Latest Ratios: P/E Ratio -1.9x · EV/EBITDA N/A · ROE -178.7%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.3B | $31.3B | $6.3B | $4.5B | $1.4B | $2.4B | $2.1B | $4.2B | $3.5B | $5.8B | $4.9B |
| Enterprise Value | $57.5B | $60.4B | $31.8B | $28.6B | $24.6B | $3.5B | $3.7B | $5.2B | $5.9B | $7.0B | $5.9B |
| P/E Ratio → | -1.95 | — | — | — | 7.83 | 32.53 | — | — | — | 14.72 | 26.77 |
| P/S Ratio | 1.89 | 2.08 | 0.40 | 0.26 | 0.07 | 0.12 | 1.10 | 2.22 | 1.69 | 3.07 | 1.59 |
| P/B Ratio | 4.86 | 5.38 | 0.31 | 0.22 | 0.06 | 0.69 | 0.58 | 1.12 | 0.85 | 1.39 | 1.21 |
| P/FCF | — | — | — | — | 2.43 | 14.79 | 23.87 | 24.08 | 23.92 | 49.67 | 59.29 |
| P/OCF | — | — | 5.01 | 1.84 | 0.38 | 3.75 | 3.88 | 6.38 | 4.81 | 7.97 | 6.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.02 | 2.01 | 1.68 | 1.32 | 0.18 | 1.96 | 2.74 | 2.83 | 3.71 | 1.94 |
| EV / EBITDA | — | — | 19.55 | 21.63 | 7.22 | 0.75 | 5.81 | 7.82 | 8.17 | 9.74 | 7.45 |
| EV / EBIT | — | — | 78.28 | — | 7.21 | 1.01 | 30.83 | 32.76 | 63.23 | 22.01 | 20.05 |
| EV / FCF | — | — | — | — | 43.13 | 21.73 | 42.58 | 29.72 | 40.01 | 59.99 | 72.54 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.1% | 37.1% | 36.0% | 29.8% | 34.5% | 36.9% | 60.6% | 58.3% | 62.7% | 59.8% | 43.2% |
| Operating Margin | -118.1% | -118.1% | -1.9% | -1.6% | 12.0% | 17.3% | 6.0% | 3.9% | 8.8% | 10.4% | 11.9% |
| Net Profit Margin | -155.1% | -155.1% | -0.8% | -10.0% | 13.3% | 12.5% | -2.1% | -3.3% | -1.9% | 20.8% | 5.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -178.7% | -178.7% | -0.6% | -8.0% | 19.5% | 70.8% | -1.1% | -1.6% | -1.0% | 9.6% | 4.6% |
| ROA | -44.8% | -44.8% | -0.2% | -2.9% | 7.6% | 37.9% | -0.6% | -0.8% | -0.5% | 4.4% | 2.2% |
| ROIC | -32.9% | -32.9% | -0.5% | -0.5% | 6.7% | 52.6% | 1.7% | 1.0% | 2.3% | 2.8% | 5.4% |
| ROCE | -41.3% | -41.3% | -0.6% | -0.5% | 7.7% | 60.9% | 1.8% | 1.0% | 2.3% | 2.3% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.33 | 5.33 | 1.47 | 1.27 | 1.17 | 0.48 | 0.70 | 0.67 | 0.80 | 0.87 | 0.91 |
| Debt / EBITDA | — | — | 18.33 | 19.61 | 7.55 | 0.36 | 3.96 | 3.78 | 4.57 | 5.06 | 4.58 |
| Net Debt / Equity | — | 5.01 | 1.26 | 1.18 | 1.05 | 0.33 | 0.45 | 0.26 | 0.57 | 0.29 | 0.27 |
| Net Debt / EBITDA | — | — | 15.69 | 18.23 | 6.82 | 0.24 | 2.55 | 1.48 | 3.29 | 1.67 | 1.36 |
| Debt / FCF | — | — | — | — | 40.69 | 6.94 | 18.72 | 5.64 | 16.09 | 10.32 | 13.26 |
| Interest Coverage | -11.42 | -11.42 | 0.84 | -20.42 | 43.10 | 31.14 | 0.81 | 0.63 | 0.43 | 1.72 | 2.40 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.42 | 0.42 | 1.39 | 0.61 | 1.05 | 4.19 | 2.04 | 5.72 | 2.66 | 8.98 | 7.01 |
| Quick Ratio | 0.38 | 0.38 | 1.31 | 0.53 | 0.95 | 3.96 | 1.97 | 5.56 | 2.61 | 8.78 | 6.89 |
| Cash Ratio | 0.17 | 0.17 | 0.95 | 0.30 | 0.67 | 3.36 | 1.78 | 4.96 | 2.39 | 7.84 | 5.82 |
| Asset Turnover | — | 0.35 | 0.26 | 0.30 | 0.32 | 3.28 | 0.27 | 0.26 | 0.24 | 0.22 | 0.34 |
| Inventory Turnover | 24.81 | 24.81 | 22.27 | 17.96 | 19.51 | 121.22 | 7.60 | 9.89 | 10.36 | 9.07 | 27.72 |
| Days Sales Outstanding | — | 30.99 | 27.65 | 24.07 | 23.16 | 3.67 | 36.66 | 40.12 | 37.58 | 46.49 | 24.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 0.1% | — | — | 0.1% | 0.3% | 0.3% | 0.3% |
| Payout Ratio | — | — | — | — | 0.1% | — | — | — | — | 4.8% | 8.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 12.8% | 3.1% | — | — | — | 6.8% | 3.7% |
| FCF Yield | — | — | — | — | 41.1% | 6.8% | 4.2% | 4.2% | 4.2% | 2.0% | 1.7% |
| Buyback Yield | 0.2% | 0.2% | 7.0% | 2.4% | 6.4% | 11.0% | 2.1% | 0.0% | 0.9% | 0.0% | 31.2% |
| Total Shareholder Yield | 0.2% | 0.2% | 7.0% | 2.4% | 6.6% | 11.0% | 2.1% | 0.1% | 1.2% | 0.3% | 31.6% |
| Shares Outstanding | — | $288M | $274M | $271M | $83M | $90M | $98M | $97M | $96M | $97M | $94M |
