-profit-deconsolidation-gain-revenue-declines))

### Sales · FY2025–2026

sales -2.3%; source https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm; observed 2026-03-02.

- FY2017: $1.9B 

- FY2018: $2.1B 

- FY2019: $1.9B 

- FY2020: $1.9B 

- FY2021: $20B 

- FY2022: $19B 

- FY2023: $17B 

- FY2024: $16B 

- FY2025: $15B 

- FY2026: $15B 

### Gross margin · FY2025

gross margin 25.8%; source https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm; observed 2026-03-02.

- FY2016: 43.2% 

- FY2017: 59.8% 

- FY2018: 62.7% 

- FY2019: 58.3% 

- FY2020: 60.6% 

- FY2021: 36.9% 

- FY2022: 34.5% 

- FY2023: 29.8% 

- FY2024: 36.0% 

- FY2025: 25.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are USD 15 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm (filed 2026-03-02); FY2025: revenue 15004989000; grossProfit 3874667000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ECHO.US: EchoStar Corporation provides pay-tv services in the United States, Mexico, Canada, South and Central America, Asia, Africa, Australia, Europe, India, and the Middle East. The Pay-TV segment offers a direct broadcast and fixed satellite, owned and leased satellites, leased fiber optic networks, in-home services, and call center operation services; digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; multichannel, live-linear and on-demand streaming over-the-top Internet-based domestic, international, Latino, and Freestream video programming services; and receiver systems. Its Wireless segment provides wireless communication services and products; and a range of wireless devices. The Broadband and Satellite Services offers broadband satellite technologies, and internet products and services to consumer customers, including home and small to medium-sized businesses; managed services, equipment, hardware, satellite services, and communications solutions to government and enterprise customers, as well as to the unserved and underserved consumer, enterprise, aeronautical, and government markets; and integrated multi-transport solutions that enable airline and airline service providers to deliver in-flight network connectivity. This segment also designs, provides, and installs gateway and terminal equipment to customers for other satellite systems; and designs, develops, constructs, and provides telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and enterprise customers. Its Other segment consists of 5G network and 5G network deployment operations. The company sells its products and services under the Boost Mobile, DISH, Gen Mobile, Hughes, Hughesnet, and Sling brands. The company was formerly known as EchoStar Holding Corporation. EchoStar Corporation was founded in 1980 and is headquartered in Englewood, Colorado.

### Why customers stay

Margins ranged from 25.8% to 36% during 2023–25; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 29.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 36%.

- Source: https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,0.05953530237091858],[2017,0.04849940100557933],[2018,0.03879611733226991],[2019,0.01801811398345341],[2020,0.0294262369189469],[2021,0.8750031982605442],[2022,0.04029706031236623],[2023,-0.005067939130837841],[2024,-0.005403115212608601],[2025,-0.0020740313261287733]]; median 0.034111177125608405. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 48.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2017: growth capex 0; upkeep 610231000; owner earnings 304520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2019: growth capex 0; upkeep 482341000; owner earnings 42942000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2020: growth capex 0; upkeep 447453000; owner earnings 37408000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2021: growth capex 0; upkeep 471973000; owner earnings 3228258000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2022: growth capex 0; upkeep 3050472000; owner earnings 602143000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 1544877000; owner earnings 265770000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,15000000],[2017,19000000],[2018,10000000],[2019,2716000],[2020,0],[2021,0],[2022,2000000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm (filed 2026-03-02); FY2025: cash repurchases 48512000 USD.

### Are managers owners

Insiders own 13.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ECHO.US SharesStats.PercentInsiders = 13.503000000000002 percentage points; cache date 2026-10-16.

