vs
EchoStar CORP（SATS）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是EchoStar CORP的1.1倍（$4.2B vs $3.8B），标普全球净利率更高（36.1% vs -31.8%，领先67.9%），标普全球同比增速更快（10.0% vs -4.3%），标普全球自由现金流更多（$919.0M vs $-583.4M），过去两年标普全球的营收复合增速更高（8.4% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
SATS vs SPGI — 直观对比
营收规模更大
SPGI
是对方的1.1倍
$3.8B
营收增速更快
SPGI
高出14.3%
-4.3%
净利率更高
SPGI
高出67.9%
-31.8%
自由现金流更多
SPGI
多$1.5B
$-583.4M
两年增速更快
SPGI
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.2B |
| 净利润 | $-1.2B | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | -20.5% | 48.0% |
| 净利率 | -31.8% | 36.1% |
| 营收同比 | -4.3% | 10.0% |
| 净利润同比 | -460.1% | 28.0% |
| 每股收益（稀释后） | $-4.27 | $4.69 |
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SATSSPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.8B | $3.9B | ||
| Q3 25 | $3.6B | $3.9B | ||
| Q2 25 | $3.7B | $3.8B | ||
| Q1 25 | $3.9B | $3.8B | ||
| Q4 24 | $4.0B | $3.6B | ||
| Q3 24 | $3.9B | $3.6B | ||
| Q2 24 | $4.0B | $3.5B |
净利润SATSSPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $-1.2B | $1.1B | ||
| Q3 25 | $-12.8B | $1.2B | ||
| Q2 25 | $-306.1M | $1.1B | ||
| Q1 25 | $-202.7M | $1.1B | ||
| Q4 24 | $335.2M | $879.0M | ||
| Q3 24 | $-141.8M | $971.0M | ||
| Q2 24 | $-205.6M | $1.0B |
毛利率SATSSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 70.1% | ||
| Q3 25 | — | 71.2% | ||
| Q2 25 | — | 70.2% | ||
| Q1 25 | — | 69.5% | ||
| Q4 24 | — | 69.8% | ||
| Q3 24 | — | 70.0% | ||
| Q2 24 | — | 69.4% |
营业利润率SATSSPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | -20.5% | 42.7% | ||
| Q3 25 | -460.5% | 43.1% | ||
| Q2 25 | -5.7% | 41.3% | ||
| Q1 25 | -2.3% | 41.8% | ||
| Q4 24 | -1.6% | 36.4% | ||
| Q3 24 | -4.1% | 40.1% | ||
| Q2 24 | -1.7% | 40.9% |
净利率SATSSPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | -31.8% | 28.9% | ||
| Q3 25 | -353.6% | 30.2% | ||
| Q2 25 | -8.2% | 28.5% | ||
| Q1 25 | -5.2% | 28.9% | ||
| Q4 24 | 8.5% | 24.5% | ||
| Q3 24 | -3.6% | 27.2% | ||
| Q2 24 | -5.2% | 28.5% |
每股收益（稀释后）SATSSPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | $-4.27 | $3.76 | ||
| Q3 25 | $-44.37 | $3.86 | ||
| Q2 25 | $-1.06 | $3.50 | ||
| Q1 25 | $-0.71 | $3.54 | ||
| Q4 24 | $1.24 | $2.85 | ||
| Q3 24 | $-0.52 | $3.11 | ||
| Q2 24 | $-0.76 | $3.23 |
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 | $13.3B |
| 股东权益账面价值 | $5.8B | $31.3B |
| 总资产 | $43.0B | $60.8B |
| 负债/权益比越低杠杆越低 | 3.24× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资SATSSPGI
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $1.8B | ||
| Q3 25 | $3.9B | $1.7B | ||
| Q2 25 | $4.3B | $1.8B | ||
| Q1 25 | $5.1B | $1.5B | ||
| Q4 24 | $5.5B | $1.7B | ||
| Q3 24 | $674.4M | $1.7B | ||
| Q2 24 | $520.6M | $2.0B |
总债务SATSSPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | $18.7B | $13.1B | ||
| Q3 25 | $21.8B | $11.4B | ||
| Q2 25 | $25.4B | $11.4B | ||
| Q1 25 | $25.3B | $11.4B | ||
| Q4 24 | $25.7B | $11.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.4B |
股东权益SATSSPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | $5.8B | $31.1B | ||
| Q3 25 | $7.0B | $33.1B | ||
| Q2 25 | $19.7B | $33.4B | ||
| Q1 25 | $20.0B | $33.4B | ||
| Q4 24 | $20.2B | $33.2B | ||
| Q3 24 | $19.4B | $34.0B | ||
| Q2 24 | $19.6B | $34.9B |
总资产SATSSPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $43.0B | $61.2B | ||
| Q3 25 | $45.3B | $59.7B | ||
| Q2 25 | $59.9B | $60.4B | ||
| Q1 25 | $60.6B | $59.9B | ||
| Q4 24 | $60.9B | $60.2B | ||
| Q3 24 | $57.5B | $60.4B | ||
| Q2 24 | $55.3B | $61.0B |
负债/权益比SATSSPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | 3.24× | 0.42× | ||
| Q3 25 | 3.13× | 0.34× | ||
| Q2 25 | 1.29× | 0.34× | ||
| Q1 25 | 1.27× | 0.34× | ||
| Q4 24 | 1.27× | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $919.0M |
| 自由现金流率自由现金流/营收 | -15.4% | 22.0% |
| 资本支出强度资本支出/营收 | 4.2% | 0.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $5.5B |
8季度趋势，按日历期对齐
经营现金流SATSSPGI
| Q1 26 | — | — | ||
| Q4 25 | $-425.3M | $1.7B | ||
| Q3 25 | $111.7M | $1.5B | ||
| Q2 25 | $7.5M | $1.4B | ||
| Q1 25 | $206.8M | $953.0M | ||
| Q4 24 | $45.6M | $1.7B | ||
| Q3 24 | $276.2M | $1.4B | ||
| Q2 24 | $479.7M | $1.6B |
自由现金流SATSSPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | $-583.4M | $1.7B | ||
| Q3 25 | $-144.4M | $1.5B | ||
| Q2 25 | $-285.7M | $1.4B | ||
| Q1 25 | $-51.7M | $910.0M | ||
| Q4 24 | $-298.7M | $1.7B | ||
| Q3 24 | $-57.5M | $1.4B | ||
| Q2 24 | $132.4M | $1.5B |
自由现金流率SATSSPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | -15.4% | 43.5% | ||
| Q3 25 | -4.0% | 37.6% | ||
| Q2 25 | -7.7% | 36.9% | ||
| Q1 25 | -1.3% | 24.1% | ||
| Q4 24 | -7.5% | 47.5% | ||
| Q3 24 | -1.5% | 39.4% | ||
| Q2 24 | 3.3% | 42.9% |
资本支出强度SATSSPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | 4.2% | 1.2% | ||
| Q3 25 | 7.1% | 1.2% | ||
| Q2 25 | 7.9% | 1.6% | ||
| Q1 25 | 6.7% | 1.1% | ||
| Q4 24 | 8.7% | 0.9% | ||
| Q3 24 | 8.6% | 1.0% | ||
| Q2 24 | 8.8% | 0.9% |
现金转化率SATSSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | 0.14× | 1.98× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | — | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
