EchoStar vs Lumen Technologies
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The short version
- EchoStar is the larger business, with $15.0B of revenue in fiscal 2025 against $12.4B for Lumen Technologies.
- Lumen Technologies kept more of each dollar of sales as operating profit (−6.6% operating margin, against −118.1%).
- Lumen Technologies turned more of its sales into free cash flow (3.0% FCF margin, against −7.1%).
- Lumen Technologies earned a higher return on the capital invested in it (−3.9%, against −39.9%).
| Latest fiscal year | ECHO · FY25 | LUMN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $31.3B | $4.6B |
| Revenue | $15.0B | $12.4B |
| Free cash flow | −$1.1B | $371M |
| Net income | −$14.5B | −$1.7B |
| Growth | ||
| Revenue growth | −5.2% | −5.4% |
| 5-year growth | 51.4% | −9.8% |
| Share count change | 4.9% | 0.7% |
| Profitability | ||
| Gross margin | — | 46.5% |
| Operating margin | −118.1% | −6.6% |
| Net margin | −96.6% | −14.0% |
| FCF margin | −7.1% | 3.0% |
| Return on capital | −39.9% | −3.9% |
| Return on equity | −111.7% | — |
| Balance sheet | ||
| Net debt | $23.0B | $16.8B |
| Net debt / EBITDA | — | 8.7x |
| Dividends and buybacks | $48.5M | $1.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 1 | 4 |
Revenue
FY16
ECHO $1.8B
LUMN $17.5B
FY17
ECHO $1.5B
LUMN $17.7B
FY18
ECHO $1.8B
LUMN $22.6B
FY19
ECHO $1.9B
LUMN $21.5B
FY20
ECHO $1.9B
LUMN $20.7B
FY21
ECHO $19.8B
LUMN $19.7B
FY22
ECHO $18.6B
LUMN $17.5B
FY23
ECHO $17.0B
LUMN $14.6B
FY24
ECHO $15.8B
LUMN $13.1B
FY25
ECHO $15.0B
LUMN $12.4B
ECHO
LUMN
Operating margin
FY16
ECHO 16.4%
LUMN 13.4%
FY17
ECHO 2.0%
LUMN 11.4%
FY18
ECHO 2.1%
LUMN 2.5%
FY19
ECHO 3.9%
LUMN −12.7%
FY20
ECHO 6.0%
LUMN 4.6%
FY21
ECHO 17.3%
LUMN 21.8%
FY22
ECHO 12.0%
LUMN 0.5%
FY23
ECHO −1.6%
LUMN −65.8%
FY24
ECHO −1.9%
LUMN 3.5%
FY25
ECHO −118.1%
LUMN −6.6%
ECHO
LUMN
Free cash flow
FY16
ECHO $81.0M
LUMN $1.6B
FY17
ECHO $144M
LUMN $772M
FY18
ECHO $179M
LUMN $3.9B
FY19
ECHO $238M
LUMN $3.1B
FY20
ECHO $126M
LUMN $2.8B
FY21
ECHO $3.0B
LUMN $3.6B
FY22
ECHO $571M
LUMN $1.7B
FY23
ECHO −$668M
LUMN −$940M
FY24
ECHO −$292M
LUMN $1.1B
FY25
ECHO −$1.1B
LUMN $371M
ECHO
LUMN
Return on capital
FY16
ECHO 4.5%
LUMN 4.3%
FY17
ECHO 0.6%
LUMN 4.3%
FY18
ECHO 0.7%
LUMN 0.8%
FY19
ECHO 1.5%
LUMN −4.2%
FY20
ECHO 0.9%
LUMN 1.7%
FY21
ECHO 14.2%
LUMN 7.8%
FY22
ECHO 9.0%
LUMN 0.2%
FY23
ECHO −0.7%
LUMN −31.4%
FY24
ECHO −0.6%
LUMN 2.1%
FY25
ECHO −39.9%
LUMN −3.9%
ECHO
LUMN
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.