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摩托罗拉解决方案（MSI）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的季度营收约是摩托罗拉解决方案的1.1倍（$3.8B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs -31.8%，领先51.0%），摩托罗拉解决方案同比增速更快（12.3% vs -4.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $-583.4M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -2.8%）
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
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。
MSI vs SATS — 直观对比
营收规模更大
SATS
是对方的1.1倍
$3.4B
营收增速更快
MSI
高出16.6%
-4.3%
净利率更高
MSI
高出51.0%
-31.8%
自由现金流更多
MSI
多$1.7B
$-583.4M
两年增速更快
MSI
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.8B |
| 净利润 | $649.0M | $-1.2B |
| 毛利率 | 52.3% | — |
| 营业利润率 | 27.9% | -20.5% |
| 净利率 | 19.2% | -31.8% |
| 营收同比 | 12.3% | -4.3% |
| 净利润同比 | 6.2% | -460.1% |
| 每股收益（稀释后） | $3.85 | $-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MSISATS
| Q4 25 | $3.4B | $3.8B | ||
| Q3 25 | $3.0B | $3.6B | ||
| Q2 25 | $2.8B | $3.7B | ||
| Q1 25 | $2.5B | $3.9B | ||
| Q4 24 | $3.0B | $4.0B | ||
| Q3 24 | $2.8B | $3.9B | ||
| Q2 24 | $2.6B | $4.0B | ||
| Q1 24 | $2.4B | $4.0B |
净利润MSISATS
| Q4 25 | $649.0M | $-1.2B | ||
| Q3 25 | $562.0M | $-12.8B | ||
| Q2 25 | $513.0M | $-306.1M | ||
| Q1 25 | $430.0M | $-202.7M | ||
| Q4 24 | $611.0M | $335.2M | ||
| Q3 24 | $562.0M | $-141.8M | ||
| Q2 24 | $443.0M | $-205.6M | ||
| Q1 24 | $-39.0M | $-107.4M |
毛利率MSISATS
| Q4 25 | 52.3% | — | ||
| Q3 25 | 51.6% | — | ||
| Q2 25 | 51.1% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 51.4% | — | ||
| Q3 24 | 51.4% | — | ||
| Q2 24 | 51.0% | — | ||
| Q1 24 | 49.9% | — |
营业利润率MSISATS
| Q4 25 | 27.9% | -20.5% | ||
| Q3 25 | 25.6% | -460.5% | ||
| Q2 25 | 25.0% | -5.7% | ||
| Q1 25 | 23.0% | -2.3% | ||
| Q4 24 | 27.0% | -1.6% | ||
| Q3 24 | 25.5% | -4.1% | ||
| Q2 24 | 24.5% | -1.7% | ||
| Q1 24 | 21.7% | -0.4% |
净利率MSISATS
| Q4 25 | 19.2% | -31.8% | ||
| Q3 25 | 18.7% | -353.6% | ||
| Q2 25 | 18.6% | -8.2% | ||
| Q1 25 | 17.0% | -5.2% | ||
| Q4 24 | 20.3% | 8.5% | ||
| Q3 24 | 20.1% | -3.6% | ||
| Q2 24 | 16.9% | -5.2% | ||
| Q1 24 | -1.6% | -2.7% |
每股收益（稀释后）MSISATS
| Q4 25 | $3.85 | $-4.27 | ||
| Q3 25 | $3.33 | $-44.37 | ||
| Q2 25 | $3.04 | $-1.06 | ||
| Q1 25 | $2.53 | $-0.71 | ||
| Q4 24 | $3.57 | $1.24 | ||
| Q3 24 | $3.29 | $-0.52 | ||
| Q2 24 | $2.60 | $-0.76 | ||
| Q1 24 | $-0.23 | $-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 | $1.2B | $3.0B |
| 总债务越低越好 | — | $18.7B |
| 股东权益账面价值 | $2.4B | $5.8B |
| 总资产 | $19.4B | $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MSISATS
| Q4 25 | $1.2B | $3.0B | ||
