EchoStar CORP (ECHO)

Price—Loading quote

AI: Fair-priced

Price checkAt $91.89, asset-sale value roughly matches the market price, leaving little safety margin.

Google Finance recorded an August 14 close of $91.89. Multiplying that by 290.5 million current Class A and B shares gives a $26.7 billion total stock-market value. Reported deal values—$22.65 billion from AT&T and about $22 billion from SpaceX—minus June debt of $16.0 billion imply roughly $28.7 billion, or $98.70 per current share, before taxes, restructuring costs, timing, and dilution. With 351.6 million diluted shares, the same asset value is only $81.50. That narrow, assumption-heavy range supports Fair-priced.

Big pictureAsset sales transformed the balance sheet, but shrinking businesses have not proved durable cash profits.

Revenue declined from $19.8 billion in 2021 to $15.0 billion in 2025, and second-quarter 2026 revenue fell 4% to $3.58 billion. In 2025, operating cash flow was negative $99 million and capital spending was $966 million. During first-half 2026, operating cash flow recovered to $228 million, but nearly all funded $226 million of capital spending. That left about $3 million of free cash flow—cash remaining after running and investing in the business. These results look structurally pressured, not merely sensitive to a normal economic cycle.

Business strengthRecent operating profits improved, but customer losses and weak cash conversion limit their quality.

Second-quarter operating income reached $513 million, yet the $8.46 billion net profit mainly reflected a $9.73 billion non-cash gain after bankrupt units left the consolidated accounts; excluding that adjustment, management calculated about $49 million. Customers still declined: pay television lost 241,000, retail wireless 118,000, and broadband 59,000. At June 30, cash was only $440 million against $16.0 billion of reported debt, although the $23 billion AT&T closing on July 28 should materially improve liquidity. A post-closing balance sheet is not yet available.

What could change the storyClean debt repayment and valuable SpaceX shares could create upside; costs or dilution could erase it.

The bull case needs AT&T’s cash to retire debt cleanly and SpaceX to pay about $22 billion, including up to $11 billion in SpaceX shares, at the targeted November 30, 2027 closing. The bear case is taxes, bankruptcy claims, or weak retained businesses consuming the small asset discount. Diluted shares, including potential shares from convertible debt and awards, averaged 351.6 million versus 290.1 million current shares, a possible 21% increase; 2025 buybacks were only $49 million. Value above roughly $32 billion after all obligations would strengthen the case.

$91.89 price considered

AI: News

Quarterly gain masks weaknessA large accounting gain hid weak cash flow and continued customer losses across every major service.

On August 3, 2026, EchoStar reported second-quarter revenue of $3.58 billion, down from $3.72 billion a year earlier. Reported net income was $8.46 billion, but $9.73 billion came from a non-cash deconsolidation gain; excluding its tax-adjusted effect, income was about $49 million. First-half operating cash flow barely exceeded capital spending, while television, wireless, and broadband subscribers all declined. Hughes’s bankruptcy announcement that morning makes any same-day stock reaction difficult to attribute solely to these results.

Hughes files Chapter 11Hughes entered bankruptcy after debt matured, protecting the parent while putting satellite value at risk.

On August 3, 2026, Hughes Satellite Systems and certain United States subsidiaries filed for Chapter 11 protection to address maturing debt and refocus on business, government, and defense customers. Reporting identified about $1.5 billion of debt due August 1 that Hughes could not repay. EchoStar itself and Hughes’s international subsidiaries were excluded. EchoStar shares rose more than 1% in premarket trading, but the quarterly report arrived the same morning, so the move cannot reliably be attributed to the bankruptcy.

AT&T spectrum sale closesAT&T completed the spectrum purchase, turning a promised asset sale into cash for debt reduction.

On July 28, 2026, AT&T completed its acquisition of roughly 50 megahertz of nationwide wireless licenses from EchoStar for approximately $23 billion. EchoStar had disclosed expected net cash proceeds of $20.25 billion after required adjustments. Completion removed a major deal-closing risk and supplied funds for debt repayment and a $2.4 billion creditor escrow required by regulators. The sale had been announced in August 2025, so the closing represented confirmation of expected value rather than a wholly new windfall.

