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CDW Corporation（CDW）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是EchoStar CORP的1.5倍（$5.5B vs $3.8B），CDW Corporation同比增速更快（6.3% vs -4.3%），CDW Corporation自由现金流更多（$395.9M vs $-583.4M），过去两年CDW Corporation的营收复合增速更高（6.3% vs -2.8%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
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。
CDW vs SATS — 直观对比
营收规模更大
CDW
是对方的1.5倍
$3.8B
营收增速更快
CDW
高出10.6%
-4.3%
自由现金流更多
CDW
多$979.3M
$-583.4M
两年增速更快
CDW
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.8B |
| 净利润 | — | $-1.2B |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | -20.5% |
| 净利率 | — | -31.8% |
| 营收同比 | 6.3% | -4.3% |
| 净利润同比 | — | -460.1% |
| 每股收益（稀释后） | $2.13 | $-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CDWSATS
| Q4 25 | $5.5B | $3.8B | ||
| Q3 25 | $5.7B | $3.6B | ||
| Q2 25 | $6.0B | $3.7B | ||
| Q1 25 | $5.2B | $3.9B | ||
| Q4 24 | $5.2B | $4.0B | ||
| Q3 24 | $5.5B | $3.9B | ||
| Q2 24 | $5.4B | $4.0B | ||
| Q1 24 | $4.9B | $4.0B |
净利润CDWSATS
| Q4 25 | — | $-1.2B | ||
| Q3 25 | $291.0M | $-12.8B | ||
| Q2 25 | $271.2M | $-306.1M | ||
| Q1 25 | $224.9M | $-202.7M | ||
| Q4 24 | — | $335.2M | ||
| Q3 24 | $316.4M | $-141.8M | ||
| Q2 24 | $281.1M | $-205.6M | ||
| Q1 24 | $216.1M | $-107.4M |
毛利率CDWSATS
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 21.8% | — |
营业利润率CDWSATS
| Q4 25 | 7.8% | -20.5% | ||
| Q3 25 | 7.7% | -460.5% | ||
| Q2 25 | 7.0% | -5.7% | ||
| Q1 25 | 7.0% | -2.3% | ||
| Q4 24 | 7.9% | -1.6% | ||
| Q3 24 | 8.7% | -4.1% | ||
| Q2 24 | 8.0% | -1.7% | ||
| Q1 24 | 6.7% | -0.4% |
净利率CDWSATS
| Q4 25 | — | -31.8% | ||
| Q3 25 | 5.1% | -353.6% | ||
| Q2 25 | 4.5% | -8.2% | ||
| Q1 25 | 4.3% | -5.2% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | 5.7% | -3.6% | ||
| Q2 24 | 5.2% | -5.2% | ||
| Q1 24 | 4.4% | -2.7% |
每股收益（稀释后）CDWSATS
| Q4 25 | $2.13 | $-4.27 | ||
| Q3 25 | $2.21 | $-44.37 | ||
| Q2 25 | $2.05 | $-1.06 | ||
| Q1 25 | $1.69 | $-0.71 | ||
| Q4 24 | $1.97 | $1.24 | ||
| Q3 24 | $2.34 | $-0.52 | ||
| Q2 24 | $2.07 | $-0.76 | ||
| Q1 24 | $1.59 | $-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 | $618.7M | $3.0B |
| 总债务越低越好 | — | $18.7B |
| 股东权益账面价值 | $2.6B | $5.8B |
| 总资产 | $16.0B | $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CDWSATS
| Q4 25 | $618.7M | $3.0B | ||
| Q3 25 | $452.9M | $3.9B | ||
| Q2 25 | $481.0M | $4.3B | ||
| Q1 25 | $688.1M | $5.1B | ||
| Q4 24 | $717.7M | $5.5B | ||
| Q3 24 | $1.2B | $674.4M | ||
| Q2 24 | $665.3M | $520.6M | ||
| Q1 24 | $803.8M | $766.4M |
总债务CDWSATS
| 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CDWSATS
| Q4 25 | $2.6B | $5.8B | ||
| Q3 25 | $2.5B | $7.0B | ||
| Q2 25 | $2.5B | $19.7B | ||
| Q1 25 | $2.3B | $20.0B | ||
| Q4 24 | $2.4B | $20.2B | ||
| Q3 24 | $2.3B | $19.4B | ||
| Q2 24 | $2.2B | $19.6B | ||
| Q1 24 | $2.1B | $19.8B |
总资产CDWSATS
| Q4 25 | $16.0B | $43.0B | ||
| Q3 25 | $15.2B | $45.3B | ||
| Q2 25 | $15.3B | $59.9B | ||
| Q1 25 | $15.0B | $60.6B | ||
| Q4 24 | $14.7B | $60.9B | ||
| Q3 24 | $14.4B | $57.5B | ||
| Q2 24 | $13.6B | $55.3B | ||
| Q1 24 | $13.2B | $55.6B |
负债/权益比CDWSATS
| 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 | $433.8M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $-583.4M |
| 自由现金流率自由现金流/营收 | 7.2% | -15.4% |
| 资本支出强度资本支出/营收 | 0.7% | 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 | $-1.1B |
8季度趋势，按日历期对齐
经营现金流CDWSATS
| Q4 25 | $433.8M | $-425.3M | ||
| Q3 25 | $328.3M | $111.7M | ||
| Q2 25 | $155.9M | $7.5M | ||
| Q1 25 | $287.2M | $206.8M | ||
| Q4 24 | $345.3M | $45.6M | ||
| Q3 24 | $342.1M | $276.2M | ||
| Q2 24 | $149.9M | $479.7M | ||
| Q1 24 | $440.0M | $451.3M |
自由现金流CDWSATS
| Q4 25 | $395.9M | $-583.4M | ||
| Q3 25 | $298.5M | $-144.4M | ||
| Q2 25 | $133.4M | $-285.7M | ||
| Q1 25 | $260.3M | $-51.7M | ||
| Q4 24 | $316.7M | $-298.7M | ||
| Q3 24 | $308.5M | $-57.5M | ||
| Q2 24 | $119.0M | $132.4M | ||
| Q1 24 | $410.5M | $-68.4M |
自由现金流率CDWSATS
| Q4 25 | 7.2% | -15.4% | ||
| Q3 25 | 5.2% | -4.0% | ||
| Q2 25 | 2.2% | -7.7% | ||
| Q1 25 | 5.0% | -1.3% | ||
| Q4 24 | 6.1% | -7.5% | ||
| Q3 24 | 5.6% | -1.5% | ||
| Q2 24 | 2.2% | 3.3% | ||
| Q1 24 | 8.4% | -1.7% |
资本支出强度CDWSATS
| Q4 25 | 0.7% | 4.2% | ||
| Q3 25 | 0.5% | 7.1% | ||
| Q2 25 | 0.4% | 7.9% | ||
| Q1 25 | 0.5% | 6.7% | ||
| Q4 24 | 0.6% | 8.7% | ||
| Q3 24 | 0.6% | 8.6% | ||
| Q2 24 | 0.6% | 8.8% | ||
| Q1 24 | 0.6% | 12.9% |
现金转化率CDWSATS
| Q4 25 | — | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 2.04× | — |
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
CDW
暂无分部数据
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% |
