vs
EchoStar CORP（SATS）与施乐（XRX）财务数据对比。点击上方公司名可切换其他公司
EchoStar CORP的季度营收约是施乐的1.9倍（$3.8B vs $2.0B），施乐同比增速更快（25.7% vs -4.3%），施乐自由现金流更多（$192.0M vs $-583.4M），过去两年施乐的营收复合增速更高（16.2% 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。
施乐控股是源自美国的知名办公设备服务商，面向全球超160个国家提供打印机与数码文档相关产品及服务。1959年推出Xerox 914后，施乐成为静电复印市场的开创者，品牌名“xerox”甚至在英语中成为复印的代名词，公司总部现位于美国康涅狄格州诺沃克。
SATS vs XRX — 直观对比
营收规模更大
SATS
是对方的1.9倍
$2.0B
营收增速更快
XRX
高出30.0%
-4.3%
自由现金流更多
XRX
多$775.4M
$-583.4M
两年增速更快
XRX
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.0B |
| 净利润 | $-1.2B | — |
| 毛利率 | — | — |
| 营业利润率 | -20.5% | — |
| 净利率 | -31.8% | — |
| 营收同比 | -4.3% | 25.7% |
| 净利润同比 | -460.1% | — |
| 每股收益（稀释后） | $-4.27 | $-0.62 |
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SATSXRX
| Q4 25 | $3.8B | $2.0B | ||
| Q3 25 | $3.6B | $2.0B | ||
| Q2 25 | $3.7B | $1.6B | ||
| Q1 25 | $3.9B | $1.5B | ||
| Q4 24 | $4.0B | $1.6B | ||
| Q3 24 | $3.9B | $1.5B | ||
| Q2 24 | $4.0B | $1.6B | ||
| Q1 24 | $4.0B | $1.5B |
净利润SATSXRX
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-12.8B | $-760.0M | ||
| Q2 25 | $-306.1M | $-106.0M | ||
| Q1 25 | $-202.7M | $-90.0M | ||
| Q4 24 | $335.2M | — | ||
| Q3 24 | $-141.8M | $-1.2B | ||
| Q2 24 | $-205.6M | $18.0M | ||
| Q1 24 | $-107.4M | $-113.0M |
营业利润率SATSXRX
| Q4 25 | -20.5% | — | ||
| Q3 25 | -460.5% | — | ||
| Q2 25 | -5.7% | — | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | -1.6% | — | ||
| Q3 24 | -4.1% | — | ||
| Q2 24 | -1.7% | — | ||
| Q1 24 | -0.4% | — |
净利率SATSXRX
| Q4 25 | -31.8% | — | ||
| Q3 25 | -353.6% | -38.8% | ||
| Q2 25 | -8.2% | -6.7% | ||
| Q1 25 | -5.2% | -6.2% | ||
| Q4 24 | 8.5% | — | ||
| Q3 24 | -3.6% | -78.9% | ||
| Q2 24 | -5.2% | 1.1% | ||
| Q1 24 | -2.7% | -7.5% |
每股收益（稀释后）SATSXRX
| Q4 25 | $-4.27 | $-0.62 | ||
| Q3 25 | $-44.37 | $-6.01 | ||
| Q2 25 | $-1.06 | $-0.87 | ||
| Q1 25 | $-0.71 | $-0.75 | ||
| Q4 24 | $1.24 | $-0.21 | ||
| Q3 24 | $-0.52 | $-9.71 | ||
| Q2 24 | $-0.76 | $0.11 | ||
| Q1 24 | $-0.40 | $-0.94 |
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 | $512.0M |
| 总债务越低越好 | $18.7B | $4.0B |
| 股东权益账面价值 | $5.8B | $444.0M |
| 总资产 | $43.0B | $9.8B |
| 负债/权益比越低杠杆越低 | 3.24× | 9.05× |
8季度趋势，按日历期对齐
现金及短期投资SATSXRX
| Q4 25 | $3.0B | $512.0M | ||
| Q3 25 | $3.9B | $479.0M | ||
| Q2 25 | $4.3B | $449.0M | ||
| Q1 25 | $5.1B | $336.0M | ||
| Q4 24 | $5.5B | $576.0M | ||
| Q3 24 | $674.4M | $521.0M | ||
| Q2 24 | $520.6M | $485.0M | ||
| Q1 24 | $766.4M | $685.0M |
