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EchoStar

ECHO on Nasdaq. EchoStar sells products and network services to its customers. Market value $3.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Media & telecom stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-2.5%low

For every $100 of what the whole company costs, it produced $-2.52 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-0.5%five-year median

Each dollar kept in the business earns -1 cents a year. Above 10 is good.

Quality score: 28 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$100.01 a share, 52% above its 1-year low

Over the past year the price has ranged from $65.76 to $147.25.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

3.0
0.6
-0.7
-0.3
-1.1
-0.7
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $725 million in the past 12 months, a shortfall of $1.1 billion in the year to December 2025.

Revenue
$19.8bn$18.6bn$17.0bn$15.8bn$15.0bn
Operating margin
17.3%12.0%-1.6%-1.9%-118.1%
Debt to equity
0.451.071.151.324.51
Shares outstanding
0.31bn0.31bn0.27bn0.27bn0.29bn

Health checks

  • Free cash flow positive2 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt4.51× equity
  • Revenue growth, five yearsStrong, 51.4% a year
  • Buying back its own sharesYes, 8% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $3.6 billion last quarter, down 4% on a year ago.
  • Profit: $8.5 billion, after a loss of $306 million a year ago.
  • It loses 113 cents on each $1 of sales, compared with 3 cents a year earlier.
  • Over the past 12 months it spent $725 million more cash than it brought in, compared with $694 million a year earlier.
  • 22% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $17 billion more than cash, down from $24.1 billion a year ago.
  • Sales did not grow on a year ago in any of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$3.9bn
December 2024$4.0bn
March 2025$3.9bn
June 2025$3.7bn
September 2025$3.6bn
December 2025$3.8bn
March 2026$3.7bn
June 2026$3.6bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$142m
December 2024$335m
March 2025-$203m
June 2025-$306m
September 2025-$12.8bn
December 2025-$1.2bn
March 2026-$147m
June 2026$8.5bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
5 November 2026
Last annual report (10-K)
2 March 2026
Next quarterly (estimated, 10-Q)
2 November 2026

Who owns it

9 long-term investors we follow own it, up from 8 last quarter. 702 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

10 investors own more than 5%.

  • Charles W. Ergen
    Insider or founder
    at least 50.9%0.0 pts
    (filed with 7 related holders)
    Since 29 July 2026
    What they said

    Item 4 is hereby amended and supplemented as follows: During the third quarter of each year, Mr. Ergen receives an annuity amount from the 2025 July GRAT, assuming that the 2025 July GRAT has not expired. The number of shares of Class B Common Stock to be distributed as an…

    Read the filing
  • Ergen Two-Year May 2025 SATS GRAT
    Insider or founder
    13.8%
    Since 13 May 2025
    What they said

    Item 4 is hereby amended and supplemented as follows: As described in Item 3 above, Mr. Ergen contributed 25,000,000 shares of Class B Common Stock to the 2025 May GRAT on May 13, 2025. Mr. Ergen established the 2025 May GRAT for estate planning purposes. Under the trust…

    Read the filing
  • Ergen Two-Year June 2025 SATS GRAT
    Insider or founder
    at least 9.7%+0.9 pts
    (filed with 1 related holder)
    Since 26 June 2025
    What they said

    Item 4 is hereby amended and supplemented as follows: During the second quarter of each year, Mr. Ergen receives an annuity amount from the 2023 June DISH GRAT, assuming that the 2023 June DISH GRAT has not expired. The number of shares of Class B Common Stock to be distributed…

    Read the filing
  • STATE STREET CORPORATION
    Passive investor
    6.7%−2.5 pts
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    6.7%−2.0 pts
    Since 30 June 2026
  • 6.3%
    Since 31 March 2026
  • SSGA FUNDS MANAGEMENT, INC.
    Passive investor
    6.1%
    Since 31 March 2026
  • at least 5.3%+5.2 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • at least 4.5%−0.8 pts
    (filed with 4 related holders)
    Since 31 December 2025
  • at least 3.6%−1.0 pts
    (filed with 3 related holders)
    Since 30 September 2025
  • Sold down below 5%
    Since 31 March 2025
  • FMR LLC
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Ergen Two-Year July 2024 SATS GRAT
    Insider or founder
    Sold down below 5%
    Since 10 July 2026
    What they said

