vs
麦当劳（MCD）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是EchoStar CORP的1.8倍（$7.0B vs $3.8B），麦当劳净利率更高（30.9% vs -31.8%，领先62.7%），麦当劳同比增速更快（9.7% vs -4.3%），麦当劳自由现金流更多（$1.6B vs $-583.4M），过去两年麦当劳的营收复合增速更高（6.6% vs -2.8%）
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
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。
MCD vs SATS — 直观对比
营收规模更大
MCD
是对方的1.8倍
$3.8B
营收增速更快
MCD
高出14.0%
-4.3%
净利率更高
MCD
高出62.7%
-31.8%
自由现金流更多
MCD
多$2.2B
$-583.4M
两年增速更快
MCD
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $3.8B |
| 净利润 | $2.2B | $-1.2B |
| 毛利率 | — | — |
| 营业利润率 | 45.0% | -20.5% |
| 净利率 | 30.9% | -31.8% |
| 营收同比 | 9.7% | -4.3% |
| 净利润同比 | 7.3% | -460.1% |
| 每股收益（稀释后） | $3.03 | $-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MCDSATS
| Q4 25 | $7.0B | $3.8B | ||
| Q3 25 | $7.1B | $3.6B | ||
| Q2 25 | $6.8B | $3.7B | ||
| Q1 25 | $6.0B | $3.9B | ||
| Q4 24 | $6.4B | $4.0B | ||
| Q3 24 | $6.9B | $3.9B | ||
| Q2 24 | $6.5B | $4.0B | ||
| Q1 24 | $6.2B | $4.0B |
净利润MCDSATS
| Q4 25 | $2.2B | $-1.2B | ||
| Q3 25 | $2.3B | $-12.8B | ||
| Q2 25 | $2.3B | $-306.1M | ||
| Q1 25 | $1.9B | $-202.7M | ||
| Q4 24 | $2.0B | $335.2M | ||
| Q3 24 | $2.3B | $-141.8M | ||
| Q2 24 | $2.0B | $-205.6M | ||
| Q1 24 | $1.9B | $-107.4M |
毛利率MCDSATS
| Q4 25 | — | — | ||
| Q3 25 | 90.6% | — | ||
| Q2 25 | 90.4% | — | ||
| Q1 25 | 89.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 90.6% | — | ||
| Q2 24 | 90.3% | — | ||
| Q1 24 | 89.8% | — |
营业利润率MCDSATS
| Q4 25 | 45.0% | -20.5% | ||
| Q3 25 | 47.4% | -460.5% | ||
| Q2 25 | 47.2% | -5.7% | ||
| Q1 25 | 44.5% | -2.3% | ||
| Q4 24 | 44.9% | -1.6% | ||
| Q3 24 | 46.4% | -4.1% | ||
| Q2 24 | 45.0% | -1.7% | ||
| Q1 24 | 44.4% | -0.4% |
净利率MCDSATS
| Q4 25 | 30.9% | -31.8% | ||
| Q3 25 | 32.2% | -353.6% | ||
| Q2 25 | 32.9% | -8.2% | ||
| Q1 25 | 31.4% | -5.2% | ||
| Q4 24 | 31.6% | 8.5% | ||
| Q3 24 | 32.8% | -3.6% | ||
| Q2 24 | 31.2% | -5.2% | ||
| Q1 24 | 31.3% | -2.7% |
每股收益（稀释后）MCDSATS
| Q4 25 | $3.03 | $-4.27 | ||
| Q3 25 | $3.18 | $-44.37 | ||
| Q2 25 | $3.14 | $-1.06 | ||
| Q1 25 | $2.60 | $-0.71 | ||
| Q4 24 | $2.80 | $1.24 | ||
| Q3 24 | $3.13 | $-0.52 | ||
| Q2 24 | $2.80 | $-0.76 | ||
| Q1 24 | $2.66 | $-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 | $774.0M | $3.0B |
| 总债务越低越好 | $40.0B | $18.7B |
| 股东权益账面价值 | $-1.8B | $5.8B |
| 总资产 | $59.5B | $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MCDSATS
| Q4 25 | $774.0M | $3.0B | ||
| Q3 25 | $2.4B | $3.9B | ||
| Q2 25 | $1.9B | $4.3B | ||
| Q1 25 | $1.2B | $5.1B | ||
