Liquidity remains under significant pressure, highlighted by an OCF/NI ratio of -1.26 in 2026Q1, which suggests that reported earnings are failing to translate into meaningful cash generation for the business.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -67.84M | -99.37M | 1.25B | 2.43B | 3.62B | 631.98M | 534.39M | 656.32M | 734.52M | 726.89M | 803.34M | 776.45M | 840.13M | 450.51M | 505.15M | 447.02M | 404.01M | 196.28M | 113.17M | -88.11M | -21.1M |
| Operating CF Margin % | - | -0.66% | 7.92% | 14.3% | 19.43% | 3.19% | 28.31% | 34.8% | 35.12% | 38.55% | 26.28% | 24.7% | 24.38% | 13.72% | 16.18% | 16.19% | 17.19% | 10.31% | 5.26% | -5.71% | -72.63% |
| Operating CF Growth % | -1176.43% | -107.93% | -48.5% | -32.82% | 472.99% | 18.26% | -18.58% | -10.65% | 1.05% | -9.52% | 3.46% | -7.58% | 86.49% | -10.82% | 13% | 10.64% | 105.84% | 73.43% | 228.44% | -317.54% | - |
| Net Income | -23.27B | -14.5B | -124.52M | -1.7B | 2.48B | 72.88M | -51.9M | -74.25M | -38.63M | 393.49M | 180.69M | 149.37M | 147.55M | 3.4M | 211.01M | 4.27M | 204.36M | 364.7M | -944M | -85.3M | -20.93M |
| Depreciation & Amortization | -321.73M | 1.59B | 1.93B | 1.6B | 1.17B | 491.33M | 525.01M | 588.2M | 598.18M | 533.85M | 495.07M | 528.16M | 556.68M | 507.11M | 457.33M | 385.89M | 228.91M | 244.13M | 264.2M | 9.71M | 366K |
| Stock-Based Compensation | 2.62M | 0 | 36.38M | 51.51M | 0 | 0 | 8.89M | 9.35M | 9.99M | 10.1M | 15.23M | 21.84M | 14.68M | 18.35M | 14.59M | 16.06M | 13.55M | 13.37M | 23.61M | 5.16M | 0 |
| Deferred Taxes | 40.32M | -4.41B | 28.28M | -337.22M | 729.59M | 37.66M | 18.15M | 32.54M | 26.33M | -288.58M | 98.15M | 56.13M | 31.74M | -35.78M | -1.07M | -8.97M | 103.57M | 45.34M | -162.01M | 360K | 0 |
| Other Non-Cash Items | -1.76M | 17.66B | -387.84M | 2.67B | -601.05M | 3.44M | 26.07M | 12.34M | 113.38M | -20.31M | 23.91M | 50.77M | 20.54M | 25.2M | -129.75M | -4.2M | -124.7M | -446.31M | 999.36M | 6.71M | 670K |
| Working Capital Changes | 156.72M | -433.56M | -229.8M | 150.85M | -159.96M | 26.67M | 8.18M | 88.14M | 25.28M | 98.33M | -9.71M | -29.82M | 68.94M | -67.77M | -46.95M | 53.96M | -21.67M | -24.96M | -67.98M | -24.74M | -1.21M |
| Change in Receivables | 0 | -28.55M | -171.37M | 20.62M | -74.81M | -2.33M | 2.24M | 8.29M | 11.35M | 235.65M | -28.4M | -62.24M | 86.03M | -35.21M | -55.38M | -994K | 73.17M | -25.71M | -305.49M | -7.12M | 0 |
| Change in Inventory | 0 | 59.37M | 189.65M | -37.98M | 16.2M | 0 | -2.24M | -8.29M | 5.65M | -19.29M | -4.81M | -4.91M | 2.61M | 16.53M | -16.11M | 21.49M | 22.58M | -6.52M | -20.37M | -21.32M | -3.78M |
| Change in Payables | 0 | -130.83M | 108.98M | 4.11M | 90.72M | -15.6M | -12.34M | 13.15M | 6.51M | -77.69M | -44.22M | 29.44M | -48.74M | -47.71M | 76.17M | -9.97M | -57.6M | 1.52M | 185.87M | 13.64M | 0 |
| Cash from Investing | 1.1B | -1.4B | -3.05B | -2.81B | -9.06B | 168.81M | -1.14B | 821.96M | -2.1B | -868M | -632.27M | -275.31M | -887.59M | -570.29M | -346.78M | -1.89B | -238.56M | -114.28M | -564.87M | -500.77M | 1.68M |
| Capital Expenditures | -840.74M | -965.73M | -1.54B | -3.1B | -3.05B | -471.97M | -447.45M | -482.34M | -586.78M | -610.23M | -721.51M | -729.27M | -680.03M | -433.62M | -611.48M | -377.17M | -196.74M | -213.92M | -229.87M | -144.31M | -2.05M |
