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M&T Bank（MTB）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M&T Bank的1.5倍（$3.8B vs $2.5B），M&T Bank净利率更高（30.7% vs -31.8%，领先62.5%），M&T Bank同比增速更快（3.8% vs -4.3%），过去两年M&T Bank的营收复合增速更高（4.6% vs -2.8%）
M&T银行是总部位于美国纽约州布法罗的银行控股企业，业务覆盖美国东部从缅因州到弗吉尼亚州的12个州及华盛顿特区，运营超过950家线下网点。其控股主体1998年5月前名为第一帝国州公司，之后更为现名。
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。
MTB vs SATS — 直观对比
营收规模更大
SATS
是对方的1.5倍
$2.5B
营收增速更快
MTB
高出8.1%
-4.3%
净利率更高
MTB
高出62.5%
-31.8%
两年增速更快
MTB
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.8B |
| 净利润 | $759.0M | $-1.2B |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | -20.5% |
| 净利率 | 30.7% | -31.8% |
| 营收同比 | 3.8% | -4.3% |
| 净利润同比 | 11.5% | -460.1% |
| 每股收益（稀释后） | $4.62 | $-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MTBSATS
| Q4 25 | $2.5B | $3.8B | ||
| Q3 25 | $2.5B | $3.6B | ||
| Q2 25 | $2.4B | $3.7B | ||
| Q1 25 | $2.3B | $3.9B | ||
| Q4 24 | $2.4B | $4.0B | ||
| Q3 24 | $2.3B | $3.9B | ||
| Q2 24 | $2.3B | $4.0B | ||
| Q1 24 | $2.3B | $4.0B |
净利润MTBSATS
| Q4 25 | $759.0M | $-1.2B | ||
| Q3 25 | $792.0M | $-12.8B | ||
| Q2 25 | $716.0M | $-306.1M | ||
| Q1 25 | $584.0M | $-202.7M | ||
| Q4 24 | $681.0M | $335.2M | ||
| Q3 24 | $721.0M | $-141.8M | ||
| Q2 24 | $655.0M | $-205.6M | ||
| Q1 24 | $531.0M | $-107.4M |
营业利润率MTBSATS
| Q4 25 | 39.2% | -20.5% | ||
| Q3 25 | 40.8% | -460.5% | ||
| Q2 25 | 39.0% | -5.7% | ||
| Q1 25 | 33.0% | -2.3% | ||
| Q4 24 | 37.0% | -1.6% | ||
| Q3 24 | 39.0% | -4.1% | ||
| Q2 24 | 37.1% | -1.7% | ||
| Q1 24 | 29.4% | -0.4% |
净利率MTBSATS
| Q4 25 | 30.7% | -31.8% | ||
| Q3 25 | 31.5% | -353.6% | ||
| Q2 25 | 29.9% | -8.2% | ||
| Q1 25 | 25.3% | -5.2% | ||
| Q4 24 | 28.6% | 8.5% | ||
| Q3 24 | 30.9% | -3.6% | ||
| Q2 24 | 28.5% | -5.2% | ||
| Q1 24 | 23.5% | -2.7% |
每股收益（稀释后）MTBSATS
| Q4 25 | $4.62 | $-4.27 | ||
| Q3 25 | $4.82 | $-44.37 | ||
| Q2 25 | $4.24 | $-1.06 | ||
| Q1 25 | $3.32 | $-0.71 | ||
| Q4 24 | $3.87 | $1.24 | ||
| Q3 24 | $4.02 | $-0.52 | ||
| Q2 24 | $3.73 | $-0.76 | ||
| Q1 24 | $3.02 | $-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 | — | $3.0B |
| 总债务越低越好 | $10.9B | $18.7B |
| 股东权益账面价值 | $29.2B | $5.8B |
| 总资产 | $213.5B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.37× | 3.24× |
8季度趋势，按日历期对齐
现金及短期投资MTBSATS
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $674.4M | ||
| Q2 24 | — | $520.6M | ||
| Q1 24 | — | $766.4M |
总债务MTBSATS
| Q4 25 | $10.9B | $18.7B | ||
| Q3 25 | $12.9B | $21.8B | ||
| Q2 25 | $12.4B | $25.4B | ||
| Q1 25 | $10.5B | $25.3B | ||
| Q4 24 | $12.6B | $25.7B | ||
| Q3 24 | $11.6B | — | ||
| Q2 24 | $11.3B | — | ||
| Q1 24 | $11.4B | $951.0M |
股东权益MTBSATS
| Q4 25 | $29.2B | $5.8B | ||
| Q3 25 | $28.7B | $7.0B | ||
| Q2 25 | $28.5B | $19.7B | ||
| Q1 25 | $29.0B | $20.0B | ||
| Q4 24 | $29.0B | $20.2B | ||
| Q3 24 | $28.9B | $19.4B | ||
| Q2 24 | $28.4B | $19.6B | ||
| Q1 24 | $27.2B | $19.8B |
总资产MTBSATS
| Q4 25 | $213.5B | $43.0B | ||
| Q3 25 | $211.3B | $45.3B | ||
| Q2 25 | $211.6B | $59.9B | ||
| Q1 25 | $210.3B | $60.6B | ||
| Q4 24 | $208.1B | $60.9B | ||
| Q3 24 | $211.8B | $57.5B | ||
| Q2 24 | $208.9B | $55.3B | ||
| Q1 24 | $215.1B | $55.6B |
负债/权益比MTBSATS
| Q4 25 | 0.37× | 3.24× | ||
| Q3 25 | 0.45× | 3.13× | ||
| Q2 25 | 0.43× | 1.29× | ||
| Q1 25 | 0.36× | 1.27× | ||
| Q4 24 | 0.43× | 1.27× | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.40× | — | ||
| Q1 24 | 0.42× | 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 | $3.0B | $-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 | — | 4.2% |
| 现金转化率经营现金流/净利润 | 3.96× | — |
| 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MTBSATS
| Q4 25 | $3.0B | $-425.3M | ||
| Q3 25 | $1.0B | $111.7M | ||
| Q2 25 | $844.0M | $7.5M | ||
| Q1 25 | $635.0M | $206.8M | ||
| Q4 24 | $3.6B | $45.6M | ||
| Q3 24 | $-28.0M | $276.2M | ||
| Q2 24 | $1.4B | $479.7M | ||
| Q1 24 | $608.0M | $451.3M |
自由现金流MTBSATS
| Q4 25 | — | $-583.4M | ||
| Q3 25 | — | $-144.4M | ||
| Q2 25 | — | $-285.7M | ||
| Q1 25 | — | $-51.7M | ||
| Q4 24 | — | $-298.7M | ||
| Q3 24 | — | $-57.5M | ||
| Q2 24 | — | $132.4M | ||
| Q1 24 | — | $-68.4M |
自由现金流率MTBSATS
| Q4 25 | — | -15.4% | ||
| Q3 25 | — | -4.0% | ||
| Q2 25 | — | -7.7% | ||
| Q1 25 | — | -1.3% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | — | -1.5% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | -1.7% |
资本支出强度MTBSATS
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 7.1% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | — | 8.8% | ||
| Q1 24 | — | 12.9% |
现金转化率MTBSATS
| Q4 25 | 3.96× | — | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 1.09× | — | ||
| Q4 24 | 5.30× | 0.14× | ||
| Q3 24 | -0.04× | — | ||
| Q2 24 | 2.07× | — | ||
| Q1 24 | 1.15× | — |
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
MTB
暂无分部数据
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% |
