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盖璞（GAP）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
盖璞的季度营收约是EchoStar CORP的1.0倍（$3.9B vs $3.8B），盖璞净利率更高（6.0% vs -31.8%，领先37.8%），盖璞同比增速更快（3.0% vs -4.3%），盖璞自由现金流更多（$153.0M vs $-583.4M），过去两年EchoStar CORP的营收复合增速更高（-2.8% vs -4.2%）
盖璞（Gap Inc.）是总部位于美国加利福尼亚州旧金山的跨国服饰零售商，1969年由唐纳德·费舍尔与多丽丝·费舍尔创立，旗下拥有Gap、Banana Republic、Old Navy、Athleta四大核心品牌，是美国最大的服饰零售商之一，全球门店数量位列全球第三，仅次于Inditex集团和H&M。
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。
GAP vs SATS — 直观对比
营收规模更大
GAP
是对方的1.0倍
$3.8B
营收增速更快
GAP
高出7.3%
-4.3%
净利率更高
GAP
高出37.8%
-31.8%
自由现金流更多
GAP
多$736.4M
$-583.4M
两年增速更快
SATS
近两年复合增速
-4.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $3.8B |
| 净利润 | $236.0M | $-1.2B |
| 毛利率 | 42.4% | — |
| 营业利润率 | 8.5% | -20.5% |
| 净利率 | 6.0% | -31.8% |
| 营收同比 | 3.0% | -4.3% |
| 净利润同比 | -13.9% | -460.1% |
| 每股收益（稀释后） | $0.62 | $-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GAPSATS
| Q4 25 | $3.9B | $3.8B | ||
| Q3 25 | $3.7B | $3.6B | ||
| Q2 25 | $3.5B | $3.7B | ||
| Q1 25 | $4.1B | $3.9B | ||
| Q4 24 | $3.8B | $4.0B | ||
| Q3 24 | $3.7B | $3.9B | ||
| Q2 24 | $3.4B | $4.0B | ||
| Q1 24 | $4.3B | $4.0B |
净利润GAPSATS
| Q4 25 | $236.0M | $-1.2B | ||
| Q3 25 | $216.0M | $-12.8B | ||
| Q2 25 | $193.0M | $-306.1M | ||
| Q1 25 | $206.0M | $-202.7M | ||
| Q4 24 | $274.0M | $335.2M | ||
| Q3 24 | $206.0M | $-141.8M | ||
| Q2 24 | $158.0M | $-205.6M | ||
| Q1 24 | $185.0M | $-107.4M |
毛利率GAPSATS
| Q4 25 | 42.4% | — | ||
| Q3 25 | 41.2% | — | ||
| Q2 25 | 41.8% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 42.7% | — | ||
| Q3 24 | 42.6% | — | ||
| Q2 24 | 41.2% | — | ||
| Q1 24 | 38.9% | — |
营业利润率GAPSATS
| Q4 25 | 8.5% | -20.5% | ||
| Q3 25 | 7.8% | -460.5% | ||
| Q2 25 | 7.5% | -5.7% | ||
| Q1 25 | 6.2% | -2.3% | ||
| Q4 24 | 9.3% | -1.6% | ||
| Q3 24 | 7.9% | -4.1% | ||
| Q2 24 | 6.1% | -1.7% | ||
| Q1 24 | 5.0% | -0.4% |
净利率GAPSATS
| Q4 25 | 6.0% | -31.8% | ||
| Q3 25 | 5.8% | -353.6% | ||
| Q2 25 | 5.6% | -8.2% | ||
| Q1 25 | 5.0% | -5.2% | ||
| Q4 24 | 7.2% | 8.5% | ||
| Q3 24 | 5.5% | -3.6% | ||
| Q2 24 | 4.7% | -5.2% | ||
| Q1 24 | 4.3% | -2.7% |
每股收益（稀释后）GAPSATS
| Q4 25 | $0.62 | $-4.27 | ||
| Q3 25 | $0.57 | $-44.37 | ||
| Q2 25 | $0.51 | $-1.06 | ||
| Q1 25 | $0.53 | $-0.71 | ||
| Q4 24 | $0.72 | $1.24 | ||
| Q3 24 | $0.54 | $-0.52 | ||
| Q2 24 | $0.41 | $-0.76 | ||
| Q1 24 | $0.49 | $-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 | $2.5B | $3.0B |
| 总债务越低越好 | — | $18.7B |
| 股东权益账面价值 | $3.6B | $5.8B |
| 总资产 | $12.4B | $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GAPSATS
