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EchoStar CORP（SATS）与United Rentals（URI）财务数据对比。点击上方公司名可切换其他公司
United Rentals的季度营收约是EchoStar CORP的1.0倍（$4.0B vs $3.8B），United Rentals净利率更高（13.3% vs -31.8%，领先45.1%），United Rentals同比增速更快（7.2% vs -4.3%），United Rentals自由现金流更多（$1.1B vs $-583.4M），过去两年United Rentals的营收复合增速更高（114.0% 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。
United Rentals是美国设备租赁企业，2022年占据北美市场约16%的份额。截至2025年，该公司拥有全球规模最大的租赁车队，覆盖约4800类设备，原始设备成本总计约205.9亿美元，在全球共设1625个营业网点，业务覆盖北美、欧洲、澳大利亚及新西兰。
SATS vs URI — 直观对比
营收规模更大
URI
是对方的1.0倍
$3.8B
营收增速更快
URI
高出11.5%
-4.3%
净利率更高
URI
高出45.1%
-31.8%
自由现金流更多
URI
多$1.6B
$-583.4M
两年增速更快
URI
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.0B |
| 净利润 | $-1.2B | $531.0M |
| 毛利率 | — | 36.9% |
| 营业利润率 | -20.5% | 21.8% |
| 净利率 | -31.8% | 13.3% |
| 营收同比 | -4.3% | 7.2% |
| 净利润同比 | -460.1% | — |
| 每股收益（稀释后） | $-4.27 | $8.43 |
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SATSURI
| Q1 26 | — | $4.0B | ||
| Q4 25 | $3.8B | $992.0M | ||
| Q3 25 | $3.6B | $938.0M | ||
| Q2 25 | $3.7B | $872.0M | ||
| Q1 25 | $3.9B | $893.0M | ||
| Q4 24 | $4.0B | $1.0B | ||
| Q3 24 | $3.9B | $874.0M | ||
| Q2 24 | $4.0B | $870.0M |
净利润SATSURI
| Q1 26 | — | $531.0M | ||
| Q4 25 | $-1.2B | $653.0M | ||
| Q3 25 | $-12.8B | $701.0M | ||
| Q2 25 | $-306.1M | $622.0M | ||
| Q1 25 | $-202.7M | $518.0M | ||
| Q4 24 | $335.2M | $689.0M | ||
| Q3 24 | $-141.8M | $708.0M | ||
| Q2 24 | $-205.6M | $636.0M |
毛利率SATSURI
| Q1 26 | — | 36.9% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率SATSURI
| Q1 26 | — | 21.8% | ||
| Q4 25 | -20.5% | — | ||
| Q3 25 | -460.5% | — | ||
| Q2 25 | -5.7% | — | ||
| Q1 25 | -2.3% | 90.0% | ||
| Q4 24 | -1.6% | — | ||
| Q3 24 | -4.1% | — | ||
| Q2 24 | -1.7% | — |
净利率SATSURI
| Q1 26 | — | 13.3% | ||
| Q4 25 | -31.8% | 65.8% | ||
| Q3 25 | -353.6% | 74.7% | ||
| Q2 25 | -8.2% | 71.3% | ||
| Q1 25 | -5.2% | 58.0% | ||
| Q4 24 | 8.5% | 67.6% | ||
| Q3 24 | -3.6% | 81.0% | ||
| Q2 24 | -5.2% | 73.1% |
每股收益（稀释后）SATSURI
| Q1 26 | — | $8.43 | ||
| Q4 25 | $-4.27 | $10.20 | ||
| Q3 25 | $-44.37 | $10.91 | ||
| Q2 25 | $-1.06 | $9.59 | ||
| Q1 25 | $-0.71 | $7.91 | ||
| Q4 24 | $1.24 | $10.41 | ||
| Q3 24 | $-0.52 | $10.70 | ||
| Q2 24 | $-0.76 | $9.54 |
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 | $156.0M |
| 总债务越低越好 | $18.7B | $13.9B |
| 股东权益账面价值 | $5.8B | $9.0B |
| 总资产 | $43.0B | $29.9B |
| 负债/权益比越低杠杆越低 | 3.24× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资SATSURI
| Q1 26 | — | $156.0M | ||
| Q4 25 | $3.0B | $459.0M | ||
| Q3 25 | $3.9B | $512.0M | ||
| Q2 25 | $4.3B | $548.0M | ||
| Q1 25 | $5.1B | $542.0M | ||
| Q4 24 | $5.5B | $457.0M | ||
| Q3 24 | $674.4M | $479.0M | ||
