ECHO changes
Pick any two versions below to diff them.
- Price
- $102.20
- Discount category
- Close to intrinsic value
- Next earnings
- Mar 1, 2027
- Next earnings is estimate
- Yes
- Company name
- added: EchoStar
- Sector
- added: Satellite telecom and wireless spectrum
- About
- added: EchoStar Corporation (EchoStar) is a holding company based in Englewood, Colorado. It owns pay-TV, wireless, satellite broadband and spectrum businesses under the brands DISH, Sling TV, Boost Mobile, Hughes and HughesNet. In 2026 it sold its 3.45 GHz and 600 MHz spectrum licenses to AT&T for $20.250 billion in cash. It has agreed to sell its AWS-4, H-Block and AWS-3 licenses to SpaceX for about $20 billion, of which up to $11 billion is in SpaceX stock. DISH DBS, the pay-TV business, left Chapter 11 on October 1, 2026. DISH Wireless and Hughes are in Chapter 11, and EchoStar does not include them in its financial statements. Revenue of the consolidated group was $1,128 million in Q3 2026. The Class A common stock trades on Nasdaq in US dollars under ECHO. EchoStar files 10-K and 10-Q reports.
- Thesis
- added: The price of EchoStar depends on how much of its spectrum sales reaches shareholders after debts, taxes and claims from its units in bankruptcy. EchoStar held $13,968 million of cash and marketable securities at September 30, 2026, mostly from the AT&T sale. The SpaceX sale is targeted for November 30, 2027. It pays up to $11 billion in SpaceX stock and the rest in cash, and the first use of the proceeds is to repay $9,821 million of Seller Notes. DISH DBS left Chapter 11 with less debt. DISH Wireless and Hughes are still in Chapter 11, and the company recorded its interest in its deconsolidated subsidiaries at $0. For the price to hold or rise, four things must be true. The SpaceX sale must close on the terms in the 10-Q. The SpaceX stock must be worth at least its deal value when EchoStar can sell it. Claims from the DISH Wireless and Hughes cases must not reach the parent. DISH DBS must keep the operating income of Q3 2026 while its subscriber base shrinks. The plan for DISH Wireless, the Hughes plan and the 10-K for 2026 are the next tests. If the cases end with a small cost to the parent, the gap can close in 2027. If creditors reach the parent or the SpaceX sale fails, it can last longer.
- Risks
- added: The bankruptcy cases are not finished. The plan for DISH Wireless still needs court approval, and Hughes is in Chapter 11. Creditors of these units can claim from the parent. EchoStar recorded a parent guarantee of $51 million, and it settled $1,056 million of obligations for the June 2026 filing entities in nine months. The SpaceX sale has not closed. The closing is targeted for November 30, 2027, and it has conditions. Up to $11 billion of the price is in SpaceX stock, about 261.8 million shares at an initial deal value of $42.40 a share, so its value can change. Taxes can take cash. Net deferred tax liabilities were $3,609 million at September 30, 2026. The 10-Q says that the deconsolidation gain of $9.729 billion is not taxable now, because the units stay in the tax group. The remaining businesses lose subscribers or depend on others. EchoStar says that it depends on T-Mobile and AT&T for network services for its Wireless subscribers. Pay-TV margins fall when programming costs rise. The convertible notes dilute shareholders. The 3 7/8% notes of $1,943 million can convert into about 58 million shares of Class A common stock, against 290,978,155 shares now.
- Balance sheet
- added: Cash: $14.0B Debt: $9.7B Net cash: $4.3B Debt due within 12 months: $14M At September 30, 2026, the consolidated balance sheet of EchoStar showed cash and cash equivalents of $13,437 million and current marketable investment securities of $531 million. It showed an FCC escrow of $2,400 million with a liability of the same size. Debt was $9,656 million, of which $14 million is current. The Seller Notes have a principal of $9,821 million: 10 3/4% notes of $5,506 million, 3 7/8% convertible notes of $1,943 million and 6 3/4% notes of $2,373 million. The debt of DISH DBS and Hughes is not in these figures, because EchoStar deconsolidated them, and DISH DBS returns to the statements from October 1, 2026. Net deferred tax liabilities were $3,609 million. Regulatory authorizations were $17,117 million, of which $8,667 million is for the SpaceX sale and $8,449 million is for other spectrum. Equity of EchoStar was $16,947 million. As of Sep 30, 2026.
- Checkpoints
- added: Mar 1, 2027 (estimate): 10-K for 2026. Pending. Watch: The report shows a confirmed plan for DISH Wireless and no payment by the parent beyond the recorded guarantee, and this passes; a large payment or claim against the parent fails. Nov 30, 2027 (estimate): SpaceX Spectrum Acquisition Closing. Pending. Watch: The closing takes place by the targeted date and pays the consideration in the 10-Q, and this passes; a delay or a lower price fails.
- Recent events
- added: Nov 3, 2026: EchoStar filed its Form 10-Q for Q3 2026. Cash and cash equivalents were $13,437 million and marketable investment securities were $531 million at September 30, 2026. Revenue was $1,128 million for Q3 2026, and the gain from the AT&T sale was $3,107 million. Oct 30, 2026: EchoStar held its annual meeting. Shareholders voted on the election of eight directors, on KPMG LLP as auditor for 2026 and on an advisory vote on pay for executives. Oct 1, 2026: DISH DBS emerged from Chapter 11 after the court confirmed its plan on September 29, 2026. EchoStar said that the DISH DBS entities cut their debt by about $4.35 billion in all, and that it will include them in its financial statements again from October 1, 2026. Aug 2, 2026: Hughes Satellite Systems and certain US subsidiaries, including Hughes Network Systems, filed for Chapter 11. EchoStar deconsolidated them as of July 31, 2026 and recorded a gain of $439 million. Jul 28, 2026: EchoStar and AT&T closed the sale of the 3.45 GHz and 600 MHz licenses. EchoStar received $20.250 billion in cash, and AT&T paid $2.4 billion into the Wireless Creditor Trust that the FCC required. EchoStar used cash to redeem its $3.5 billion 11 3/4% notes due 2027 and to repay $2.844 billion of an intercompany loan. Jun 30, 2026: DISH DBS and DISH Wireless, with certain subsidiaries, filed for prepackaged Chapter 11 to carry out the restructuring support agreement of March 19, 2026. EchoStar deconsolidated them and recorded a gain of $9.729 billion.