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EchoStar (ECHO) stock fell 8.8% on Thursday, November 5, 2026, dropping alongside a 4.4% decline in the S&P 500. The company issued no announcements, earnings reports or filings around the move. The drop came during a broad sell-off that pushed the Nasdaq Composite down 5.5% in the same session. What does EchoStar own, and what has management said about the market?
What EchoStar Owns: SpaceX Shares, Spectrum And Cash
On its August 3, 2026 call, management said EchoStar holds 261.8 million shares of SpaceX. It also pointed to what it called a solid spectrum position and about $14 billion to $15 billion in cash across the company. Management put the cost of shutting down the wireless network, together with its tax bill, at $5 billion to $7 billion. Management said on the same call that a lot of the company's value is based on SpaceX, and that it was cautious on the market because the market was at historical highs on almost every measure.
That cash is visible on the balance sheet. At September 30, 2026, EchoStar held $13.97 billion in cash and short-term investments, against $9.67 billion of debt. Beyond those holdings, management said the traditional video business continues to throw off cash, while Boost, its wireless business, lost subscribers in the June quarter.
Cash on hand matters more when markets crack. It's rule one of investing for a crash and a rally .
Did EchoStar Fall With Telecom Stocks Or The Market?
EchoStar declined alongside the broader market rather than telecom stocks, falling twice as far as the S&P 500. XLC, the SPDR fund for its Communication Services sector, slipped 0.6% that session. Among the companies on its Trefis peer list, Verizon Communications dipped 0.1% and Charter Communications rose 4.7%.
Where Does EchoStar Stock Stand After The Fall?
EchoStar has fallen this hard before. Three sessions in the prior year brought declines at least as large, the latest an 11.0% drop on June 12, 2026.
Over the past twelve months the stock returned 22.4%, against 9.9% for the S&P 500. During that year, the shares closed as low as $66.93 on November 17, 2025, and as high as $141.80 on May 20, 2026. They have lost 26.7% over the past six months, while the S&P 500 gained 0.8%.
EchoStar trades at 2.1 times its sales over the past twelve months, against 3.2 times for the S&P 500. While that multiple uses a full year of sales, revenue in the latest quarter, ended September 30, 2026, was $1.13 billion, down 68.8% from a year earlier.
Revenue is the measure to watch in EchoStar's next report.
Still Holding EchoStar After The Drop?
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