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CARVANA CO.（CVNA）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
CARVANA CO.的季度营收约是EchoStar CORP的1.5倍（$5.6B vs $3.8B），CARVANA CO.净利率更高（15.3% vs -31.8%，领先47.1%），CARVANA CO.同比增速更快（58.0% vs -4.3%），CARVANA CO.自由现金流更多（$379.0M vs $-583.4M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs -2.8%）
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
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。
CVNA vs SATS — 直观对比
营收规模更大
CVNA
是对方的1.5倍
$3.8B
营收增速更快
CVNA
高出62.3%
-4.3%
净利率更高
CVNA
高出47.1%
-31.8%
自由现金流更多
CVNA
多$962.4M
$-583.4M
两年增速更快
CVNA
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.6B | $3.8B |
| 净利润 | $857.0M | $-1.2B |
| 毛利率 | 18.8% | — |
| 营业利润率 | 7.6% | -20.5% |
| 净利率 | 15.3% | -31.8% |
| 营收同比 | 58.0% | -4.3% |
| 净利润同比 | 984.8% | -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CVNASATS
| Q4 25 | $5.6B | $3.8B | ||
| Q3 25 | $5.6B | $3.6B | ||
| Q2 25 | $4.8B | $3.7B | ||
| Q1 25 | $4.2B | $3.9B | ||
| Q4 24 | $3.5B | $4.0B | ||
| Q3 24 | $3.7B | $3.9B | ||
| Q2 24 | $3.4B | $4.0B | ||
| Q1 24 | $3.1B | $4.0B |
净利润CVNASATS
| Q4 25 | $857.0M | $-1.2B | ||
| Q3 25 | $151.0M | $-12.8B | ||
| Q2 25 | $183.0M | $-306.1M | ||
| Q1 25 | $216.0M | $-202.7M | ||
| Q4 24 | $79.0M | $335.2M | ||
| Q3 24 | $85.0M | $-141.8M | ||
| Q2 24 | $18.0M | $-205.6M | ||
| Q1 24 | $28.0M | $-107.4M |
毛利率CVNASATS
| Q4 25 | 18.8% | — | ||
| Q3 25 | 20.3% | — | ||
| Q2 25 | 22.0% | — | ||
| Q1 25 | 22.0% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.1% | — | ||
| Q2 24 | 21.0% | — | ||
| Q1 24 | 19.3% | — |
营业利润率CVNASATS
| Q4 25 | 7.6% | -20.5% | ||
| Q3 25 | 9.8% | -460.5% | ||
| Q2 25 | 10.6% | -5.7% | ||
| Q1 25 | 9.3% | -2.3% | ||
| Q4 24 | 7.3% | -1.6% | ||
| Q3 24 | 9.2% | -4.1% | ||
| Q2 24 | 7.6% | -1.7% | ||
| Q1 24 | 4.4% | -0.4% |
净利率CVNASATS
| Q4 25 | 15.3% | -31.8% | ||
| Q3 25 | 2.7% | -353.6% | ||
| Q2 25 | 3.8% | -8.2% | ||
| Q1 25 | 5.1% | -5.2% | ||
| Q4 24 | 2.2% | 8.5% | ||
| Q3 24 | 2.3% | -3.6% | ||
| Q2 24 | 0.5% | -5.2% | ||
| Q1 24 | 0.9% | -2.7% |
每股收益（稀释后）CVNASATS
| Q4 25 | — | $-4.27 | ||
| Q3 25 | — | $-44.37 | ||
| Q2 25 | — | $-1.06 | ||
| Q1 25 | — | $-0.71 | ||
| Q4 24 | — | $1.24 | ||
| Q3 24 | — | $-0.52 | ||
| Q2 24 | — | $-0.76 | ||
| Q1 24 | $0.24 | $-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 | $2.3B | $3.0B |
| 总债务越低越好 | $4.9B | $18.7B |
| 股东权益账面价值 | $3.4B | $5.8B |
| 总资产 | $13.2B | $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CVNASATS
| Q4 25 | $2.3B | $3.0B | ||
| Q3 25 | $2.1B | $3.9B | ||
| Q2 25 | $1.9B | $4.3B | ||
| Q1 25 | $1.9B | $5.1B | ||
| Q4 24 | $1.7B | $5.5B | ||