| CapEx % of Revenue | 5.68% | 6.44% | 9.76% | 18.22% | 16.37% | 2.38% | 23.7% | 25.57% | 28.06% | 32.36% | 23.6% | 23.2% | 19.74% | 13.21% | 19.59% | 13.66% | 8.37% | 11.24% | 10.69% | 9.35% | 7.07% |
| Acquisitions | 47.21M | 47.21M | 0 | 0 | 0 | 9.88M | 38.66M | -2.15M | -114.43M | 17.78M | -1.64M | -64.66M | -18.57M | 40.4M | -98M | -2.08B | -44.99M | 0 | 0 | -319.93M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -482.48M | -645.24M | -822.96M | -1.16B | -8.2B | 0 | -38.66M | 2.28M | 77.52M | 2.11M | 10.96M | -1.99M | -18.6M | -1.23M | 87.72M | -3.18M | 102.87M | 5.79M | 36.01M | -36.53M | 3.73M |
| Cash from Financing | -2.36B | -910.31M | 4.48B | -277.12M | -274.45M | -1.16B | -15.62M | -885.31M | -136.56M | 72K | 1.48B | -120.26M | -35.1M | 18.33M | -43.98M | 1.91B | -46.97M | -83.14M | 435.08M | 600.34M | 38.98M |
| Debt Issued (Net) | -2.37B | -883.58M | 4.84B | -265.45M | -143.05M | -902.49M | -811K | -950.27M | -111.19M | -37.67M | 1.46B | -158.1M | -63.12M | -68.22M | -60.02M | 1.94B | -50.38M | -55.64M | -47.22M | -178K | -89K |
| Equity Issued (Net) | 5.67M | 687K | -37.81M | -98.83M | -89.3M | -261.44M | -43.46M | 0 | -33.29M | 0 | 0 | 38.73M | 7.53M | 0 | 15.4M | 0 | -605K | -29.51M | -68.05M | 0 | 43.07M |
| Dividends Paid | 0 | 0 | 0 | 0 | -2M | 0 | 0 | -2.72M | -10M | -19M | -15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -48.51M | -48.51M | -442M | -109.43M | -89.3M | -261.44M | -43.46M | 0 | -33.29M | -651K | 1.52B | 0 | 0 | 0 | 0 | 0 | -605K | -29.51M | -68.05M | 0 | 0 |
| Other Financing | 6.1M | -27.42M | -321.94M | 87.16M | -40.1M | 6.7M | 28.65M | 67.67M | 17.92M | 56.74M | 31.05M | -882K | 20.5M | 86.55M | 648K | -26.96M | 4.01M | 2.02M | 550.34M | 600.51M | -4M |
| Net Change in Cash | -1.34B | -2.4B | 2.68B | -650.2M | 1.96B | -360.11M | -625.08M | 592.39M | -1.5B | -139.69M | 1.65B | 375.19M | -85.07M | -97.5M | 117.58M | 472.52M | 118.48M | -1.14M | -16.61M | 11.46M | 19.55M |
| Free Cash Flow | -908.58M | -1.07B | -292.18M | -668.27M | 570.72M | 160.25M | 86.94M | 173.98M | 147.74M | 116.66M | 81.84M | 47.18M | 160.1M | 16.89M | -106.33M | 69.85M | 207.28M | -17.64M | -116.7M | -232.42M | -23.16M |
| FCF Margin % | -6.14% | -7.1% | -1.85% | -3.93% | 3.06% | 0.81% | 4.6% | 9.22% | 7.06% | 6.19% | 2.68% | 1.5% | 4.65% | 0.51% | -3.41% | 2.53% | 8.82% | -0.93% | -5.43% | -15.05% | -79.69% |
| FCF Growth % | -55.51% | -264.54% | 56.28% | -217.09% | 256.14% | 84.34% | -50.03% | 17.76% | 26.64% | 42.55% | 73.47% | -70.53% | 848.15% | 115.88% | -252.24% | -66.3% | 1274.72% | 84.88% | 49.79% | -903.75% | - |
| FCF per Share | -3.14 | -3.70 | -1.07 | -2.47 | 6.86 | 1.78 | 0.89 | 1.80 | 1.53 | 1.21 | 0.87 | 0.50 | 1.73 | 0.19 | -1.21 | 0.81 | 2.43 | -0.21 | -1.31 | -2.59 | -0.26 |
| FCF Conversion (FCF/Net Income) | 0.04x | 0.00x | -10.48x | -1.43x | 1.46x | 0.25x | -13.31x | -10.43x | -18.15x | 1.85x | 4.46x | 5.06x | 5.50x | 178.42x | 2.39x | 122.84x | 1.98x | 0.54x | -0.12x | 1.03x | 1.01x |
| Interest Paid | 902.16M | 0 | 0 | 1.4B | 1.14B | 906.92M | 139.28M | 195.33M | 240.6M | 207.62M | 78.31M | 179.11M | 188.09M | 188.33M | 192.61M | 120.45M | 41.02M | 31.77M | 31.81M | 0 | 0 |