DISH restructuring beginsDISH units entered a planned bankruptcy to repay debt and wind down the wireless network.

On June 30, 2026, DISH DBS and DISH Wireless filed prepackaged Chapter 11 cases. Holders of more than 88% of DISH DBS notes, also holding over $8.8 billion of DISH Wireless debt, supported the plan. The filing occurred because the AT&T closing had been delayed and DISH DBS lacked enough liquidity to repay $2.0 billion due July 1 without harming operations. The restructuring can contain subsidiary liabilities, but creditor claims, court costs, and the required $2.4 billion escrow reduce proceeds available to shareholders.

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$15.00B	$15.83B	$17.02B	$18.63B	$19.82B	$1.89B	$1.89B	$1.76B	$1.53B	$1.81B	$1.85B	$3.45B	$3.28B	$3.12B	$2.76B	$2.35B	$1.90B	$2.15B
Research & development	$68.0M	$91.0M	$110.0M	$110.0M	$91.0M	$29.4M	$25.7M	$27.6M	$31.7M	$31.2M	$26.4M	$60.9M	$67.9M	$69.6M	$51.0M	$46.1M	$44.0M	$34.9M
Operating income	−$17.72B	−$304.1M	−$277.9M	$2.23B	$3.42B	$112.5M	$73.1M	$36.1M	$30.6M	$296.2M	$273.8M	$328.1M	$103.6M	$99.9M	$80.8M	$142.3M	$4.9M	−$640.6M
EBITDAderived	−$16.14B	$1.63B	$1.32B	$3.41B	$4.64B	$350.5M	$563.8M	$493.3M	$416.2M	$729.1M	$734.6M	$884.8M	$610.7M	$557.2M	$466.7M	$371.2M	$249.0M	−$376.4M
Net income	−$14.50B	−$119.5M	−$1.70B	$2.54B	$2.52B	−$51.9M	−$62.9M	−$40.5M	$392.6M	$179.9M	$153.4M	$152.9M	$2.5M	$211.0M	$4.3M	$204.4M	$364.7M	−$958.2M
Basic EPSper diluted share	-$50.41	-$0.44	-$6.28	$9.17	$9.04	-$0.41	-$0.65	-$0.42	$4.13	$1.94	$1.77	$1.81	$0.03	$2.42	$0.04	$2.40	$4.25	-$10.73
Diluted EPSper diluted share	-$50.41	-$0.44	-$6.28	$8.05	$7.94	-$0.41	-$0.65	-$0.42	$4.07	$1.92	$1.75	$1.78	$0.03	$2.40	$0.04	$2.40	$4.24	-$10.73

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$43.57M disclosed value

Sells (SEC code S)61$102.81M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 12, 2026Form 4 · 10b5-1	Manson DeanCHIEF LEGAL OFFICER	SellClass A Common Stock	4.0K	$130.39	$521.6K	5.1K
Jun 12, 2026Form 4 · 10b5-1	Manson DeanCHIEF LEGAL OFFICER	SellClass A Common Stock	6.0K	$130.39	$782.3K	5.1K
Jun 5, 2026Form 4 · 10b5-1	Akhavan HamidCEO, EchoStar Capital	SellClass A Common Stock	7.5K	$121.00	$909.1K	878.5K
Jun 5, 2026Form 4 · 10b5-1	Akhavan HamidCEO, EchoStar Capital	SellClass A Common Stock	45.1K	$121.00	$5.45M	865.6K
Jun 4, 2026Form 4 · 10b5-1	Manson DeanCHIEF LEGAL OFFICER	SellClass A Common Stock	10.0K	$119.50	$1.20M	5.1K

Review ownership filings at SEC.gov ↗

EchoStar CORP (ECHO)

Financial charts

Financial statements

Insider buys & sells