| Q4 25 | $2.5B | $3.0B | ||
| Q3 25 | $2.4B | $3.9B | ||
| Q2 25 | $2.2B | $4.3B | ||
| Q1 25 | $2.6B | $5.1B | ||
| Q4 24 | $2.2B | $5.5B | ||
| Q3 24 | $2.1B | $674.4M | ||
| Q2 24 | $1.7B | $520.6M | ||
| Q1 24 | $1.9B | $766.4M |
总债务GAPSATS
| 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GAPSATS
| Q4 25 | $3.6B | $5.8B | ||
| Q3 25 | $3.4B | $7.0B | ||
| Q2 25 | $3.3B | $19.7B | ||
| Q1 25 | $3.3B | $20.0B | ||
| Q4 24 | $3.1B | $20.2B | ||
| Q3 24 | $2.9B | $19.4B | ||
| Q2 24 | $2.7B | $19.6B | ||
| Q1 24 | $2.6B | $19.8B |
总资产GAPSATS
| Q4 25 | $12.4B | $43.0B | ||
| Q3 25 | $12.1B | $45.3B | ||
| Q2 25 | $11.6B | $59.9B | ||
| Q1 25 | $11.9B | $60.6B | ||
| Q4 24 | $11.9B | $60.9B | ||
| Q3 24 | $11.5B | $57.5B | ||
| Q2 24 | $10.9B | $55.3B | ||
| Q1 24 | $11.0B | $55.6B |
负债/权益比GAPSATS
| 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 | $299.0M | $-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 | 3.9% | -15.4% |
| 资本支出强度资本支出/营收 | 3.7% | 4.2% |
| 现金转化率经营现金流/净利润 | 1.27× | — |
| 过去12个月自由现金流最近4个季度 | $779.0M | $-1.1B |
8季度趋势，按日历期对齐
经营现金流GAPSATS
| Q4 25 | $299.0M | $-425.3M | ||
| Q3 25 | $448.0M | $111.7M | ||
| Q2 25 | $-140.0M | $7.5M | ||
| Q1 25 | $616.0M | $206.8M | ||
| Q4 24 | $291.0M | $45.6M | ||
| Q3 24 | $549.0M | $276.2M | ||
| Q2 24 | $30.0M | $479.7M | ||
| Q1 24 | $700.0M | $451.3M |
自由现金流GAPSATS
| Q4 25 | $153.0M | $-583.4M | ||
| Q3 25 | $350.0M | $-144.4M | ||
| Q2 25 | $-223.0M | $-285.7M | ||
| Q1 25 | $499.0M | $-51.7M | ||
| Q4 24 | $143.0M | $-298.7M | ||
| Q3 24 | $460.0M | $-57.5M | ||
| Q2 24 | $-63.0M | $132.4M | ||
| Q1 24 | $568.0M | $-68.4M |
自由现金流率GAPSATS
| Q4 25 | 3.9% | -15.4% | ||
| Q3 25 | 9.4% | -4.0% | ||
| Q2 25 | -6.4% | -7.7% | ||
| Q1 25 | 12.0% | -1.3% | ||
| Q4 24 | 3.7% | -7.5% | ||
| Q3 24 | 12.4% | -1.5% | ||
| Q2 24 | -1.9% | 3.3% | ||
| Q1 24 | 13.2% | -1.7% |
资本支出强度GAPSATS
| Q4 25 | 3.7% | 4.2% | ||
| Q3 25 | 2.6% | 7.1% | ||
| Q2 25 | 2.4% | 7.9% | ||
| Q1 25 | 2.8% | 6.7% | ||
| Q4 24 | 3.9% | 8.7% | ||
| Q3 24 | 2.4% | 8.6% | ||
| Q2 24 | 2.7% | 8.8% | ||
| Q1 24 | 3.1% | 12.9% |
现金转化率GAPSATS
| Q4 25 | 1.27× | — | ||
| Q3 25 | 2.07× | — | ||
| Q2 25 | -0.73× | — | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 1.06× | 0.14× | ||
| Q3 24 | 2.67× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 3.78× | — |
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
GAP
| Other | $2.2B | 55% |
| Online Sales | $1.6B | 40% |
| CA | $191.0M | 5% |
| Other Regions | $13.0M | 0% |
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% |
