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COMFORT SYSTEMS USA INC（FIX）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
EchoStar CORP的季度营收约是COMFORT SYSTEMS USA INC的1.4倍（$3.8B vs $2.6B），COMFORT SYSTEMS USA INC净利率更高（12.5% vs -31.8%，领先44.3%），COMFORT SYSTEMS USA INC同比增速更快（41.7% vs -4.3%），COMFORT SYSTEMS USA INC自由现金流更多（$402.4M vs $-583.4M），过去两年COMFORT SYSTEMS USA INC的营收复合增速更高（31.2% vs -2.8%）
Comfort Systems USA Inc.是一家美国企业，主营机电工程承包服务，核心业务覆盖暖通空调、给排水、管道工程、控制系统、场外预制建造、监测服务、消防系统，以及电气系统的安装与运维，为各类客户提供一体化机电设施解决方案。
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。
FIX vs SATS — 直观对比
营收规模更大
SATS
是对方的1.4倍
$2.6B
营收增速更快
FIX
高出46.0%
-4.3%
净利率更高
FIX
高出44.3%
-31.8%
自由现金流更多
FIX
多$985.9M
$-583.4M
两年增速更快
FIX
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $3.8B |
| 净利润 | $330.8M | $-1.2B |
| 毛利率 | 25.5% | — |
| 营业利润率 | 16.1% | -20.5% |
| 净利率 | 12.5% | -31.8% |
| 营收同比 | 41.7% | -4.3% |
| 净利润同比 | 126.8% | -460.1% |
| 每股收益（稀释后） | $9.35 | $-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FIXSATS
| Q4 25 | $2.6B | $3.8B | ||
| Q3 25 | $2.5B | $3.6B | ||
| Q2 25 | $2.2B | $3.7B | ||
| Q1 25 | $1.8B | $3.9B | ||
| Q4 24 | $1.9B | $4.0B | ||
| Q3 24 | $1.8B | $3.9B | ||
| Q2 24 | $1.8B | $4.0B | ||
| Q1 24 | $1.5B | $4.0B |
净利润FIXSATS
| Q4 25 | $330.8M | $-1.2B | ||
| Q3 25 | $291.6M | $-12.8B | ||
| Q2 25 | $230.8M | $-306.1M | ||
| Q1 25 | $169.3M | $-202.7M | ||
| Q4 24 | $145.9M | $335.2M | ||
| Q3 24 | $146.2M | $-141.8M | ||
| Q2 24 | $134.0M | $-205.6M | ||
| Q1 24 | $96.3M | $-107.4M |
毛利率FIXSATS
| Q4 25 | 25.5% | — | ||
| Q3 25 | 24.8% | — | ||
| Q2 25 | 23.5% | — | ||
| Q1 25 | 22.0% | — | ||
| Q4 24 | 23.2% | — | ||
| Q3 24 | 21.1% | — | ||
| Q2 24 | 20.1% | — | ||
| Q1 24 | 19.3% | — |
营业利润率FIXSATS
| Q4 25 | 16.1% | -20.5% | ||
| Q3 25 | 15.5% | -460.5% | ||
| Q2 25 | 13.8% | -5.7% | ||
| Q1 25 | 11.4% | -2.3% | ||
| Q4 24 | 12.1% | -1.6% | ||
| Q3 24 | 11.2% | -4.1% | ||
| Q2 24 | 10.2% | -1.7% | ||
| Q1 24 | 8.8% | -0.4% |
净利率FIXSATS
| Q4 25 | 12.5% | -31.8% | ||
| Q3 25 | 11.9% | -353.6% | ||
| Q2 25 | 10.6% | -8.2% | ||
| Q1 25 | 9.2% | -5.2% | ||
| Q4 24 | 7.8% | 8.5% | ||
| Q3 24 | 8.1% | -3.6% | ||
| Q2 24 | 7.4% | -5.2% | ||
| Q1 24 | 6.3% | -2.7% |
每股收益（稀释后）FIXSATS
| Q4 25 | $9.35 | $-4.27 | ||
| Q3 25 | $8.25 | $-44.37 | ||
| Q2 25 | $6.53 | $-1.06 | ||
| Q1 25 | $4.75 | $-0.71 | ||
| Q4 24 | $4.08 | $1.24 | ||
| Q3 24 | $4.09 | $-0.52 | ||
| Q2 24 | $3.74 | $-0.76 | ||
| Q1 24 | $2.69 | $-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 | $981.9M | $3.0B |
| 总债务越低越好 | $145.2M | $18.7B |
| 股东权益账面价值 | $2.4B | $5.8B |
| 总资产 | $6.4B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.06× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资FIXSATS
| Q4 25 | $981.9M | $3.0B | ||
| Q3 25 | $860.5M | $3.9B | ||
| Q2 25 | $331.7M | $4.3B | ||
| Q1 25 | $204.8M | $5.1B | ||
| Q4 24 | $549.9M | $5.5B | ||
| Q3 24 | $415.6M | $674.4M | ||
| Q2 24 | $199.4M | $520.6M | ||
| Q1 24 | $100.8M | $766.4M |
总债务FIXSATS
| Q4 25 | $145.2M | $18.7B | ||