### What could break it

"Our services depend on FCC licenses" (SEC filing, Mar 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm (filed 2026-03-02); Our services depend on FCC licenses

### What the price says

The price is 1.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Closing price 86.85 USD; reporting-to-trading FX 1; FY2025 annual sales per share 52.175114486298156; price multiple 1.6645866684740653. FY2025 cash earnings/share -48.2541439345733. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $46.74 per share

- 2016-11: $51.00 per share

- 2016-12: $51.39 per share

- 2017-01: $50.93 per share

- 2017-02: $53.27 per share

- 2017-03: $56.95 per share

- 2017-04: $57.56 per share

- 2017-05: $59.05 per share

- 2017-06: $60.70 per share

- 2017-07: $60.73 per share

- 2017-08: $60.30 per share

- 2017-09: $57.23 per share

- 2017-10: $55.95 per share

- 2017-11: $59.85 per share

- 2017-12: $59.90 per share

- 2018-01: $61.06 per share

- 2018-02: $58.02 per share

- 2018-03: $52.77 per share

- 2018-04: $52.54 per share

- 2018-05: $47.04 per share

- 2018-06: $44.40 per share

- 2018-07: $44.99 per share

- 2018-08: $48.00 per share

- 2018-09: $46.37 per share

- 2018-10: $40.55 per share

- 2018-11: $41.84 per share

- 2018-12: $36.72 per share

- 2019-01: $40.98 per share

- 2019-02: $38.56 per share

- 2019-03: $36.45 per share

- 2019-04: $39.85 per share

- 2019-05: $42.78 per share

- 2019-06: $44.32 per share

- 2019-07: $45.52 per share

- 2019-08: $42.25 per share

- 2019-09: $39.62 per share

- 2019-10: $39.00 per share

- 2019-11: $42.07 per share

- 2019-12: $43.31 per share

- 2020-01: $39.91 per share

- 2020-02: $34.92 per share

- 2020-03: $31.97 per share

- 2020-04: $31.55 per share

- 2020-05: $31.16 per share

- 2020-06: $27.96 per share

- 2020-07: $27.30 per share

- 2020-08: $29.38 per share

- 2020-09: $24.89 per share

- 2020-10: $23.16 per share

- 2020-11: $23.77 per share

- 2020-12: $21.19 per share

- 2021-01: $20.94 per share

- 2021-02: $22.70 per share

- 2021-03: $24.00 per share

- 2021-04: $24.45 per share

- 2021-05: $26.49 per share

- 2021-06: $24.29 per share

- 2021-07: $22.30 per share

- 2021-08: $27.00 per share

- 2021-09: $25.51 per share

- 2021-10: $23.46 per share

- 2021-11: $27.37 per share

- 2021-12: $26.35 per share

- 2022-01: $23.69 per share

- 2022-02: $24.34 per share

- 2022-03: $24.34 per share

- 2022-04: $23.35 per share

- 2022-05: $24.03 per share

- 2022-06: $19.30 per share

- 2022-07: $19.76 per share

- 2022-08: $18.41 per share

- 2022-09: $16.47 per share

- 2022-10: $18.87 per share

- 2022-11: $17.40 per share

- 2022-12: $16.68 per share

- 2023-01: $18.71 per share

- 2023-02: $19.96 per share

- 2023-03: $18.29 per share

- 2023-04: $17.07 per share

- 2023-05: $15.77 per share

- 2023-06: $17.34 per share

- 2023-07: $19.43 per share

- 2023-08: $17.38 per share

- 2023-09: $16.75 per share

- 2023-10: $13.86 per share

- 2023-11: $10.47 per share

- 2023-12: $16.57 per share

- 2024-01: $13.39 per share

- 2024-02: $13.11 per share

- 2024-03: $14.25 per share

- 2024-04: $15.99 per share

- 2024-05: $19.20 per share

- 2024-06: $17.81 per share

- 2024-07: $20.08 per share

- 2024-08: $18.54 per share

- 2024-09: $24.82 per share

- 2024-10: $25.06 per share

- 2024-11: $25.29 per share

- 2024-12: $22.90 per share

- 2025-01: $27.66 per share

- 2025-02: $31.23 per share

- 2025-03: $25.58 per share

- 2025-04: $22.48 per share

- 2025-05: $17.73 per share

- 2025-06: $27.70 per share

