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希悦尔（SEE）与VIASAT INC（VSAT）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是VIASAT INC的1.2倍（$1.4B vs $1.2B），希悦尔净利率更高（3.1% vs 2.2%，领先1.0%），VIASAT INC同比增速更快（3.0% vs 2.6%），过去两年希悦尔的营收复合增速更高（2.7% vs 0.3%）
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
Viasat Inc.是总部坐落于美国加利福尼亚州卡尔斯巴德的通信企业，业务覆盖美国全境及全球多个国家和地区，面向军用与商业市场提供高速卫星宽带服务及安全网络系统相关解决方案。
SEE vs VSAT — 直观对比
营收规模更大
SEE
是对方的1.2倍
$1.2B
营收增速更快
VSAT
高出0.3%
2.6%
净利率更高
SEE
高出1.0%
2.2%
两年增速更快
SEE
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $43.8M | $25.0M |
| 毛利率 | 28.6% | — |
| 营业利润率 | 11.4% | 2.3% |
| 净利率 | 3.1% | 2.2% |
| 营收同比 | 2.6% | 3.0% |
| 净利润同比 | 700.0% | 115.8% |
| 每股收益（稀释后） | $0.30 | $0.18 |
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SEEVSAT
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $1.2B |
净利润SEEVSAT
| Q4 25 | $43.8M | $25.0M | ||
| Q3 25 | $255.1M | $-61.4M | ||
| Q2 25 | $93.1M | $-56.4M | ||
| Q1 25 | $113.5M | $-246.1M | ||
| Q4 24 | $-7.3M | $-158.4M | ||
| Q3 24 | $91.7M | $-137.6M | ||
| Q2 24 | $98.3M | $-32.9M | ||
| Q1 24 | $82.0M | $-100.3M |
毛利率SEEVSAT
| Q4 25 | 28.6% | — | ||
| Q3 25 | 29.8% | — | ||
| Q2 25 | 30.7% | — | ||
| Q1 25 | 30.9% | — | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 30.1% | — | ||
| Q2 24 | 31.2% | — | ||
| Q1 24 | 30.3% | — |
营业利润率SEEVSAT
| Q4 25 | 11.4% | 2.3% | ||
| Q3 25 | 13.8% | 3.1% | ||
| Q2 25 | 15.0% | 4.0% | ||
| Q1 25 | 14.5% | -13.4% | ||
| Q4 24 | 11.7% | 1.9% | ||
| Q3 24 | 13.9% | -2.2% | ||
| Q2 24 | 15.4% | 5.3% | ||
| Q1 24 | 14.0% | 0.0% |
净利率SEEVSAT
| Q4 25 | 3.1% | 2.2% | ||
| Q3 25 | 19.0% | -5.4% | ||
| Q2 25 | 7.0% | -4.8% | ||
| Q1 25 | 9.0% | -21.5% | ||
| Q4 24 | -0.5% | -14.1% | ||
| Q3 24 | 6.9% | -12.3% | ||
| Q2 24 | 7.4% | -2.9% | ||
| Q1 24 | 6.2% | -8.7% |
每股收益（稀释后）SEEVSAT
| Q4 25 | $0.30 | $0.18 | ||
| Q3 25 | $1.73 | $-0.45 | ||
| Q2 25 | $0.63 | $-0.43 | ||
| Q1 25 | $0.77 | $-1.92 | ||
| Q4 24 | $-0.05 | $-1.23 | ||
| Q3 24 | $0.63 | $-1.07 | ||
| Q2 24 | $0.67 | $-0.26 | ||
| Q1 24 | $0.56 | $-1.14 |
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 | $344.0M | $1.3B |
| 总债务越低越好 | $3.3B | $6.2B |
| 股东权益账面价值 | $1.2B | $4.6B |
| 总资产 | $7.0B | $14.9B |
| 负债/权益比越低杠杆越低 | 2.65× | 1.37× |
8季度趋势，按日历期对齐
现金及短期投资SEEVSAT
| Q4 25 | $344.0M | $1.3B | ||
| Q3 25 | $282.5M | $1.2B | ||
| Q2 25 | $354.4M | $1.2B | ||
| Q1 25 | $335.2M | $1.6B | ||
