What are the investment strengths of EchoStar Corp (SATS)?

Revenue base of 15.2B with 25% gross margin provides operational scale. P/S of 2.0x near industry median 1.4x despite distress. Positive operating cash flow of 372M TTM shows core business generates cash despite net losses from non-cash impairments.

What are the investment risks for EchoStar Corp (SATS)?

Negative tangible book value (-28B) means equity holders have no asset backing. Additional impairments could trigger covenant breaches. FCF of -1.8B TTM with 4.5B current debt maturing requires refinancing in hostile rate environment or dilutive equity raise.

How does EchoStar Corp fit the Distressed Turnaround Screen investing approach?

Positive operating cash flow of 372M TTM shows core business generates cash despite net losses from non-cash impairments. Key filters: > 0 (positive operating cash flow), > 3x (high leverage creates optionality), < 2.5x (not pricing in recovery).

EchoStar Corp

SATS

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EchoStar Corp AI Insights

Informational only. Not investment advice.

As of 2025-12-11

Snapshot

Goodwill of 35B is 503% of equity (7B) - tangible book value is NEGATIVE 28B. Any impairment destroys equity.[Goodwill and Other Intangible Assets]
16.5B asset impairment charge TTM drove -13B net loss. Debt/equity at 4.4x with 30.6B total debt vs 2.4B cash.[Asset Impairment Charge TTM]
Revenue 3Y CAGR of 94% reflects DISH merger, not organic growth. Operating margin -3.5% vs industry +8.9%.[Total Revenue 3Y Growth]

Watch Triggers

Current Debt: Refinancing announcements or maturity extensions — 4.5B due near-term vs 2.4B cash - inability to refinance triggers default risk
Goodwill and Other Intangible Assets: Additional impairment charges >2B — Would eliminate remaining 7B equity, potentially triggering debt covenants
Free Cash Flow TTM: Turns positive or deteriorates beyond -2.5B — Determines runway without external financing; currently burning 1.8B annually

Bull Case

Revenue base of 15.2B with 25% gross margin provides operational scale. P/S of 2.0x near industry median 1.4x despite distress.

Total Revenue TTMGross Margin TTMP/S Ratio

Positive operating cash flow of 372M TTM shows core business generates cash despite net losses from non-cash impairments.

Cash Flow TTMAsset Impairment Charge TTM

Bear Case

Negative tangible book value (-28B) means equity holders have no asset backing. Additional impairments could trigger covenant breaches.

Tangible Book ValueGoodwill and Other Intangible AssetsTotal Debt

FCF of -1.8B TTM with 4.5B current debt maturing requires refinancing in hostile rate environment or dilutive equity raise.

Free Cash Flow TTMCurrent DebtCash and Equivalents

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

Balance sheet stress likely forces asset sales or restructuring within 12-18 months

3-12mhigh

4.5B current debt vs 2.4B cash creates near-term liquidity gap
FCF negative 1.8B TTM with 2.1B capex requirements
Interest expense 1.2B annually on 30.6B debt load

Current debt 4.5B exceeds cash 2.4BWorking capital negative 3.9BDebt/equity 4.4x vs industry norms

Valuation Context

Caveats

Public Strategies Rankings

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SATS Fundamentals

Information → Satellite Telecommunications

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$37.09B		—
Enterprise Value	$65.33B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$15.0B	-5.2%	—
Earnings Per Share (diluted) - TTM	$-50.41		—
Operating Margin - TTM	-0.61%	+1.3%	—
Net Margin - TTM	-96.6%	-95.9%	—
Free Cash Flow - TTM	$-1.74B		—
Return on Common Equity - TTM	-112%	-111.1%	—
Beta 5Y (Monthly)	unknown		—

