Home / Going-concern warnings / EchoStar CORP
Filed 2026-03-02 路 Form 10-K 路 Accession 0001104659-26-021817 large
Price before filing: $115.5 (2026-02-27 close, split/dividend-adjusted)
Market cap at flag: $34.30B (2026-03-02) 路 Latest: $24.77B (2026-10-16)
| Window | ECHO | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +4.4% | -4.2% | +8.6% | 2026-04-01 |
| 90 days | +10.3% | +10.9% | -0.6% | 2026-06-01 |
| 180 days | -25.2% | +12.4% | -37.6% | 2026-08-31 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 2 insiders sold $30.3M (25 sales)
30 days after: 3 insiders sold $15.5M (5 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 20,129 | $104.10 | $2.1M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 14,940 | $104.65 | $1.6M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 3,240 | $105.88 | $343K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 3,657 | $106.72 | $390K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 5,123 | $108.02 | $553K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 2,911 | $108.78 | $317K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 29,608 | $104.10 | $3.1M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 23,040 | $104.66 | $2.4M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 5,595 | $105.93 | $593K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 4,670 | $106.84 | $499K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 7,831 | $108.01 | $846K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 4,256 | $108.76 | $463K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 29,607 | $104.10 | $3.1M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 23,172 | $104.67 | $2.4M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 5,465 | $105.95 | $579K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 4,668 | $106.84 | $499K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 7,833 | $108.01 | $846K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 4,255 | $108.76 | $463K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 28,500 | $104.09 | $3.0M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 26,621 | $104.61 | $2.8M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 6,169 | $105.96 | $654K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 6,095 | $106.77 | $651K | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 11,880 | $108.18 | $1.3M | yes | Form 4 |
| 2025-12-11 | Akhavan Hamid CEO, EchoStar Capital, Director | Sale | 6,567 | $108.92 | $715K | yes | Form 4 |
| 2025-12-11 | Ortolf Tom A Director | Sale | 1,754 | $104.06 | $183K | no | Form 4 |
| 2026-03-02: red flag filed | |||||||
Showing 25 of 30 transactions.
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-12-02 to 2026-04-01. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As discussed in Note 1 to the consolidated financial statements, the Company has significant debts maturing in 2026 and does not have the necessary cash on hand, projected cash flows, or committed financing to fund its obligations for at least twelve months from the issuance of these consolidated financial statements that raise substantial doubt about its ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Going-concern opinion issued by: KPMG LLP
Source: independent auditor report in Form 10-K (period 2025-12-31)
Why this score: in auditor's report
Read the original filing on SEC.gov →
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