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帕卡（PCAR）与EchoStar CORP（SATS）财务数据对比。点击上方公司名可切换其他公司
帕卡的季度营收约是EchoStar CORP的1.8倍（$6.8B vs $3.8B），帕卡净利率更高（8.2% vs -31.8%，领先40.0%），EchoStar CORP同比增速更快（-4.3% vs -13.7%），帕卡自由现金流更多（$954.4M vs $-583.4M），过去两年EchoStar CORP的营收复合增速更高（-2.8% vs -11.7%）
帕卡是美国知名重型卡车制造企业，总部位于华盛顿州贝尔维尤，旗下拥有肯沃斯、彼得比尔特、DAF卡车三大核心子品牌，同时布局金融服务、工业零部件供应业务，在全球商用车领域占据重要市场地位。
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。
PCAR vs SATS — 直观对比
营收规模更大
PCAR
是对方的1.8倍
$3.8B
营收增速更快
SATS
高出9.4%
-13.7%
净利率更高
PCAR
高出40.0%
-31.8%
自由现金流更多
PCAR
多$1.5B
$-583.4M
两年增速更快
SATS
近两年复合增速
-11.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $3.8B |
| 净利润 | $556.9M | $-1.2B |
| 毛利率 | 19.3% | — |
| 营业利润率 | 10.3% | -20.5% |
| 净利率 | 8.2% | -31.8% |
| 营收同比 | -13.7% | -4.3% |
| 净利润同比 | -36.1% | -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
营收PCARSATS
| Q4 25 | $6.8B | $3.8B | ||
| Q3 25 | $6.7B | $3.6B | ||
| Q2 25 | $7.5B | $3.7B | ||
| Q1 25 | $7.4B | $3.9B | ||
| Q4 24 | $7.9B | $4.0B | ||
| Q3 24 | $8.2B | $3.9B | ||
| Q2 24 | $8.8B | $4.0B | ||
| Q1 24 | $8.7B | $4.0B |
净利润PCARSATS
| Q4 25 | $556.9M | $-1.2B | ||
| Q3 25 | $590.0M | $-12.8B | ||
| Q2 25 | $723.8M | $-306.1M | ||
| Q1 25 | $505.1M | $-202.7M | ||
| Q4 24 | $872.0M | $335.2M | ||
| Q3 24 | $972.1M | $-141.8M | ||
| Q2 24 | $1.1B | $-205.6M | ||
| Q1 24 | $1.2B | $-107.4M |
毛利率PCARSATS
| Q4 25 | 19.3% | — | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 20.2% | — | ||
| Q1 25 | 20.8% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 22.0% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 23.7% | — |
营业利润率PCARSATS
| Q4 25 | 10.3% | -20.5% | ||
| Q3 25 | 11.1% | -460.5% | ||
| Q2 25 | 12.4% | -5.7% | ||
| Q1 25 | 8.6% | -2.3% | ||
| Q4 24 | 14.5% | -1.6% | ||
| Q3 24 | 15.2% | -4.1% | ||
| Q2 24 | 16.7% | -1.7% | ||
| Q1 24 | 17.5% | -0.4% |
净利率PCARSATS
| Q4 25 | 8.2% | -31.8% | ||
| Q3 25 | 8.8% | -353.6% | ||
| Q2 25 | 9.6% | -8.2% | ||
| Q1 25 | 6.8% | -5.2% | ||
| Q4 24 | 11.0% | 8.5% | ||
| Q3 24 | 11.8% | -3.6% | ||
| Q2 24 | 12.8% | -5.2% | ||
| Q1 24 | 13.7% | -2.7% |
每股收益（稀释后）PCARSATS
| Q4 25 | $1.06 | $-4.27 | ||
| Q3 25 | $1.12 | $-44.37 | ||
| Q2 25 | $1.37 | $-1.06 | ||
| Q1 25 | $0.96 | $-0.71 | ||
| Q4 24 | $1.65 | $1.24 | ||
| Q3 24 | $1.85 | $-0.52 | ||
| Q2 24 | $2.13 | $-0.76 | ||
| Q1 24 | $2.27 | $-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 | — | $18.7B |
| 股东权益账面价值 | $19.3B | $5.8B |
