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美高梅国际度假村（MGM）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
美高梅国际度假村的季度营收约是EchoStar CORP的1.2倍（$4.6B vs $3.8B），美高梅国际度假村净利率更高（6.4% vs -31.8%，领先38.2%），美高梅国际度假村同比增速更快（6.0% vs -4.3%），美高梅国际度假村自由现金流更多（$358.5M vs $-583.4M），过去两年美高梅国际度假村的营收复合增速更高（2.5% vs -2.8%）
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
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。
MGM vs SATS — 直观对比
营收规模更大
MGM
是对方的1.2倍
$3.8B
营收增速更快
MGM
高出10.3%
-4.3%
净利率更高
MGM
高出38.2%
-31.8%
自由现金流更多
MGM
多$942.0M
$-583.4M
两年增速更快
MGM
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $3.8B |
| 净利润 | $293.6M | $-1.2B |
| 毛利率 | — | — |
| 营业利润率 | 7.1% | -20.5% |
| 净利率 | 6.4% | -31.8% |
| 营收同比 | 6.0% | -4.3% |
| 净利润同比 | 86.5% | -460.1% |
| 每股收益（稀释后） | $1.12 | $-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MGMSATS
| Q4 25 | $4.6B | $3.8B | ||
| Q3 25 | $4.3B | $3.6B | ||
| Q2 25 | $4.4B | $3.7B | ||
| Q1 25 | $4.3B | $3.9B | ||
| Q4 24 | $4.3B | $4.0B | ||
| Q3 24 | $4.2B | $3.9B | ||
| Q2 24 | $4.3B | $4.0B | ||
| Q1 24 | $4.4B | $4.0B |
净利润MGMSATS
| Q4 25 | $293.6M | $-1.2B | ||
| Q3 25 | $-285.3M | $-12.8B | ||
| Q2 25 | $49.0M | $-306.1M | ||
| Q1 25 | $148.6M | $-202.7M | ||
| Q4 24 | $157.4M | $335.2M | ||
| Q3 24 | $184.6M | $-141.8M | ||
| Q2 24 | $187.1M | $-205.6M | ||
| Q1 24 | $217.5M | $-107.4M |
营业利润率MGMSATS
| Q4 25 | 7.1% | -20.5% | ||
| Q3 25 | -2.7% | -460.5% | ||
| Q2 25 | 9.2% | -5.7% | ||
| Q1 25 | 9.0% | -2.3% | ||
| Q4 24 | 6.7% | -1.6% | ||
| Q3 24 | 7.5% | -4.1% | ||
| Q2 24 | 9.8% | -1.7% | ||
| Q1 24 | 10.5% | -0.4% |
净利率MGMSATS
| Q4 25 | 6.4% | -31.8% | ||
| Q3 25 | -6.7% | -353.6% | ||
| Q2 25 | 1.1% | -8.2% | ||
| Q1 25 | 3.5% | -5.2% | ||
| Q4 24 | 3.6% | 8.5% | ||
| Q3 24 | 4.4% | -3.6% | ||
| Q2 24 | 4.3% | -5.2% | ||
| Q1 24 | 5.0% | -2.7% |
每股收益（稀释后）MGMSATS
| Q4 25 | $1.12 | $-4.27 | ||
| Q3 25 | $-1.05 | $-44.37 | ||
| Q2 25 | $0.18 | $-1.06 | ||
| Q1 25 | $0.51 | $-0.71 | ||
| Q4 24 | $0.52 | $1.24 | ||
| Q3 24 | $0.61 | $-0.52 | ||
| Q2 24 | $0.60 | $-0.76 | ||
| Q1 24 | $0.67 | $-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 | $2.1B | $3.0B |
| 总债务越低越好 | $6.2B | $18.7B |
| 股东权益账面价值 | $2.4B | $5.8B |
| 总资产 | $41.4B | $43.0B |
| 负债/权益比越低杠杆越低 | 2.56× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资MGMSATS
| Q4 25 | $2.1B | $3.0B | ||
| Q3 25 | $2.1B | $3.9B | ||
| Q2 25 | $2.0B | $4.3B | ||
| Q1 25 | $2.3B | $5.1B | ||
| Q4 24 | $2.4B | $5.5B | ||
| Q3 24 | $3.0B | $674.4M | ||
| Q2 24 | $2.4B | $520.6M | ||
| Q1 24 | $2.7B | $766.4M |
总债务MGMSATS
| Q4 25 | $6.2B | $18.7B | ||
