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Live Nation Entertainment（LYV）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
Live Nation Entertainment的季度营收约是EchoStar CORP的1.7倍（$6.3B vs $3.8B），Live Nation Entertainment净利率更高（-3.2% vs -31.8%，领先28.6%），Live Nation Entertainment同比增速更快（11.1% vs -4.3%），Live Nation Entertainment自由现金流更多（$-405.6M vs $-583.4M），过去两年Live Nation Entertainment的营收复合增速更高（28.9% vs -2.8%）
Live Nation Entertainment是美国跨国娱乐企业，2010年由Live Nation与Ticketmaster合并成立，旗下保留运营两大原有品牌。公司业务覆盖全球，主营现场娱乐活动宣发、票务销售，同时持有并运营多家娱乐场馆，还为音乐人提供艺人经纪管理服务。
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。
LYV vs SATS — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $3.8B |
| 净利润 | $-202.1M | $-1.2B |
| 毛利率 | — | — |
| 营业利润率 | -2.3% | -20.5% |
| 净利率 | -3.2% | -31.8% |
| 营收同比 | 11.1% | -4.3% |
| 净利润同比 | -204.6% | -460.1% |
| 每股收益（稀释后） | $-1.06 | $-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
| Q4 25 | $6.3B | $3.8B | ||
| Q3 25 | $8.5B | $3.6B | ||
| Q2 25 | $7.0B | $3.7B | ||
| Q1 25 | $3.4B | $3.9B | ||
| Q4 24 | $5.7B | $4.0B | ||
| Q3 24 | $7.7B | $3.9B | ||
| Q2 24 | $6.0B | $4.0B | ||
| Q1 24 | $3.8B | $4.0B |
| Q4 25 | $-202.1M | $-1.2B | ||
| Q3 25 | $431.5M | $-12.8B | ||
| Q2 25 | $243.4M | $-306.1M | ||
| Q1 25 | $23.2M | $-202.7M | ||
| Q4 24 | $193.2M | $335.2M | ||
| Q3 24 | $451.8M | $-141.8M | ||
| Q2 24 | $298.0M | $-205.6M | ||
| Q1 24 | $-46.7M | $-107.4M |
| Q4 25 | -2.3% | -20.5% | ||
| Q3 25 | 9.3% | -460.5% | ||
| Q2 25 | 6.9% | -5.7% | ||
| Q1 25 | 3.4% | -2.3% | ||
| Q4 24 | -4.3% | -1.6% | ||
| Q3 24 | 8.4% | -4.1% | ||
| Q2 24 | 7.7% | -1.7% | ||
| Q1 24 | -1.0% | -0.4% |
| Q4 25 | -3.2% | -31.8% | ||
| Q3 25 | 5.1% | -353.6% | ||
| Q2 25 | 3.5% | -8.2% | ||
| Q1 25 | 0.7% | -5.2% | ||
| Q4 24 | 3.4% | 8.5% | ||
| Q3 24 | 5.9% | -3.6% | ||
| Q2 24 | 4.9% | -5.2% | ||
| Q1 24 | -1.2% | -2.7% |
| Q4 25 | $-1.06 | $-4.27 | ||
| Q3 25 | $0.73 | $-44.37 | ||
| Q2 25 | $0.41 | $-1.06 | ||
| Q1 25 | $-0.32 | $-0.71 | ||
| Q4 24 | $0.58 | $1.24 | ||
| Q3 24 | $1.66 | $-0.52 | ||
| Q2 24 | $1.03 | $-0.76 | ||
| Q1 24 | $-0.53 | $-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 | $7.1B | $3.0B |
| 总债务越低越好 | $7.6B | $18.7B |
| 股东权益账面价值 | $271.0M | $5.8B |
| 总资产 | $22.9B | $43.0B |
| 负债/权益比越低杠杆越低 | 28.09× | 3.24× |
8季度趋势，按日历期对齐
| Q4 25 | $7.1B | $3.0B | ||
| Q3 25 | $6.8B | $3.9B | ||
| Q2 25 | $7.1B | $4.3B | ||
| Q1 25 | $7.2B | $5.1B | ||
| Q4 24 | $6.1B | $5.5B | ||
| Q3 24 | $5.5B | $674.4M | ||
| Q2 24 | $6.4B | $520.6M | ||
| Q1 24 | $6.5B | $766.4M |
| Q4 25 | $7.6B | $18.7B | ||