| Taxes Paid | 13.77M | 0 | 0 | 15.63M | 98.93M | 98.46M | 15.25M | 3.58M | 5.21M | 11.03M | 11.7M | 6.39M | 14.22M | 16.73M | 15.8M | 2.17M | 15.24M | 31.5M | 47.76M | 0 | 0 |
High leverage and churn
According to recent financial disclosures, EchoStar's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching -1.26 in 2026Q1, suggesting that reported earnings are heavily influenced by non-cash charges rather than reflecting the underlying cash-generating capacity of the company's core business segments.
The persistent disconnect between net income and operating cash flow indicates that accounting impairments and depreciation are significantly distorting the company's profitability profile. Investors should monitor whether this gap narrows as the company attempts to stabilize its wireless and satellite operations, as current figures appear to obscure the true cash-burn rate.
As reported in quarterly filings, EchoStar's free cash flow trajectory is characterized by extreme volatility, with margins swinging from -19.8% in 2025Q2 to 8.6% in 2025Q3, reflecting the immense pressure of funding capital-intensive network buildouts while managing a declining legacy subscriber base in the Pay-TV segment.
The inability to maintain consistent positive free cash flow suggests that the company remains in a capital-intensive phase where infrastructure requirements frequently outpace operational inflows. This inconsistency warrants further investigation into whether the current 5G deployment strategy can eventually reach a self-funding inflection point.
Based on reported figures, EchoStar's capital expenditure remains a significant burden, with CapEx/Revenue ratios peaking at 18.4% in 2023Q4, highlighting the heavy financial commitment required to maintain satellite fleets and expand the 5G Open RAN network amidst a challenging and competitive telecommunications landscape.
High capital intensity appears to be a structural necessity rather than a discretionary choice, given the regulatory requirements for spectrum usage and the need to refresh aging satellite assets. This persistent spending level may indicate that the company is locked into a high-cost maintenance cycle that limits financial flexibility.
Data from recent SEC filings indicates that working capital changes are a major driver of quarterly cash flow variability, with a notable $277.6 million inflow in 2026Q1, suggesting that the company is relying on aggressive payables management or timing shifts to bolster its short-term liquidity position.
The reliance on working capital swings to manage cash flow may indicate underlying stress in the company's ability to generate organic cash from operations. Analysts should monitor whether these fluctuations are sustainable or if they represent a temporary measure to offset the ongoing cash burn from core business activities.
Quick answers to the most common questions about buying SATS stock.
EchoStar Corporation (SATS) generated $-99.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EchoStar Corporation (SATS) reported negative free cash flow of $1.07B in 2025, indicating capital requirements exceeded cash from operations.
EchoStar Corporation (SATS) spent $965.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, EchoStar Corporation (SATS) spent $48.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.