- 2025-07: $32.59 per share

- 2025-08: $61.79 per share

- 2025-09: $76.36 per share

- 2025-10: $74.87 per share

- 2025-11: $73.29 per share

- 2025-12: $108.70 per share

- 2026-01: $113.22 per share

- 2026-02: $115.53 per share

- 2026-03: $117.07 per share

- 2026-04: $123.14 per share

- 2026-05: $129.19 per share

- 2026-06: $101.50 per share

- 2026-07: $84.09 per share

- 2026-08: $86.44 per share

- 2026-09: $89.41 per share

- 2026-10: $86.85 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:51.305Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm); period 2025-12-31, filed 2026-03-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Steven Romick](https://gigainvestors.com/FPA): 47,066 ECHO shares; USD 4,777,000 reported position value; 0.06% of portfolio; hold; quarter 2026 Q2.
- [Carl Icahn](https://gigainvestors.com/ic): 1,404,542 ECHO shares; USD 142,561,000 reported position value; 1.73% of portfolio; hold; quarter 2026 Q2.

# ECHO — EchoStar Corp.

Held by 2 investors · USD 147,338,000 total · 2026 Q2 · reported price USD 101.50 (split-adjusted).
Page: https://gigainvestors.com/s/ECHO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Carl Icahn (https://gigainvestors.com/ic) | USD 142,561,000 | 1.7% | hold |
| Steven Romick (https://gigainvestors.com/FPA) | USD 4,777,000 | 0.1% | hold |

## Total held by quarter

- 2008 Q1: USD 236,998,922 · 2 holders · USD 110.43
- 2008 Q2: USD 239,063,253 · 2 holders · USD 102.93
- 2008 Q3: USD 183,104,009 · 2 holders · USD 86.39
- 2008 Q4: USD 54,639,675 · 2 holders · USD 47.06
- 2009 Q1: USD 46,968,538 · 1 holder · USD 40.88
- 2009 Q2: USD 31,809,880 · 1 holder · USD 43.94
- 2009 Q3: USD 1,048,233 · 1 holder · USD 50.89
- 2009 Q4: USD 0 · 0 holders
- 2010 Q1: USD 0 · 0 holders
- 2010 Q2: USD 0 · 0 holders
- 2010 Q3: USD 0 · 0 holders
- 2010 Q4: USD 0 · 0 holders
- 2011 Q1: USD 0 · 0 holders
- 2011 Q2: USD 0 · 0 holders
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 0 · 0 holders
- 2012 Q1: USD 0 · 0 holders
- 2012 Q2: USD 0 · 0 holders
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 0 · 0 holders
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 0 · 0 holders
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 0 · 0 holders
- 2018 Q3: USD 0 · 0 holders
- 2018 Q4: USD 22,032,000 · 1 holder · USD 101.23
- 2019 Q1: USD 21,870,000 · 1 holder · USD 100.48
- 2019 Q2: USD 26,241,872 · 1 holder · USD 122.18
- 2019 Q3: USD 23,459,002 · 1 holder · USD 109.22
- 2019 Q4: USD 29,320,870 · 1 holder · USD 119.39
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 4,754,290 · 1 holder · USD 77.08
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 10,595,848 · 1 holder · USD 58.41
- 2021 Q1: USD 24,466,704 · 1 holder · USD 66.16
- 2021 Q2: USD 31,148,184 · 1 holder · USD 66.96
- 2021 Q3: USD 26,202,673 · 1 holder · USD 70.32
- 2021 Q4: USD 1,976,250 · 1 holder · USD 72.64
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 0 · 0 holders
- 2023 Q3: USD 0 · 0 holders
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 194,605,325 · 1 holder · USD 39.28
- 2024 Q2: USD 241,579,934 · 1 holder · USD 49.10
- 2024 Q3: USD 360,358,229 · 2 holders · USD 68.42
- 2024 Q4: USD 331,302,201 · 2 holders · USD 63.13
- 2025 Q1: USD 369,848,302 · 2 holders · USD 70.52
- 2025 Q2: USD 410,897,285 · 2 holders · USD 76.36
- 2025 Q3: USD 1,315,415,158 · 4 holders · USD 76.36
- 2025 Q4: USD 394,137,611 · 3 holders · USD 108.70
- 2026 Q1: USD 169,939,749 · 2 holders · USD 117.07
- 2026 Q2: USD 147,338,000 · 2 holders · USD 101.50