# EchoStar (SATS) Forecast Calculator

Interactive five-year financial forecast and DCF for EchoStar. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/echostar/forecast
- Industry: Communications
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 1886081000 | 237738000 | 563842000 | -74252000 |
| 2022 | 1887907000 | 125590000 | 350469000 | -51904000 |
| 2023 | 19818678000 | 3036061000 | 4636350000 | 2521435000 |
| 2024 | 18634246000 | 570718000 | 3407733000 | 2536892000 |
| 2025 | 17015598000 | -668274000 | 1320014000 | -1702057000 |

## Frequently asked questions

### What does EchoStar Corporation do and what are its main business segments?

EchoStar Corporation is a global provider of terrestrial and non-terrestrial wireless connectivity, satellite communications, and television entertainment. Following its transformational December 2023 merger with DISH Network, its primary business segments are Pay-TV, Retail Wireless, and Broadband and Satellite Services. The company is actively transitioning to become a fourth major US facilities-based wireless carrier.

### How does EchoStar generate revenue and what is its business model?

EchoStar generates revenue primarily through its subscription-based business model across its Pay-TV, Retail Wireless, and Broadband and Satellite Services segments. The company operates mainly in the United States, with some satellite services extending globally.

### What are EchoStar's significant capital expenditure drivers?

EchoStar's capital expenditures historically range from 10% to 20% of revenue, largely driven by the FCC-mandated 5G network buildout. This includes massive capital investment in 5G network infrastructure, spectrum licenses, and geostationary satellites like JUPITER 3.

### What are the key cost assumptions used in EchoStar's financial model?

Key cost assumptions in EchoStar's financial model include COGS at approximately 54.7% of revenue, R&D at about 0.9% of revenue, and SGA at roughly 19.9% of revenue. These percentages reflect the operational expenses associated with its asset-heavy, subscription-based business model.

### What is the purpose of the EchoStar financial model and what does it evaluate?

The EchoStar financial model evaluates the company's sum-of-the-parts equity valuation and assesses its complex credit profile. It specifically focuses on liquidity runway, debt refinancing needs, and the pro-forma impact of the pending DISH DBS divestiture.

### Can I download a financial model for EchoStar (SATS) and what is its forecast horizon?

Yes, a downloadable Excel financial model for EchoStar (SATS) is available. This model provides a forecast horizon covering fiscal years 2026 through 2030.