| 总资产 | $44.3B | $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PCARSATS
| 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PCARSATS
| 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PCARSATS
| Q4 25 | $19.3B | $5.8B | ||
| Q3 25 | $19.4B | $7.0B | ||
| Q2 25 | $18.9B | $19.7B | ||
| Q1 25 | $18.0B | $20.0B | ||
| Q4 24 | $17.5B | $20.2B | ||
| Q3 24 | $18.7B | $19.4B | ||
| Q2 24 | $17.7B | $19.6B | ||
| Q1 24 | $16.9B | $19.8B |
总资产PCARSATS
| Q4 25 | $44.3B | $43.0B | ||
| Q3 25 | $44.2B | $45.3B | ||
| Q2 25 | $44.1B | $59.9B | ||
| Q1 25 | $42.7B | $60.6B | ||
| Q4 24 | $43.4B | $60.9B | ||
| Q3 24 | $43.3B | $57.5B | ||
| Q2 24 | $41.2B | $55.3B | ||
| Q1 24 | $40.4B | $55.6B |
负债/权益比PCARSATS
| 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 | $1.1B | $-425.3M |
| 自由现金流经营现金流 - 资本支出 | $954.4M | $-583.4M |
| 自由现金流率自由现金流/营收 | 14.0% | -15.4% |
| 资本支出强度资本支出/营收 | 2.8% | 4.2% |
| 现金转化率经营现金流/净利润 | 2.05× | — |
| 过去12个月自由现金流最近4个季度 | $3.7B | $-1.1B |
8季度趋势，按日历期对齐
经营现金流PCARSATS
| Q4 25 | $1.1B | $-425.3M | ||
| Q3 25 | $1.5B | $111.7M | ||
| Q2 25 | $833.4M | $7.5M | ||
| Q1 25 | $910.3M | $206.8M | ||
| Q4 24 | $1.4B | $45.6M | ||
| Q3 24 | $1.3B | $276.2M | ||
| Q2 24 | $440.0M | $479.7M | ||
| Q1 24 | $1.5B | $451.3M |
自由现金流PCARSATS
| Q4 25 | $954.4M | $-583.4M | ||
| Q3 25 | $1.4B | $-144.4M | ||
| Q2 25 | $611.3M | $-285.7M | ||
| Q1 25 | $745.2M | $-51.7M | ||
| Q4 24 | $1.2B | $-298.7M | ||
| Q3 24 | $1.1B | $-57.5M | ||
| Q2 24 | $219.7M | $132.4M | ||
| Q1 24 | $1.3B | $-68.4M |
自由现金流率PCARSATS
| Q4 25 | 14.0% | -15.4% | ||
| Q3 25 | 20.4% | -4.0% | ||
| Q2 25 | 8.1% | -7.7% | ||
| Q1 25 | 10.0% | -1.3% | ||
| Q4 24 | 15.3% | -7.5% | ||
| Q3 24 | 13.3% | -1.5% | ||
| Q2 24 | 2.5% | 3.3% | ||
| Q1 24 | 14.6% | -1.7% |
资本支出强度PCARSATS
| Q4 25 | 2.8% | 4.2% | ||
| Q3 25 | 2.5% | 7.1% | ||
| Q2 25 | 3.0% | 7.9% | ||
| Q1 25 | 2.2% | 6.7% | ||
| Q4 24 | 3.0% | 8.7% | ||
| Q3 24 | 2.4% | 8.6% | ||
| Q2 24 | 2.5% | 8.8% | ||
| Q1 24 | 2.2% | 12.9% |
现金转化率PCARSATS
| Q4 25 | 2.05× | — | ||
| Q3 25 | 2.59× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 1.66× | 0.14× | ||
| Q3 24 | 1.32× | — | ||
| Q2 24 | 0.39× | — | ||
| Q1 24 | 1.23× | — |
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
PCAR
| Truck Subsegment | $4.5B | 66% |
| Parts Subsegment | $1.7B | 25% |
| Other | $359.4M | 5% |
| Financial Services | $208.1M | 3% |
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% |
