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缤客控股（BKNG）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
缤客控股的季度营收约是EchoStar CORP的1.7倍（$6.3B vs $3.8B），缤客控股同比增速更快（16.0% vs -4.3%），缤客控股自由现金流更多（$1.4B vs $-583.4M），过去两年缤客控股的营收复合增速更高（19.9% vs -2.8%）
缤客控股是全球领先的旅行服务集团，旗下运营Booking.com、Priceline、Agoda、Kayak等知名在线平台，为休闲及商务旅客提供酒店预订、机票订购、租车服务、度假套餐、餐厅预约等服务，业务覆盖全球绝大多数国家和地区，合作数百万家旅游及餐饮商户。
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。
BKNG vs SATS — 直观对比
营收规模更大
BKNG
是对方的1.7倍
$3.8B
营收增速更快
BKNG
高出20.4%
-4.3%
自由现金流更多
BKNG
多$2.0B
$-583.4M
两年增速更快
BKNG
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $3.8B |
| 净利润 | — | $-1.2B |
| 毛利率 | — | — |
| 营业利润率 | 32.0% | -20.5% |
| 净利率 | — | -31.8% |
| 营收同比 | 16.0% | -4.3% |
| 净利润同比 | — | -460.1% |
| 每股收益（稀释后） | $43.66 | $-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BKNGSATS
| Q4 25 | $6.3B | $3.8B | ||
| Q3 25 | $9.0B | $3.6B | ||
| Q2 25 | $6.8B | $3.7B | ||
| Q1 25 | $4.8B | $3.9B | ||
| Q4 24 | $5.5B | $4.0B | ||
| Q3 24 | $8.0B | $3.9B | ||
| Q2 24 | $5.9B | $4.0B | ||
| Q1 24 | $4.4B | $4.0B |
净利润BKNGSATS
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-12.8B | ||
| Q2 25 | — | $-306.1M | ||
| Q1 25 | — | $-202.7M | ||
| Q4 24 | — | $335.2M | ||
| Q3 24 | — | $-141.8M | ||
| Q2 24 | — | $-205.6M | ||
| Q1 24 | — | $-107.4M |
营业利润率BKNGSATS
| Q4 25 | 32.0% | -20.5% | ||
| Q3 25 | 38.7% | -460.5% | ||
| Q2 25 | 33.1% | -5.7% | ||
| Q1 25 | 22.3% | -2.3% | ||
| Q4 24 | 31.6% | -1.6% | ||
| Q3 24 | 39.8% | -4.1% | ||
| Q2 24 | 31.7% | -1.7% | ||
| Q1 24 | 17.9% | -0.4% |
净利率BKNGSATS
| Q4 25 | — | -31.8% | ||
| Q3 25 | — | -353.6% | ||
| Q2 25 | — | -8.2% | ||
| Q1 25 | — | -5.2% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | — | -3.6% | ||
| Q2 24 | — | -5.2% | ||
| Q1 24 | — | -2.7% |
每股收益（稀释后）BKNGSATS
| Q4 25 | $43.66 | $-4.27 | ||
| Q3 25 | $84.41 | $-44.37 | ||
| Q2 25 | $27.43 | $-1.06 | ||
| Q1 25 | $10.07 | $-0.71 | ||
| Q4 24 | $31.60 | $1.24 | ||
| Q3 24 | $74.34 | $-0.52 | ||
| Q2 24 | $44.38 | $-0.76 | ||
| Q1 24 | $22.37 | $-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 | $17.2B | $3.0B |
| 总债务越低越好 | $18.7B | $18.7B |
| 股东权益账面价值 | $-5.6B | $5.8B |
| 总资产 | $29.3B | $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BKNGSATS
| Q4 25 | $17.2B | $3.0B | ||
| Q3 25 | $16.5B | $3.9B | ||
