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EchoStar CORP（SATS）与Southern Company（SO）财务数据对比。点击上方公司名可切换其他公司
Southern Company的季度营收约是EchoStar CORP的1.8倍（$7.0B vs $3.8B），Southern Company净利率更高（4.9% vs -31.8%，领先36.7%），Southern Company同比增速更快（10.1% vs -4.3%），EchoStar CORP自由现金流更多（$-583.4M vs $-1.7B），过去两年Southern Company的营收复合增速更高（2.5% vs -2.8%）
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。
Southern Company是美国燃气电力公用事业控股企业，总部位于佐治亚州亚特兰大，在阿拉巴马州伯明翰设有行政办公室。截至2021年按用户规模计为美国第二大公用事业公司，旗下子公司覆盖6个州，为900万燃气及电力用户提供服务，供电区域达12万平方英里。
SATS vs SO — 直观对比
营收规模更大
SO
是对方的1.8倍
$3.8B
营收增速更快
SO
高出14.4%
-4.3%
净利率更高
SO
高出36.7%
-31.8%
自由现金流更多
SATS
多$1.1B
$-1.7B
两年增速更快
SO
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $7.0B |
| 净利润 | $-1.2B | $341.0M |
| 毛利率 | — | — |
| 营业利润率 | -20.5% | 13.1% |
| 净利率 | -31.8% | 4.9% |
| 营收同比 | -4.3% | 10.1% |
| 净利润同比 | -460.1% | -26.8% |
| 每股收益（稀释后） | $-4.27 | $0.38 |
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SATSSO
| Q4 25 | $3.8B | $7.0B | ||
| Q3 25 | $3.6B | $7.8B | ||
| Q2 25 | $3.7B | $7.0B | ||
| Q1 25 | $3.9B | $7.8B | ||
| Q4 24 | $4.0B | $6.3B | ||
| Q3 24 | $3.9B | $7.3B | ||
| Q2 24 | $4.0B | $6.5B | ||
| Q1 24 | $4.0B | $6.6B |
净利润SATSSO
| Q4 25 | $-1.2B | $341.0M | ||
| Q3 25 | $-12.8B | $1.7B | ||
| Q2 25 | $-306.1M | $880.0M | ||
| Q1 25 | $-202.7M | $1.3B | ||
| Q4 24 | $335.2M | $466.0M | ||
| Q3 24 | $-141.8M | $1.5B | ||
| Q2 24 | $-205.6M | $1.2B | ||
| Q1 24 | $-107.4M | $1.1B |
营业利润率SATSSO
| Q4 25 | -20.5% | 13.1% | ||
| Q3 25 | -460.5% | 33.2% | ||
| Q2 25 | -5.7% | 25.3% | ||
| Q1 25 | -2.3% | 25.9% | ||
| Q4 24 | -1.6% | 16.7% | ||
| Q3 24 | -4.1% | 32.6% | ||
| Q2 24 | -1.7% | 30.0% | ||
| Q1 24 | -0.4% | 25.6% |
净利率SATSSO
| Q4 25 | -31.8% | 4.9% | ||
| Q3 25 | -353.6% | 21.9% | ||
| Q2 25 | -8.2% | 12.6% | ||
| Q1 25 | -5.2% | 16.3% | ||
| Q4 24 | 8.5% | 7.3% | ||
| Q3 24 | -3.6% | 21.1% | ||
| Q2 24 | -5.2% | 18.6% | ||
| Q1 24 | -2.7% | 16.1% |
每股收益（稀释后）SATSSO
| Q4 25 | $-4.27 | $0.38 | ||
| Q3 25 | $-44.37 | $1.54 | ||
| Q2 25 | $-1.06 | $0.79 | ||
| Q1 25 | $-0.71 | $1.21 | ||
| Q4 24 | $1.24 | $0.48 | ||
| Q3 24 | $-0.52 | $1.39 | ||
| Q2 24 | $-0.76 | $1.09 | ||
| Q1 24 | $-0.40 | $1.03 |
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 | $1.6B |
| 总债务越低越好 | $18.7B | $65.6B |
| 股东权益账面价值 | $5.8B | $36.0B |
| 总资产 | $43.0B | $155.7B |
| 负债/权益比越低杠杆越低 | 3.24× | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资SATSSO
| Q4 25 | $3.0B | $1.6B | ||
| Q3 25 | $3.9B | $3.3B | ||
| Q2 25 | $4.3B | $1.3B | ||
| Q1 25 | $5.1B | $2.3B | ||
| Q4 24 | $5.5B | $1.1B | ||
| Q3 24 | $674.4M | $1.0B | ||
| Q2 24 | $520.6M | $1.2B | ||
| Q1 24 | $766.4M | $713.0M |
总债务SATSSO
| Q4 25 | $18.7B | $65.6B | ||
| Q3 25 | $21.8B | $64.6B | ||
| Q2 25 | $25.4B | $63.0B | ||
| Q1 25 | $25.3B | $62.9B | ||
| Q4 24 | $25.7B | $58.8B | ||
| Q3 24 | — | $61.3B | ||
| Q2 24 | — | $59.9B | ||
| Q1 24 | $951.0M | $59.4B |
