Latest Ratios: P/E Ratio -1.7x · EV/EBITDA 35.9x · ROE -111.3%. (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 | $24.6B | $31.3B | $6.3B | $4.5B | $1.4B | $2.4B | $2.1B | $4.2B | $3.5B | $5.8B | $4.9B |
| Enterprise Value | $53.7B | $60.4B | $31.8B | $28.6B | $24.6B | $3.5B | $3.7B | $5.2B | $5.9B | $7.0B | $5.9B |
| P/E Ratio → | -1.69 | — | — | — | 7.83 | 32.53 | — | — | — | 14.72 | 26.77 |
| P/S Ratio | 1.64 | 2.08 | 0.40 | 0.26 | 0.07 | 0.12 | 1.10 | 2.22 | 1.69 | 3.07 | 1.59 |
| P/B Ratio | 4.22 | 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 | 35.94 | 40.41 | 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 | 25.8% | 25.8% | 36.0% | 29.8% | 34.5% | 36.9% | 60.6% | 58.3% | 62.7% | 59.8% | 43.2% |
| Operating Margin | -0.6% | -0.6% | -1.9% | -1.6% | 12.0% | 17.3% | 6.0% | 3.9% | 8.8% | 10.4% | 11.9% |
| Net Profit Margin | -96.6% | -96.6% | -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 | -111.3% | -111.3% | -0.6% | -8.0% | 19.5% | 70.8% | -1.1% | -1.6% | -1.0% | 9.6% | 4.6% |
| ROA | -27.9% | -27.9% | -0.2% | -2.9% | 7.6% | 37.9% | -0.6% | -0.8% | -0.5% | 4.4% | 2.2% |
| ROIC | -0.2% | -0.2% | -0.5% | -0.5% | 6.7% | 52.6% | 1.7% | 1.0% | 2.3% | 2.8% | 5.4% |
| ROCE | -0.2% | -0.2% | -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 | 20.75 | 20.75 | 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 | 19.49 | 19.49 | 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 | 29.24 | 29.24 | 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 |
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying SATS stock.
EchoStar Corporation's current P/E ratio is -1.7x. The historical average is 18.1x.
EchoStar Corporation's current EV/EBITDA is 35.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.8x.
EchoStar Corporation's return on equity (ROE) is -111.3%. The historical average is -2.5%.
Based on historical data, EchoStar Corporation is trading at a P/E of -1.7x. Compare with industry peers and growth rates for a complete picture.
EchoStar Corporation has 25.8% gross margin and -0.6% operating margin.
EchoStar Corporation's Debt/EBITDA ratio is 20.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Debt refinancing and asset writedowns
Metrics are mathematically derived from official filings.
Distorted Multiples Mask Underlying Value
EchoStar's trailing P/E of -1.73 reflects negative earnings, while forward P/E of 4.57 implies a dramatic earnings rebound, yet EV/EBITDA of 36.26 suggests the market prices in substantial future growth, per reported figures.
The forward P/E of 4.57 appears optically cheap, but it hinges on a massive earnings recovery that may not materialize given the persistent revenue decline and negative operating income in most quarters. The EV/EBITDA of 36.26 is far above peers like Viasat (11.5) and Iridium (15.4), indicating the market is assigning a premium for potential spectrum or strategic value, not current cash generation. Investors should monitor whether the forward earnings estimates are achievable, as the recent profit in 2026Q2 was driven by non-operating items.
Margin Volatility Signals Structural Weakness
Gross margin swung from 23.6% in 2025Q3 to 34.4% in 2026Q2, while operating margin turned positive at 14.3% in 2026Q2 after five negative quarters, as reported in quarterly financials, indicating unstable pricing and cost dynamics.
The operating margin improvement in 2026Q2 appears to be a one-off, as the prior quarters consistently showed negative operating margins, with the worst at -5.7% in 2025Q2. The gross margin volatility suggests the company lacks pricing power and faces competitive pressures, possibly from the satellite and telecom market. Net margin of 2.4% in 2026Q2 is heavily influenced by non-recurring items, as evidenced by the $8.5B net income against a modest operating profit, so investors should focus on operating margin as the true earning power indicator.
Return on Capital Remains Elusive
ROIC has hovered near zero or negative for the past ten quarters, with the latest at 1.2%, while ROE spiked to 84.9% in 2026Q2 due to a one-time gain, as per financial statements, indicating no sustainable value creation.
The ROIC of 1.2% in 2026Q2 is a marginal improvement from negative levels, but it remains far below the cost of capital, suggesting the company is destroying value on its invested capital. The ROE spike to 84.9% is misleading because it is driven by a massive non-recurring gain in net income, not operational efficiency. Over the longer term, ROE has been consistently negative, reflecting the erosion of equity from accumulated losses and asset writedowns.
Working Capital Efficiency Shows Slight Improvement
Cash conversion cycle improved from 24 days in 2024Q1 to 25 days in 2026Q2, with DSO stable at 28 days and DPO at 16 days, as reported in quarterly data, indicating modest working capital management.
The CCC has remained relatively stable around 20-25 days, but the improvement in DPO from 21 to 16 days suggests the company is paying suppliers faster, which may strain liquidity. Asset turnover is extremely low at 0.09, reflecting the heavy asset base and revenue decline, indicating inefficiency in generating sales from assets. The working capital changes have been erratic, as seen in the cash flow statement, adding uncertainty to cash generation.
Leverage Spikes Then Retreats, Refinancing Risk Looms
Debt-to-equity surged to 5.16 in 2026Q1 before falling to 1.23 in 2026Q2, while interest coverage improved to 20.23 from negative levels, as per balance sheet data, yet absolute debt remains high at $17.6B.
The dramatic swing in D/E from 5.16 to 1.23 in one quarter is likely due to a significant equity issuance or debt repayment, but the underlying debt load of $17.6B against cash of $440M suggests refinancing risk. Interest coverage of 20.23 in 2026Q2 is artificially high because of the non-recurring gain; in prior quarters it was negative, indicating that operating income is insufficient to cover interest expenses. Investors should monitor the company's ability to refinance its debt, especially given the asset writedowns that have reduced collateral value.
Liquidity Position Improves but Cash Is Thin
Current ratio jumped from 0.30 in 2026Q1 to 5.20 in 2026Q2, yet cash fell to $440M, as reported in balance sheet data, suggesting a shift in asset composition rather than a true liquidity cushion.
The current ratio improvement is driven by a reduction in current liabilities, not an increase in liquid assets, as cash actually declined. The quick ratio of 5.12 indicates that inventory is not a major component, but the low cash balance relative to debt raises concerns about near-term solvency. Under stress, the company may struggle to meet obligations without refinancing, given the negative operating cash flow in several quarters.
Misapplied P/E Ratio Obscures True Value
The trailing P/E is meaningless due to negative earnings, and the forward P/E of 4.57 is misleading because it relies on non-recurring gains, as per reported financials, so EV/EBITDA or EV/Sales may be more appropriate.
The P/E ratio is commonly misapplied to EchoStar because its earnings are heavily distorted by non-cash items, asset impairments, and one-time gains, making the ratio unreliable. For example, the 2026Q2 net income of $8.5B is not reflective of operational performance, as operating income was only $512.9M. Instead, investors should use EV/EBITDA, but even that is elevated at 36.26, suggesting the market is pricing in strategic value beyond current cash flows. A more appropriate metric might be EV/Sales, which at 1.67 is more reasonable, but still needs to be evaluated against the company's ability to stabilize revenue and generate positive free cash flow.