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阿拉斯加航空集团（ALK）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的季度营收约是阿拉斯加航空集团的1.2倍（$3.8B vs $3.3B），阿拉斯加航空集团净利率更高（-5.8% vs -31.8%，领先26.0%），阿拉斯加航空集团同比增速更快（5.2% vs -4.3%），过去两年阿拉斯加航空集团的营收复合增速更高（6.7% vs -2.8%）
阿拉斯加航空集团是总部位于美国华盛顿州西塔科的航空控股企业，旗下拥有阿拉斯加航空、夏威夷航空两家干线航司，以及区域航司地平线航空，阿拉斯加航空还全资控股飞机地面服务提供商麦吉航空服务。
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。
ALK vs SATS — 直观对比
营收规模更大
SATS
是对方的1.2倍
$3.3B
营收增速更快
ALK
高出9.5%
-4.3%
净利率更高
ALK
高出26.0%
-31.8%
两年增速更快
ALK
近两年复合增速
-2.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.8B |
| 净利润 | $-193.0M | $-1.2B |
| 毛利率 | — | — |
| 营业利润率 | — | -20.5% |
| 净利率 | -5.8% | -31.8% |
| 营收同比 | 5.2% | -4.3% |
| 净利润同比 | -16.3% | -460.1% |
| 每股收益（稀释后） | $-1.69 | $-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ALKSATS
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.6B | $3.8B | ||
| Q3 25 | $3.8B | $3.6B | ||
| Q2 25 | $3.7B | $3.7B | ||
| Q1 25 | $3.1B | $3.9B | ||
| Q4 24 | $3.5B | $4.0B | ||
| Q3 24 | $3.1B | $3.9B | ||
| Q2 24 | $2.9B | $4.0B |
净利润ALKSATS
| Q1 26 | $-193.0M | — | ||
| Q4 25 | $21.0M | $-1.2B | ||
| Q3 25 | $73.0M | $-12.8B | ||
| Q2 25 | $172.0M | $-306.1M | ||
| Q1 25 | $-166.0M | $-202.7M | ||
| Q4 24 | $71.0M | $335.2M | ||
| Q3 24 | $236.0M | $-141.8M | ||
| Q2 24 | $220.0M | $-205.6M |
营业利润率ALKSATS
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | -20.5% | ||
| Q3 25 | 3.9% | -460.5% | ||
| Q2 25 | 7.5% | -5.7% | ||
| Q1 25 | -6.3% | -2.3% | ||
| Q4 24 | 2.1% | -1.6% | ||
| Q3 24 | 11.1% | -4.1% | ||
| Q2 24 | 11.1% | -1.7% |
净利率ALKSATS
| Q1 26 | -5.8% | — | ||
| Q4 25 | 0.6% | -31.8% | ||
| Q3 25 | 1.9% | -353.6% | ||
| Q2 25 | 4.6% | -8.2% | ||
| Q1 25 | -5.3% | -5.2% | ||
| Q4 24 | 2.0% | 8.5% | ||
| Q3 24 | 7.7% | -3.6% | ||
| Q2 24 | 7.6% | -5.2% |
每股收益（稀释后）ALKSATS
| Q1 26 | $-1.69 | — | ||
| Q4 25 | $0.14 | $-4.27 | ||
| Q3 25 | $0.62 | $-44.37 | ||
| Q2 25 | $1.42 | $-1.06 | ||
| Q1 25 | $-1.35 | $-0.71 | ||
| Q4 24 | $0.58 | $1.24 | ||
| Q3 24 | $1.84 | $-0.52 | ||
| Q2 24 | $1.71 | $-0.76 |
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 | $451.0M | $3.0B |
| 总债务越低越好 | $5.3B | $18.7B |
| 股东权益账面价值 | $3.7B | $5.8B |
| 总资产 | $20.3B | $43.0B |
| 负债/权益比越低杠杆越低 | 1.43× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资ALKSATS
| Q1 26 | $451.0M | — | ||
| Q4 25 | $627.0M | $3.0B | ||
| Q3 25 | $2.3B | $3.9B | ||
| Q2 25 | $2.1B | $4.3B | ||
| Q1 25 | $2.5B | $5.1B | ||
| Q4 24 | $2.5B | $5.5B | ||
| Q3 24 | $2.5B | $674.4M | ||
| Q2 24 | $2.5B | $520.6M |
总债务ALKSATS
