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CLEVELAND-CLIFFS INC.（CLF）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
CLEVELAND-CLIFFS INC.的季度营收约是EchoStar CORP的1.1倍（$4.3B vs $3.8B），CLEVELAND-CLIFFS INC.净利率更高（-5.6% vs -31.8%，领先26.2%），CLEVELAND-CLIFFS INC.同比增速更快（-0.3% vs -4.3%），CLEVELAND-CLIFFS INC.自由现金流更多（$-153.0M vs $-583.4M），过去两年EchoStar CORP的营收复合增速更高（-2.8% vs -8.9%）
克利夫兰-克利夫斯公司是总部位于美国俄亥俄州克利夫兰的钢铁制造商，业务覆盖铁矿石开采、选矿、造球及钢铁冶炼，包含冲压与模具制造，是美国第二大钢铁生产商、北美最大扁钢生产商，位列财富500强第221位、福布斯全球2000强第1511位。
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。
CLF vs SATS — 直观对比
营收规模更大
CLF
是对方的1.1倍
$3.8B
营收增速更快
CLF
高出4.0%
-4.3%
净利率更高
CLF
高出26.2%
-31.8%
自由现金流更多
CLF
多$430.4M
$-583.4M
两年增速更快
SATS
近两年复合增速
-8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $3.8B |
| 净利润 | $-241.0M | $-1.2B |
| 毛利率 | -5.0% | — |
| 营业利润率 | -7.9% | -20.5% |
| 净利率 | -5.6% | -31.8% |
| 营收同比 | -0.3% | -4.3% |
| 净利润同比 | 46.1% | -460.1% |
| 每股收益（稀释后） | — | $-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CLFSATS
| Q4 25 | $4.3B | $3.8B | ||
| Q3 25 | $4.7B | $3.6B | ||
| Q2 25 | $4.9B | $3.7B | ||
| Q1 25 | $4.6B | $3.9B | ||
| Q4 24 | $4.3B | $4.0B | ||
| Q3 24 | $4.6B | $3.9B | ||
| Q2 24 | $5.1B | $4.0B | ||
| Q1 24 | $5.2B | $4.0B |
净利润CLFSATS
| Q4 25 | $-241.0M | $-1.2B | ||
| Q3 25 | $-251.0M | $-12.8B | ||
| Q2 25 | $-470.0M | $-306.1M | ||
| Q1 25 | $-483.0M | $-202.7M | ||
| Q4 24 | $-447.0M | $335.2M | ||
| Q3 24 | $-242.0M | $-141.8M | ||
| Q2 24 | $2.0M | $-205.6M | ||
| Q1 24 | $-67.0M | $-107.4M |
毛利率CLFSATS
| Q4 25 | -5.0% | — | ||
| Q3 25 | -1.0% | — | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -8.4% | — | ||
| Q4 24 | -6.3% | — | ||
| Q3 24 | -2.3% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 5.5% | — |
营业利润率CLFSATS
| Q4 25 | -7.9% | -20.5% | ||
| Q3 25 | -4.3% | -460.5% | ||
| Q2 25 | -10.1% | -5.7% | ||
| Q1 25 | -11.6% | -2.3% | ||
| Q4 24 | -10.8% | -1.6% | ||
| Q3 24 | -5.7% | -4.1% | ||
| Q2 24 | 0.1% | -1.7% | ||
| Q1 24 | -0.7% | -0.4% |
净利率CLFSATS
| Q4 25 | -5.6% | -31.8% | ||
| Q3 25 | -5.3% | -353.6% | ||
| Q2 25 | -9.5% | -8.2% | ||
| Q1 25 | -10.4% | -5.2% | ||
| Q4 24 | -10.3% | 8.5% | ||
| Q3 24 | -5.3% | -3.6% | ||
| Q2 24 | 0.0% | -5.2% | ||
| Q1 24 | -1.3% | -2.7% |
每股收益（稀释后）CLFSATS
| Q4 25 | — | $-4.27 | ||
| Q3 25 | $-0.51 | $-44.37 | ||
| Q2 25 | — | $-1.06 | ||
| Q1 25 | — | $-0.71 | ||
| Q4 24 | $-0.91 | $1.24 | ||
| Q3 24 | $-0.52 | $-0.52 | ||
| Q2 24 | $0.00 | $-0.76 | ||
| Q1 24 | $-0.14 | $-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 | $57.0M | $3.0B |
| 总债务越低越好 | $7.3B | $18.7B |
| 股东权益账面价值 | $6.1B | $5.8B |
| 总资产 | $20.0B | $43.0B |
| 负债/权益比越低杠杆越低 | 1.19× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资CLFSATS
| Q4 25 | $57.0M | $3.0B | ||
| Q3 25 | $66.0M | $3.9B | ||
| Q2 25 | $61.0M | $4.3B | ||
| Q1 25 | $57.0M | $5.1B | ||
