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AES Corporation（AES）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
EchoStar CORP的季度营收约是AES Corporation的1.2倍（$3.8B vs $3.1B），AES Corporation净利率更高（10.3% vs -31.8%，领先42.1%），AES Corporation同比增速更快（4.7% vs -4.3%），AES Corporation自由现金流更多（$-47.0M vs $-583.4M），过去两年AES Corporation的营收复合增速更高（0.3% vs -2.8%）
AES公司是美国知名公用事业及发电企业，总部位于弗吉尼亚州阿灵顿，位列《财富》全球500强。集团在全球15个国家运营电力生产及分销业务，持有并运营多座发电厂，向终端用户、公用事业机构、工业设施等客户售电，全球员工总数达10500人。
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。
AES vs SATS — 直观对比
营收规模更大
SATS
是对方的1.2倍
$3.1B
营收增速更快
AES
高出9.0%
-4.3%
净利率更高
AES
高出42.1%
-31.8%
自由现金流更多
AES
多$536.4M
$-583.4M
两年增速更快
AES
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $3.8B |
| 净利润 | $320.0M | $-1.2B |
| 毛利率 | 18.8% | — |
| 营业利润率 | -8.7% | -20.5% |
| 净利率 | 10.3% | -31.8% |
| 营收同比 | 4.7% | -4.3% |
| 净利润同比 | -42.9% | -460.1% |
| 每股收益（稀释后） | $0.45 | $-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AESSATS
| Q4 25 | $3.1B | $3.8B | ||
| Q3 25 | $3.4B | $3.6B | ||
| Q2 25 | $2.9B | $3.7B | ||
| Q1 25 | $2.9B | $3.9B | ||
| Q4 24 | $3.0B | $4.0B | ||
| Q3 24 | $3.3B | $3.9B | ||
| Q2 24 | $2.9B | $4.0B | ||
| Q1 24 | $3.1B | $4.0B |
净利润AESSATS
| Q4 25 | $320.0M | $-1.2B | ||
| Q3 25 | $639.0M | $-12.8B | ||
| Q2 25 | $-95.0M | $-306.1M | ||
| Q1 25 | $46.0M | $-202.7M | ||
| Q4 24 | $560.0M | $335.2M | ||
| Q3 24 | $502.0M | $-141.8M | ||
| Q2 24 | $185.0M | $-205.6M | ||
| Q1 24 | $432.0M | $-107.4M |
毛利率AESSATS
| Q4 25 | 18.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 15.9% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 22.0% | — | ||
| Q2 24 | 18.8% | — | ||
| Q1 24 | 20.1% | — |
营业利润率AESSATS
| Q4 25 | -8.7% | -20.5% | ||
| Q3 25 | 9.8% | -460.5% | ||
| Q2 25 | 1.4% | -5.7% | ||
| Q1 25 | -0.8% | -2.3% | ||
| Q4 24 | 12.3% | -1.6% | ||
| Q3 24 | 10.0% | -4.1% | ||
| Q2 24 | -2.6% | -1.7% | ||
| Q1 24 | 9.0% | -0.4% |
净利率AESSATS
| Q4 25 | 10.3% | -31.8% | ||
| Q3 25 | 19.1% | -353.6% | ||
| Q2 25 | -3.3% | -8.2% | ||
| Q1 25 | 1.6% | -5.2% | ||
| Q4 24 | 18.9% | 8.5% | ||
| Q3 24 | 15.3% | -3.6% | ||
| Q2 24 | 6.3% | -5.2% | ||
| Q1 24 | 14.0% | -2.7% |
每股收益（稀释后）AESSATS
| Q4 25 | $0.45 | $-4.27 | ||
| Q3 25 | $0.89 | $-44.37 | ||
| Q2 25 | $-0.15 | $-1.06 | ||
| Q1 25 | $0.07 | $-0.71 | ||
| Q4 24 | $0.78 | $1.24 | ||
| Q3 24 | $0.71 | $-0.52 | ||
| Q2 24 | $0.27 | $-0.76 | ||
| Q1 24 | $0.60 | $-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 | $1.6B | $3.0B |
| 总债务越低越好 | — | $18.7B |
| 股东权益账面价值 | $4.1B | $5.8B |
| 总资产 | $51.8B | $43.0B |
| 负债/权益比越低杠杆越低 | — | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资AESSATS
| Q4 25 | $1.6B | $3.0B | ||
| Q3 25 | $1.8B | $3.9B | ||