股东权益SATSSO
| Q4 25 | $5.8B | $36.0B | ||
| Q3 25 | $7.0B | $38.3B | ||
| Q2 25 | $19.7B | $37.3B | ||
| Q1 25 | $20.0B | $37.2B | ||
| Q4 24 | $20.2B | $33.2B | ||
| Q3 24 | $19.4B | $36.9B | ||
| Q2 24 | $19.6B | $36.1B | ||
| Q1 24 | $19.8B | $35.6B |
总资产SATSSO
| Q4 25 | $43.0B | $155.7B | ||
| Q3 25 | $45.3B | $153.2B | ||
| Q2 25 | $59.9B | $148.9B | ||
| Q1 25 | $60.6B | $148.1B | ||
| Q4 24 | $60.9B | $145.2B | ||
| Q3 24 | $57.5B | $144.0B | ||
| Q2 24 | $55.3B | $141.9B | ||
| Q1 24 | $55.6B | $140.1B |
负债/权益比SATSSO
| Q4 25 | 3.24× | 1.82× | ||
| Q3 25 | 3.13× | 1.69× | ||
| Q2 25 | 1.29× | 1.69× | ||
| Q1 25 | 1.27× | 1.69× | ||
| Q4 24 | 1.27× | 1.77× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.66× | ||
| Q1 24 | 0.05× | 1.67× |
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 | $-425.3M | $2.6B |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $-1.7B |
| 自由现金流率自由现金流/营收 | -15.4% | -24.2% |
| 资本支出强度资本支出/营收 | 4.2% | 61.4% |
| 现金转化率经营现金流/净利润 | — | 7.62× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $-2.9B |
8季度趋势，按日历期对齐
经营现金流SATSSO
| Q4 25 | $-425.3M | $2.6B | ||
| Q3 25 | $111.7M | $3.8B | ||
| Q2 25 | $7.5M | $2.2B | ||
| Q1 25 | $206.8M | $1.3B | ||
| Q4 24 | $45.6M | $2.2B | ||
| Q3 24 | $276.2M | $3.6B | ||
| Q2 24 | $479.7M | $2.7B | ||
| Q1 24 | $451.3M | $1.3B |
自由现金流SATSSO
| Q4 25 | $-583.4M | $-1.7B | ||
| Q3 25 | $-144.4M | $559.0M | ||
| Q2 25 | $-285.7M | $-619.0M | ||
| Q1 25 | $-51.7M | $-1.2B | ||
| Q4 24 | $-298.7M | $-576.0M | ||
| Q3 24 | $-57.5M | $1.3B | ||
| Q2 24 | $132.4M | $563.0M | ||
| Q1 24 | $-68.4M | $-459.0M |
自由现金流率SATSSO
| Q4 25 | -15.4% | -24.2% | ||
| Q3 25 | -4.0% | 7.1% | ||
| Q2 25 | -7.7% | -8.9% | ||
| Q1 25 | -1.3% | -15.3% | ||
| Q4 24 | -7.5% | -9.1% | ||
| Q3 24 | -1.5% | 17.9% | ||
| Q2 24 | 3.3% | 8.7% | ||
| Q1 24 | -1.7% | -6.9% |
资本支出强度SATSSO
| Q4 25 | 4.2% | 61.4% | ||
| Q3 25 | 7.1% | 41.1% | ||
| Q2 25 | 7.9% | 40.2% | ||
| Q1 25 | 6.7% | 31.3% | ||
| Q4 24 | 8.7% | 43.4% | ||
| Q3 24 | 8.6% | 31.8% | ||
| Q2 24 | 8.8% | 32.9% | ||
| Q1 24 | 12.9% | 26.6% |
现金转化率SATSSO
| Q4 25 | — | 7.62× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.48× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 0.14× | 4.66× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 1.22× |
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
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% |
SO
| Other | $3.9B | 57% |
| Retail Electric Commercial | $1.6B | 23% |
| Natural Gas Distribution Residential | $689.0M | 10% |
| Natural Gas Distribution Transportation | $371.0M | 5% |
| Wholesale Non Affiliates | $123.0M | 2% |
| Natural Gas Distribution Other | $76.0M | 1% |
| Wholesale Electric Non PPA Revenues | $62.0M | 1% |
| Wholesale Affiliates | $55.0M | 1% |
| Retail Electric Other | $31.0M | 0% |
| Alternative Energy | $20.0M | 0% |
| Natural Gas Distribution Industrial | $15.0M | 0% |