SATS Dividend History

No dividends

SATS Stock Splits

No stock splits

SATS SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/02/26	12/31/25	Unknown	0001104659-26-021817
11/06/25	09/30/25	10-Q	0001104659-25-107277
08/01/25	06/30/25	10-Q	0001558370-25-009923
05/09/25	03/31/25	10-Q	0001558370-25-007050
02/27/25	12/31/24	10-K	0001558370-25-001663
11/12/24	09/30/24	10-Q	0001558370-24-015122
08/09/24	06/30/24	10-Q	0001558370-24-011672
05/08/24	03/31/24	10-Q	0001558370-24-007171
02/29/24	12/31/23	10-K	0001558370-24-002209
11/06/23	09/30/23	10-Q	0001415404-23-000020
08/08/23	06/30/23	10-Q	0001415404-23-000015
05/09/23	03/31/23	10-Q	0001415404-23-000010
02/23/23	12/31/22	10-K	0001415404-23-000005
11/03/22	09/30/22	10-Q	0001415404-22-000080
08/04/22	06/30/22	10-Q	0001415404-22-000070
05/05/22	03/31/22	10-Q	0001415404-22-000042
02/24/22	12/31/21	10-K	0001415404-22-000005
11/09/21	09/30/21	10-Q	0001415404-21-000059
08/03/21	06/30/21	10-Q	0001415404-21-000056
05/06/21	03/31/21	10-Q	0001415404-21-000025
02/23/21	12/31/20	10-K	0001415404-21-000005
11/05/20	09/30/20	10-Q	0001415404-20-000033
08/06/20	06/30/20	10-Q	0001415404-20-000030
05/07/20	03/31/20	10-Q	0001415404-20-000024
02/20/20	12/31/19	10-K	0001415404-20-000005
11/07/19	09/30/19	10-Q	0001415404-19-000042
08/08/19	06/30/19	10-Q	0001415404-19-000033
05/08/19	03/31/19	10-Q	0001415404-19-000021
02/21/19	12/31/18	10-K	0001415404-19-000003
11/08/18	09/30/18	10-Q	0001415404-18-000034
08/07/18	06/30/18	10-Q	0001415404-18-000029
05/10/18	03/31/18	10-Q	0001415404-18-000015
02/22/18	12/31/17	10-K	0001415404-18-000005
11/08/17	09/30/17	10-Q	0001415404-17-000050
08/09/17	06/30/17	10-Q	0001415404-17-000045
05/10/17	03/31/17	10-Q	0001415404-17-000029
02/24/17	12/31/16	10-K	0001415404-17-000010
02/27/19	12/31/16	10-K/A	0001415404-19-000007
11/08/16	09/30/16	10-Q	0001415404-16-000033
08/09/16	06/30/16	10-Q	0001415404-16-000026
05/10/16	03/31/16	10-Q	0001415404-16-000014
02/24/16	12/31/15	10-K	0001104659-16-099355
11/06/15	09/30/15	10-Q	0001104659-15-076360
08/06/15	06/30/15	10-Q	0001104659-15-056649
05/07/15	03/31/15	10-Q	0001104659-15-034987
02/20/15	12/31/14	10-K	0001047469-15-000972
11/06/14	09/30/14	10-Q	0001104659-14-077192
08/07/14	06/30/14	10-Q	0001104659-14-057709
05/09/14	03/31/14	10-Q	0001104659-14-036637
02/21/14	12/31/13	10-K	0001047469-14-001113
11/12/13	09/30/13	10-Q	0001104659-13-083154
08/06/13	06/30/13	10-Q	0001104659-13-059948
05/09/13	03/31/13	10-Q	0001104659-13-039089
02/20/13	12/31/12	10-K	0001104659-13-011985
11/06/12	09/30/12	10-Q	0001104659-12-074387
08/08/12	06/30/12	10-Q	0001104659-12-055473
05/07/12	03/31/12	10-Q	0001104659-12-033445
03/07/12	12/31/11	10-K	0001104659-12-016268
11/07/11	09/30/11	10-Q	0001104659-11-061260
08/09/11	06/30/11	10-Q	0001104659-11-045063
05/02/11	03/31/11	10-Q	0001104659-11-024560
02/24/11	12/31/10	10-K	0001193125-11-044057
11/05/10	09/30/10	10-Q	0001193125-10-248699
08/09/10	06/30/10	10-Q	0001193125-10-182387
05/10/10	03/31/10	10-Q	0001104659-10-026998
03/01/10	12/31/09	10-K	0001047469-10-001594
11/09/09	09/30/09	10-Q	0001047469-09-009775
08/10/09	06/30/09	10-Q	0000950123-09-032474
05/11/09	03/30/09	10-Q	0000950134-09-010199
03/02/09	12/31/08	10-K	0000950134-09-004185
11/10/08	09/30/08	4	0001118042-08-000017
08/04/08	06/30/08	4	0001212847-08-000013
05/13/08	03/30/08	Unknown	--
02/26/08	12/31/07	10-K	0001140361-08-004994
09/30/07	09/30/07	MS10-Q	--
11/10/08	09/30/07	10-Q	0000950134-08-019951
08/04/08	06/30/07	10-Q	0000950134-08-013905
05/13/08	03/30/07	10-Q	0000950134-08-009316
12/31/06	12/31/06	MS10-K	--