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EchoStar CORP（SATS）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是EchoStar CORP的1.3倍（$4.8B vs $3.8B），Vistra Corp.净利率更高（4.8% vs -31.8%，领先36.7%），Vistra Corp.同比增速更快（31.2% vs -4.3%），Vistra Corp.自由现金流更多（$596.0M vs $-583.4M），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
SATS vs VST — 直观对比
营收规模更大
VST
是对方的1.3倍
$3.8B
营收增速更快
VST
高出35.5%
-4.3%
净利率更高
VST
高出36.7%
-31.8%
自由现金流更多
VST
多$1.2B
$-583.4M
两年增速更快
VST
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $4.8B |
| 净利润 | $-1.2B | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | -20.5% | 9.9% |
| 净利率 | -31.8% | 4.8% |
| 营收同比 | -4.3% | 31.2% |
| 净利润同比 | -460.1% | -47.2% |
| 每股收益（稀释后） | $-4.27 | $0.55 |
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SATSVST
| Q4 25 | $3.8B | $4.8B | ||
| Q3 25 | $3.6B | $4.8B | ||
| Q2 25 | $3.7B | $3.8B | ||
| Q1 25 | $3.9B | $4.3B | ||
| Q4 24 | $4.0B | $3.7B | ||
| Q3 24 | $3.9B | $4.3B | ||
| Q2 24 | $4.0B | $3.6B | ||
| Q1 24 | $4.0B | $3.2B |
净利润SATSVST
| Q4 25 | $-1.2B | $233.0M | ||
| Q3 25 | $-12.8B | $652.0M | ||
| Q2 25 | $-306.1M | $327.0M | ||
| Q1 25 | $-202.7M | $-268.0M | ||
| Q4 24 | $335.2M | $441.0M | ||
| Q3 24 | $-141.8M | $1.9B | ||
| Q2 24 | $-205.6M | $365.0M | ||
| Q1 24 | $-107.4M | $-35.0M |
营业利润率SATSVST
| Q4 25 | -20.5% | 9.9% | ||
| Q3 25 | -460.5% | 21.7% | ||
| Q2 25 | -5.7% | 13.7% | ||
| Q1 25 | -2.3% | -2.8% | ||
| Q4 24 | -1.6% | 16.4% | ||
| Q3 24 | -4.1% | 59.6% | ||
| Q2 24 | -1.7% | 22.5% | ||
| Q1 24 | -0.4% | 2.7% |
净利率SATSVST
| Q4 25 | -31.8% | 4.8% | ||
| Q3 25 | -353.6% | 13.6% | ||
| Q2 25 | -8.2% | 8.7% | ||
| Q1 25 | -5.2% | -6.3% | ||
| Q4 24 | 8.5% | 12.0% | ||
| Q3 24 | -3.6% | 43.5% | ||
| Q2 24 | -5.2% | 10.1% | ||
| Q1 24 | -2.7% | -1.1% |
每股收益（稀释后）SATSVST
| Q4 25 | $-4.27 | $0.55 | ||
| Q3 25 | $-44.37 | $1.75 | ||
| Q2 25 | $-1.06 | $0.81 | ||
| Q1 25 | $-0.71 | $-0.93 | ||
| Q4 24 | $1.24 | $1.09 | ||
| Q3 24 | $-0.52 | $5.25 | ||
| Q2 24 | $-0.76 | $0.90 | ||
| Q1 24 | $-0.40 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $18.7B | $15.8B |
| 股东权益账面价值 | $5.8B | $5.1B |
| 总资产 | $43.0B | $41.5B |
| 负债/权益比越低杠杆越低 | 3.24× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资SATSVST
| Q4 25 | $3.0B | $785.0M | ||
| Q3 25 | $3.9B | $602.0M | ||
| Q2 25 | $4.3B | $458.0M | ||
| Q1 25 | $5.1B | $561.0M | ||
| Q4 24 | $5.5B | $1.2B | ||
| Q3 24 | $674.4M | $905.0M | ||
