vs
EchoStar CORP（SATS）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是EchoStar CORP的1.9倍（$7.4B vs $3.8B），美国合众银行净利率更高（27.8% vs -31.8%，领先59.6%），美国合众银行同比增速更快（5.1% vs -4.3%），过去两年美国合众银行的营收复合增速更高（4.7% 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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
SATS vs USB — 直观对比
营收规模更大
USB
是对方的1.9倍
$3.8B
营收增速更快
USB
高出9.4%
-4.3%
净利率更高
USB
高出59.6%
-31.8%
两年增速更快
USB
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $7.4B |
| 净利润 | $-1.2B | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | -20.5% | 34.4% |
| 净利率 | -31.8% | 27.8% |
| 营收同比 | -4.3% | 5.1% |
| 净利润同比 | -460.1% | 23.0% |
| 每股收益（稀释后） | $-4.27 | $1.26 |
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SATSUSB
| Q4 25 | $3.8B | $7.4B | ||
| Q3 25 | $3.6B | $7.3B | ||
| Q2 25 | $3.7B | $7.0B | ||
| Q1 25 | $3.9B | $7.0B | ||
| Q4 24 | $4.0B | $7.0B | ||
| Q3 24 | $3.9B | $6.9B | ||
| Q2 24 | $4.0B | $6.9B | ||
| Q1 24 | $4.0B | $6.7B |
净利润SATSUSB
| Q4 25 | $-1.2B | $2.0B | ||
| Q3 25 | $-12.8B | $2.0B | ||
| Q2 25 | $-306.1M | $1.8B | ||
| Q1 25 | $-202.7M | $1.7B | ||
| Q4 24 | $335.2M | $1.7B | ||
| Q3 24 | $-141.8M | $1.7B | ||
| Q2 24 | $-205.6M | $1.6B | ||
| Q1 24 | $-107.4M | $1.3B |
营业利润率SATSUSB
| Q4 25 | -20.5% | 34.4% | ||
| Q3 25 | -460.5% | 34.5% | ||
| Q2 25 | -5.7% | 32.7% | ||
| Q1 25 | -2.3% | 31.0% | ||
| Q4 24 | -1.6% | 30.1% | ||
| Q3 24 | -4.1% | 30.2% | ||
| Q2 24 | -1.7% | 29.9% | ||
| Q1 24 | -0.4% | 24.9% |
净利率SATSUSB
| Q4 25 | -31.8% | 27.8% | ||
| Q3 25 | -353.6% | 27.3% | ||
| Q2 25 | -8.2% | 25.9% | ||
| Q1 25 | -5.2% | 24.6% | ||
| Q4 24 | 8.5% | 23.7% | ||
| Q3 24 | -3.6% | 25.0% | ||
| Q2 24 | -5.2% | 23.3% | ||
| Q1 24 | -2.7% | 19.6% |
每股收益（稀释后）SATSUSB
| Q4 25 | $-4.27 | $1.26 | ||
| Q3 25 | $-44.37 | $1.22 | ||
| Q2 25 | $-1.06 | $1.11 | ||
| Q1 25 | $-0.71 | $1.03 | ||
| Q4 24 | $1.24 | $1.01 | ||
| Q3 24 | $-0.52 | $1.03 | ||
| Q2 24 | $-0.76 | $0.97 | ||
| Q1 24 | $-0.40 | $0.78 |
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 | $65.2B |
| 总资产 | $43.0B | $692.3B |
| 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SATSUSB
| 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SATSUSB
| 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SATSUSB
| Q4 25 | $5.8B | $65.2B | ||
| Q3 25 | $7.0B | $63.3B | ||
| Q2 25 | $19.7B | $61.4B | ||
| Q1 25 | $20.0B | $60.1B | ||
| Q4 24 | $20.2B | $58.6B | ||
| Q3 24 | $19.4B | $58.9B | ||
| Q2 24 | $19.6B | $56.4B | ||
| Q1 24 | $19.8B | $55.6B |
总资产SATSUSB
| Q4 25 | $43.0B | $692.3B | ||
| Q3 25 | $45.3B | $695.4B | ||
| Q2 25 | $59.9B | $686.4B | ||
| Q1 25 | $60.6B | $676.5B | ||
| Q4 24 | $60.9B | $678.3B | ||
| Q3 24 | $57.5B | $686.5B | ||
| Q2 24 | $55.3B | $680.1B | ||
| Q1 24 | $55.6B | $683.6B |
负债/权益比SATSUSB
| 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 | $2.8B |
| 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 | — | 1.39× |
| 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SATSUSB
| Q4 25 | $-425.3M | $2.8B | ||
| Q3 25 | $111.7M | $3.4B | ||
| Q2 25 | $7.5M | $2.0B | ||
| Q1 25 | $206.8M | $-285.0M | ||
| Q4 24 | $45.6M | $4.8B | ||
| Q3 24 | $276.2M | $972.0M | ||
| Q2 24 | $479.7M | $2.9B | ||
| Q1 24 | $451.3M | $2.7B |
自由现金流SATSUSB
| 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SATSUSB
| 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SATSUSB
| 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SATSUSB
| Q4 25 | — | 1.39× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | -0.17× | ||
| Q4 24 | 0.14× | 2.87× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 1.79× | ||
| Q1 24 | — | 2.02× |
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% |
USB
暂无分部数据