| Q2 25 | $17.6B | $4.3B | ||
| Q1 25 | $15.6B | $5.1B | ||
| Q4 24 | $16.2B | $5.5B | ||
| Q3 24 | $15.8B | $674.4M | ||
| Q2 24 | $16.3B | $520.6M | ||
| Q1 24 | $16.0B | $766.4M |
总债务BKNGSATS
| Q4 25 | $18.7B | $18.7B | ||
| Q3 25 | $17.0B | $21.8B | ||
| Q2 25 | $18.5B | $25.4B | ||
| Q1 25 | $16.0B | $25.3B | ||
| Q4 24 | $16.6B | $25.7B | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | $951.0M |
股东权益BKNGSATS
| Q4 25 | $-5.6B | $5.8B | ||
| Q3 25 | $-4.7B | $7.0B | ||
| Q2 25 | $-6.7B | $19.7B | ||
| Q1 25 | $-6.1B | $20.0B | ||
| Q4 24 | $-4.0B | $20.2B | ||
| Q3 24 | $-3.7B | $19.4B | ||
| Q2 24 | $-4.3B | $19.6B | ||
| Q1 24 | $-4.1B | $19.8B |
总资产BKNGSATS
| Q4 25 | $29.3B | $43.0B | ||
| Q3 25 | $28.8B | $45.3B | ||
| Q2 25 | $30.7B | $59.9B | ||
| Q1 25 | $27.2B | $60.6B | ||
| Q4 24 | $27.7B | $60.9B | ||
| Q3 24 | $28.0B | $57.5B | ||
| Q2 24 | $28.5B | $55.3B | ||
| Q1 24 | $27.7B | $55.6B |
负债/权益比BKNGSATS
| 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 | $1.4B | $-583.4M |
| 自由现金流率自由现金流/营收 | 22.3% | -15.4% |
| 资本支出强度资本支出/营收 | 1.1% | 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 | $9.1B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流BKNGSATS
| Q4 25 | $1.5B | $-425.3M | ||
| Q3 25 | $1.4B | $111.7M | ||
| Q2 25 | $3.2B | $7.5M | ||
| Q1 25 | $3.3B | $206.8M | ||
| Q4 24 | $721.0M | $45.6M | ||
| Q3 24 | $2.4B | $276.2M | ||
| Q2 24 | $2.5B | $479.7M | ||
| Q1 24 | $2.7B | $451.3M |
自由现金流BKNGSATS
| Q4 25 | $1.4B | $-583.4M | ||
| Q3 25 | $1.4B | $-144.4M | ||
| Q2 25 | $3.1B | $-285.7M | ||
| Q1 25 | $3.2B | $-51.7M | ||
| Q4 24 | $645.0M | $-298.7M | ||
| Q3 24 | $2.3B | $-57.5M | ||
| Q2 24 | $2.4B | $132.4M | ||
| Q1 24 | $2.6B | $-68.4M |
自由现金流率BKNGSATS
| Q4 25 | 22.3% | -15.4% | ||
| Q3 25 | 15.2% | -4.0% | ||
| Q2 25 | 46.1% | -7.7% | ||
| Q1 25 | 66.4% | -1.3% | ||
| Q4 24 | 11.8% | -7.5% | ||
| Q3 24 | 28.7% | -1.5% | ||
| Q2 24 | 40.6% | 3.3% | ||
| Q1 24 | 58.3% | -1.7% |
资本支出强度BKNGSATS
| Q4 25 | 1.1% | 4.2% | ||
| Q3 25 | 0.7% | 7.1% | ||
| Q2 25 | 0.9% | 7.9% | ||
| Q1 25 | 2.5% | 6.7% | ||
| Q4 24 | 1.4% | 8.7% | ||
| Q3 24 | 1.0% | 8.6% | ||
| Q2 24 | 2.5% | 8.8% | ||
| Q1 24 | 2.9% | 12.9% |
现金转化率BKNGSATS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 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% |
