ECHOEchoStar CORP

Communications Services, NEC

Revenue: $15.0B; 5.2% YoY
Operating margin: -118.1%; 6047% YoY
EBITDA: −$16.1B; 1092% YoY
Market cap: $4.6B
Employees: 12,100; $1M revenue each
Net debt / EBITDA: —; $15.5B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-49% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$1M · 68th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 14th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.6B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
6 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$57M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$19.8B	$18.6B	$17.0B	$15.8B	$15.0B	5.2%
Operating income	$3.4B	$2.2B	−$278M	−$304M	−$17.7B	5729%
Net income	$63M	$167M	−$496M	−$125M	−$52M	58%
Operating cash flow	$4.7B	$3.6B	$2.4B	$1.3B	−$99M	108%
Capex	$1.6B	$3.1B	$3.1B	$1.5B	$966M	37%
Stock-based comp	$59M	$83M	$52M	$36M	$36M	0.3%
Buybacks	$261M	$89M	—	—	$49M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 31, 2026	ERGEN CHARLES W	SCHEDULE 13D/A	50.9%	Active
Jul 22, 2026	ERGEN CHARLES W	SCHEDULE 13D/A	50.9%	Passive
Jul 14, 2026	ERGEN CHARLES W	SCHEDULE 13D/A	50.9%	Active
Jun 30, 2026	ERGEN CHARLES W	SCHEDULE 13D/A	51.0%	Active
Jun 17, 2026	ERGEN CHARLES W	SCHEDULE 13D/A	51.0%	Passive
May 15, 2026	ERGEN CHARLES W	SCHEDULE 13D/A	51.0%	Passive
Dec 29, 2025	ERGEN CHARLES W	SCHEDULE 13D/A	51.3%	Passive
Jul 31, 2025	ERGEN CHARLES W	SCHEDULE 13D/A	50.5%	Passive
Jul 14, 2025	ERGEN CHARLES W	SCHEDULE 13D/A	50.5%	Active
Jun 30, 2025	ERGEN CHARLES W	SCHEDULE 13D/A	50.6%	Active

Insider trading

Open-market buys, 12 mo: $68K · 1
Open-market sells, 12 mo: $57M · 40
Net: −$57M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	49	106
FY2024	—	—	53	111
FY2023	—	—	38	95
FY2022	—	—	39	85
FY2021	—	—	61	99