ECHO Balance Sheet - EchoStar Corp

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Price: 98.16 USD 0.03%

Market Cap: $28.5B

Financial profile · Q3 FY2026

A communications portfolio reshaped by divestitures and subsidiary deconsolidations

Across the multi-year record, reported scale has shifted sharply, operating earnings have been uneven, and capital spending has at times exceeded operating cash generation. The latest restructuring makes reported results more sensitive to asset transactions and changes in which businesses are consolidated, alongside recurring service performance.

What changed

The spectrum sale and midyear subsidiary deconsolidations materially changed EchoStar’s asset base and reporting perimeter. As a result, recent earnings and revenue are less directly comparable with the prior-year business and less representative of recurring service economics alone.

What matters next

Whether the remaining consolidated businesses sustain positive operating cash flow as transaction-related gains and restructuring effects leave the comparisons.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash & Cash Equivalents	2.6B	2.4B	928.3m	1.5B	896m	535.9m	704.5m	1.8B	4.3B	1.9B
Cash Equivalents	2.6B	2.4B	928.3m	1.5B	896m	535.9m	704.5m	1.8B	4.3B	1.9B
Short-Term Investments	522.5m	814.2m	2.3B	940.6m	1.6B	1B	973.9m	623m	1.2B	1.1B
Total Receivables	201.9m	240.1m	215.3m	207.3m	189.6m	194.8m	240m	1.1B	1.2B	1.3B
Accounts Receivables	201.9m	240.1m	215.3m	207.3m	189.6m	194.8m	240m	1.1B	1.2B	1.3B
Other Receivables	0	0	0	0	0	0	0	0	0	0
Inventory	62.6m	83.6m	75.4m	79.6m	98m	103.1m	123.6m	665.2m	455.2m	380.6m
Other Current Assets	365.9m	146.2m	79.7m	89.2m	86.2m	82.7m	83.4m	660.1m	894.4m	494.7m
Total Current Assets	3.7B	3.7B	3.6B	2.8B	2.9B	1.9B	2.1B	4.9B	8.1B	5.1B
PP&E Net	3.4B	3.5B	2.5B	2.6B	2.5B	2.5B	2.4B	12.6B	12.4B	2.5B
PP&E Gross	3.4B	3.5B	2.5B	2.6B	2.5B	2.5B	2.4B	12.6B	12.4B	2.5B
Accumulated Depreciation	(2.6B)	(2.7B)	(2.1B)	(2.5B)	(2.9B)	(3.4B)	(2.7B)	(8.2B)	(8.2B)	(4.3B)
Intangible Assets	80.7m	59m	44.2m	29.5m	135.1m	138.7m	132.5m	172.9m	74.9m	54.4m
Goodwill	504.2m	504.2m	504.2m	507m	511.6m	511.1m	532.5m	—	—	—
Note Receivable	90.6m	92.7m	95.1m	—	195.1m	162.6m	141.3m	—	—	—
Long-Term Investments	171m	161.4m	262.5m	325.4m	294m	311m	367.8m	314.4m	202.3m	194m
Other Long-Term Assets	1B	751.8m	1.6B	813.4m	510.8m	507.4m	510.4m	39.1B	40.1B	35.2B
Other Assets	504.2m	504.2m	504.2m	507m	511.6m	511.1m	532.5m	—	—	—
Total Assets	9B	8.8B	8.7B	7.2B	7.1B	6B	6.2B	57.1B	60.9B	43B
Accounts Payable	171.4m	113.2m	123.1m	124.1m	123.1m	109.8m	101.9m	774m	741m	541.7m
Accrued Liabilities	195.7m	193.6m	180m	270.4m	299.2m	208.9m	199.2m	3.4B	3.5B	3.9B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Current Portion of Long-Term Debt	33m	40.6m	919.6m	500k	898.2m	0	—	3B	943m	7.3B
Other Current Liabilities	131.4m	66.5m	122.4m	101.1m	104.6m	141.3m	121.7m	754.7m	650.9m	639.2m
Deferred Revenue	60m	66m	72.3m	101.1m	104.6m	141.3m	121.7m	754.7m	650.9m	639.2m
Total Current Liabilities	531.4m	413.9m	1.3B	496m	1.4B	460.1m	422.8m	8B	5.8B	12.4B
Long-Term Debt	3.6B	3.6B	2.4B	2.4B	1.5B	1.5B	1.5B	19.7B	25.7B	18.7B
Deferred Income Tax	746.7m	436m	287.4m	351.7m	359.9m	403.7m	424.6m	5B	5B	598.6m
Minority Interest	86.7m	14.8m	15.3m	75.7m	64.9m	60.3m	96.4m	508.1m	53.9m	46.2m
Other Liabilities	101.5m	128.5m	487.1m	171.3m	185.8m	271.3m	255.7m	4B	4.2B	5.6B
Total Liabilities	5.1B	4.6B	4.5B	3.5B	3.5B	2.7B	2.7B	37.2B	40.7B	37.3B
Common Stock	100k	100k	100k	100k	100k	100k	100k	271k	286k	290k
Retained Earnings	314.2m	721.3m	694.1m	632.8m	583.6m	656.5m	833.5m	11.7B	11.6B	(2.9B)
Additional Paid In Capital	3.8B	3.7B	3.7B	3.3B	3.3B	3.3B	3.4B	8.3B	8.8B	8.9B
Unrealized Security Profit/Loss	—	—	(1.6m)	400k	200k	600k	(100k)	113k	125k	978k
Treasury Stock	(98.2m)	(98.2m)	(131.5m)	(131.5m)	(174.9m)	(436.5m)	(525.8m)	—	—	(48.5m)
Other Equity	(124.8m)	(130.2m)	(123.5m)	(122.5m)	(188m)	(212.7m)	(172.1m)	(160.2m)	(195.8m)	(184.2m)
Total Equity	3.9B	4.2B	4.1B	3.7B	3.5B	3.4B	3.5B	19.9B	20.2B	5.8B
Total Liabilities & Equity	9B	8.8B	8.7B	7.2B	7.1B	6B	6.2B	57.1B	60.9B	43B
Common Shares Outstanding	94.4m	95.8m	95.3m	97.8m	105.5m	86.4m	83m	271.5m	286.4m	288.8m
Preferred Shares Outstanding	6.3m	6.3m	—	—	—	—	—	—	—	—

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Summary

DCF Valuation

Relative Valuation

Wall St Estimates

Profitability

Solvency

Financial Statements

Discount Rate

F • EUR

E20

SWB • EUR

E20

EchoStar Corp NASDAQ:ECHO

A communications portfolio reshaped by divestitures and subsidiary deconsolidations

What changed

What matters next

Satellite-service earnings remain steady, while cash conversion shifts with investment

Recurring subscriber cash flows support stable margins despite satellite investment and debt

Cash-generative media assets facing declining revenue and compressed operating earnings

A mature subscription platform under revenue pressure but still generating positive annual free cash flow

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EchoStar Corp
NASDAQ:ECHO