| Q4 24 | $371.8M | $1.6B | ||
| Q3 24 | $386.0M | $3.5B | ||
| Q2 24 | $388.6M | $1.8B | ||
| Q1 24 | $352.8M | $1.9B |
总债务SEEVSAT
| Q4 25 | $3.3B | $6.2B | ||
| Q3 25 | $4.0B | $6.5B | ||
| Q2 25 | $4.0B | $6.5B | ||
| Q1 25 | $4.2B | $6.5B | ||
| Q4 24 | $4.2B | $6.5B | ||
| Q3 24 | $4.3B | $6.4B | ||
| Q2 24 | $4.4B | $7.1B | ||
| Q1 24 | $4.5B | $7.1B |
股东权益SEEVSAT
| Q4 25 | $1.2B | $4.6B | ||
| Q3 25 | $1.2B | $4.5B | ||
| Q2 25 | $953.1M | $4.6B | ||
| Q1 25 | $797.9M | $4.6B | ||
| Q4 24 | $624.5M | $4.8B | ||
| Q3 24 | $771.2M | $4.9B | ||
| Q2 24 | $650.1M | $5.0B | ||
| Q1 24 | $598.3M | $5.0B |
总资产SEEVSAT
| Q4 25 | $7.0B | $14.9B | ||
| Q3 25 | $7.1B | $14.8B | ||
| Q2 25 | $7.2B | $14.9B | ||
| Q1 25 | $7.0B | $15.4B | ||
| Q4 24 | $7.0B | $15.6B | ||
| Q3 24 | $7.3B | $17.8B | ||
| Q2 24 | $7.3B | $16.1B | ||
| Q1 24 | $7.2B | $16.3B |
负债/权益比SEEVSAT
| Q4 25 | 2.65× | 1.37× | ||
| Q3 25 | 3.34× | 1.44× | ||
| Q2 25 | 4.18× | 1.43× | ||
| Q1 25 | 5.26× | 1.43× | ||
| Q4 24 | 6.72× | 1.37× | ||
| Q3 24 | 5.62× | 1.30× | ||
| Q2 24 | 6.81× | 1.42× | ||
| Q1 24 | 7.49× | 1.42× |
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 | $293.6M | $726.9M |
| 自由现金流经营现金流 - 资本支出 | $257.7M | — |
| 自由现金流率自由现金流/营收 | 18.5% | — |
| 资本支出强度资本支出/营收 | 2.6% | — |
| 现金转化率经营现金流/净利润 | 6.70× | 29.11× |
| 过去12个月自由现金流最近4个季度 | $458.5M | — |
8季度趋势，按日历期对齐
经营现金流SEEVSAT
| Q4 25 | $293.6M | $726.9M | ||
| Q3 25 | $165.9M | $282.2M | ||
| Q2 25 | $136.6M | $258.5M | ||
| Q1 25 | $31.9M | $298.4M | ||
| Q4 24 | $244.2M | $219.5M | ||
| Q3 24 | $170.5M | $239.2M | ||
| Q2 24 | $188.2M | $151.1M | ||
| Q1 24 | $125.1M | $232.0M |
自由现金流SEEVSAT
| Q4 25 | $257.7M | — | ||
| Q3 25 | $119.6M | — | ||
| Q2 25 | $93.2M | — | ||
| Q1 25 | $-12.0M | — | ||
| Q4 24 | $185.1M | — | ||
| Q3 24 | $115.2M | — | ||
| Q2 24 | $129.5M | — | ||
| Q1 24 | $78.0M | — |
自由现金流率SEEVSAT
| Q4 25 | 18.5% | — | ||
| Q3 25 | 8.9% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | 13.6% | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | 9.7% | — | ||
| Q1 24 | 5.9% | — |
资本支出强度SEEVSAT
| Q4 25 | 2.6% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | 3.6% | — |
现金转化率SEEVSAT
| Q4 25 | 6.70× | 29.11× | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.86× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 1.53× | — |
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
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
