EchoStar vs Fox

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KIRA’s take AI analyst

I put EchoStar and Fox side by side, using each one’s latest annual report. Here is what stands out:

Fox is the larger business, with $17.1B of revenue in fiscal 2026 against $15.0B for EchoStar.
Fox grew revenue faster (5.1%, against −5.2%).
Fox turned more of its sales into free cash flow (8.6% FCF margin, against −7.1%).
Fox earned a higher return on the capital invested in it (14.8%, against −39.9%).

Who comes out ahead

Of the 8 measures where higher (or lower) is clearly better, how many each company leads.

EchoStar

ECHO

1/8

5-year growth

Fox

FOXA

7/8

Revenue growthNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change

Side by side

Best in the row

Latest fiscal year	ECHO FY25	FOXA FY26
Size
Market cap	$31.4B	$28.7B
Revenue	$15.0B	$17.1B
Free cash flow	−$1.1B	$1.5B
Net income	−$14.5B	$1.7B
Growth
Revenue growth	−5.2%	5.1%
5-year growth	51.4%	5.8%
Share count change	4.9%	−4.8%
Profitability
Gross margin	—	—
Operating margin	−118.1%	—
Net margin	−96.6%	10.1%
FCF margin	−7.1%	8.6%
Return on capital	−39.9%	14.8%
Return on equity	−111.7%	14.6%
Balance sheet
Net debt	$23.0B	$2.4B
Net debt / EBITDA	—	0.8x
Dividends and buybacks	$48.5M	$2.3B
Valuation & quality
P/E	—	—
Piotroski F-score	1	6

Ten years

Revenue

FY17

ECHO $1.5B

FOXA $9.9B

FY18

ECHO $1.8B

FOXA $10.2B

FY19

ECHO $1.9B

FOXA $11.4B

FY20

ECHO $1.9B

FOXA $12.3B

FY21

ECHO $19.8B

FOXA $12.9B

FY22

ECHO $18.6B

FOXA $14.0B

FY23

ECHO $17.0B

FOXA $14.9B

FY24

ECHO $15.8B

FOXA $14.0B

FY25

ECHO $15.0B

FOXA $16.3B

FY26

ECHO —

FOXA $17.1B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

ECHO FOXA

Operating margin

FY17

ECHO 2.0%

FOXA —

FY18

ECHO 2.1%

FOXA —

FY19

ECHO 3.9%

FOXA —

FY20

ECHO 6.0%

FOXA —

FY21

ECHO 17.3%

FOXA —

FY22

ECHO 12.0%

FOXA —

FY23

ECHO −1.6%

FOXA —

FY24

ECHO −1.9%

FOXA —

FY25

ECHO −118.1%

FOXA —

FY26

ECHO —

FOXA —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

ECHO FOXA

Free cash flow

FY17

ECHO $144M

FOXA $1.5B

FY18

ECHO $179M

FOXA $1.1B

FY19

ECHO $238M

FOXA $2.3B

FY20

ECHO $126M

FOXA $2.0B

FY21

ECHO $3.0B

FOXA $2.2B

FY22

ECHO $571M

FOXA $1.6B

FY23

ECHO −$668M

FOXA $1.4B

FY24

ECHO −$292M

FOXA $1.5B

FY25

ECHO −$1.1B

FOXA $3.0B

FY26

ECHO —

FOXA $1.5B

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

ECHO FOXA

Return on capital

FY17

ECHO 0.6%

FOXA —

FY18

ECHO 0.7%

FOXA —

FY19

ECHO 1.5%

FOXA 17.4%

FY20

ECHO 0.9%

FOXA 9.9%

FY21

ECHO 14.2%

FOXA 18.8%

FY22

ECHO 9.0%

FOXA 11.4%

FY23

ECHO −0.7%

FOXA 11.3%

FY24

ECHO −0.6%

FOXA 13.7%

FY25

ECHO −39.9%

FOXA 19.2%

FY26

ECHO —

FOXA 14.8%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

ECHO FOXA

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.