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EchoStar CORP（SATS）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是EchoStar CORP的1.2倍（$4.4B vs $3.8B），标普全球净利率更高（26.8% vs -31.8%，领先58.6%），标普全球同比增速更快（191.7% vs -4.3%），EchoStar CORP自由现金流更多（$-583.4M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
SATS vs VG — 直观对比
营收规模更大
VG
是对方的1.2倍
$3.8B
营收增速更快
VG
高出196.0%
-4.3%
净利率更高
VG
高出58.6%
-31.8%
自由现金流更多
SATS
多$930.6M
$-1.5B
两年增速更快
VG
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.4B |
| 净利润 | $-1.2B | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | -20.5% | 38.7% |
| 净利率 | -31.8% | 26.8% |
| 营收同比 | -4.3% | 191.7% |
| 净利润同比 | -460.1% | 20.3% |
| 每股收益（稀释后） | $-4.27 | $0.41 |
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SATSVG
| Q4 25 | $3.8B | $4.4B | ||
| Q3 25 | $3.6B | $3.3B | ||
| Q2 25 | $3.7B | $3.1B | ||
| Q1 25 | $3.9B | $2.9B | ||
| Q4 24 | $4.0B | $1.5B | ||
| Q3 24 | $3.9B | $926.0M | ||
| Q2 24 | $4.0B | $1.1B | ||
| Q1 24 | $4.0B | $1.4B |
净利润SATSVG
| Q4 25 | $-1.2B | $1.2B | ||
| Q3 25 | $-12.8B | $550.0M | ||
| Q2 25 | $-306.1M | $475.0M | ||
| Q1 25 | $-202.7M | $517.0M | ||
| Q4 24 | $335.2M | $990.0M | ||
| Q3 24 | $-141.8M | $-294.0M | ||
| Q2 24 | $-205.6M | $352.0M | ||
| Q1 24 | $-107.4M | $698.0M |
营业利润率SATSVG
| Q4 25 | -20.5% | 38.7% | ||
| Q3 25 | -460.5% | 39.7% | ||
| Q2 25 | -5.7% | 33.5% | ||
| Q1 25 | -2.3% | 37.3% | ||
| Q4 24 | -1.6% | 39.0% | ||
| Q3 24 | -4.1% | 20.4% | ||
| Q2 24 | -1.7% | 32.8% | ||
| Q1 24 | -0.4% | 43.6% |
净利率SATSVG
| Q4 25 | -31.8% | 26.8% | ||
| Q3 25 | -353.6% | 16.5% | ||
| Q2 25 | -8.2% | 15.3% | ||
| Q1 25 | -5.2% | 17.9% | ||
| Q4 24 | 8.5% | 65.0% | ||
| Q3 24 | -3.6% | -31.7% | ||
| Q2 24 | -5.2% | 31.8% | ||
| Q1 24 | -2.7% | 49.4% |
每股收益（稀释后）SATSVG
| Q4 25 | $-4.27 | $0.41 | ||
| Q3 25 | $-44.37 | $0.16 | ||
| Q2 25 | $-1.06 | $0.14 | ||
| Q1 25 | $-0.71 | $0.15 | ||
| Q4 24 | $1.24 | $0.35 | ||
| Q3 24 | $-0.52 | $-0.15 | ||
| Q2 24 | $-0.76 | $0.12 | ||
| Q1 24 | $-0.40 | $0.25 |
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 | $2.4B |
| 总债务越低越好 | $18.7B | $34.2B |
| 股东权益账面价值 | $5.8B | $6.7B |
| 总资产 | $43.0B | $53.4B |
| 负债/权益比越低杠杆越低 | 3.24× | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资SATSVG
| Q4 25 | $3.0B | $2.4B | ||
| Q3 25 | $3.9B | $1.9B | ||
| Q2 25 | $4.3B | $2.2B | ||
| Q1 25 | $5.1B | $3.6B | ||
| Q4 24 | $5.5B | $3.6B | ||
| Q3 24 | $674.4M | — | ||
| Q2 24 | $520.6M | — | ||
| Q1 24 | $766.4M | — |
总债务SATSVG
| Q4 25 | $18.7B | $34.2B | ||
| Q3 25 | $21.8B | $32.6B | ||
| Q2 25 | $25.4B | $30.0B | ||
| Q1 25 | $25.3B | $29.3B | ||
| Q4 24 | $25.7B | $29.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $951.0M | — |
股东权益SATSVG
| Q4 25 | $5.8B | $6.7B | ||
| Q3 25 | $7.0B | $5.7B | ||
| Q2 25 | $19.7B | $5.3B | ||
| Q1 25 | $20.0B | $4.9B | ||
| Q4 24 | $20.2B | $2.9B | ||
| Q3 24 | $19.4B | — | ||
| Q2 24 | $19.6B | — | ||
| Q1 24 | $19.8B | — |
总资产SATSVG
| Q4 25 | $43.0B | $53.4B | ||
| Q3 25 | $45.3B | $50.1B | ||
| Q2 25 | $59.9B | $46.5B | ||
| Q1 25 | $60.6B | $45.1B | ||
| Q4 24 | $60.9B | $43.5B | ||
| Q3 24 | $57.5B | — | ||
| Q2 24 | $55.3B | — | ||
| Q1 24 | $55.6B | — |
负债/权益比SATSVG
| Q4 25 | 3.24× | 5.07× | ||
| Q3 25 | 3.13× | 5.73× | ||
| Q2 25 | 1.29× | 5.69× | ||
| Q1 25 | 1.27× | 6.01× | ||
| Q4 24 | 1.27× | 10.11× | ||
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $-1.5B |
| 自由现金流率自由现金流/营收 | -15.4% | -34.1% |
| 资本支出强度资本支出/营收 | 4.2% | 81.6% |
| 现金转化率经营现金流/净利润 | — | 1.77× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $-6.8B |
8季度趋势，按日历期对齐
经营现金流SATSVG
| Q4 25 | $-425.3M | $2.1B | ||
| Q3 25 | $111.7M | $1.9B | ||
| Q2 25 | $7.5M | $1.5B | ||
| Q1 25 | $206.8M | $1.1B | ||
| Q4 24 | $45.6M | — | ||
| Q3 24 | $276.2M | — | ||
| Q2 24 | $479.7M | — | ||
| Q1 24 | $451.3M | $638.0M |
自由现金流SATSVG
| Q4 25 | $-583.4M | $-1.5B | ||
| Q3 25 | $-144.4M | $-1.4B | ||
| Q2 25 | $-285.7M | $-1.5B | ||
| Q1 25 | $-51.7M | $-2.4B | ||
| Q4 24 | $-298.7M | — | ||
| Q3 24 | $-57.5M | — | ||
| Q2 24 | $132.4M | — | ||
| Q1 24 | $-68.4M | $-2.4B |
自由现金流率SATSVG
| Q4 25 | -15.4% | -34.1% | ||
| Q3 25 | -4.0% | -42.4% | ||
| Q2 25 | -7.7% | -49.1% | ||
| Q1 25 | -1.3% | -81.3% | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -1.5% | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | -1.7% | -167.3% |
资本支出强度SATSVG
| Q4 25 | 4.2% | 81.6% | ||
| Q3 25 | 7.1% | 98.9% | ||
| Q2 25 | 7.9% | 96.1% | ||
| Q1 25 | 6.7% | 119.8% | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | 8.8% | — | ||
| Q1 24 | 12.9% | 212.4% |
现金转化率SATSVG
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | 3.42× | ||
| Q2 25 | — | 3.07× | ||
| Q1 25 | — | 2.15× | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.91× |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