| Q2 24 | $520.6M | $467.0M |
总债务SATSURI
| Q1 26 | — | $13.9B | ||
| Q4 25 | $18.7B | $12.7B | ||
| Q3 25 | $21.8B | $12.6B | ||
| Q2 25 | $25.4B | $12.1B | ||
| Q1 25 | $25.3B | $11.5B | ||
| Q4 24 | $25.7B | $12.2B | ||
| Q3 24 | — | $11.9B | ||
| Q2 24 | — | $11.5B |
股东权益SATSURI
| Q1 26 | — | $9.0B | ||
| Q4 25 | $5.8B | $9.0B | ||
| Q3 25 | $7.0B | $9.0B | ||
| Q2 25 | $19.7B | $9.0B | ||
| Q1 25 | $20.0B | $8.8B | ||
| Q4 24 | $20.2B | $8.6B | ||
| Q3 24 | $19.4B | $8.6B | ||
| Q2 24 | $19.6B | $8.3B |
总资产SATSURI
| Q1 26 | — | $29.9B | ||
| Q4 25 | $43.0B | $29.9B | ||
| Q3 25 | $45.3B | $30.1B | ||
| Q2 25 | $59.9B | $29.2B | ||
| Q1 25 | $60.6B | $28.1B | ||
| Q4 24 | $60.9B | $28.2B | ||
| Q3 24 | $57.5B | $28.4B | ||
| Q2 24 | $55.3B | $27.6B |
负债/权益比SATSURI
| Q1 26 | — | 1.55× | ||
| Q4 25 | 3.24× | 1.41× | ||
| Q3 25 | 3.13× | 1.40× | ||
| Q2 25 | 1.29× | 1.34× | ||
| Q1 25 | 1.27× | 1.31× | ||
| Q4 24 | 1.27× | 1.42× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.39× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $1.1B |
| 自由现金流率自由现金流/营收 | -15.4% | 26.4% |
| 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 | — | 2.85× |
| 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SATSURI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $-425.3M | $1.3B | ||
| Q3 25 | $111.7M | $1.2B | ||
| Q2 25 | $7.5M | $1.3B | ||
| Q1 25 | $206.8M | $1.4B | ||
| Q4 24 | $45.6M | $1.0B | ||
| Q3 24 | $276.2M | $1.2B | ||
| Q2 24 | $479.7M | $1.3B |
自由现金流SATSURI
| Q1 26 | — | $1.1B | ||
| Q4 25 | $-583.4M | — | ||
| Q3 25 | $-144.4M | — | ||
| Q2 25 | $-285.7M | — | ||
| Q1 25 | $-51.7M | — | ||
| Q4 24 | $-298.7M | $471.0M | ||
| Q3 24 | $-57.5M | $-168.0M | ||
| Q2 24 | $132.4M | $-263.0M |
自由现金流率SATSURI
| Q1 26 | — | 26.4% | ||
| Q4 25 | -15.4% | — | ||
| Q3 25 | -4.0% | — | ||
| Q2 25 | -7.7% | — | ||
| Q1 25 | -1.3% | — | ||
| Q4 24 | -7.5% | 46.2% | ||
| Q3 24 | -1.5% | -19.2% | ||
| Q2 24 | 3.3% | -30.2% |
资本支出强度SATSURI
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | — | ||
| Q3 25 | 7.1% | — | ||
| Q2 25 | 7.9% | — | ||
| Q1 25 | 6.7% | — | ||
| Q4 24 | 8.7% | 56.6% | ||
| Q3 24 | 8.6% | 157.0% | ||
| Q2 24 | 8.8% | 175.6% |
现金转化率SATSURI
| Q1 26 | — | 2.85× | ||
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.68× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | 0.14× | 1.52× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.99× |
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% |
URI
| Equipment rentals | $3.4B | 86% |
| Sales of rental equipment | $350.0M | 9% |
| Service and other revenues | $92.0M | 2% |
| Sales of new equipment | $84.0M | 2% |
| Contractor supplies sales | $40.0M | 1% |
