vs
EchoStar CORP（SATS）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是EchoStar CORP的1.6倍（$6.3B vs $3.8B），Block, Inc.净利率更高（1.9% vs -31.8%，领先33.7%），Block, Inc.同比增速更快（3.6% vs -4.3%），Block, Inc.自由现金流更多（$579.8M vs $-583.4M），过去两年Block, Inc.的营收复合增速更高（2.4% 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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
SATS vs XYZ — 直观对比
营收规模更大
XYZ
是对方的1.6倍
$3.8B
营收增速更快
XYZ
高出8.0%
-4.3%
净利率更高
XYZ
高出33.7%
-31.8%
自由现金流更多
XYZ
多$1.2B
$-583.4M
两年增速更快
XYZ
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $6.3B |
| 净利润 | $-1.2B | $115.8M |
| 毛利率 | — | 45.9% |
| 营业利润率 | -20.5% | 7.8% |
| 净利率 | -31.8% | 1.9% |
| 营收同比 | -4.3% | 3.6% |
| 净利润同比 | -460.1% | -94.1% |
| 每股收益（稀释后） | $-4.27 | $0.19 |
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SATSXYZ
| Q4 25 | $3.8B | $6.3B | ||
| Q3 25 | $3.6B | $6.1B | ||
| Q2 25 | $3.7B | $6.1B | ||
| Q1 25 | $3.9B | $5.8B | ||
| Q4 24 | $4.0B | $6.0B | ||
| Q3 24 | $3.9B | $6.0B | ||
| Q2 24 | $4.0B | $6.2B | ||
| Q1 24 | $4.0B | $6.0B |
净利润SATSXYZ
| Q4 25 | $-1.2B | $115.8M | ||
| Q3 25 | $-12.8B | $461.5M | ||
| Q2 25 | $-306.1M | $538.5M | ||
| Q1 25 | $-202.7M | $189.9M | ||
| Q4 24 | $335.2M | $1.9B | ||
| Q3 24 | $-141.8M | $283.8M | ||
| Q2 24 | $-205.6M | $195.3M | ||
| Q1 24 | $-107.4M | $472.0M |
毛利率SATSXYZ
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% | ||
| Q1 24 | — | 35.2% |
营业利润率SATSXYZ
| Q4 25 | -20.5% | 7.8% | ||
| Q3 25 | -460.5% | 6.7% | ||
| Q2 25 | -5.7% | 8.0% | ||
| Q1 25 | -2.3% | 5.7% | ||
| Q4 24 | -1.6% | 0.2% | ||
| Q3 24 | -4.1% | 5.4% | ||
| Q2 24 | -1.7% | 5.0% | ||
| Q1 24 | -0.4% | 4.2% |
净利率SATSXYZ
| Q4 25 | -31.8% | 1.9% | ||
| Q3 25 | -353.6% | 7.5% | ||
| Q2 25 | -8.2% | 8.9% | ||
| Q1 25 | -5.2% | 3.3% | ||
| Q4 24 | 8.5% | 32.3% | ||
| Q3 24 | -3.6% | 4.7% | ||
| Q2 24 | -5.2% | 3.2% | ||
| Q1 24 | -2.7% | 7.9% |
每股收益（稀释后）SATSXYZ
| Q4 25 | $-4.27 | $0.19 | ||
| Q3 25 | $-44.37 | $0.74 | ||
| Q2 25 | $-1.06 | $0.87 | ||
| Q1 25 | $-0.71 | $0.30 | ||
| Q4 24 | $1.24 | $3.06 | ||
| Q3 24 | $-0.52 | $0.45 | ||
| Q2 24 | $-0.76 | $0.31 | ||
| Q1 24 | $-0.40 | $0.74 |
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 | $6.6B |
| 总债务越低越好 | $18.7B | — |
| 股东权益账面价值 | $5.8B | $22.2B |
| 总资产 | $43.0B | $39.5B |
| 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SATSXYZ
| Q4 25 | $3.0B | $6.6B | ||
| Q3 25 | $3.9B | $8.3B | ||
| Q2 25 | $4.3B | $6.4B | ||
| Q1 25 | $5.1B | $7.1B | ||
| Q4 24 | $5.5B | $8.1B | ||
| Q3 24 | $674.4M | $8.3B | ||