| Q2 24 | $520.6M | $1.6B | ||
| Q1 24 | $766.4M | $1.1B |
总债务SATSVST
| Q4 25 | $18.7B | $15.8B | ||
| Q3 25 | $21.8B | $15.8B | ||
| Q2 25 | $25.4B | $15.5B | ||
| Q1 25 | $25.3B | $15.4B | ||
| Q4 24 | $25.7B | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | $951.0M | $14.7B |
股东权益SATSVST
| Q4 25 | $5.8B | $5.1B | ||
| Q3 25 | $7.0B | $5.2B | ||
| Q2 25 | $19.7B | $4.8B | ||
| Q1 25 | $20.0B | $4.8B | ||
| Q4 24 | $20.2B | $5.6B | ||
| Q3 24 | $19.4B | $5.4B | ||
| Q2 24 | $19.6B | $5.6B | ||
| Q1 24 | $19.8B | $5.7B |
总资产SATSVST
| Q4 25 | $43.0B | $41.5B | ||
| Q3 25 | $45.3B | $38.0B | ||
| Q2 25 | $59.9B | $38.1B | ||
| Q1 25 | $60.6B | $38.2B | ||
| Q4 24 | $60.9B | $37.8B | ||
| Q3 24 | $57.5B | $37.9B | ||
| Q2 24 | $55.3B | $39.1B | ||
| Q1 24 | $55.6B | $38.2B |
负债/权益比SATSVST
| Q4 25 | 3.24× | 3.11× | ||
| Q3 25 | 3.13× | 3.02× | ||
| Q2 25 | 1.29× | 3.22× | ||
| Q1 25 | 1.27× | 3.20× | ||
| Q4 24 | 1.27× | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | 0.05× | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $596.0M |
| 自由现金流率自由现金流/营收 | -15.4% | 12.4% |
| 资本支出强度资本支出/营收 | 4.2% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $1.3B |
8季度趋势，按日历期对齐
经营现金流SATSVST
| Q4 25 | $-425.3M | $1.4B | ||
| Q3 25 | $111.7M | $1.5B | ||
| Q2 25 | $7.5M | $572.0M | ||
| Q1 25 | $206.8M | $599.0M | ||
| Q4 24 | $45.6M | $1.4B | ||
| Q3 24 | $276.2M | $1.7B | ||
| Q2 24 | $479.7M | $1.2B | ||
| Q1 24 | $451.3M | $312.0M |
自由现金流SATSVST
| Q4 25 | $-583.4M | $596.0M | ||
| Q3 25 | $-144.4M | $1.0B | ||
| Q2 25 | $-285.7M | $-118.0M | ||
| Q1 25 | $-51.7M | $-169.0M | ||
| Q4 24 | $-298.7M | $923.0M | ||
| Q3 24 | $-57.5M | $1.0B | ||
| Q2 24 | $132.4M | $698.0M | ||
| Q1 24 | $-68.4M | $-153.0M |
自由现金流率SATSVST
| Q4 25 | -15.4% | 12.4% | ||
| Q3 25 | -4.0% | 21.1% | ||
| Q2 25 | -7.7% | -3.1% | ||
| Q1 25 | -1.3% | -4.0% | ||
| Q4 24 | -7.5% | 25.2% | ||
| Q3 24 | -1.5% | 23.4% | ||
| Q2 24 | 3.3% | 19.4% | ||
| Q1 24 | -1.7% | -4.8% |
资本支出强度SATSVST
| Q4 25 | 4.2% | 17.4% | ||
| Q3 25 | 7.1% | 9.6% | ||
| Q2 25 | 7.9% | 18.4% | ||
| Q1 25 | 6.7% | 18.1% | ||
| Q4 24 | 8.7% | 11.7% | ||
| Q3 24 | 8.6% | 15.8% | ||
| Q2 24 | 8.8% | 13.8% | ||
| Q1 24 | 12.9% | 14.7% |
现金转化率SATSVST
| Q4 25 | — | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.14× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 3.28× | ||
| Q1 24 | — | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
