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国际纸业（IP）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
国际纸业的季度营收约是EchoStar CORP的1.6倍（$6.0B vs $3.8B），国际纸业净利率更高（1.0% vs -31.8%，领先32.8%），国际纸业同比增速更快（-0.6% vs -4.3%），国际纸业自由现金流更多（$94.0M vs $-583.4M），过去两年国际纸业的营收复合增速更高（12.3% vs -2.8%）
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
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。
IP vs SATS — 直观对比
营收规模更大
IP
是对方的1.6倍
$3.8B
营收增速更快
IP
高出3.7%
-4.3%
净利率更高
IP
高出32.8%
-31.8%
自由现金流更多
IP
多$677.4M
$-583.4M
两年增速更快
IP
近两年复合增速
-2.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $3.8B |
| 净利润 | $60.0M | $-1.2B |
| 毛利率 | — | — |
| 营业利润率 | — | -20.5% |
| 净利率 | 1.0% | -31.8% |
| 营收同比 | -0.6% | -4.3% |
| 净利润同比 | 157.1% | -460.1% |
| 每股收益（稀释后） | $0.14 | $-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IPSATS
| Q1 26 | $6.0B | — | ||
| Q4 25 | $4.7B | $3.8B | ||
| Q3 25 | $6.2B | $3.6B | ||
| Q2 25 | $6.8B | $3.7B | ||
| Q1 25 | $5.9B | $3.9B | ||
| Q4 24 | $4.6B | $4.0B | ||
| Q3 24 | $4.7B | $3.9B | ||
| Q2 24 | $4.7B | $4.0B |
净利润IPSATS
| Q1 26 | $60.0M | — | ||
| Q4 25 | $-2.4B | $-1.2B | ||
| Q3 25 | $-1.1B | $-12.8B | ||
| Q2 25 | $75.0M | $-306.1M | ||
| Q1 25 | $-105.0M | $-202.7M | ||
| Q4 24 | $-147.0M | $335.2M | ||
| Q3 24 | $150.0M | $-141.8M | ||
| Q2 24 | $498.0M | $-205.6M |
毛利率IPSATS
| Q1 26 | — | — | ||
| Q4 25 | 32.2% | — | ||
| Q3 25 | 31.1% | — | ||
| Q2 25 | 27.9% | — | ||
| Q1 25 | 27.8% | — | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 29.0% | — |
营业利润率IPSATS
| Q1 26 | — | — | ||
| Q4 25 | -56.4% | -20.5% | ||
| Q3 25 | -10.8% | -460.5% | ||
| Q2 25 | 1.7% | -5.7% | ||
| Q1 25 | -2.3% | -2.3% | ||
| Q4 24 | -4.9% | -1.6% | ||
| Q3 24 | 5.1% | -4.1% | ||
| Q2 24 | 6.8% | -1.7% |
净利率IPSATS
| Q1 26 | 1.0% | — | ||
| Q4 25 | -50.3% | -31.8% | ||
| Q3 25 | -17.7% | -353.6% | ||
| Q2 25 | 1.1% | -8.2% | ||
| Q1 25 | -1.8% | -5.2% | ||
| Q4 24 | -3.2% | 8.5% | ||
| Q3 24 | 3.2% | -3.6% | ||
| Q2 24 | 10.5% | -5.2% |
每股收益（稀释后）IPSATS
| Q1 26 | $0.14 | — | ||
| Q4 25 | $-4.76 | $-4.27 | ||
| Q3 25 | $-2.09 | $-44.37 | ||
| Q2 25 | $0.14 | $-1.06 | ||
| Q1 25 | $-0.24 | $-0.71 | ||
| Q4 24 | $-0.42 | $1.24 | ||
| Q3 24 | $0.42 | $-0.52 | ||
| Q2 24 | $1.41 | $-0.76 |
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 | — | $3.0B |
| 总债务越低越好 | $8.2B | $18.7B |
| 股东权益账面价值 | $14.8B | $5.8B |
| 总资产 | $36.4B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.55× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资IPSATS
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $995.0M | $3.9B | ||
| Q2 25 | $1.1B | $4.3B | ||
| Q1 25 | $1.2B | $5.1B | ||
| Q4 24 | $1.2B | $5.5B | ||