| Q3 25 | $894.0M | $3.9B | ||
| Q2 25 | $3.2B | $4.3B | ||
| Q1 25 | $1.6B | $5.1B | ||
| Q4 24 | $2.1B | $5.5B | ||
| Q3 24 | $1.4B | $674.4M | ||
| Q2 24 | $1.4B | $520.6M | ||
| Q1 24 | $1.5B | $766.4M |
总债务MSISATS
| Q4 25 | — | $18.7B | ||
| Q3 25 | — | $21.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | — | $25.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $951.0M |
股东权益MSISATS
| Q4 25 | $2.4B | $5.8B | ||
| Q3 25 | $2.3B | $7.0B | ||
| Q2 25 | $2.0B | $19.7B | ||
| Q1 25 | $1.6B | $20.0B | ||
| Q4 24 | $1.7B | $20.2B | ||
| Q3 24 | $1.3B | $19.4B | ||
| Q2 24 | $802.0M | $19.6B | ||
| Q1 24 | $521.0M | $19.8B |
总资产MSISATS
| Q4 25 | $19.4B | $43.0B | ||
| Q3 25 | $18.8B | $45.3B | ||
| Q2 25 | $16.4B | $59.9B | ||
| Q1 25 | $14.4B | $60.6B | ||
| Q4 24 | $14.6B | $60.9B | ||
| Q3 24 | $13.9B | $57.5B | ||
| Q2 24 | $13.3B | $55.3B | ||
| Q1 24 | $13.3B | $55.6B |
负债/权益比MSISATS
| 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 | $1.3B | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-583.4M |
| 自由现金流率自由现金流/营收 | 33.8% | -15.4% |
| 资本支出强度资本支出/营收 | 3.4% | 4.2% |
| 现金转化率经营现金流/净利润 | 1.94× | — |
| 过去12个月自由现金流最近4个季度 | $2.6B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流MSISATS
| Q4 25 | $1.3B | $-425.3M | ||
| Q3 25 | $798.0M | $111.7M | ||
| Q2 25 | $273.0M | $7.5M | ||
| Q1 25 | $510.0M | $206.8M | ||
| Q4 24 | $1.1B | $45.6M | ||
| Q3 24 | $759.0M | $276.2M | ||
| Q2 24 | $180.0M | $479.7M | ||
| Q1 24 | $382.0M | $451.3M |
自由现金流MSISATS
| Q4 25 | $1.1B | $-583.4M | ||
| Q3 25 | $732.0M | $-144.4M | ||
| Q2 25 | $225.0M | $-285.7M | ||
| Q1 25 | $473.0M | $-51.7M | ||
| Q4 24 | $984.0M | $-298.7M | ||
| Q3 24 | $702.0M | $-57.5M | ||
| Q2 24 | $112.0M | $132.4M | ||
| Q1 24 | $336.0M | $-68.4M |
自由现金流率MSISATS
| Q4 25 | 33.8% | -15.4% | ||
| Q3 25 | 24.3% | -4.0% | ||
| Q2 25 | 8.1% | -7.7% | ||
| Q1 25 | 18.7% | -1.3% | ||
| Q4 24 | 32.7% | -7.5% | ||
| Q3 24 | 25.2% | -1.5% | ||
| Q2 24 | 4.3% | 3.3% | ||
| Q1 24 | 14.1% | -1.7% |
资本支出强度MSISATS
| Q4 25 | 3.4% | 4.2% | ||
| Q3 25 | 2.2% | 7.1% | ||
| Q2 25 | 1.7% | 7.9% | ||
| Q1 25 | 1.5% | 6.7% | ||
| Q4 24 | 2.9% | 8.7% | ||
| Q3 24 | 2.0% | 8.6% | ||
| Q2 24 | 2.6% | 8.8% | ||
| Q1 24 | 1.9% | 12.9% |
现金转化率MSISATS
| Q4 25 | 1.94× | — | ||
| Q3 25 | 1.42× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.75× | 0.14× | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 0.41× | — | ||
| 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
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
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% |