| Q2 24 | $520.6M | $7.8B | ||
| Q1 24 | $766.4M | $5.8B |
总债务SATSXYZ
| Q4 25 | $18.7B | — | ||
| Q3 25 | $21.8B | $7.3B | ||
| Q2 25 | $25.4B | $5.1B | ||
| Q1 25 | $25.3B | $5.1B | ||
| Q4 24 | $25.7B | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | $951.0M | $4.1B |
股东权益SATSXYZ
| Q4 25 | $5.8B | $22.2B | ||
| Q3 25 | $7.0B | $22.5B | ||
| Q2 25 | $19.7B | $22.2B | ||
| Q1 25 | $20.0B | $21.5B | ||
| Q4 24 | $20.2B | $21.3B | ||
| Q3 24 | $19.4B | $19.9B | ||
| Q2 24 | $19.6B | $19.3B | ||
| Q1 24 | $19.8B | $19.0B |
总资产SATSXYZ
| Q4 25 | $43.0B | $39.5B | ||
| Q3 25 | $45.3B | $39.2B | ||
| Q2 25 | $59.9B | $36.9B | ||
| Q1 25 | $60.6B | $36.4B | ||
| Q4 24 | $60.9B | $36.8B | ||
| Q3 24 | $57.5B | $36.4B | ||
| Q2 24 | $55.3B | $37.5B | ||
| Q1 24 | $55.6B | $35.6B |
负债/权益比SATSXYZ
| Q4 25 | 3.24× | — | ||
| Q3 25 | 3.13× | 0.32× | ||
| Q2 25 | 1.29× | 0.23× | ||
| Q1 25 | 1.27× | 0.24× | ||
| Q4 24 | 1.27× | 0.29× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | 0.05× | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $-583.4M | $579.8M |
| 自由现金流率自由现金流/营收 | -15.4% | 9.3% |
| 资本支出强度资本支出/营收 | 4.2% | 0.7% |
| 现金转化率经营现金流/净利润 | — | 5.36× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $2.4B |
8季度趋势，按日历期对齐
经营现金流SATSXYZ
| Q4 25 | $-425.3M | $621.0M | ||
| Q3 25 | $111.7M | $1.5B | ||
| Q2 25 | $7.5M | $374.3M | ||
| Q1 25 | $206.8M | $133.3M | ||
| Q4 24 | $45.6M | $13.8M | ||
| Q3 24 | $276.2M | $684.8M | ||
| Q2 24 | $479.7M | $519.4M | ||
| Q1 24 | $451.3M | $489.4M |
自由现金流SATSXYZ
| Q4 25 | $-583.4M | $579.8M | ||
| Q3 25 | $-144.4M | $1.4B | ||
| Q2 25 | $-285.7M | $343.0M | ||
| Q1 25 | $-51.7M | $101.5M | ||
| Q4 24 | $-298.7M | $-13.2M | ||
| Q3 24 | $-57.5M | $628.2M | ||
| Q2 24 | $132.4M | $481.0M | ||
| Q1 24 | $-68.4M | $457.4M |
自由现金流率SATSXYZ
| Q4 25 | -15.4% | 9.3% | ||
| Q3 25 | -4.0% | 22.9% | ||
| Q2 25 | -7.7% | 5.7% | ||
| Q1 25 | -1.3% | 1.8% | ||
| Q4 24 | -7.5% | -0.2% | ||
| Q3 24 | -1.5% | 10.5% | ||
| Q2 24 | 3.3% | 7.8% | ||
| Q1 24 | -1.7% | 7.7% |
资本支出强度SATSXYZ
| Q4 25 | 4.2% | 0.7% | ||
| Q3 25 | 7.1% | 0.8% | ||
| Q2 25 | 7.9% | 0.5% | ||
| Q1 25 | 6.7% | 0.6% | ||
| Q4 24 | 8.7% | 0.4% | ||
| Q3 24 | 8.6% | 0.9% | ||
| Q2 24 | 8.8% | 0.6% | ||
| Q1 24 | 12.9% | 0.5% |
现金转化率SATSXYZ
| Q4 25 | — | 5.36× | ||
| Q3 25 | — | 3.14× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | 0.14× | 0.01× | ||
| Q3 24 | — | 2.41× | ||
| Q2 24 | — | 2.66× | ||
| Q1 24 | — | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