| Q3 24 | $1.2B | $674.4M | ||
| Q2 24 | $1.0B | $520.6M |
总债务IPSATS
| Q1 26 | $8.2B | — | ||
| Q4 25 | $8.8B | $18.7B | ||
| Q3 25 | $9.0B | $21.8B | ||
| Q2 25 | $9.7B | $25.4B | ||
| Q1 25 | $9.2B | $25.3B | ||
| Q4 24 | $5.4B | $25.7B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $5.3B | — |
股东权益IPSATS
| Q1 26 | $14.8B | — | ||
| Q4 25 | $14.8B | $5.8B | ||
| Q3 25 | $17.3B | $7.0B | ||
| Q2 25 | $18.6B | $19.7B | ||
| Q1 25 | $18.1B | $20.0B | ||
| Q4 24 | $8.2B | $20.2B | ||
| Q3 24 | $8.6B | $19.4B | ||
| Q2 24 | $8.6B | $19.6B |
总资产IPSATS
| Q1 26 | $36.4B | — | ||
| Q4 25 | $38.0B | $43.0B | ||
| Q3 25 | $40.6B | $45.3B | ||
| Q2 25 | $42.4B | $59.9B | ||
| Q1 25 | $41.2B | $60.6B | ||
| Q4 24 | $22.8B | $60.9B | ||
| Q3 24 | $23.2B | $57.5B | ||
| Q2 24 | $23.1B | $55.3B |
负债/权益比IPSATS
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.60× | 3.24× | ||
| Q3 25 | 0.52× | 3.13× | ||
| Q2 25 | 0.52× | 1.29× | ||
| Q1 25 | 0.51× | 1.27× | ||
| Q4 24 | 0.66× | 1.27× | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.62× | — |
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 | — | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $94.0M | $-583.4M |
| 自由现金流率自由现金流/营收 | 1.6% | -15.4% |
| 资本支出强度资本支出/营收 | 8.7% | 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 | $553.0M | $-1.1B |
8季度趋势，按日历期对齐
经营现金流IPSATS
| Q1 26 | — | — | ||
| Q4 25 | $905.0M | $-425.3M | ||
| Q3 25 | $605.0M | $111.7M | ||
| Q2 25 | $476.0M | $7.5M | ||
| Q1 25 | $-288.0M | $206.8M | ||
| Q4 24 | $397.0M | $45.6M | ||
| Q3 24 | $521.0M | $276.2M | ||
| Q2 24 | $365.0M | $479.7M |
自由现金流IPSATS
| Q1 26 | $94.0M | — | ||
| Q4 25 | $255.0M | $-583.4M | ||
| Q3 25 | $150.0M | $-144.4M | ||
| Q2 25 | $54.0M | $-285.7M | ||
| Q1 25 | $-618.0M | $-51.7M | ||
| Q4 24 | $137.0M | $-298.7M | ||
| Q3 24 | $309.0M | $-57.5M | ||
| Q2 24 | $167.0M | $132.4M |
自由现金流率IPSATS
| Q1 26 | 1.6% | — | ||
| Q4 25 | 5.4% | -15.4% | ||
| Q3 25 | 2.4% | -4.0% | ||
| Q2 25 | 0.8% | -7.7% | ||
| Q1 25 | -10.5% | -1.3% | ||
| Q4 24 | 3.0% | -7.5% | ||
| Q3 24 | 6.6% | -1.5% | ||
| Q2 24 | 3.5% | 3.3% |
资本支出强度IPSATS
| Q1 26 | 8.7% | — | ||
| Q4 25 | 13.7% | 4.2% | ||
| Q3 25 | 7.3% | 7.1% | ||
| Q2 25 | 6.2% | 7.9% | ||
| Q1 25 | 5.6% | 6.7% | ||
| Q4 24 | 5.7% | 8.7% | ||
| Q3 24 | 4.5% | 8.6% | ||
| Q2 24 | 4.2% | 8.8% |
现金转化率IPSATS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 6.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | 3.47× | — | ||
| Q2 24 | 0.73× | — |
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
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 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% |
