EchoStar Corporation
SATSHIGH VELOCITYFILING INTENSITYEchoStar Corporation reads as High Velocity (composite 78/100); pressure / disclosure signals dominate the posture this cycle · primary market Connectivity.
Lens
Disclosed M&A capital (2023–2025)
N/A
vs N/A in 2020–2022
Disclosed transactions
1
1/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
78
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $2.8B disclosed buyer spend
- Filed within 26d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 26d
- 117 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 76 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 4 spin pre-registrations
- Latest event 18y ago; heavily discounted
- 76 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 76 activism filings
- Latest activism 1.5y ago
Distress Watch
Issuers showing financial-distress filing patterns
- 10-Q 201d stale
- 76 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
- 1 NT late filing
- Latest event 14y ago; heavily discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 117 8-Ks
- Filed within 26d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $65.7B
- 10-Q 201d ago
- 4 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $106M · Peak count: 1
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | 1 | N/A | N/A | N/A |
| 2022 | N/A | $8M | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | $106M | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Geographic Expansion25%
- Platform25%
- Technology Acquisition25%
- Horizontal Consolidation25%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- platform
- technology_acquisition
- horizontal_consolidation
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“We face substantial competition from established pay-TV providers and broadband service providers and increasing competition from companies providing/facilitating the delivery of video content via the Internet to computers, televisions and other streaming and mobile devices, including wireless service providers.”
“Our 5G Network Deployment segment strategy is to commercialize our Wireless spectrum licenses through the completion of the nation’s first cloud-native, Open Radio Access Network (“O-RAN”) based 5G network.”
“During 2019, we continued the design and construction of a new, next-generation, high throughput geostationary satellite”
“Competition has intensified in recent years as the pay-TV industry has matured. We and our competitors increasingly must seek to attract a greater proportion of new subscribers from each other’s existing subscriber bases rather than from first-time purchasers of pay-TV services. We face substantial competition from established pay-TV providers and broadband service providers and increasing competition from companies providing/facilitating the delivery of video content via the Internet to computers, televisions, and other streaming and mobile devices, including wireless service providers. In recent years, industry consolidation and convergence has created competitors with greater scale and multiple product/service offerings. These developments, among others, have contributed to intense and increasing competition, and we expect such competition to continue.”
“We have invested a total of over $30 billion to acquire certain Wireless spectrum licenses.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Connectivity
- Market spend (2023–2025)
- $58.6B
- Market spend (2020–2022)
- $121.1B
- Recent vs prior
- −52%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
SATS trades at a -12.1-turn discount to the Connectivity peer median of 7.9×.
- EV / Revenue
- 4.4×
- Net debt / EBITDA
- N/A
- Peer median EV / EBITDA
- 7.9×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 23.8× | 6.8× | 0.9× | $59.1B | $26.6B | |
| 20.2× | 6.1× | -0.1× | $11.9B | $4.9B | |
| 7.9× | 2.8× | 0.4× | $139.1B | $60M | |
| 6.1× | 2.6× | -0.1× | $126.5B | $3.7B | |
| 6.1× | 2.5× | N/A | $59.8B | $5.1B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Connectivity. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)252026-04-30
- 10-Q (quarterly)552025-11-06
- 8-K (event)1172026-03-19
- Proxy / DEF 14A372025-03-21
- Activism (13D / DFAN / PREC)762024-11-14
Signals on file
- watch
Late-filing notice
2012-02-291 NT 10-K/10-Q filing on file.
- elevated
Spin registration
2007-12-284 Form 10-12 filings on file; pre-spin registration.
- elevated
Activism on file
2024-11-1476 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Spin/Carve candidate
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.