vs
EchoStar CORP（SATS）与TKO Group Holdings（TKO）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TKO Group Holdings的3.7倍（$3.8B vs $1.0B），TKO Group Holdings净利率更高（-0.2% vs -31.8%，领先31.6%），TKO Group Holdings同比增速更快（61.6% vs -4.3%），过去两年TKO Group Holdings的营收复合增速更高（28.4% 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。
TKO Group Holdings是美国体育及体育娱乐上市企业，成立于2023年9月12日，由奋进集团（Endeavor）子公司、终极格斗冠军赛（UFC）母公司Zuffa与职业摔跤品牌世界摔角娱乐（WWE）合并组建，主营综合格斗、职业摔跤赛事运营及相关娱乐内容业务。
SATS vs TKO — 直观对比
营收规模更大
SATS
是对方的3.7倍
$1.0B
营收增速更快
TKO
高出65.9%
-4.3%
净利率更高
TKO
高出31.6%
-31.8%
两年增速更快
TKO
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $1.0B |
| 净利润 | $-1.2B | $-2.4M |
| 毛利率 | — | — |
| 营业利润率 | -20.5% | 5.5% |
| 净利率 | -31.8% | -0.2% |
| 营收同比 | -4.3% | 61.6% |
| 净利润同比 | -460.1% | -107.7% |
| 每股收益（稀释后） | $-4.27 | $-0.07 |
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SATSTKO
| Q4 25 | $3.8B | $1.0B | ||
| Q3 25 | $3.6B | $1.1B | ||
| Q2 25 | $3.7B | $1.3B | ||
| Q1 25 | $3.9B | $1.3B | ||
| Q4 24 | $4.0B | $642.2M | ||
| Q3 24 | $3.9B | $681.3M | ||
| Q2 24 | $4.0B | $851.2M | ||
| Q1 24 | $4.0B | $629.7M |
净利润SATSTKO
| Q4 25 | $-1.2B | $-2.4M | ||
| Q3 25 | $-12.8B | $41.0M | ||
| Q2 25 | $-306.1M | $98.4M | ||
| Q1 25 | $-202.7M | $58.4M | ||
| Q4 24 | $335.2M | $31.0M | ||
| Q3 24 | $-141.8M | $23.1M | ||
| Q2 24 | $-205.6M | $59.1M | ||
| Q1 24 | $-107.4M | $-103.8M |
营业利润率SATSTKO
| Q4 25 | -20.5% | 5.5% | ||
| Q3 25 | -460.5% | 15.4% | ||
| Q2 25 | -5.7% | 28.1% | ||
| Q1 25 | -2.3% | 18.7% | ||
| Q4 24 | -1.6% | 15.9% | ||
| Q3 24 | -4.1% | 20.0% | ||
| Q2 24 | -1.7% | 30.0% | ||
| Q1 24 | -0.4% | -33.4% |
净利率SATSTKO
| Q4 25 | -31.8% | -0.2% | ||
| Q3 25 | -353.6% | 3.7% | ||
| Q2 25 | -8.2% | 7.5% | ||
| Q1 25 | -5.2% | 4.6% | ||
| Q4 24 | 8.5% | 4.8% | ||
| Q3 24 | -3.6% | 3.4% | ||
| Q2 24 | -5.2% | 6.9% | ||
| Q1 24 | -2.7% | -16.5% |
每股收益（稀释后）SATSTKO
| Q4 25 | $-4.27 | $-0.07 | ||
| Q3 25 | $-44.37 | $0.47 | ||
| Q2 25 | $-1.06 | $1.17 | ||
| Q1 25 | $-0.71 | $0.69 | ||
| Q4 24 | $1.24 | $0.28 | ||
| Q3 24 | $-0.52 | $0.28 | ||
| Q2 24 | $-0.76 | $0.72 | ||
| Q1 24 | $-0.40 | $-1.26 |
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 | $831.1M |
| 总债务越低越好 | $18.7B | $3.8B |
| 股东权益账面价值 | $5.8B | $3.7B |
| 总资产 | $43.0B | $15.5B |
| 负债/权益比越低杠杆越低 | 3.24× | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资SATSTKO
| Q4 25 | $3.0B | $831.1M | ||
| Q3 25 | $3.9B | $861.4M | ||
| Q2 25 | $4.3B | $535.1M | ||
| Q1 25 | $5.1B | $470.9M | ||
| Q4 24 | $5.5B | $525.6M | ||
| Q3 24 | $674.4M | $457.4M | ||
| Q2 24 | $520.6M | $277.5M | ||
| Q1 24 | $766.4M | $245.8M |
总债务SATSTKO
| Q4 25 | $18.7B | $3.8B | ||
| Q3 25 | $21.8B | $3.7B | ||
| Q2 25 | $25.4B | $2.7B | ||
| Q1 25 | $25.3B | $2.8B | ||
| Q4 24 | $25.7B | $2.8B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | $951.0M | $2.7B |
股东权益SATSTKO
| Q4 25 | $5.8B | $3.7B | ||
| Q3 25 | $7.0B | $3.8B | ||
| Q2 25 | $19.7B | $4.3B | ||
| Q1 25 | $20.0B | $4.2B | ||
| Q4 24 | $20.2B | $4.1B | ||
| Q3 24 | $19.4B | $4.0B | ||
| Q2 24 | $19.6B | $4.0B | ||
| Q1 24 | $19.8B | $4.0B |
总资产SATSTKO
| Q4 25 | $43.0B | $15.5B | ||
| Q3 25 | $45.3B | $15.5B | ||
| Q2 25 | $59.9B | $15.3B | ||
| Q1 25 | $60.6B | $15.0B | ||
| Q4 24 | $60.9B | $12.7B | ||
| Q3 24 | $57.5B | $12.8B | ||
| Q2 24 | $55.3B | $12.7B | ||
| Q1 24 | $55.6B | $12.7B |
负债/权益比SATSTKO
| Q4 25 | 3.24× | 1.01× | ||
| Q3 25 | 3.13× | 0.98× | ||
| Q2 25 | 1.29× | 0.64× | ||
| Q1 25 | 1.27× | 0.66× | ||
| Q4 24 | 1.27× | 0.67× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | 0.05× | 0.68× |
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 | $309.9M |
| 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 | — | — |
| 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SATSTKO
| Q4 25 | $-425.3M | $309.9M | ||
| Q3 25 | $111.7M | $416.8M | ||
| Q2 25 | $7.5M | $396.2M | ||
| Q1 25 | $206.8M | $162.8M | ||
| Q4 24 | $45.6M | $56.8M | ||
| Q3 24 | $276.2M | $236.5M | ||
| Q2 24 | $479.7M | $230.7M | ||
| Q1 24 | $451.3M | $59.3M |
自由现金流SATSTKO
| 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SATSTKO
| 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SATSTKO
| 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SATSTKO
| Q4 25 | — | — | ||
| Q3 25 | — | 10.16× | ||
| Q2 25 | — | 4.03× | ||
| Q1 25 | — | 2.79× | ||
| Q4 24 | 0.14× | 1.83× | ||
| Q3 24 | — | 10.22× | ||
| Q2 24 | — | 3.90× | ||
| 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
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% |
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
