# EchoStar Corporation (ECHO)

> Source: Nexqual · https://nexqual.com/ECHO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, EchoStar Corporation (ECHO), nexqual.com/ECHO" · informational, not investment advice.

**Price:** USD 85.79 (-7.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 92.64 · day 85.5–90.85 · 52w 65.76–147.25 · market cap $24.9B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $14.7B, net income -$5.67B (-38.7% margin), free cash flow -$725M (SEC filings).
- 2 of 80 tracked superinvestors hold ECHO (13F, Q2 2026): 0 new, 0 added, 0 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $10.1M; 2 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.67 on a 1–5 scale) (9 analysts), mean target USD 130.2 (range 103–156).
- Total return with dividends: 1Y +17.5% vs S&P 500 +14.9%; 5Y +255.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.24, revenue estimate $3.47B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.8B | $18.6B | $17.0B | $15.8B | $15.0B | $14.7B |
| Operating income | $3.42B | $2.23B | -$278M | -$304M | -$17.7B | -$16.5B |
| Net income | $2.52B | $2.54B | -$1.70B | -$120M | -$14.5B | -$5.67B |
| EPS (diluted) | $7.94 | $8.05 | -$6.28 | -$0.44 | -$50.41 | — |
| Free cash flow | $3.04B | $571M | -$668M | -$292M | -$1.07B | -$725M |
| Operating margin | 17.3% | 12.0% | -1.6% | -1.9% | -118.1% | -112.7% |
| Net margin | 12.7% | 13.6% | -10.0% | -0.8% | -96.6% | -38.7% |
| Revenue growth | +949.8% | -6.0% | -8.7% | -7.0% | -5.2% | — |
| Cash + short-term investments | $1.55B | $4.31B | $2.44B | $5.55B | $2.98B | — |
| Total debt | $1.50B | $1.50B | $19.7B | $25.7B | $18.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.7x · EV/Sales 2.8x · P/B 1.8x · FCF yield -2.91% · Earnings yield -22.73% · Net debt $15.5B · EV $40.4B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ECHO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Carl Icahn | Icahn Capital Management | 1.73% | $143M | Unchanged |
| First Pacific Advisors |  | 0.06% | $4.8M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-12…2026-08-13 | Wade William David | Director | 5,000 | $460K | 86.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Bye Stephen J | Director | 8,508 | $764K | 92.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12 | Manson Dean | CHIEF LEGAL OFFICER | 10,000 | $1.3M | 61.7% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-05 | Akhavan Hamid | CEO, EchoStar Capital | 52,586 | $6.4M | 5.6% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-04 | Manson Dean | CHIEF LEGAL OFFICER | 10,000 | $1.2M | 61.7% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 9 analysts; mean target USD 130.2 (low 103, high 156).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | JP Morgan | Upgrade | Underweight → Overweight | $144 |
| 2026-09-08 | UBS | Upgrade | Neutral → Buy | $127 → $150 |
| 2026-08-04 | TD Cowen | Target lowered | Buy | $155 → $130 |
| 2026-08-04 | Citigroup | Target lowered | Buy | $126 → $117 |
| 2026-07-17 | Raymond James | Upgrade | Market Perform → Strong Buy | $115 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.5% | +255.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.5% | +28.8% |
| Volatility (annualized) | 53.9% | 65.3% |
| Max drawdown | -40.8% (May 2026→Jul 2026) | -67.0% (Nov 2021→Nov 2023) |

## Peers (Telecom Services)
VIV (Telefonica Brasil S.A.) USD 13.08 +1.24% · VOD (Vodafone Group Plc) USD 16.12 +1.70% · CHT (Chunghwa Telecom Co., Ltd.) USD 48.72 +2.57% · BCE (BCE, Inc.) USD 20.81 +4.15% · RCI (Rogers Communication, Inc.) USD 33.2 +4.57% · CHTR (Charter Communications, Inc.) USD 111.77 +4.20%