High leverage and churn
According to recent market data, EchoStar trades at a P/S ratio of 1.86, a multiple that appears to price the company as a distressed infrastructure play rather than a traditional telecom operator, given the persistent negative earnings and the significant uncertainty surrounding its long-term 5G network monetization strategy.
The forward P/E of 279.75 suggests that the market is pricing in a highly optimistic recovery scenario that remains disconnected from current operational realities. Investors should monitor whether this valuation floor holds as the company continues to navigate the structural decline of its legacy Pay-TV segment.
Based on reported figures, EchoStar's ROIC has fluctuated significantly, reaching a low of -30.4% in 2025Q3, which indicates that the company is currently failing to generate adequate returns on its massive capital investments in satellite infrastructure and the ongoing deployment of its nationwide 5G Open RAN network.
The inability to maintain positive returns on invested capital suggests that the current capital allocation strategy is value-destructive in the near term. This trend warrants further investigation into whether the company can achieve the necessary subscriber density to amortize its fixed costs before capital exhaustion occurs.
As reported in financial statements, the cash conversion cycle has remained tight, averaging roughly 18 days over the last several quarters, which suggests that management is aggressively managing payables to offset the liquidity strain caused by the company's high-cost, capital-intensive 5G network buildout and declining subscriber base.
While the short CCC might appear efficient, it likely reflects a reliance on supplier leverage that may not be sustainable if operational cash flows continue to deteriorate. The low asset turnover of 0.09 in 2026Q1 further highlights the difficulty of generating revenue from the company's heavy asset base.
According to recent SEC filings, the debt-to-equity ratio has surged to 5.16 in 2026Q1, a dramatic increase from historical levels, which indicates that the company's reliance on debt financing has reached a critical threshold that significantly limits its operational and strategic flexibility in a high-rate environment.
The negative interest coverage ratio of -1.28 in 2026Q1 suggests that the company is currently unable to service its debt obligations from operating income alone. This precarious position necessitates a close watch on potential refinancing risks and the company's ability to access capital markets under current conditions.
The most commonly misapplied metric for EchoStar is the Price-to-Book ratio, which currently sits at 4.80, as it obscures the reality that the company's book value is heavily inflated by indefinite-lived intangible assets like spectrum licenses that may not reflect their true realizable market value.
Analysts should instead focus on the liquidation value of the spectrum portfolio or enterprise value relative to potential consolidation scenarios. Relying on P/B in this context is misleading because it ignores the massive impairment risks associated with the company's legacy satellite and Pay-TV assets.
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Quick answers to the most common questions about buying SATS stock.
EchoStar Corporation's current P/E ratio is -1.9x. The historical average is 18.1x.
EchoStar Corporation's return on equity (ROE) is -178.7%. The historical average is -5.9%.
Based on historical data, EchoStar Corporation is trading at a P/E of -1.9x. Compare with industry peers and growth rates for a complete picture.
EchoStar Corporation has 37.1% gross margin and -118.1% operating margin.