| Q3 25 | $136.0M | $21.8B | ||
| Q2 25 | $73.0M | $25.4B | ||
| Q1 25 | $67.8M | $25.3B | ||
| Q4 24 | $68.3M | $25.7B | ||
| Q3 24 | $62.3M | — | ||
| Q2 24 | $73.4M | — | ||
| Q1 24 | $77.0M | $951.0M |
股东权益FIXSATS
| Q4 25 | $2.4B | $5.8B | ||
| Q3 25 | $2.2B | $7.0B | ||
| Q2 25 | $2.0B | $19.7B | ||
| Q1 25 | $1.8B | $20.0B | ||
| Q4 24 | $1.7B | $20.2B | ||
| Q3 24 | $1.6B | $19.4B | ||
| Q2 24 | $1.5B | $19.6B | ||
| Q1 24 | $1.4B | $19.8B |
总资产FIXSATS
| Q4 25 | $6.4B | $43.0B | ||
| Q3 25 | $5.8B | $45.3B | ||
| Q2 25 | $5.1B | $59.9B | ||
| Q1 25 | $4.6B | $60.6B | ||
| Q4 24 | $4.7B | $60.9B | ||
| Q3 24 | $4.4B | $57.5B | ||
| Q2 24 | $4.2B | $55.3B | ||
| Q1 24 | $3.9B | $55.6B |
负债/权益比FIXSATS
| Q4 25 | 0.06× | 3.24× | ||
| Q3 25 | 0.06× | 3.13× | ||
| Q2 25 | 0.04× | 1.29× | ||
| Q1 25 | 0.04× | 1.27× | ||
| Q4 24 | 0.04× | 1.27× | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.05× | — | ||
| Q1 24 | 0.06× | 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 | $468.5M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $402.4M | $-583.4M |
| 自由现金流率自由现金流/营收 | 15.2% | -15.4% |
| 资本支出强度资本支出/营收 | 2.5% | 4.2% |
| 现金转化率经营现金流/净利润 | 1.42× | — |
| 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FIXSATS
| Q4 25 | $468.5M | $-425.3M | ||
| Q3 25 | $553.3M | $111.7M | ||
| Q2 25 | $252.5M | $7.5M | ||
| Q1 25 | $-88.0M | $206.8M | ||
| Q4 24 | $210.5M | $45.6M | ||
| Q3 24 | $302.2M | $276.2M | ||
| Q2 24 | $189.9M | $479.7M | ||
| Q1 24 | $146.6M | $451.3M |
自由现金流FIXSATS
| Q4 25 | $402.4M | $-583.4M | ||
| Q3 25 | $517.9M | $-144.4M | ||
| Q2 25 | $221.2M | $-285.7M | ||
| Q1 25 | $-110.2M | $-51.7M | ||
| Q4 24 | $169.8M | $-298.7M | ||
| Q3 24 | $280.1M | $-57.5M | ||
| Q2 24 | $166.5M | $132.4M | ||
| Q1 24 | $121.6M | $-68.4M |
自由现金流率FIXSATS
| Q4 25 | 15.2% | -15.4% | ||
| Q3 25 | 21.1% | -4.0% | ||
| Q2 25 | 10.2% | -7.7% | ||
| Q1 25 | -6.0% | -1.3% | ||
| Q4 24 | 9.1% | -7.5% | ||
| Q3 24 | 15.5% | -1.5% | ||
| Q2 24 | 9.2% | 3.3% | ||
| Q1 24 | 7.9% | -1.7% |
资本支出强度FIXSATS
| Q4 25 | 2.5% | 4.2% | ||
| Q3 25 | 1.4% | 7.1% | ||
| Q2 25 | 1.4% | 7.9% | ||
| Q1 25 | 1.2% | 6.7% | ||
| Q4 24 | 2.2% | 8.7% | ||
| Q3 24 | 1.2% | 8.6% | ||
| Q2 24 | 1.3% | 8.8% | ||
| Q1 24 | 1.6% | 12.9% |
现金转化率FIXSATS
| Q4 25 | 1.42× | — | ||
| Q3 25 | 1.90× | — | ||
| Q2 25 | 1.09× | — | ||
| Q1 25 | -0.52× | — | ||
| Q4 24 | 1.44× | 0.14× | ||
| Q3 24 | 2.07× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | 1.52× | — |
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
FIX
| Electrical Segment | $823.7M | 31% |
| Manufacturing Customer | $542.7M | 21% |
| Existing Building Construction | $491.4M | 19% |
| Healthcare Sector Customer | $220.8M | 8% |
| Service Projects | $153.0M | 6% |
| Education | $137.5M | 5% |
| Government Customer | $131.0M | 5% |
| Office Building Customer | $88.2M | 3% |
| Other Customer | $40.7M | 2% |
| Multi Family And Residential | $33.7M | 1% |
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% |
