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DISH Network Corp Class A DISH

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Morningstar’s Analysis

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Dish Network Faces Modest Buildout Delays; Uncertainty Remains Very High

Analyst Note

| Michael Hodel, CFA |

Dish Network apparently raised some eyebrows with comments about its planned network launch in Las Vegas and its ability to meet network buildout requirements in 2022, sending the stock down sharply. We didn’t find these remarks surprising, given the uncertainty around a network project of the scale and complexity the firm is undertaking. We’re maintaining our $43 fair value estimate, though we would still look for a cheaper entry point before considering the stock, given the very high uncertainty Dish faces.

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Company Profile

Business Description

From its founding in the 1980s Dish Network has primarily focused on the satellite television business, capitalizing on technological advancements to expand its reach. The firm now serves 9 million U.S. customers via its network of owned and leased satellites. Dish launched an Internet-based television offering under the Sling brand in 2015 and now serves about 2.5 million customers on this platform. Dish’s future, however, hinges primarily on the wireless business. The firm has amassed a large portfolio of spectrum licenses over the past decade, spending more than $22 billion in the process, and is now building a nationwide wireless network. It acquired Sprint's prepaid business, serving about 9 million customers, as the entry point into the wireless retail market.

9601 South Meridian Boulevard
Englewood, CO, 80112
T +1 303 723-1000
Sector Communication Services
Industry Entertainment
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 13,500