EchoStar CORP ECHO
EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada. EchoStar Corporation together with its subsidiaries are referred to as "EchoStar," the "Company," "we," "us" and/or "our," unless otherwise required by the context. Our Class A common stock is publicly traded on the NASDAQ Global Select Market ("NASDAQ") under the symbol "SATS." Our principal executive offices are located at 9601 South Meridian Boulevard, Englewood, Colorado 80112 and our telephone number is (303) 723- 1000.
In the third quarter of 2025, we resolved the review by the Federal Communications Commission (the "FCC") into EchoStar's compliance with its build-out milestones and other obligations regarding EchoStar's federal spectrum licenses. We had previously received a letter from the FCC on May 9, 2025, indicating that the FCC was beginning a review of our compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 build-out extension granted by the FCC and mobile-satellite service ("MSS") utilization in the 2 GHz band (the "May 9 Letter"). We responded to the FCC's subsequent public notices with filings on May 27, 2025 and June 6, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.00B | $15.83B | $17.02B | $18.63B | $19.82B | $1.89B | $1.89B | $1.76B | $1.53B | $1.81B |
| Cost of revenue | — | — | — | — | — | — | — | — | $546.3M | $521.2M |
| Gross profit | — | — | — | — | — | — | — | — | $978.8M | $1.29B |
| R&D | $68.0M | $91.0M | $110.0M | $110.0M | $91.0M | $29.4M | $25.7M | $27.6M | $31.7M | $31.2M |
| SG&A | $2.38B | $2.43B | $2.99B | $3.02B | $2.69B | $474.9M | $509.1M | $436.1M | $370.5M | $325.0M |
| Total operating expenses | $32.73B | $16.13B | $17.29B | $16.40B | $16.40B | $1.78B | $1.81B | $1.73B | $1.49B | $1.51B |
| Operating income | -$17.72B | -$304.1M | -$277.9M | $2.23B | $3.42B | $112.5M | $73.1M | $36.1M | $30.6M | $296.2M |
| Interest expense | — | — | — | $57.2M | $95.5M | $147.9M | $251.0M | $219.3M | $184.4M | $123.5M |
| Pre-tax income | -$18.89B | -$75.6M | -$1.93B | $3.34B | $3.35B | -$27.8M | -$93.2M | -$125.8M | -$32.2M | $216.6M |
| Income tax | $4.39B | $48.9M | $296.9M | $798.4M | $828.4M | $24.1M | $20.5M | $6.6M | $155.1M | $80.3M |
| Net income | -$14.50B | -$119.5M | -$1.70B | $2.54B | $2.52B | -$51.9M | -$74.3M | -$38.6M | $392.6M | $179.9M |
| EPS, basic | -50.41 | -0.44 | -6.28 | 9.17 | 9.04 | -0.41 | -0.65 | -0.42 | 4.13 | 1.94 |
| EPS, diluted | -50.41 | -0.44 | -6.28 | 8.05 | 7.94 | -0.41 | -0.65 | -0.42 | 4.07 | 1.92 |
| Shares, diluted (wtd. avg.) | $287.6M | $274.1M | $270.8M | $307.7M | $313.1M | $97.9M | $96.7M | $96.2M | $96.7M | $94.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.88B | $4.31B | $1.91B | $2.56B | $8.28B | $4.36B | $1.52B | $928.3M | $2.43B | $2.57B |
| Short-term investments | $1.10B | $1.24B | $623.0M | $1.81B | $1.01B | $1.64B | $940.6M | $2.28B | $814.2M | $522.5M |
| Receivables | $1.27B | $1.20B | $1.12B | $1.18B | $182.1M | $184.0M | $196.6M | $201.1M | $196.8M | $182.5M |
| Inventory | $380.6M | $455.2M | $665.2M | $626.0M | $103.1M | $98.0M | $79.6M | $75.4M | $83.6M | $62.6M |
| Total current assets | $5.13B | $8.10B | $4.89B | $6.76B | $1.93B | $2.91B | $2.84B | $3.58B | $3.72B | $3.72B |
| Property, plant and equipment | $2.24B | $9.19B | $9.56B | $7.90B | $382.1M | $449.4M | — | $2.53B | $3.47B | $3.40B |
| Goodwill | $0 | $0 | $0 | $757.5M | $736.1M | $511.6M | $507.0M | $504.2M | $504.2M | $504.2M |
| Other intangibles | $54.4M | $74.7M | $172.7M | — | — | $478.8M | $478.6M | $430.0M | $471.3M | $80.7M |
| Total assets | $43.02B | $60.94B | $57.11B | $58.75B | $6.05B | $7.07B | $7.15B | $8.66B | $8.75B | $9.01B |
| Accounts payable | $541.7M | $741.0M | $774.0M | $1.02B | — | — | — | — | — | — |
| Short-term debt | — | — | — | — | $0 | $898.2M | $0 | — | — | — |
| Total current liabilities | $12.36B | $5.83B | $8.02B | $6.44B | $460.1M | $1.43B | $496.0M | $1.35B | $413.9M | $531.4M |
| Long-term debt | — | $1.98B | $951.0M | $1.50B | $1.50B | $1.50B | $2.39B | $3.30B | $3.37B | $3.36B |
| Total liabilities | $37.20B | $40.69B | $36.72B | $36.70B | $2.63B | $3.47B | $3.41B | $4.51B | $4.57B | $5.00B |
| Retained earnings | -$2.88B | $11.62B | $11.74B | $13.44B | $656.5M | $583.6M | $632.8M | $694.1M | $734.0M | $314.2M |
| Total equity | $5.77B | $20.19B | $19.95B | $21.59B | $18.99B | $17.43B | $3.75B | $4.16B | $4.18B | $4.01B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$99.4M | $1.25B | $2.43B | $3.62B | $4.66B | $534.4M | $656.3M | $734.5M | $726.9M | $803.3M |
| Depreciation and amortisation | $1.59B | $1.93B | $1.60B | $1.17B | $1.21B | $238.0M | $190.9M | $269.0M | $235.7M | $378.6M |
| Stock-based compensation | $36.3M | $36.4M | $51.5M | $83.0M | $59.4M | $8.9M | $9.4M | $10.0M | $10.1M | $15.2M |
| Capital expenditure | $965.7M | $1.54B | $3.10B | $3.05B | $1.62B | $408.8M | $418.6M | $555.1M | $583.2M | $722.3M |
| Investing cash flow | -$1.40B | -$3.05B | -$2.81B | -$9.06B | -$4.25B | -$1.14B | $822.0M | -$2.10B | -$867.9M | -$632.2M |
| Financing cash flow | -$910.3M | $4.48B | -$277.1M | -$274.4M | $3.52B | -$15.6M | -$885.3M | -$136.6M | $72.0K | $1.48B |
| Buybacks | $48.5M | — | — | $89.3M | $261.4M | $43.5M | $0 | $33.3M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001415404-26-000009.
Others in SIC 4899
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ASTS | AST SpaceMobile, Inc. | $18.63B | — | 1,505.2% |
| GSAT | Globalstar, Inc. | $10.63B | — | 9.0% |
| VSAT | VIASAT INC | $10.38B | — | 2.7% |
| IRDM | Iridium Communications Inc. | $5.00B | 44.5x | 4.9% |
| CALX | CALIX, INC | $2.26B | 138.3x | 20.3% |
| CCOI | COGENT COMMUNICATIONS HOLDINGS, INC. | $514.7M | — | -5.8% |
| SPIR | Spire Global, Inc. | $458.8M | 8.0x | -35.2% |
| GOGO | Gogo Inc. | $384.8M | 31.6x | 104.7% |