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艾地盟（ADM）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
艾地盟的季度营收约是EchoStar CORP的1.6倍（$6.1B vs $3.8B），艾地盟净利率更高（7.5% vs -31.8%，领先39.3%），艾地盟同比增速更快（123.5% vs -4.3%），EchoStar CORP自由现金流更多（$-583.4M vs $-669.0M），过去两年EchoStar CORP的营收复合增速更高（-2.8% vs -47.4%）
艾地盟（ADM）是美国跨国食品加工与大宗商品贸易企业，1902年成立，总部位于伊利诺伊州芝加哥。集团在全球布局270多家加工厂及420多个农作物采购站点，将谷物、油籽加工为食品、饮料、营养保健、工业生产及动物饲料领域的各类产品，供应全球市场。
EchoStar Corp曾于2004年至2011年与TiVo公司发生专利纠纷，TiVo主张前者侵犯其DVR技术相关专利。该案先后由美国得克萨斯州东区联邦地区法院、联邦巡回上诉法院审理，涉及专利侵权判定、禁令条款、侵权产品改造、藐视法庭裁定及处罚等多个争议点。
ADM vs SATS — 直观对比
营收规模更大
ADM
是对方的1.6倍
$3.8B
营收增速更快
ADM
高出127.9%
-4.3%
净利率更高
ADM
高出39.3%
-31.8%
自由现金流更多
SATS
多$85.6M
$-669.0M
两年增速更快
SATS
近两年复合增速
-47.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $3.8B |
| 净利润 | $456.0M | $-1.2B |
| 毛利率 | 20.0% | — |
| 营业利润率 | 7.9% | -20.5% |
| 净利率 | 7.5% | -31.8% |
| 营收同比 | 123.5% | -4.3% |
| 净利润同比 | -19.6% | -460.1% |
| 每股收益（稀释后） | $0.95 | $-4.27 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ADMSATS
| Q4 25 | $6.1B | $3.8B | ||
| Q3 25 | $6.4B | $3.6B | ||
| Q2 25 | $6.3B | $3.7B | ||
| Q1 25 | $6.1B | $3.9B | ||
| Q4 24 | $-25.7B | $4.0B | ||
| Q3 24 | $6.0B | $3.9B | ||
| Q2 24 | $22.2B | $4.0B | ||
| Q1 24 | $21.8B | $4.0B |
净利润ADMSATS
| Q4 25 | $456.0M | $-1.2B | ||
| Q3 25 | $108.0M | $-12.8B | ||
| Q2 25 | $219.0M | $-306.1M | ||
| Q1 25 | $295.0M | $-202.7M | ||
| Q4 24 | $567.0M | $335.2M | ||
| Q3 24 | $18.0M | $-141.8M | ||
| Q2 24 | $486.0M | $-205.6M | ||
| Q1 24 | $729.0M | $-107.4M |
毛利率ADMSATS
| Q4 25 | 20.0% | — | ||
| Q3 25 | 19.8% | — | ||
| Q2 25 | 21.6% | — | ||
| Q1 25 | 19.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.8% | — | ||
| Q2 24 | 6.3% | — | ||
| Q1 24 | 7.6% | — |
营业利润率ADMSATS
| Q4 25 | 7.9% | -20.5% | ||
| Q3 25 | 2.3% | -460.5% | ||
| Q2 25 | 4.4% | -5.7% | ||
| Q1 25 | 5.7% | -2.3% | ||
| Q4 24 | — | -1.6% | ||
| Q3 24 | 1.8% | -4.1% | ||
| Q2 24 | 2.7% | -1.7% | ||
| Q1 24 | 4.1% | -0.4% |
净利率ADMSATS
| Q4 25 | 7.5% | -31.8% | ||
| Q3 25 | 1.7% | -353.6% | ||
| Q2 25 | 3.5% | -8.2% | ||
| Q1 25 | 4.8% | -5.2% | ||
| Q4 24 | -2.2% | 8.5% | ||
| Q3 24 | 0.3% | -3.6% | ||
| Q2 24 | 2.2% | -5.2% | ||
| Q1 24 | 3.3% | -2.7% |
每股收益（稀释后）ADMSATS
| Q4 25 | $0.95 | $-4.27 | ||
| Q3 25 | $0.22 | $-44.37 | ||
| Q2 25 | $0.45 | $-1.06 | ||
| Q1 25 | $0.61 | $-0.71 | ||
| Q4 24 | $1.21 | $1.24 | ||
| Q3 24 | $0.04 | $-0.52 | ||
| Q2 24 | $0.98 | $-0.76 | ||
| Q1 24 | $1.42 | $-0.40 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.0B | $3.0B |
| 总债务越低越好 | $7.6B | $18.7B |
| 股东权益账面价值 | $22.7B | $5.8B |
| 总资产 | $52.4B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.33× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资ADMSATS
| Q4 25 | $1.0B | $3.0B | ||
| Q3 25 | $1.2B | $3.9B | ||
| Q2 25 | $1.1B | $4.3B | ||
| Q1 25 | $864.0M | $5.1B | ||
| Q4 24 | $611.0M | $5.5B | ||
| Q3 24 | $784.0M | $674.4M | ||
| Q2 24 | $764.0M | $520.6M | ||
| Q1 24 | $830.0M | $766.4M |
总债务ADMSATS
| Q4 25 | $7.6B | $18.7B | ||
