EchoStar Corp. (SATS) intrinsic value & 10-year financials
EchoStar Corp. (SATS) has a Graham intrinsic value of $69.75 per share. Over the last 10 fiscal years revenue grew 26.5% a year to $15.0B, with an average return on invested capital of -2.3%.
- Graham intrinsic value
- $69.75
- Revenue (FY2025)
- $15.0B
- Revenue growth (10-yr CAGR)
- 26.5%
- ROIC (10-yr avg)
- -2.3%
- Free cash flow (FY2025)
- -$1.1B
SATS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.0B | -$14.5B | -$50.41 | -$1.1B | -118.1% | -42.5% |
| FY2024 | $15.8B | -$119.5M | -$0.44 | -$292.2M | -1.9% | -0.8% |
| FY2023 | $17.0B | -$1.7B | -$6.28 | -$668.3M | -1.6% | -1.1% |
| FY2022 | $2.0B | $166.5M | $2.10 | $203.7M | 9.5% | 3.1% |
| FY2021 | $2.0B | $62.7M | $0.81 | $193.8M | 10.9% | 2.6% |
| FY2020 | $1.9B | -$51.9M | -$0.41 | $125.6M | 6.0% | 2.6% |
| FY2019 | $1.9B | -$62.9M | -$0.65 | $237.7M | 3.9% | 1.4% |
| FY2018 | $2.1B | -$40.5M | -$0.42 | $179.4M | 8.8% | 3.3% |
| FY2017 | $1.9B | $392.6M | $4.07 | $143.7M | 10.4% | 3.8% |
| FY2016 | $1.8B | $179.9M | $1.92 | $81.0M | 20.1% | 4.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EchoStar is a consistent compounder, expanding top-line revenue at 26.5% annually over the past decade.
EchoStar has historically struggled to out-earn its cost of capital, averaging just -2.3% ROIC.
Over the decade, EchoStar shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EchoStar is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $69.75 per share.