| Q4 24 | $54.0M | $5.5B | ||
| Q3 24 | $39.0M | $674.4M | ||
| Q2 24 | $110.0M | $520.6M | ||
| Q1 24 | $30.0M | $766.4M |
总债务CLFSATS
| Q4 25 | $7.3B | $18.7B | ||
| Q3 25 | $8.0B | $21.8B | ||
| Q2 25 | $7.7B | $25.4B | ||
| Q1 25 | $7.6B | $25.3B | ||
| Q4 24 | $7.1B | $25.7B | ||
| Q3 24 | $3.8B | — | ||
| Q2 24 | $3.5B | — | ||
| Q1 24 | $3.7B | $951.0M |
股东权益CLFSATS
| Q4 25 | $6.1B | $5.8B | ||
| Q3 25 | $5.5B | $7.0B | ||
| Q2 25 | $5.8B | $19.7B | ||
| Q1 25 | $6.3B | $20.0B | ||
| Q4 24 | $6.7B | $20.2B | ||
| Q3 24 | $6.9B | $19.4B | ||
| Q2 24 | $7.1B | $19.6B | ||
| Q1 24 | $7.2B | $19.8B |
总资产CLFSATS
| Q4 25 | $20.0B | $43.0B | ||
| Q3 25 | $20.3B | $45.3B | ||
| Q2 25 | $20.5B | $59.9B | ||
| Q1 25 | $20.8B | $60.6B | ||
| Q4 24 | $20.9B | $60.9B | ||
| Q3 24 | $16.8B | $57.5B | ||
| Q2 24 | $16.9B | $55.3B | ||
| Q1 24 | $17.2B | $55.6B |
负债/权益比CLFSATS
| Q4 25 | 1.19× | 3.24× | ||
| Q3 25 | 1.47× | 3.13× | ||
| Q2 25 | 1.33× | 1.29× | ||
| Q1 25 | 1.22× | 1.27× | ||
| Q4 24 | 1.06× | 1.27× | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.51× | 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 | $-13.0M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-583.4M |
| 自由现金流率自由现金流/营收 | -3.5% | -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 | — | — |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流CLFSATS
| Q4 25 | $-13.0M | $-425.3M | ||
| Q3 25 | $-143.0M | $111.7M | ||
| Q2 25 | $45.0M | $7.5M | ||
| Q1 25 | $-351.0M | $206.8M | ||
| Q4 24 | $-472.0M | $45.6M | ||
| Q3 24 | $-84.0M | $276.2M | ||
| Q2 24 | $519.0M | $479.7M | ||
| Q1 24 | $142.0M | $451.3M |
自由现金流CLFSATS
| Q4 25 | $-153.0M | $-583.4M | ||
| Q3 25 | $-300.0M | $-144.4M | ||
| Q2 25 | $-67.0M | $-285.7M | ||
| Q1 25 | $-503.0M | $-51.7M | ||
| Q4 24 | $-677.0M | $-298.7M | ||
| Q3 24 | $-235.0M | $-57.5M | ||
| Q2 24 | $362.0M | $132.4M | ||
| Q1 24 | $-40.0M | $-68.4M |
自由现金流率CLFSATS
| Q4 25 | -3.5% | -15.4% | ||
| Q3 25 | -6.3% | -4.0% | ||
| Q2 25 | -1.4% | -7.7% | ||
| Q1 25 | -10.9% | -1.3% | ||
| Q4 24 | -15.7% | -7.5% | ||
| Q3 24 | -5.1% | -1.5% | ||
| Q2 24 | 7.1% | 3.3% | ||
| Q1 24 | -0.8% | -1.7% |
资本支出强度CLFSATS
| Q4 25 | 3.2% | 4.2% | ||
| Q3 25 | 3.3% | 7.1% | ||
| Q2 25 | 2.3% | 7.9% | ||
| Q1 25 | 3.3% | 6.7% | ||
| Q4 24 | 4.7% | 8.7% | ||
| Q3 24 | 3.3% | 8.6% | ||
| Q2 24 | 3.1% | 8.8% | ||
| Q1 24 | 3.5% | 12.9% |
现金转化率CLFSATS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | — | ||
| Q2 24 | 259.50× | — | ||
| 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
CLF
| Hot Rolled Steel | $1.1B | 27% |
| Automotive | $1.1B | 27% |
| Steel Producers | $555.0M | 13% |
| Cold Rolled Steel | $530.0M | 12% |
| Other | $409.0M | 9% |
| Stainless And Electrical Steel | $404.0M | 9% |
| Other Businesses | $159.0M | 4% |
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% |