| Q3 25 | $6.2B | $21.8B | ||
| Q2 25 | $6.2B | $25.4B | ||
| Q1 25 | $6.4B | $25.3B | ||
| Q4 24 | $6.4B | $25.7B | ||
| Q3 24 | $6.9B | — | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $6.3B | $951.0M |
股东权益MGMSATS
| Q4 25 | $2.4B | $5.8B | ||
| Q3 25 | $2.7B | $7.0B | ||
| Q2 25 | $3.0B | $19.7B | ||
| Q1 25 | $2.9B | $20.0B | ||
| Q4 24 | $3.0B | $20.2B | ||
| Q3 24 | $3.2B | $19.4B | ||
| Q2 24 | $3.2B | $19.6B | ||
| Q1 24 | $3.5B | $19.8B |
总资产MGMSATS
| Q4 25 | $41.4B | $43.0B | ||
| Q3 25 | $41.4B | $45.3B | ||
| Q2 25 | $41.7B | $59.9B | ||
| Q1 25 | $41.9B | $60.6B | ||
| Q4 24 | $42.2B | $60.9B | ||
| Q3 24 | $42.7B | $57.5B | ||
| Q2 24 | $41.8B | $55.3B | ||
| Q1 24 | $42.1B | $55.6B |
负债/权益比MGMSATS
| Q4 25 | 2.56× | 3.24× | ||
| Q3 25 | 2.30× | 3.13× | ||
| Q2 25 | 2.09× | 1.29× | ||
| Q1 25 | 2.25× | 1.27× | ||
| Q4 24 | 2.10× | 1.27× | ||
| Q3 24 | 2.14× | — | ||
| Q2 24 | 1.96× | — | ||
| Q1 24 | 1.81× | 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 | $655.0M | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $-583.4M |
| 自由现金流率自由现金流/营收 | 7.8% | -15.4% |
| 资本支出强度资本支出/营收 | 6.4% | 4.2% |
| 现金转化率经营现金流/净利润 | 2.23× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流MGMSATS
| Q4 25 | $655.0M | $-425.3M | ||
| Q3 25 | $681.4M | $111.7M | ||
| Q2 25 | $645.9M | $7.5M | ||
| Q1 25 | $547.1M | $206.8M | ||
| Q4 24 | $671.6M | $45.6M | ||
| Q3 24 | $667.4M | $276.2M | ||
| Q2 24 | $474.2M | $479.7M | ||
| Q1 24 | $549.3M | $451.3M |
自由现金流MGMSATS
| Q4 25 | $358.5M | $-583.4M | ||
| Q3 25 | $405.4M | $-144.4M | ||
| Q2 25 | $377.4M | $-285.7M | ||
| Q1 25 | $319.0M | $-51.7M | ||
| Q4 24 | $267.5M | $-298.7M | ||
| Q3 24 | $331.2M | $-57.5M | ||
| Q2 24 | $236.0M | $132.4M | ||
| Q1 24 | $377.2M | $-68.4M |
自由现金流率MGMSATS
| Q4 25 | 7.8% | -15.4% | ||
| Q3 25 | 9.5% | -4.0% | ||
| Q2 25 | 8.6% | -7.7% | ||
| Q1 25 | 7.5% | -1.3% | ||
| Q4 24 | 6.2% | -7.5% | ||
| Q3 24 | 7.9% | -1.5% | ||
| Q2 24 | 5.5% | 3.3% | ||
| Q1 24 | 8.6% | -1.7% |
资本支出强度MGMSATS
| Q4 25 | 6.4% | 4.2% | ||
| Q3 25 | 6.5% | 7.1% | ||
| Q2 25 | 6.1% | 7.9% | ||
| Q1 25 | 5.3% | 6.7% | ||
| Q4 24 | 9.3% | 8.7% | ||
| Q3 24 | 8.0% | 8.6% | ||
| Q2 24 | 5.5% | 8.8% | ||
| Q1 24 | 3.9% | 12.9% |
现金转化率MGMSATS
| Q4 25 | 2.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 13.19× | — | ||
| Q1 25 | 3.68× | — | ||
| Q4 24 | 4.27× | 0.14× | ||
| Q3 24 | 3.62× | — | ||
| Q2 24 | 2.54× | — | ||
| Q1 24 | 2.53× | — |
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
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 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% |