| Q2 25 | $1.4B | $4.3B | ||
| Q1 25 | $1.8B | $5.1B | ||
| Q4 24 | $1.6B | $5.5B | ||
| Q3 24 | $2.0B | $674.4M | ||
| Q2 24 | $1.8B | $520.6M | ||
| Q1 24 | $2.4B | $766.4M |
总债务AESSATS
| Q4 25 | — | $18.7B | ||
| Q3 25 | — | $21.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | — | $25.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $951.0M |
股东权益AESSATS
| Q4 25 | $4.1B | $5.8B | ||
| Q3 25 | $3.9B | $7.0B | ||
| Q2 25 | $3.4B | $19.7B | ||
| Q1 25 | $3.5B | $20.0B | ||
| Q4 24 | $3.6B | $20.2B | ||
| Q3 24 | $3.3B | $19.4B | ||
| Q2 24 | $3.1B | $19.6B | ||
| Q1 24 | $2.9B | $19.8B |
总资产AESSATS
| Q4 25 | $51.8B | $43.0B | ||
| Q3 25 | $50.8B | $45.3B | ||
| Q2 25 | $48.5B | $59.9B | ||
| Q1 25 | $48.6B | $60.6B | ||
| Q4 24 | $47.4B | $60.9B | ||
| Q3 24 | $50.1B | $57.5B | ||
| Q2 24 | $47.7B | $55.3B | ||
| Q1 24 | $47.0B | $55.6B |
负债/权益比AESSATS
| Q4 25 | — | 3.24× | ||
| Q3 25 | — | 3.13× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | — | ||
| 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 | $1.5B | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $-583.4M |
| 自由现金流率自由现金流/营收 | -1.5% | -15.4% |
| 资本支出强度资本支出/营收 | 49.5% | 4.2% |
| 现金转化率经营现金流/净利润 | 4.65× | — |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流AESSATS
| Q4 25 | $1.5B | $-425.3M | ||
| Q3 25 | $1.3B | $111.7M | ||
| Q2 25 | $976.0M | $7.5M | ||
| Q1 25 | $545.0M | $206.8M | ||
| Q4 24 | $1.1B | $45.6M | ||
| Q3 24 | $985.0M | $276.2M | ||
| Q2 24 | $392.0M | $479.7M | ||
| Q1 24 | $287.0M | $451.3M |
自由现金流AESSATS
| Q4 25 | $-47.0M | $-583.4M | ||
| Q3 25 | $-511.0M | $-144.4M | ||
| Q2 25 | $-356.0M | $-285.7M | ||
| Q1 25 | $-709.0M | $-51.7M | ||
| Q4 24 | $-639.0M | $-298.7M | ||
| Q3 24 | $-847.0M | $-57.5M | ||
| Q2 24 | $-1.3B | $132.4M | ||
| Q1 24 | $-1.9B | $-68.4M |
自由现金流率AESSATS
| Q4 25 | -1.5% | -15.4% | ||
| Q3 25 | -15.2% | -4.0% | ||
| Q2 25 | -12.5% | -7.7% | ||
| Q1 25 | -24.2% | -1.3% | ||
| Q4 24 | -21.6% | -7.5% | ||
| Q3 24 | -25.8% | -1.5% | ||
| Q2 24 | -43.9% | 3.3% | ||
| Q1 24 | -60.3% | -1.7% |
资本支出强度AESSATS
| Q4 25 | 49.5% | 4.2% | ||
| Q3 25 | 54.0% | 7.1% | ||
| Q2 25 | 46.7% | 7.9% | ||
| Q1 25 | 42.9% | 6.7% | ||
| Q4 24 | 58.3% | 8.7% | ||
| Q3 24 | 55.7% | 8.6% | ||
| Q2 24 | 57.3% | 8.8% | ||
| Q1 24 | 69.6% | 12.9% |
现金转化率AESSATS
| Q4 25 | 4.65× | — | ||
| Q3 25 | 2.03× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 11.85× | — | ||
| Q4 24 | 1.94× | 0.14× | ||
| Q3 24 | 1.96× | — | ||
| Q2 24 | 2.12× | — | ||
| Q1 24 | 0.66× | — |
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
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
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% |