| Q1 26 | $5.3B | — | ||
| Q4 25 | $4.8B | $18.7B | ||
| Q3 25 | $5.0B | $21.8B | ||
| Q2 25 | $4.9B | $25.4B | ||
| Q1 25 | $4.8B | $25.3B | ||
| Q4 24 | $4.5B | $25.7B | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.7B | — |
股东权益ALKSATS
| Q1 26 | $3.7B | — | ||
| Q4 25 | $4.1B | $5.8B | ||
| Q3 25 | $4.0B | $7.0B | ||
| Q2 25 | $3.9B | $19.7B | ||
| Q1 25 | $4.1B | $20.0B | ||
| Q4 24 | $4.4B | $20.2B | ||
| Q3 24 | $4.5B | $19.4B | ||
| Q2 24 | $4.2B | $19.6B |
总资产ALKSATS
| Q1 26 | $20.3B | — | ||
| Q4 25 | $20.4B | $43.0B | ||
| Q3 25 | $20.0B | $45.3B | ||
| Q2 25 | $19.9B | $59.9B | ||
| Q1 25 | $19.8B | $60.6B | ||
| Q4 24 | $19.8B | $60.9B | ||
| Q3 24 | $19.6B | $57.5B | ||
| Q2 24 | $15.3B | $55.3B |
负债/权益比ALKSATS
| Q1 26 | 1.43× | — | ||
| Q4 25 | 1.17× | 3.24× | ||
| Q3 25 | 1.24× | 3.13× | ||
| Q2 25 | 1.26× | 1.29× | ||
| Q1 25 | 1.16× | 1.27× | ||
| Q4 24 | 1.04× | 1.27× | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.63× | — |
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 | $229.0M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | — | $-583.4M |
| 自由现金流率自由现金流/营收 | — | -15.4% |
| 资本支出强度资本支出/营收 | 10.2% | 4.2% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-1.1B |
8季度趋势，按日历期对齐
经营现金流ALKSATS
| Q1 26 | $229.0M | — | ||
| Q4 25 | $185.0M | $-425.3M | ||
| Q3 25 | $229.0M | $111.7M | ||
| Q2 25 | $376.0M | $7.5M | ||
| Q1 25 | $459.0M | $206.8M | ||
| Q4 24 | $274.0M | $45.6M | ||
| Q3 24 | $318.0M | $276.2M | ||
| Q2 24 | $580.0M | $479.7M |
自由现金流ALKSATS
| Q1 26 | — | — | ||
| Q4 25 | — | $-583.4M | ||
| Q3 25 | — | $-144.4M | ||
| Q2 25 | — | $-285.7M | ||
| Q1 25 | — | $-51.7M | ||
| Q4 24 | — | $-298.7M | ||
| Q3 24 | — | $-57.5M | ||
| Q2 24 | — | $132.4M |
自由现金流率ALKSATS
| Q1 26 | — | — | ||
| Q4 25 | — | -15.4% | ||
| Q3 25 | — | -4.0% | ||
| Q2 25 | — | -7.7% | ||
| Q1 25 | — | -1.3% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | — | -1.5% | ||
| Q2 24 | — | 3.3% |
资本支出强度ALKSATS
| Q1 26 | 10.2% | — | ||
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 7.1% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | — | 8.8% |
现金转化率ALKSATS
| Q1 26 | — | — | ||
| Q4 25 | 8.81× | — | ||
| Q3 25 | 3.14× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.86× | 0.14× | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 2.64× | — |
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
ALK
| Passenger revenue | $2.9B | 88% |
| Loyalty program other revenue | $227.0M | 7% |
| Cargo and other revenue | $153.0M | 5% |
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% |
