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安波福（APTV）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
安波福的季度营收约是EchoStar CORP的1.4倍（$5.2B vs $3.8B），安波福净利率更高（2.7% vs -31.8%，领先34.5%），安波福同比增速更快（5.0% vs -4.3%），安波福自由现金流更多（$651.0M vs $-583.4M），过去两年安波福的营收复合增速更高（2.5% vs -2.8%）
安波福（Aptiv）是源自美国的全球知名汽车技术供应商，总部设于瑞士沙夫豪森。其前身是通用汽车旗下的零部件业务板块，后独立为德尔福汽车系统，经业务拆分重组后正式成立安波福，服务全球各大整车制造企业。
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。
APTV vs SATS — 直观对比
营收规模更大
APTV
是对方的1.4倍
$3.8B
营收增速更快
APTV
高出9.3%
-4.3%
净利率更高
APTV
高出34.5%
-31.8%
自由现金流更多
APTV
多$1.2B
$-583.4M
两年增速更快
APTV
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.2B | $3.8B |
| 净利润 | $138.0M | $-1.2B |
| 毛利率 | 18.7% | — |
| 营业利润率 | 8.2% | -20.5% |
| 净利率 | 2.7% | -31.8% |
| 营收同比 | 5.0% | -4.3% |
| 净利润同比 | -48.5% | -460.1% |
| 每股收益（稀释后） | $0.63 | $-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APTVSATS
| Q4 25 | $5.2B | $3.8B | ||
| Q3 25 | $5.2B | $3.6B | ||
| Q2 25 | $5.2B | $3.7B | ||
| Q1 25 | $4.8B | $3.9B | ||
| Q4 24 | $4.9B | $4.0B | ||
| Q3 24 | $4.9B | $3.9B | ||
| Q2 24 | $5.1B | $4.0B | ||
| Q1 24 | $4.9B | $4.0B |
净利润APTVSATS
| Q4 25 | $138.0M | $-1.2B | ||
| Q3 25 | $-355.0M | $-12.8B | ||
| Q2 25 | $393.0M | $-306.1M | ||
| Q1 25 | $-11.0M | $-202.7M | ||
| Q4 24 | $268.0M | $335.2M | ||
| Q3 24 | $363.0M | $-141.8M | ||
| Q2 24 | $938.0M | $-205.6M | ||
| Q1 24 | $218.0M | $-107.4M |
毛利率APTVSATS
| Q4 25 | 18.7% | — | ||
| Q3 25 | 19.5% | — | ||
| Q2 25 | 19.1% | — | ||
| Q1 25 | 19.1% | — | ||
| Q4 24 | 19.6% | — | ||
| Q3 24 | 18.6% | — | ||
| Q2 24 | 19.2% | — | ||
| Q1 24 | 17.9% | — |
营业利润率APTVSATS
| Q4 25 | 8.2% | -20.5% | ||
| Q3 25 | -3.4% | -460.5% | ||
| Q2 25 | 9.3% | -5.7% | ||
| Q1 25 | 9.3% | -2.3% | ||
| Q4 24 | 9.8% | -1.6% | ||
| Q3 24 | 10.4% | -4.1% | ||
| Q2 24 | 8.7% | -1.7% | ||
| Q1 24 | 8.5% | -0.4% |
净利率APTVSATS
| Q4 25 | 2.7% | -31.8% | ||
| Q3 25 | -6.8% | -353.6% | ||
| Q2 25 | 7.5% | -8.2% | ||
| Q1 25 | -0.2% | -5.2% | ||
| Q4 24 | 5.5% | 8.5% | ||
| Q3 24 | 7.5% | -3.6% | ||
| Q2 24 | 18.6% | -5.2% | ||
| Q1 24 | 4.4% | -2.7% |
每股收益（稀释后）APTVSATS
| Q4 25 | $0.63 | $-4.27 | ||
| Q3 25 | $-1.63 | $-44.37 | ||
| Q2 25 | $1.80 | $-1.06 | ||
| Q1 25 | $-0.05 | $-0.71 | ||
| Q4 24 | $1.22 | $1.24 | ||
| Q3 24 | $1.48 | $-0.52 | ||
| Q2 24 | $3.47 | $-0.76 | ||
| Q1 24 | $0.79 | $-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 | $1.9B | $3.0B |
| 总债务越低越好 | $7.5B | $18.7B |
| 股东权益账面价值 | $9.2B | $5.8B |
| 总资产 | $23.4B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.81× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资APTVSATS
| Q4 25 | $1.9B | $3.0B | ||
| Q3 25 | $1.6B | $3.9B | ||
| Q2 25 | $1.4B | $4.3B | ||
| Q1 25 | $1.1B | $5.1B | ||
| Q4 24 | $1.6B | $5.5B | ||
| Q3 24 | $1.8B | $674.4M | ||
| Q2 24 | $2.2B | $520.6M | ||
| Q1 24 | $941.0M | $766.4M |
