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EchoStar Corporation
NASDAQ: SATS Communication Services Telecom 🔎 Screen
S&P 500
$29.2B
Market Cap
2.1
P/E
8.88
PEG
-27.1%
ROCE
N/M
ROE
3.92
D/E
-118.1%
OPM
-28.4%
% from 52W High
93
α RS
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Currency-adjusted total returns for SATS including FX impact
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📈 Price History
Ratio Health
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About

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.

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⭐ Superinvestors Holding SATS
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 404.8K $47.4M 0.06% Mar 2026
Stan Druckenmiller Duquesne Family Office 60.8K $7.1M 0.21% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →
Weak quarter Investor Presentation One-Pager? Q4 2025
Revenue
$3.80B
-4.3% YoY
Operating Income
($0.78B)
-1146% YoY
Operating Margin
-20.5%
-18.9pp YoY
Net Income
($1.21B)
-460% YoY
What Went Right
  • Pay-TV subscriber losses improved to 168k vs 253k YoY
  • Broadband subscriber losses improved to 44k vs 59k YoY
  • Settled hundreds of tower contracts without litigation; signed settlement with a large tower company
What to Watch
  • FCC investigation triggered force majeure, leading to tower payment disputes and litigation
  • Total net loss for 2025 was $14.5B, driven by $17.6B in non-cash impairments
  • Decommissioning and tax costs estimated at $5-$7B with high uncertainty
Management Guidance
  • No guidance for Q1 2026 provided; next earnings call planned for August after Q2 results
  • Wireless business is 'very close to a break-even' but not yet profitable
  • Decommissioning cash outflows estimated in the $5-$7B range
Investor Lens
The thesis is weaker after this call. While core Pay-TV and wireless fundamentals are improving (subscriber losses narrowing), the massive $14.5B net loss for 2025 and ongoing litigation with tower companies create significant uncertainty. Management's decision to skip next quarter's call implies limited near-term upside catalysts until the spectrum sale closes and tower disputes are resolved.
From investor presentation · AI-generated analysis · Not investment advice
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📉 WEAK Q4 2025: Staggering loss from impairments, but operational trends improve.
Revenue
Total revenue of $3.80B declined 4.3% YoY from $3.97B. Pay-TV revenue fell to $2.36B from $2.67B, while Wireless revenue rose slightly to $0.96B. Broadband and Satellite Services revenue dipped to $0.40B.
Profitability
Net loss attributable to EchoStar was $1.21B in Q4, compared to a profit of $335M a year ago. For full-year 2025, net loss was $14.50B, driven by $17.63B in non-cash impairments and other expenses. Diluted loss per share stood at $50.41 for the year.
Margins
Operating margin was -20.5% (loss of $780M on $3.80B revenue), compared to -1.6% in Q4 2024. Pay-TV segment OIBDA margin was 29% ($684M on $2.36B revenue) while Wireless segment OIBDA loss margin was -6.9%.
Balance Sheet
Capital expenditures amounted to $158M in Q4, with $49M in Pay-TV, $36M in Wireless, $24M in Broadband, and $49M in Other. Full-year capex was $1.64B. The company expects $5-$7B in future decommissioning and tax cash outflows.
Key Risks
Management flagged ongoing tower payment litigation as a key risk, with several lawsuits commenced against the independent DISH Wireless entity. The FCC anti-collusion quiet period limits disclosure on spectrum sales/Auction 113. Valuation of SpaceX equity stake (received as part of spectrum sale) remains uncertain.
Outlook
Management plans to skip next quarter's earnings call, with the next call expected after Q2 2025 results in August. No specific revenue or profit guidance was provided. The focus is on decommissioning the legacy network and waiting for regulatory approvals to conclude the spectrum sale.
Generated by AI · Q4 2025 results · Not investment advice
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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