EchoStar Corporation (ECHO) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: EchoStar Corporation

Updated on October 3, 2026 · accounts published on August 3, 2026

A shrinking business with weak returns on capital and a heavy debt load

EchoStar's net debt equals 109 % of its share price (fiscal 2025), and its ROIC of 1.0 % trails the 6.2 % sector median over the last 12 months.

• Is EchoStar expensive or cheap? EchoStar trades 32 % below its 52-week high of $141.80, at 2.0× book value while ROE is negative.
• How is the business doing? Operating margin is 7.2 % over the last 12 months, back at its 2014-2025 average after −0.6 % in fiscal 2025.
• How strong is the balance sheet? Net debt was $105.95 per share in fiscal 2025, equal to 109 % of the current share price.
• Is there room for a dividend in the cash the network generates? Free cash flow yield was −3.9 % in fiscal 2025, against the 6 % that marks a healthy telecom.
• What to expect from the next earnings? Analysts expect EPS of $0.07 for the quarter EchoStar reports on November 5, 2026.

Is EchoStar expensive or cheap?

EchoStar trades at 2.0× book value over the last 12 months. That multiple would look modest for a company earning a healthy return on its equity, but EchoStar's ROE over the same period is −70 %, so book value is shrinking rather than compounding. The stock sits 32 % below its 52-week high of $141.80, yet it is still up 33 % from a year ago and well above its $66.93 low. Net debt equals 109 % of the share price (fiscal 2025), so equity holders own a thin slice on top of the debt. Any change in the business moves the stock sharply.

How is the business doing?

Revenue fell 5.2 % over the last 12 months. The operating margin of 7.2 % only matches the 2014-2025 average after it dropped to −0.6 % in fiscal 2025. Below the operating line the picture is worse, with a net margin of −39 % over the last 12 months. Capital earns very little. ROIC of 1.0 % over the last 12 months is 5.2 points below the 6.2 % median of 84 companies in its sector. ROIC topped 10 % in only one of the last ten fiscal years (2016-2025), and 2024 was the low at −0.5 %. EchoStar has rarely turned its capital into strong returns.

How strong is the balance sheet?

In fiscal 2025 EchoStar carried $113.11 of debt per share against $7.16 of cash, leaving net debt of $105.95 per share. That is more than the stock itself is worth. Debt/equity of 1.24 over the last 12 months shows how much the balance sheet relies on borrowing. Short-term liquidity is strong: a current ratio of 5.20 means current assets cover current liabilities about five times. Net debt to EBITDA was −1.8× in fiscal 2025, which technically passes the 3.5× telecom ceiling. It passes only because EBITDA was negative, so it says little about how the debt will be serviced.

Is there room for a dividend in the cash the network generates?

Telecoms are capital-heavy cash cows, so investors judge them by free cash flow and dividends rather than by growth. On that test EchoStar fails three key thresholds. Its EBITDA margin was −105 % in fiscal 2025, against a healthy level of 30 % or more. Free cash flow yield on the current price was −3.9 %, below the 6 % benchmark. Revenue per share shrank 39 % a year over fiscal 2022-2025, far from the 2 % growth a healthy telecom shows. Capex was 6.4 % of revenue, well under the 20 % ceiling. Even so, EchoStar pays no dividend and free cash flow is negative, so there is no payout for the network to fund.

What to expect from the next earnings?

EchoStar has beaten EPS estimates in only 3 of the last 8 quarters, so the consensus has not been a reliable guide. The last report, on August 3, 2026, showed EPS of $24.12 against an expected loss of $0.10. That was the largest surprise in absolute terms of the last eight quarters. For the quarter due on November 5, 2026, analysts expect EPS of $0.07, close to break-even. The figures to watch are whether August's result repeats and whether the operating margin holds near its 7.2 % level of the last 12 months.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.