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EchoStar CORP（SATS）与泰佩思琦（TPR）财务数据对比。点击上方公司名可切换其他公司
EchoStar CORP的季度营收约是泰佩思琦的1.5倍（$3.8B vs $2.5B），泰佩思琦净利率更高（22.4% vs -31.8%，领先54.2%），泰佩思琦同比增速更快（14.0% vs -4.3%），泰佩思琦自由现金流更多（$1.0B vs $-583.4M），过去两年泰佩思琦的营收复合增速更高（29.9% 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。
Tapestry, Inc.是美国知名跨国奢侈品时尚控股企业，旗下拥有Coach、Kate Spade New York、Stuart Weitzman三大标志性生活方式品牌，主营高端手袋、服饰、鞋履、配饰及香水产品，销售渠道覆盖全球线下门店与线上电商平台。
SATS vs TPR — 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
TPR
高出18.3%
-4.3%
净利率更高
TPR
高出54.2%
-31.8%
自由现金流更多
TPR
多$1.6B
$-583.4M
两年增速更快
TPR
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.5B |
| 净利润 | $-1.2B | $561.3M |
| 毛利率 | — | 75.5% |
| 营业利润率 | -20.5% | 28.6% |
| 净利率 | -31.8% | 22.4% |
| 营收同比 | -4.3% | 14.0% |
| 净利润同比 | -460.1% | 80.8% |
| 每股收益（稀释后） | $-4.27 | $2.68 |
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SATSTPR
| Q4 25 | $3.8B | $2.5B | ||
| Q3 25 | $3.6B | $1.7B | ||
| Q2 25 | $3.7B | $1.7B | ||
| Q1 25 | $3.9B | $1.6B | ||
| Q4 24 | $4.0B | $2.2B | ||
| Q3 24 | $3.9B | $1.5B | ||
| Q2 24 | $4.0B | $1.6B | ||
| Q1 24 | $4.0B | $1.5B |
净利润SATSTPR
| Q4 25 | $-1.2B | $561.3M | ||
| Q3 25 | $-12.8B | $274.8M | ||
| Q2 25 | $-306.1M | $-517.1M | ||
| Q1 25 | $-202.7M | $203.3M | ||
| Q4 24 | $335.2M | $310.4M | ||
| Q3 24 | $-141.8M | $186.6M | ||
| Q2 24 | $-205.6M | $159.3M | ||
| Q1 24 | $-107.4M | $139.4M |
毛利率SATSTPR
| Q4 25 | — | 75.5% | ||
| Q3 25 | — | 76.3% | ||
| Q2 25 | — | 76.3% | ||
| Q1 25 | — | 76.1% | ||
| Q4 24 | — | 74.4% | ||
| Q3 24 | — | 75.3% | ||
| Q2 24 | — | 74.9% | ||
| Q1 24 | — | 74.7% |
营业利润率SATSTPR
| Q4 25 | -20.5% | 28.6% | ||
| Q3 25 | -460.5% | 19.3% | ||
| Q2 25 | -5.7% | -33.9% | ||
| Q1 25 | -2.3% | 16.0% | ||
| Q4 24 | -1.6% | 22.4% | ||
| Q3 24 | -4.1% | 16.7% | ||
| Q2 24 | -1.7% | 14.8% | ||
| Q1 24 | -0.4% | 13.8% |
净利率SATSTPR
| Q4 25 | -31.8% | 22.4% | ||
| Q3 25 | -353.6% | 16.1% | ||
| Q2 25 | -8.2% | -30.0% | ||
| Q1 25 | -5.2% | 12.8% | ||
| Q4 24 | 8.5% | 14.1% | ||
| Q3 24 | -3.6% | 12.4% | ||
| Q2 24 | -5.2% | 10.0% | ||
| Q1 24 | -2.7% | 9.4% |
每股收益（稀释后）SATSTPR
| Q4 25 | $-4.27 | $2.68 | ||
| Q3 25 | $-44.37 | $1.28 | ||
| Q2 25 | $-1.06 | $-2.30 | ||
| Q1 25 | $-0.71 | $0.95 | ||
| Q4 24 | $1.24 | $1.38 | ||
| Q3 24 | $-0.52 | $0.79 | ||
| Q2 24 | $-0.76 | $0.67 | ||
| Q1 24 | $-0.40 | $0.60 |
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 | $1.1B |
| 总债务越低越好 | $18.7B | $2.4B |
| 股东权益账面价值 | $5.8B | $551.2M |
| 总资产 | $43.0B | $6.5B |
| 负债/权益比越低杠杆越低 | 3.24× | 4.32× |
8季度趋势，按日历期对齐
现金及短期投资SATSTPR
| Q4 25 | $3.0B | $1.1B | ||
