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铱星通信（IRDM）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的季度营收约是铱星通信的17.3倍（$3.8B vs $219.1M）。铱星通信净利率更高（9.9% vs -31.8%，领先41.7%）。铱星通信同比增速更快（1.9% vs -4.3%）。过去两年铱星通信的营收复合增速更高（4.4% vs -2.8%）
铱星通信是一家总部位于美国弗吉尼亚州麦克莱恩的上市企业，运营着由80颗卫星组成的铱星星座，其中66颗为工作星，14颗为在轨备用星。其卫星网络支持手持卫星电话、卫星通信终端及集成收发设备实现全球范围的语音和数据传输，还可提供双向卫星消息服务，满足全球各场景的通信需求。
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。
IRDM vs SATS — 直观对比
营收规模更大
SATS
是对方的17.3倍
$219.1M
营收增速更快
IRDM
高出6.3%
-4.3%
净利率更高
IRDM
高出41.7%
-31.8%
两年增速更快
IRDM
近两年复合增速
-2.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $219.1M | $3.8B |
| 净利润 | $21.6M | $-1.2B |
| 毛利率 | — | — |
| 营业利润率 | 23.2% | -20.5% |
| 净利率 | 9.9% | -31.8% |
| 营收同比 | 1.9% | -4.3% |
| 净利润同比 | -29.0% | -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IRDMSATS
| Q1 26 | $219.1M | — | ||
| Q4 25 | $212.9M | $3.8B | ||
| Q3 25 | $226.9M | $3.6B | ||
| Q2 25 | $216.9M | $3.7B | ||
| Q1 25 | $214.9M | $3.9B | ||
| Q4 24 | $213.0M | $4.0B | ||
| Q3 24 | $212.8M | $3.9B | ||
| Q2 24 | $201.1M | $4.0B |
净利润IRDMSATS
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-1.2B | ||
| Q3 25 | $37.1M | $-12.8B | ||
| Q2 25 | $22.0M | $-306.1M | ||
| Q1 25 | $30.4M | $-202.7M | ||
| Q4 24 | $36.3M | $335.2M | ||
| Q3 24 | $24.4M | $-141.8M | ||
| Q2 24 | $32.3M | $-205.6M |
营业利润率IRDMSATS
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | -20.5% | ||
| Q3 25 | 30.9% | -460.5% | ||
| Q2 25 | 23.2% | -5.7% | ||
| Q1 25 | 28.1% | -2.3% | ||
| Q4 24 | 24.5% | -1.6% | ||
| Q3 24 | 25.8% | -4.1% | ||
| Q2 24 | 21.7% | -1.7% |
净利率IRDMSATS
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -31.8% | ||
| Q3 25 | 16.4% | -353.6% | ||
| Q2 25 | 10.1% | -8.2% | ||
| Q1 25 | 14.2% | -5.2% | ||
| Q4 24 | 17.1% | 8.5% | ||
| Q3 24 | 11.5% | -3.6% | ||
| Q2 24 | 16.1% | -5.2% |
每股收益（稀释后）IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-4.27 | ||
| Q3 25 | $0.35 | $-44.37 | ||
| Q2 25 | $0.20 | $-1.06 | ||
| Q1 25 | $0.27 | $-0.71 | ||
| Q4 24 | $0.30 | $1.24 | ||
| Q3 24 | $0.21 | $-0.52 | ||
| Q2 24 | $0.27 | $-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 | — | $18.7B |
| 股东权益账面价值 | — | $5.8B |
| 总资产 | — | $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IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $3.0B | ||
| Q3 25 | $88.5M | $3.9B | ||
| Q2 25 | $79.3M | $4.3B | ||
| Q1 25 | $50.9M | $5.1B | ||
| Q4 24 | $93.5M | $5.5B | ||
| Q3 24 | $159.6M | $674.4M | ||
| Q2 24 | $63.5M | $520.6M |
总债务IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $18.7B | ||
| Q3 25 | — | $21.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | $1.8B | $25.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $5.8B | ||
| Q3 25 | $450.5M | $7.0B | ||
| Q2 25 | $473.6M | $19.7B | ||
| Q1 25 | $518.4M | $20.0B | ||
| Q4 24 | $576.6M | $20.2B | ||
| Q3 24 | $663.8M | $19.4B | ||
| Q2 24 | $786.7M | $19.6B |
总资产IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $43.0B | ||
| Q3 25 | $2.6B | $45.3B | ||
| Q2 25 | $2.6B | $59.9B | ||
| Q1 25 | $2.6B | $60.6B | ||
| Q4 24 | $2.7B | $60.9B | ||
| Q3 24 | $2.8B | $57.5B | ||
| Q2 24 | $2.7B | $55.3B |
负债/权益比IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | 3.24× | ||
| Q3 25 | — | 3.13× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | 3.05× | 1.27× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $-583.4M |
| 自由现金流率自由现金流/营收 | — | -15.4% |
| 资本支出强度资本支出/营收 | 13.7% | 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 | — | $-1.1B |
8季度趋势，按日历期对齐
经营现金流IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $-425.3M | ||
| Q3 25 | $100.8M | $111.7M | ||
| Q2 25 | $129.6M | $7.5M | ||
| Q1 25 | $61.1M | $206.8M | ||
| Q4 24 | $104.8M | $45.6M | ||
| Q3 24 | $118.6M | $276.2M | ||
| Q2 24 | $81.1M | $479.7M |
自由现金流IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $-583.4M | ||
| Q3 25 | $79.2M | $-144.4M | ||
| Q2 25 | $108.9M | $-285.7M | ||
| Q1 25 | $36.5M | $-51.7M | ||
| Q4 24 | $80.5M | $-298.7M | ||
| Q3 24 | $100.0M | $-57.5M | ||
| Q2 24 | $68.7M | $132.4M |
自由现金流率IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | -15.4% | ||
| Q3 25 | 34.9% | -4.0% | ||
| Q2 25 | 50.2% | -7.7% | ||
| Q1 25 | 17.0% | -1.3% | ||
| Q4 24 | 37.8% | -7.5% | ||
| Q3 24 | 47.0% | -1.5% | ||
| Q2 24 | 34.2% | 3.3% |
资本支出强度IRDMSATS
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 4.2% | ||
| Q3 25 | 9.5% | 7.1% | ||
| Q2 25 | 9.5% | 7.9% | ||
| Q1 25 | 11.4% | 6.7% | ||
| Q4 24 | 11.4% | 8.7% | ||
| Q3 24 | 8.7% | 8.6% | ||
| Q2 24 | 6.2% | 8.8% |
现金转化率IRDMSATS
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | — | ||
| Q3 25 | 2.71× | — | ||
| Q2 25 | 5.90× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 2.88× | 0.14× | ||
| Q3 24 | 4.85× | — | ||
| Q2 24 | 2.51× | — |
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
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $43.9M | 20% |
| Government | $35.8M | 16% |
| Government service revenue (5) | $26.8M | 12% |
| Subscriber equipment | $23.1M | 11% |
| Hosted payload and other data service (4) | $14.9M | 7% |
| Broadband (3) | $12.9M | 6% |
| Commercial | $1.6M | 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% |