总债务SATSXRX
| Q4 25 | $18.7B | $4.0B | ||
| Q3 25 | $21.8B | $4.1B | ||
| Q2 25 | $25.4B | $3.5B | ||
| Q1 25 | $25.3B | $2.7B | ||
| Q4 24 | $25.7B | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | $951.0M | $3.2B |
股东权益SATSXRX
| Q4 25 | $5.8B | $444.0M | ||
| Q3 25 | $7.0B | $365.0M | ||
| Q2 25 | $19.7B | $1.1B | ||
| Q1 25 | $20.0B | $1.1B | ||
| Q4 24 | $20.2B | $1.1B | ||
| Q3 24 | $19.4B | $1.3B | ||
| Q2 24 | $19.6B | $2.4B | ||
| Q1 24 | $19.8B | $2.4B |
总资产SATSXRX
| Q4 25 | $43.0B | $9.8B | ||
| Q3 25 | $45.3B | $10.1B | ||
| Q2 25 | $59.9B | $8.9B | ||
| Q1 25 | $60.6B | $8.2B | ||
| Q4 24 | $60.9B | $8.4B | ||
| Q3 24 | $57.5B | $8.3B | ||
| Q2 24 | $55.3B | $9.5B | ||
| Q1 24 | $55.6B | $9.9B |
负债/权益比SATSXRX
| Q4 25 | 3.24× | 9.05× | ||
| Q3 25 | 3.13× | 11.10× | ||
| Q2 25 | 1.29× | 3.11× | ||
| Q1 25 | 1.27× | 2.56× | ||
| Q4 24 | 1.27× | 2.62× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | 0.05× | 1.35× |
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 | $208.0M |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $192.0M |
| 自由现金流率自由现金流/营收 | -15.4% | 9.5% |
| 资本支出强度资本支出/营收 | 4.2% | 0.8% |
| 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 | $187.0M |
8季度趋势，按日历期对齐
经营现金流SATSXRX
| Q4 25 | $-425.3M | $208.0M | ||
| Q3 25 | $111.7M | $116.0M | ||
| Q2 25 | $7.5M | $-11.0M | ||
| Q1 25 | $206.8M | $-89.0M | ||
| Q4 24 | $45.6M | $351.0M | ||
| Q3 24 | $276.2M | $116.0M | ||
| Q2 24 | $479.7M | $123.0M | ||
| Q1 24 | $451.3M | $-79.0M |
自由现金流SATSXRX
| Q4 25 | $-583.4M | $192.0M | ||
| Q3 25 | $-144.4M | $104.0M | ||
| Q2 25 | $-285.7M | $-15.0M | ||
| Q1 25 | $-51.7M | $-94.0M | ||
| Q4 24 | $-298.7M | $346.0M | ||
| Q3 24 | $-57.5M | $108.0M | ||
| Q2 24 | $132.4M | $117.0M | ||
| Q1 24 | $-68.4M | $-87.0M |
自由现金流率SATSXRX
| Q4 25 | -15.4% | 9.5% | ||
| Q3 25 | -4.0% | 5.3% | ||
| Q2 25 | -7.7% | -1.0% | ||
| Q1 25 | -1.3% | -6.5% | ||
| Q4 24 | -7.5% | 21.5% | ||
| Q3 24 | -1.5% | 7.1% | ||
| Q2 24 | 3.3% | 7.4% | ||
| Q1 24 | -1.7% | -5.8% |
资本支出强度SATSXRX
| Q4 25 | 4.2% | 0.8% | ||
| Q3 25 | 7.1% | 0.6% | ||
| Q2 25 | 7.9% | 0.3% | ||
| Q1 25 | 6.7% | 0.3% | ||
| Q4 24 | 8.7% | 0.3% | ||
| Q3 24 | 8.6% | 0.5% | ||
| Q2 24 | 8.8% | 0.4% | ||
| Q1 24 | 12.9% | 0.5% |
现金转化率SATSXRX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.83× | ||
| 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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