## More
Full page: https://nexqual.com/ECHO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ECHO's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1415404/000110465926021817/tmb-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | AT&T (T) | "We migrated all customer traffic from our 5G Network to AT&T's network as we transitioned to a Hybrid MNO, which we completed as of November 15, 2025." |
| Customer | Board of Directors of DISH Network | "Online content providers may cause our subscribers to disconnect our DISH TV services ("cord cutting"), downgrade to smaller, less expensive programming packages ("cord shaving") or elect to purchase through these online…" |
| Customer | Amazon (AMZN) | "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 e…" |
| Customer | Apple (AAPL) | "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 e…" |
| Customer | CONX | "On May 1, 2024, we and CONX entered into a definitive purchase and sale agreement, which provides for CONX's purchase from us of the commercial real estate property in Littleton, Colorado, comprising the corporate headqu…" |
| Customer | DISH Wireless | "On May 1, 2024, we and CONX entered into a definitive purchase and sale agreement, which provides for CONX's purchase from us of the commercial real estate property in Littleton, Colorado, comprising the corporate headqu…" |
| Partner | NagraStar | "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 progra…" |
| Partner | DISH Network | "As defined and detailed in our Annual Report on Form 10-K for the year ended December 31, 2023, in connection with the completion of the Merger, on December 31, 2023, we and DISH Network entered into a note hedge amendme…" |
| Partner | Dell Technologies (DELL) | "On July 17, 2020, we entered into a master agreement with Dell to lease certain components of our 5G Network Deployment infrastructure." |
| Competitor | T-Mobile (TMUS) | "We compete with a number of national wireless carriers, including Verizon, AT&T and T-Mobile, all of which are significantly larger than us, serve a significant percentage of all wireless subscribers and enjoy scale adva…" |
| Competitor | SpaceX | "In the in-flight connectivity market, we compete against direct and indirect providers of in-flight WiFi services, such as ViaSat Communications, Inc., which is owned by ViaSat, Inc. ("ViaSat") and Starlink Services LLC,…" |
| Competitor | Verizon (VZ) | "We compete with a number of national wireless carriers, including Verizon, AT&T and T-Mobile, all of which are significantly larger than us, serve a significant percentage of all wireless subscribers and enjoy scale adva…" |

Other companies that name ECHO in their own reports (relationship from ECHO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | MAXLINEAR, INC (MXL) | 10-K 2026-01-29 | "Even if we succeed, additional testing and operational certifications will be required by the OEMs' customers, which include large Pay-TV television companies such as Comcast Corporation, Liberty Glob…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Reporting Segments Including Other | $3.59B | 100.3% | -5.8% | $512.2M | 14.3% |
| — Pay Tv (part of Reporting Segments Including Other) | $2.25B | 62.9% | -8.7% | $542.3M | 24.1% |
| — Retail Wireless (part of Reporting Segments Including Other) | $929.0M | 26.0% | -0.3% | -$97,000 | -0.0% |
| — Broadband & Satellite Services (part of Reporting Segments Including Other) | $316.9M | 8.9% | -6.7% | $50.5M | 15.9% |
| — Other (part of Reporting Segments Including Other) | $91.5M | 2.6% | +27.4% | -$80.5M | -87.9% |
| Total revenue | $3.58B | 100% | — | $512.9M | 14.3% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $3.30B | 92.3% | -6.7% |
| Equipment Sales & Other Revenue | $274.6M | 7.7% | +48.6% |
| Total revenue | $3.58B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $14.72B | 98.1% | -5.1% |
| Other Excluding North America | $287.7M | 1.9% | -9.2% |
| Total revenue | $15.00B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.24 | $0.21 | +17.4% | $3.47B | 4 |
| Next quarter (ends 2026-12-31) | $0.48 | $0.59 | -18.1% | $3.55B | 4 |
| Current fiscal year (ends 2026-12-31) | $24.58 | $-0.65 | -3876.2% | $14.24B | 6 |
| Next fiscal year (ends 2027-12-31) | $12.05 | $10.38 | +16.2% | $13.39B | 8 |