| Q3 25 | $3.9B | $743.2M | ||
| Q2 25 | $4.3B | $1.1B | ||
| Q1 25 | $5.1B | $1.1B | ||
| Q4 24 | $5.5B | $1.0B | ||
| Q3 24 | $674.4M | $7.3B | ||
| Q2 24 | $520.6M | $7.2B | ||
| Q1 24 | $766.4M | $7.4B |
总债务SATSTPR
| Q4 25 | $18.7B | $2.4B | ||
| Q3 25 | $21.8B | $2.4B | ||
| Q2 25 | $25.4B | $2.4B | ||
| Q1 25 | $25.3B | $2.4B | ||
| Q4 24 | $25.7B | $2.4B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | $951.0M | $7.7B |
股东权益SATSTPR
| Q4 25 | $5.8B | $551.2M | ||
| Q3 25 | $7.0B | $399.5M | ||
| Q2 25 | $19.7B | $857.8M | ||
| Q1 25 | $20.0B | $1.5B | ||
| Q4 24 | $20.2B | $1.3B | ||
| Q3 24 | $19.4B | $3.0B | ||
| Q2 24 | $19.6B | $2.9B | ||
| Q1 24 | $19.8B | $2.8B |
总资产SATSTPR
| Q4 25 | $43.0B | $6.5B | ||
| Q3 25 | $45.3B | $6.4B | ||
| Q2 25 | $59.9B | $6.6B | ||
| Q1 25 | $60.6B | $7.3B | ||
| Q4 24 | $60.9B | $7.3B | ||
| Q3 24 | $57.5B | $13.7B | ||
| Q2 24 | $55.3B | $13.4B | ||
| Q1 24 | $55.6B | $13.7B |
负债/权益比SATSTPR
| Q4 25 | 3.24× | 4.32× | ||
| Q3 25 | 3.13× | 5.95× | ||
| Q2 25 | 1.29× | 2.77× | ||
| Q1 25 | 1.27× | 1.59× | ||
| Q4 24 | 1.27× | 1.78× | ||
| Q3 24 | — | 2.35× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | 0.05× | 2.77× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $1.0B |
| 自由现金流率自由现金流/营收 | -15.4% | 41.5% |
| 资本支出强度资本支出/营收 | 4.2% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $1.6B |
8季度趋势，按日历期对齐
经营现金流SATSTPR
| Q4 25 | $-425.3M | $1.1B | ||
| Q3 25 | $111.7M | $112.6M | ||
| Q2 25 | $7.5M | $446.8M | ||
| Q1 25 | $206.8M | $144.3M | ||
| Q4 24 | $45.6M | $506.0M | ||
| Q3 24 | $276.2M | $119.5M | ||
| Q2 24 | $479.7M | $256.0M | ||
| Q1 24 | $451.3M | $97.8M |
自由现金流SATSTPR
| Q4 25 | $-583.4M | $1.0B | ||
| Q3 25 | $-144.4M | $80.2M | ||
| Q2 25 | $-285.7M | $411.5M | ||
| Q1 25 | $-51.7M | $113.4M | ||
| Q4 24 | $-298.7M | $475.1M | ||
| Q3 24 | $-57.5M | $93.9M | ||
| Q2 24 | $132.4M | $209.8M | ||
| Q1 24 | $-68.4M | $78.8M |
自由现金流率SATSTPR
| Q4 25 | -15.4% | 41.5% | ||
| Q3 25 | -4.0% | 4.7% | ||
| Q2 25 | -7.7% | 23.9% | ||
| Q1 25 | -1.3% | 7.2% | ||
| Q4 24 | -7.5% | 21.6% | ||
| Q3 24 | -1.5% | 6.2% | ||
| Q2 24 | 3.3% | 13.2% | ||
| Q1 24 | -1.7% | 5.3% |
资本支出强度SATSTPR
| Q4 25 | 4.2% | 1.7% | ||
| Q3 25 | 7.1% | 1.9% | ||
| Q2 25 | 7.9% | 2.0% | ||
| Q1 25 | 6.7% | 2.0% | ||
| Q4 24 | 8.7% | 1.4% | ||
| Q3 24 | 8.6% | 1.7% | ||
| Q2 24 | 8.8% | 2.9% | ||
| Q1 24 | 12.9% | 1.3% |
现金转化率SATSTPR
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | 0.14× | 1.63× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 1.61× | ||
| Q1 24 | — | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
