EchoStar CorporationSATS
NasdaqGS•Communication Services•Telecom Services
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.
EchoStar Corporation (SATS) reported trailing twelve months revenue of $14.80B as of March 2026, a 5.6% decline year-over-year. Quarterly revenue reached $3.67B, reflecting a contraction in sales.
EchoStar Corporation reported a TTM net loss of $14.44B, with quarterly EBITDA of $559.45M. The operating margin expanded from -2.3% to 10.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (10.7%) and net margin (-4.0%) indicates moderate non-operating costs. Net margin has improved from -5.3% a year ago, signaling stronger bottom-line efficiency.
SATS trades at a P/S of 2.2x. The price-to-book ratio of 5.8x indicates a significant premium over book value.
The company generated $104.85M in free cash flow over the trailing twelve months, a 302.9% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $41.38B in total assets with $18.02B in long-term debt against $5.63B in stockholders equity for a debt-to-equity ratio of 3.2, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -60.7%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 3.2 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
TTM revenue has contracted 27.3% — significant decline indicating deteriorating demand.
The last 6 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 106314.8% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation