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EchoStar CORP（SATS）与维谛技术（VRT）财务数据对比。点击上方公司名可切换其他公司
EchoStar CORP的季度营收约是维谛技术的1.4倍（$3.8B vs $2.6B），维谛技术净利率更高（14.7% vs -31.8%，领先46.5%），维谛技术同比增速更快（30.1% vs -4.3%），维谛技术自由现金流更多（$652.8M vs $-583.4M），过去两年维谛技术的营收复合增速更高（16.5% 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。
维谛技术（Vertiv）是一家美国跨国企业，专注于为数据中心、通信网络、商业及工业场景提供关键基础设施及配套服务，旗下方案可有效保障各行业客户关键业务系统的稳定高效运行。
SATS vs VRT — 直观对比
营收规模更大
SATS
是对方的1.4倍
$2.6B
营收增速更快
VRT
高出34.4%
-4.3%
净利率更高
VRT
高出46.5%
-31.8%
自由现金流更多
VRT
多$1.2B
$-583.4M
两年增速更快
VRT
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.6B |
| 净利润 | $-1.2B | $390.1M |
| 毛利率 | — | 37.7% |
| 营业利润率 | -20.5% | — |
| 净利率 | -31.8% | 14.7% |
| 营收同比 | -4.3% | 30.1% |
| 净利润同比 | -460.1% | 137.1% |
| 每股收益（稀释后） | $-4.27 | $0.99 |
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SATSVRT
| Q1 26 | — | $2.6B | ||
| Q4 25 | $3.8B | $2.9B | ||
| Q3 25 | $3.6B | $2.7B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $3.9B | $2.0B | ||
| Q4 24 | $4.0B | $2.3B | ||
| Q3 24 | $3.9B | $2.1B | ||
| Q2 24 | $4.0B | $2.0B |
净利润SATSVRT
| Q1 26 | — | $390.1M | ||
| Q4 25 | $-1.2B | $445.6M | ||
| Q3 25 | $-12.8B | $398.5M | ||
| Q2 25 | $-306.1M | $324.2M | ||
| Q1 25 | $-202.7M | $164.5M | ||
| Q4 24 | $335.2M | $147.0M | ||
| Q3 24 | $-141.8M | $176.6M | ||
| Q2 24 | $-205.6M | $178.1M |
毛利率SATSVRT
| Q1 26 | — | 37.7% | ||
| Q4 25 | — | 38.9% | ||
| Q3 25 | — | 37.8% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 37.1% | ||
| Q3 24 | — | 36.5% | ||
| Q2 24 | — | 38.0% |
营业利润率SATSVRT
| Q1 26 | — | — | ||
| Q4 25 | -20.5% | 20.1% | ||
| Q3 25 | -460.5% | 19.3% | ||
| Q2 25 | -5.7% | 16.8% | ||
| Q1 25 | -2.3% | 14.3% | ||
| Q4 24 | -1.6% | 19.5% | ||
| Q3 24 | -4.1% | 17.9% | ||
| Q2 24 | -1.7% | 17.2% |
净利率SATSVRT
| Q1 26 | — | 14.7% | ||
| Q4 25 | -31.8% | 15.5% | ||
| Q3 25 | -353.6% | 14.9% | ||
| Q2 25 | -8.2% | 12.3% | ||
| Q1 25 | -5.2% | 8.1% | ||
| Q4 24 | 8.5% | 6.3% | ||
| Q3 24 | -3.6% | 8.5% | ||
| Q2 24 | -5.2% | 9.1% |
每股收益（稀释后）SATSVRT
| Q1 26 | — | $0.99 | ||
| Q4 25 | $-4.27 | $1.14 | ||
| Q3 25 | $-44.37 | $1.02 | ||
| Q2 25 | $-1.06 | $0.83 | ||
| Q1 25 | $-0.71 | $0.42 | ||
| Q4 24 | $1.24 | $0.38 | ||
| Q3 24 | $-0.52 | $0.46 | ||
| Q2 24 | $-0.76 | $0.46 |
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 | $2.5B |
| 总债务越低越好 | $18.7B | $0 |
| 股东权益账面价值 | $5.8B | $4.2B |
| 总资产 | $43.0B | $13.4B |
| 负债/权益比越低杠杆越低 | 3.24× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资SATSVRT
| Q1 26 | — | $2.5B | ||
| Q4 25 | $3.0B | $1.7B | ||
| Q3 25 | $3.9B | $1.4B | ||
| Q2 25 | $4.3B | $1.6B | ||
| Q1 25 | $5.1B | $1.5B | ||
| Q4 24 | $5.5B | $1.2B | ||
| Q3 24 | $674.4M | $908.7M | ||
| Q2 24 | $520.6M | $579.7M |
总债务SATSVRT
| Q1 26 | — | $0 | ||
| Q4 25 | $18.7B | $2.9B | ||
| Q3 25 | $21.8B | $2.9B | ||
| Q2 25 | $25.4B | $2.9B | ||
| Q1 25 | $25.3B | $2.9B | ||
| Q4 24 | $25.7B | $2.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.9B |
股东权益SATSVRT
| Q1 26 | — | $4.2B | ||
| Q4 25 | $5.8B | $3.9B | ||
| Q3 25 | $7.0B | $3.5B | ||
| Q2 25 | $19.7B | $3.1B | ||
| Q1 25 | $20.0B | $2.7B | ||
| Q4 24 | $20.2B | $2.4B | ||
| Q3 24 | $19.4B | $1.8B | ||
| Q2 24 | $19.6B | $1.5B |
总资产SATSVRT
| Q1 26 | — | $13.4B | ||
| Q4 25 | $43.0B | $12.2B | ||
| Q3 25 | $45.3B | $10.8B | ||
| Q2 25 | $59.9B | $10.4B | ||
| Q1 25 | $60.6B | $9.5B | ||
| Q4 24 | $60.9B | $9.1B | ||
| Q3 24 | $57.5B | $8.9B | ||
| Q2 24 | $55.3B | $8.1B |
负债/权益比SATSVRT
| Q1 26 | — | 0.00× | ||
| Q4 25 | 3.24× | 0.74× | ||
| Q3 25 | 3.13× | 0.83× | ||
| Q2 25 | 1.29× | 0.93× | ||
| Q1 25 | 1.27× | 1.10× | ||
| Q4 24 | 1.27× | 1.20× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 1.91× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $652.8M |
| 自由现金流率自由现金流/营收 | -15.4% | 24.6% |
| 资本支出强度资本支出/营收 | 4.2% | 4.2% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $2.3B |
8季度趋势，按日历期对齐
经营现金流SATSVRT
| Q1 26 | — | — | ||
| Q4 25 | $-425.3M | $978.9M | ||
| Q3 25 | $111.7M | $508.7M | ||
| Q2 25 | $7.5M | $322.9M | ||
| Q1 25 | $206.8M | $303.3M | ||
| Q4 24 | $45.6M | $425.2M | ||
| Q3 24 | $276.2M | $378.2M | ||
| Q2 24 | $479.7M | $378.4M |
自由现金流SATSVRT
| Q1 26 | — | $652.8M | ||
| Q4 25 | $-583.4M | $885.6M | ||
| Q3 25 | $-144.4M | $463.5M | ||
| Q2 25 | $-285.7M | $277.9M | ||
| Q1 25 | $-51.7M | $266.8M | ||
| Q4 24 | $-298.7M | $364.5M | ||
| Q3 24 | $-57.5M | $341.8M | ||
| Q2 24 | $132.4M | $344.3M |
自由现金流率SATSVRT
| Q1 26 | — | 24.6% | ||
| Q4 25 | -15.4% | 30.8% | ||
| Q3 25 | -4.0% | 17.3% | ||
| Q2 25 | -7.7% | 10.5% | ||
| Q1 25 | -1.3% | 13.1% | ||
| Q4 24 | -7.5% | 15.5% | ||
| Q3 24 | -1.5% | 16.5% | ||
| Q2 24 | 3.3% | 17.6% |
资本支出强度SATSVRT
| Q1 26 | — | 4.2% | ||
| Q4 25 | 4.2% | 3.2% | ||
| Q3 25 | 7.1% | 1.7% | ||
| Q2 25 | 7.9% | 1.7% | ||
| Q1 25 | 6.7% | 1.8% | ||
| Q4 24 | 8.7% | 2.6% | ||
| Q3 24 | 8.6% | 1.8% | ||
| Q2 24 | 8.8% | 1.7% |
现金转化率SATSVRT
| Q1 26 | — | — | ||
| Q4 25 | — | 2.20× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 1.84× | ||
| Q4 24 | 0.14× | 2.89× | ||
| Q3 24 | — | 2.14× | ||
| Q2 24 | — | 2.12× |
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% |
VRT
暂无分部数据