| Q3 25 | — | $21.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | $8.3B | $25.7B | ||
| Q3 24 | $7.6B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $951.0M |
股东权益ADMSATS
| Q4 25 | $22.7B | $5.8B | ||
| Q3 25 | $22.5B | $7.0B | ||
| Q2 25 | $22.4B | $19.7B | ||
| Q1 25 | $22.1B | $20.0B | ||
| Q4 24 | $22.2B | $20.2B | ||
| Q3 24 | $22.0B | $19.4B | ||
| Q2 24 | $22.2B | $19.6B | ||
| Q1 24 | $23.2B | $19.8B |
总资产ADMSATS
| Q4 25 | $52.4B | $43.0B | ||
| Q3 25 | $51.9B | $45.3B | ||
| Q2 25 | $52.0B | $59.9B | ||
| Q1 25 | $53.4B | $60.6B | ||
| Q4 24 | $53.3B | $60.9B | ||
| Q3 24 | $52.2B | $57.5B | ||
| Q2 24 | $52.7B | $55.3B | ||
| Q1 24 | $54.8B | $55.6B |
负债/权益比ADMSATS
| Q4 25 | 0.33× | 3.24× | ||
| Q3 25 | — | 3.13× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | 0.37× | 1.27× | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.05× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-313.0M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | $-583.4M |
| 自由现金流率自由现金流/营收 | -11.1% | -15.4% |
| 资本支出强度资本支出/营收 | 5.9% | 4.2% |
| 现金转化率经营现金流/净利润 | -0.69× | — |
| 过去12个月自由现金流最近4个季度 | $4.2B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流ADMSATS
| Q4 25 | $-313.0M | $-425.3M | ||
| Q3 25 | $1.8B | $111.7M | ||
| Q2 25 | $4.3B | $7.5M | ||
| Q1 25 | $-342.0M | $206.8M | ||
| Q4 24 | $322.0M | $45.6M | ||
| Q3 24 | $1.3B | $276.2M | ||
| Q2 24 | $468.0M | $479.7M | ||
| Q1 24 | $700.0M | $451.3M |
自由现金流ADMSATS
| Q4 25 | $-669.0M | $-583.4M | ||
| Q3 25 | $1.5B | $-144.4M | ||
| Q2 25 | $4.0B | $-285.7M | ||
| Q1 25 | $-633.0M | $-51.7M | ||
| Q4 24 | $-170.0M | $-298.7M | ||
| Q3 24 | $919.0M | $-57.5M | ||
| Q2 24 | $106.0M | $132.4M | ||
| Q1 24 | $372.0M | $-68.4M |
自由现金流率ADMSATS
| Q4 25 | -11.1% | -15.4% | ||
| Q3 25 | 23.6% | -4.0% | ||
| Q2 25 | 63.0% | -7.7% | ||
| Q1 25 | -10.3% | -1.3% | ||
| Q4 24 | 0.7% | -7.5% | ||
| Q3 24 | 15.3% | -1.5% | ||
| Q2 24 | 0.5% | 3.3% | ||
| Q1 24 | 1.7% | -1.7% |
资本支出强度ADMSATS
| Q4 25 | 5.9% | 4.2% | ||
| Q3 25 | 4.6% | 7.1% | ||
| Q2 25 | 4.8% | 7.9% | ||
| Q1 25 | 4.7% | 6.7% | ||
| Q4 24 | -1.9% | 8.7% | ||
| Q3 24 | 6.4% | 8.6% | ||
| Q2 24 | 1.6% | 8.8% | ||
| Q1 24 | 1.5% | 12.9% |
现金转化率ADMSATS
| Q4 25 | -0.69× | — | ||
| Q3 25 | 16.75× | — | ||
| Q2 25 | 19.63× | — | ||
| Q1 25 | -1.16× | — | ||
| Q4 24 | 0.57× | 0.14× | ||
| Q3 24 | 72.22× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 0.96× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ADM
| Starchesandsweeteners | $1.4B | 23% |
| Ag Services | $1.1B | 18% |
| Human Nutrition | $961.0M | 16% |
| Refined Productsand Other | $924.0M | 15% |
| Animal Nutrition | $825.0M | 14% |
| Vantage Corn Processors | $700.0M | 12% |
| Transferred Over Time | $176.0M | 3% |
| Crushing | $59.0M | 1% |
SATS
| Pay Tv | $2.4B | 62% |
| Wireless Services And Related Revenue | $846.5M | 22% |
| Equipment Sales And Other Revenue | $346.5M | 9% |
| Broadband And Satellite Services And Other Revenue | $264.1M | 7% |