    Item 4 is hereby amended and supplemented as follows: During the third quarter of each year, Mr. Ergen receives an annuity amount from the 2024 July GRAT, assuming that the 2024 July GRAT has not expired. The number of shares of Class B Common Stock to be distributed as an…

    Read the filing
  • Ergen Two-Year May 2024 SATS GRAT
    Insider or founder
    Sold down below 5%
    Since 13 May 2026
    What they said

    Item 4 is hereby amended and supplemented as follows: During the second quarter of each year, Mr. Ergen receives an annuity amount from the 2024 May GRAT, assuming that the 2024 May GRAT has not expired. The number of shares of Class B Common Stock to be distributed as an…

    Read the filing
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Dodge & Cox
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • Ergen Two-Year December 2023 SATS GRAT
    Insider or founder
    Sold down below 5%
    Since 22 December 2025
    What they said

    Item 4 is hereby amended and supplemented as follows: During the fourth quarter of each year, Mr. Ergen receives an annuity amount from the 2023 December GRAT, assuming that the 2023 December GRAT has not expired. The number of shares of Class B Common Stock to be distributed as…

    Read the filing
  • Ergen Two-Year June 2023 SATS GRAT
    Insider or founder
    Sold down below 5%
    Since 23 June 2025
    What they said

    Item 4 is hereby amended and supplemented as follows: During the second quarter of each year, Mr. Ergen receives an annuity amount from the 2023 June GRAT, assuming that the 2023 June GRAT has not expired. The number of shares of Class B Common Stock to be distributed as an…

    Read the filing
  • Ergen Two-Year May 2023 DISH GRAT
    Insider or founder
    Sold down below 5%
    Since 12 May 2025
    What they said

    Item 4 is hereby amended and supplemented as follows: During the second quarter of each year, Mr. Ergen receives an annuity amount from the 2023 May DISH GRAT, assuming that the 2023 May DISH GRAT has not expired. The number of shares of Class B Common Stock to be distributed as…

    Read the filing
  • Wellington Trust Company, NA
    Passive investor
    Sold down below 5%
    Since 28 February 2025
  • Ergen Two-Year December 2022 SATS GRAT
    Insider or founder
    Sold down below 5%
    Since 23 December 2024
    What they said

    Item 4 is hereby amended and supplemented as follows: During the fourth quarter of each year, Mr. Ergen receives an annuity amount from the 2022 December GRAT, assuming that the 2022 December GRAT has not expired. The number of shares of Class B Common Stock to be distributed as…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $68,070 of shares on the open market. 6 sold $57m, $39m of it under preset trading plans.

  • Wade William David
    Director
    Sold
    Date
    13 August 2026
    Shares
    2,425
    Price
    $91.48
    Value
    $221,839
  • Wade William David
    Director
    Sold
    Date
    12 August 2026
    Shares
    2,575
    Price
    $92.65
    Value
    $238,574
  • BYE STEPHEN J
    Director
    Sold
    Date
    7 August 2026
    Shares
    8,508
    Price
    $89.83
    Value
    $764,273
  • Manson Dean
    CHIEF LEGAL OFFICER
    Sold
    under a preset trading plan
    Date
    12 June 2026
    Shares
    10,000
    Price
    $130.39
    Value
    $1m
  • Akhavan Hamid
    CEO, EchoStar Capital, Director
    Sold
    under a preset trading plan
    Date
    5 June 2026
    Shares
    52,586
    Price
    $121.00
    Value
    $6m
  • Manson Dean
    CHIEF LEGAL OFFICER
    Sold
    under a preset trading plan
    Date
    4 June 2026
    Shares
    10,000
    Price
    $119.50
    Value
    $1m
  • Akhavan Hamid
    CEO, EchoStar Capital, Director
    Sold
    Date
    6 March 2026
    Shares
    71,005
    Price
    $107.52
    Value
    $8m
  • Manson Dean
    CHIEF LEGAL OFFICER
    Sold
    Date
    5 March 2026
    Shares
    19,031
    Price
    $114.56
    Value
    $2m
  • Swieringa John
    PRES, TECH & COO
    Sold
    Date
    4 March 2026
    Shares
    50,088
    Price
    $113.58
    Value
    $6m
  • Ortolf Tom A
    Director
    Sold
    Date
    11 December 2025
    Shares
    1,754
    Price
    $104.06
    Value
    $182,521

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 3 Aug 2026 and 10 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 4.5× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.