| Q3 25 | $6.1B | $21.8B | ||
| Q2 25 | $5.0B | $25.4B | ||
| Q1 25 | $5.9B | $25.3B | ||
| Q4 24 | $6.2B | $25.7B | ||
| Q3 24 | $5.7B | — | ||
| Q2 24 | $5.1B | — | ||
| Q1 24 | $5.1B | $951.0M |
| Q4 25 | $271.0M | $5.8B | ||
| Q3 25 | $521.3M | $7.0B | ||
| Q2 25 | $360.1M | $19.7B | ||
| Q1 25 | $106.0M | $20.0B | ||
| Q4 24 | $173.3M | $20.2B | ||
| Q3 24 | $288.0M | $19.4B | ||
| Q2 24 | $-43.3M | $19.6B | ||
| Q1 24 | $-114.8M | $19.8B |
| Q4 25 | $22.9B | $43.0B | ||
| Q3 25 | $22.9B | $45.3B | ||
| Q2 25 | $23.2B | $59.9B | ||
| Q1 25 | $21.8B | $60.6B | ||
| Q4 24 | $19.6B | $60.9B | ||
| Q3 24 | $19.7B | $57.5B | ||
| Q2 24 | $20.5B | $55.3B | ||
| Q1 24 | $20.0B | $55.6B |
| Q4 25 | 28.09× | 3.24× | ||
| Q3 25 | 11.71× | 3.13× | ||
| Q2 25 | 13.86× | 1.29× | ||
| Q1 25 | 55.93× | 1.27× | ||
| Q4 24 | 35.65× | 1.27× | ||
| Q3 24 | 19.70× | — | ||
| 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 | $-53.7M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $-405.6M | $-583.4M |
| 自由现金流率自由现金流/营收 | -6.4% | -15.4% |
| 资本支出强度资本支出/营收 | 5.6% | 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 | $333.6M | $-1.1B |
8季度趋势，按日历期对齐
| Q4 25 | $-53.7M | $-425.3M | ||
| Q3 25 | $-95.7M | $111.7M | ||
| Q2 25 | $223.5M | $7.5M | ||
| Q1 25 | $1.3B | $206.8M | ||
| Q4 24 | $1.0B | $45.6M | ||
| Q3 24 | $-720.9M | $276.2M | ||
| Q2 24 | $412.1M | $479.7M | ||
| Q1 24 | $988.9M | $451.3M |
| Q4 25 | $-405.6M | $-583.4M | ||
| Q3 25 | $-371.3M | $-144.4M | ||
| Q2 25 | $-39.9M | $-285.7M | ||
| Q1 25 | $1.2B | $-51.7M | ||
| Q4 24 | $890.2M | $-298.7M | ||
| Q3 24 | $-879.0M | $-57.5M | ||
| Q2 24 | $212.4M | $132.4M | ||
| Q1 24 | $854.8M | $-68.4M |
| Q4 25 | -6.4% | -15.4% | ||
| Q3 25 | -4.4% | -4.0% | ||
| Q2 25 | -0.6% | -7.7% | ||
| Q1 25 | 34.0% | -1.3% | ||
| Q4 24 | 15.7% | -7.5% | ||
| Q3 24 | -11.5% | -1.5% | ||
| Q2 24 | 3.5% | 3.3% | ||
| Q1 24 | 22.5% | -1.7% |
| Q4 25 | 5.6% | 4.2% | ||
| Q3 25 | 3.2% | 7.1% | ||
| Q2 25 | 3.8% | 7.9% | ||
| Q1 25 | 5.0% | 6.7% | ||
| Q4 24 | 2.7% | 8.7% | ||
| Q3 24 | 2.1% | 8.6% | ||
| Q2 24 | 3.3% | 8.8% | ||
| Q1 24 | 3.5% | 12.9% |
| Q4 25 | — | — | ||
| Q3 25 | -0.22× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 56.94× | — | ||
| Q4 24 | 5.41× | 0.14× | ||
| Q3 24 | -1.60× | — | ||
| Q2 24 | 1.38× | — | ||
| Q1 24 | — | — |
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
LYV
| Concerts | $5.1B | 82% |
| Ticketing | $846.2M | 13% |
| Sponsorship And Advertising | $329.9M | 5% |
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% |