| Q3 24 | $871.0M | $674.4M | ||
| Q2 24 | $542.0M | $520.6M | ||
| Q1 24 | $252.0M | $766.4M |
总债务CVNASATS
| Q4 25 | $4.9B | $18.7B | ||
| Q3 25 | — | $21.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | $5.3B | $25.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $951.0M |
股东权益CVNASATS
| Q4 25 | $3.4B | $5.8B | ||
| Q3 25 | $2.3B | $7.0B | ||
| Q2 25 | $1.7B | $19.7B | ||
| Q1 25 | $1.5B | $20.0B | ||
| Q4 24 | $1.3B | $20.2B | ||
| Q3 24 | $611.0M | $19.4B | ||
| Q2 24 | $526.0M | $19.6B | ||
| Q1 24 | $289.0M | $19.8B |
总资产CVNASATS
| Q4 25 | $13.2B | $43.0B | ||
| Q3 25 | $9.9B | $45.3B | ||
| Q2 25 | $9.4B | $59.9B | ||
| Q1 25 | $8.9B | $60.6B | ||
| Q4 24 | $8.5B | $60.9B | ||
| Q3 24 | $7.4B | $57.5B | ||
| Q2 24 | $7.2B | $55.3B | ||
| Q1 24 | $7.0B | $55.6B |
负债/权益比CVNASATS
| Q4 25 | 1.43× | 3.24× | ||
| Q3 25 | — | 3.13× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | 4.20× | 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 | $430.0M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $379.0M | $-583.4M |
| 自由现金流率自由现金流/营收 | 6.8% | -15.4% |
| 资本支出强度资本支出/营收 | 0.9% | 4.2% |
| 现金转化率经营现金流/净利润 | 0.50× | — |
| 过去12个月自由现金流最近4个季度 | $889.0M | $-1.1B |
8季度趋势，按日历期对齐
经营现金流CVNASATS
| Q4 25 | $430.0M | $-425.3M | ||
| Q3 25 | $345.0M | $111.7M | ||
| Q2 25 | $29.0M | $7.5M | ||
| Q1 25 | $232.0M | $206.8M | ||
| Q4 24 | $60.0M | $45.6M | ||
| Q3 24 | $403.0M | $276.2M | ||
| Q2 24 | $354.0M | $479.7M | ||
| Q1 24 | $101.0M | $451.3M |
自由现金流CVNASATS
| Q4 25 | $379.0M | $-583.4M | ||
| Q3 25 | $307.0M | $-144.4M | ||
| Q2 25 | $-2.0M | $-285.7M | ||
| Q1 25 | $205.0M | $-51.7M | ||
| Q4 24 | $36.0M | $-298.7M | ||
| Q3 24 | $376.0M | $-57.5M | ||
| Q2 24 | $332.0M | $132.4M | ||
| Q1 24 | $83.0M | $-68.4M |
自由现金流率CVNASATS
| Q4 25 | 6.8% | -15.4% | ||
| Q3 25 | 5.4% | -4.0% | ||
| Q2 25 | -0.0% | -7.7% | ||
| Q1 25 | 4.8% | -1.3% | ||
| Q4 24 | 1.0% | -7.5% | ||
| Q3 24 | 10.3% | -1.5% | ||
| Q2 24 | 9.7% | 3.3% | ||
| Q1 24 | 2.7% | -1.7% |
资本支出强度CVNASATS
| Q4 25 | 0.9% | 4.2% | ||
| Q3 25 | 0.7% | 7.1% | ||
| Q2 25 | 0.6% | 7.9% | ||
| Q1 25 | 0.6% | 6.7% | ||
| Q4 24 | 0.7% | 8.7% | ||
| Q3 24 | 0.7% | 8.6% | ||
| Q2 24 | 0.6% | 8.8% | ||
| Q1 24 | 0.6% | 12.9% |
现金转化率CVNASATS
| Q4 25 | 0.50× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 0.16× | — | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 0.76× | 0.14× | ||
| Q3 24 | 4.74× | — | ||
| Q2 24 | 19.67× | — | ||
| Q1 24 | 3.61× | — |
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
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
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% |
