vs
EchoStar CORP（SATS）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
德事隆的季度营收约是EchoStar CORP的1.1倍（$4.2B vs $3.8B），德事隆净利率更高（5.6% vs -31.8%，领先37.4%），德事隆同比增速更快（15.6% vs -4.3%），德事隆自由现金流更多（$527.0M vs $-583.4M），过去两年德事隆的营收复合增速更高（15.4% 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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
SATS vs TXT — 直观对比
营收规模更大
TXT
是对方的1.1倍
$3.8B
营收增速更快
TXT
高出19.9%
-4.3%
净利率更高
TXT
高出37.4%
-31.8%
自由现金流更多
TXT
多$1.1B
$-583.4M
两年增速更快
TXT
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.2B |
| 净利润 | $-1.2B | $235.0M |
| 毛利率 | — | — |
| 营业利润率 | -20.5% | — |
| 净利率 | -31.8% | 5.6% |
| 营收同比 | -4.3% | 15.6% |
| 净利润同比 | -460.1% | 66.7% |
| 每股收益（稀释后） | $-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SATSTXT
| Q4 25 | $3.8B | $4.2B | ||
| Q3 25 | $3.6B | $3.6B | ||
| Q2 25 | $3.7B | $3.7B | ||
| Q1 25 | $3.9B | $3.3B | ||
| Q4 24 | $4.0B | $3.6B | ||
| Q3 24 | $3.9B | $3.4B | ||
| Q2 24 | $4.0B | $3.5B | ||
| Q1 24 | $4.0B | $3.1B |
净利润SATSTXT
| Q4 25 | $-1.2B | $235.0M | ||
| Q3 25 | $-12.8B | $234.0M | ||
| Q2 25 | $-306.1M | $245.0M | ||
| Q1 25 | $-202.7M | $207.0M | ||
| Q4 24 | $335.2M | $141.0M | ||
| Q3 24 | $-141.8M | $223.0M | ||
| Q2 24 | $-205.6M | $259.0M | ||
| Q1 24 | $-107.4M | $201.0M |
营业利润率SATSTXT
| Q4 25 | -20.5% | — | ||
| Q3 25 | -460.5% | — | ||
| Q2 25 | -5.7% | — | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | -1.6% | 3.6% | ||
| Q3 24 | -4.1% | 7.4% | ||
| Q2 24 | -1.7% | 9.2% | ||
| Q1 24 | -0.4% | 7.6% |
净利率SATSTXT
| Q4 25 | -31.8% | 5.6% | ||
| Q3 25 | -353.6% | 6.5% | ||
| Q2 25 | -8.2% | 6.6% | ||
| Q1 25 | -5.2% | 6.3% | ||
| Q4 24 | 8.5% | 3.9% | ||
| Q3 24 | -3.6% | 6.5% | ||
| Q2 24 | -5.2% | 7.3% | ||
| Q1 24 | -2.7% | 6.4% |
每股收益（稀释后）SATSTXT
| Q4 25 | $-4.27 | — | ||
| Q3 25 | $-44.37 | — | ||
| Q2 25 | $-1.06 | — | ||
| Q1 25 | $-0.71 | $1.13 | ||
| Q4 24 | $1.24 | — | ||
| Q3 24 | $-0.52 | — | ||
| Q2 24 | $-0.76 | — | ||
| 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 | — |
| 总债务越低越好 | $18.7B | — |
| 股东权益账面价值 | $5.8B | — |
| 总资产 | $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SATSTXT
| 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SATSTXT
| 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SATSTXT
| Q4 25 | $5.8B | — | ||
| Q3 25 | $7.0B | $7.5B | ||
| Q2 25 | $19.7B | $7.4B | ||
| Q1 25 | $20.0B | $7.3B | ||
| Q4 24 | $20.2B | $7.2B | ||
| Q3 24 | $19.4B | $7.0B | ||
| Q2 24 | $19.6B | $6.9B | ||
| Q1 24 | $19.8B | $6.9B |
总资产SATSTXT
| Q4 25 | $43.0B | — | ||
| Q3 25 | $45.3B | $17.4B | ||
| Q2 25 | $59.9B | $17.1B | ||
| Q1 25 | $60.6B | $16.9B | ||
| Q4 24 | $60.9B | $16.8B | ||
| Q3 24 | $57.5B | $16.5B | ||
| Q2 24 | $55.3B | $16.4B | ||
| Q1 24 | $55.6B | $16.4B |
负债/权益比SATSTXT
| 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 | $-425.3M | $700.0M |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $527.0M |
| 自由现金流率自由现金流/营收 | -15.4% | 12.6% |
| 资本支出强度资本支出/营收 | 4.2% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 2.98× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $929.0M |
8季度趋势，按日历期对齐
经营现金流SATSTXT
| Q4 25 | $-425.3M | $700.0M | ||
| Q3 25 | $111.7M | $349.0M | ||
| Q2 25 | $7.5M | $387.0M | ||
| Q1 25 | $206.8M | $-124.0M | ||
| Q4 24 | $45.6M | $446.0M | ||
| Q3 24 | $276.2M | $208.0M | ||
| Q2 24 | $479.7M | $367.0M | ||
| Q1 24 | $451.3M | $-7.0M |
自由现金流SATSTXT
| Q4 25 | $-583.4M | $527.0M | ||
| Q3 25 | $-144.4M | $273.0M | ||
| Q2 25 | $-285.7M | $309.0M | ||
| Q1 25 | $-51.7M | $-180.0M | ||
| Q4 24 | $-298.7M | $293.0M | ||
| Q3 24 | $-57.5M | $137.0M | ||
| Q2 24 | $132.4M | $293.0M | ||
| Q1 24 | $-68.4M | $-73.0M |
自由现金流率SATSTXT
| Q4 25 | -15.4% | 12.6% | ||
| Q3 25 | -4.0% | 7.6% | ||
| Q2 25 | -7.7% | 8.3% | ||
| Q1 25 | -1.3% | -5.4% | ||
| Q4 24 | -7.5% | 8.1% | ||
| Q3 24 | -1.5% | 4.0% | ||
| Q2 24 | 3.3% | 8.3% | ||
| Q1 24 | -1.7% | -2.3% |
资本支出强度SATSTXT
| Q4 25 | 4.2% | 4.1% | ||
| Q3 25 | 7.1% | 2.1% | ||
| Q2 25 | 7.9% | 2.1% | ||
| Q1 25 | 6.7% | 1.7% | ||
| Q4 24 | 8.7% | 4.2% | ||
| Q3 24 | 8.6% | 2.1% | ||
| Q2 24 | 8.8% | 2.1% | ||
| Q1 24 | 12.9% | 2.1% |
现金转化率SATSTXT
| Q4 25 | — | 2.98× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 1.58× | ||
| Q1 25 | — | -0.60× | ||
| Q4 24 | 0.14× | 3.16× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 1.42× | ||
| Q1 24 | — | -0.03× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