| Q4 24 | $1.1B | $5.5B | ||
| Q3 24 | $1.2B | $674.4M | ||
| Q2 24 | $792.0M | $520.6M | ||
| Q1 24 | $838.0M | $766.4M |
总债务MCDSATS
| Q4 25 | $40.0B | $18.7B | ||
| Q3 25 | — | $21.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | $38.4B | $25.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $951.0M |
股东权益MCDSATS
| Q4 25 | $-1.8B | $5.8B | ||
| Q3 25 | $-2.2B | $7.0B | ||
| Q2 25 | $-2.8B | $19.7B | ||
| Q1 25 | $-3.5B | $20.0B | ||
| Q4 24 | $-3.8B | $20.2B | ||
| Q3 24 | $-5.2B | $19.4B | ||
| Q2 24 | $-4.8B | $19.6B | ||
| Q1 24 | $-4.8B | $19.8B |
总资产MCDSATS
| Q4 25 | $59.5B | $43.0B | ||
| Q3 25 | $60.6B | $45.3B | ||
| Q2 25 | $59.6B | $59.9B | ||
| Q1 25 | $56.3B | $60.6B | ||
| Q4 24 | $55.2B | $60.9B | ||
| Q3 24 | $56.2B | $57.5B | ||
| Q2 24 | $53.8B | $55.3B | ||
| Q1 24 | $53.5B | $55.6B |
负债/权益比MCDSATS
| 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 | $2.7B | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $-583.4M |
| 自由现金流率自由现金流/营收 | 23.4% | -15.4% |
| 资本支出强度资本支出/营收 | 15.1% | 4.2% |
| 现金转化率经营现金流/净利润 | 1.25× | — |
| 过去12个月自由现金流最近4个季度 | $7.2B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流MCDSATS
| Q4 25 | $2.7B | $-425.3M | ||
| Q3 25 | $3.4B | $111.7M | ||
| Q2 25 | $2.0B | $7.5M | ||
| Q1 25 | $2.4B | $206.8M | ||
| Q4 24 | $2.6B | $45.6M | ||
| Q3 24 | $2.7B | $276.2M | ||
| Q2 24 | $1.7B | $479.7M | ||
| Q1 24 | $2.4B | $451.3M |
自由现金流MCDSATS
| Q4 25 | $1.6B | $-583.4M | ||
| Q3 25 | $2.4B | $-144.4M | ||
| Q2 25 | $1.3B | $-285.7M | ||
| Q1 25 | $1.9B | $-51.7M | ||
| Q4 24 | $1.8B | $-298.7M | ||
| Q3 24 | $1.9B | $-57.5M | ||
| Q2 24 | $1.1B | $132.4M | ||
| Q1 24 | $1.8B | $-68.4M |
自由现金流率MCDSATS
| Q4 25 | 23.4% | -15.4% | ||
| Q3 25 | 34.1% | -4.0% | ||
| Q2 25 | 18.3% | -7.7% | ||
| Q1 25 | 31.5% | -1.3% | ||
| Q4 24 | 28.6% | -7.5% | ||
| Q3 24 | 28.3% | -1.5% | ||
| Q2 24 | 16.3% | 3.3% | ||
| Q1 24 | 29.9% | -1.7% |
资本支出强度MCDSATS
| Q4 25 | 15.1% | 4.2% | ||
| Q3 25 | 14.3% | 7.1% | ||
| Q2 25 | 10.9% | 7.9% | ||
| Q1 25 | 9.3% | 6.7% | ||
| Q4 24 | 12.6% | 8.7% | ||
| Q3 24 | 11.6% | 8.6% | ||
| Q2 24 | 9.7% | 8.8% | ||
| Q1 24 | 8.9% | 12.9% |
现金转化率MCDSATS
| Q4 25 | 1.25× | — | ||
| Q3 25 | 1.50× | — | ||
| Q2 25 | 0.89× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.30× | 0.14× | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 0.84× | — | ||
| Q1 24 | 1.24× | — |
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
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
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% |