总债务APTVSATS
| Q4 25 | $7.5B | $18.7B | ||
| Q3 25 | $7.6B | $21.8B | ||
| Q2 25 | $7.8B | $25.4B | ||
| Q1 25 | $7.6B | $25.3B | ||
| Q4 24 | $7.8B | $25.7B | ||
| Q3 24 | $8.3B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $4.7B | $951.0M |
股东权益APTVSATS
| Q4 25 | $9.2B | $5.8B | ||
| Q3 25 | $9.3B | $7.0B | ||
| Q2 25 | $9.7B | $19.7B | ||
| Q1 25 | $9.0B | $20.0B | ||
| Q4 24 | $8.8B | $20.2B | ||
| Q3 24 | $8.9B | $19.4B | ||
| Q2 24 | $11.5B | $19.6B | ||
| Q1 24 | $11.1B | $19.8B |
总资产APTVSATS
| Q4 25 | $23.4B | $43.0B | ||
| Q3 25 | $23.5B | $45.3B | ||
| Q2 25 | $23.9B | $59.9B | ||
| Q1 25 | $23.1B | $60.6B | ||
| Q4 24 | $23.5B | $60.9B | ||
| Q3 24 | $24.8B | $57.5B | ||
| Q2 24 | $24.8B | $55.3B | ||
| Q1 24 | $23.6B | $55.6B |
负债/权益比APTVSATS
| Q4 25 | 0.81× | 3.24× | ||
| Q3 25 | 0.82× | 3.13× | ||
| Q2 25 | 0.80× | 1.29× | ||
| Q1 25 | 0.85× | 1.27× | ||
| Q4 24 | 0.89× | 1.27× | ||
| Q3 24 | 0.93× | — | ||
| Q2 24 | 0.48× | — | ||
| Q1 24 | 0.42× | 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 | $818.0M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $651.0M | $-583.4M |
| 自由现金流率自由现金流/营收 | 12.6% | -15.4% |
| 资本支出强度资本支出/营收 | 3.2% | 4.2% |
| 现金转化率经营现金流/净利润 | 5.93× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流APTVSATS
| Q4 25 | $818.0M | $-425.3M | ||
| Q3 25 | $584.0M | $111.7M | ||
| Q2 25 | $510.0M | $7.5M | ||
| Q1 25 | $273.0M | $206.8M | ||
| Q4 24 | $1.1B | $45.6M | ||
| Q3 24 | $499.0M | $276.2M | ||
| Q2 24 | $643.0M | $479.7M | ||
| Q1 24 | $244.0M | $451.3M |
自由现金流APTVSATS
| Q4 25 | $651.0M | $-583.4M | ||
| Q3 25 | $441.0M | $-144.4M | ||
| Q2 25 | $361.0M | $-285.7M | ||
| Q1 25 | $76.0M | $-51.7M | ||
| Q4 24 | $894.0M | $-298.7M | ||
| Q3 24 | $326.0M | $-57.5M | ||
| Q2 24 | $417.0M | $132.4M | ||
| Q1 24 | $-21.0M | $-68.4M |
自由现金流率APTVSATS
| Q4 25 | 12.6% | -15.4% | ||
| Q3 25 | 8.5% | -4.0% | ||
| Q2 25 | 6.9% | -7.7% | ||
| Q1 25 | 1.6% | -1.3% | ||
| Q4 24 | 18.2% | -7.5% | ||
| Q3 24 | 6.7% | -1.5% | ||
| Q2 24 | 8.3% | 3.3% | ||
| Q1 24 | -0.4% | -1.7% |
资本支出强度APTVSATS
| Q4 25 | 3.2% | 4.2% | ||
| Q3 25 | 2.7% | 7.1% | ||
| Q2 25 | 2.9% | 7.9% | ||
| Q1 25 | 4.1% | 6.7% | ||
| Q4 24 | 3.4% | 8.7% | ||
| Q3 24 | 3.6% | 8.6% | ||
| Q2 24 | 4.5% | 8.8% | ||
| Q1 24 | 5.4% | 12.9% |
现金转化率APTVSATS
| Q4 25 | 5.93× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.96× | 0.14× | ||
| Q3 24 | 1.37× | — | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 1.12× | — |
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
APTV
| Electrical Distribution Systems | $2.3B | 45% |
| Engineered Components Group | $1.4B | 28% |
| Active Safety | $716.0M | 14% |
| User Experience And Other | $564.0M | 11% |
| Smart Vehicle Compute And Software | $154.0M | 3% |
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% |
