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封面
市场调查报告书
商品编码
1952840

卫星营运商财务关键绩效指标：2025 年

Satellite Communications Operators' Financial KPIs: 2025
出版日期: | 出版商: Analysys Mason | 英文 21 Slides | 商品交期: 最快1-2个工作天内

价格
简介目录

传统卫星营运商在星链 (Starlink) 的竞争压力下举步维艰，正将重心转向併购和多轨道服务。

本报告提供主要卫星营运商的财务数据。我们以指标为基础的分析方法，可协助您比较各业者的业绩，并将其与业界竞争对手进行排名。

报告概述

  • 对14家领先卫星营运商（包括全球和区域固定卫星服务 (FSS) 营运商以及行动卫星服务 (MSS) 供应商）的财务分析
  • 涵盖营运商过去六年报告和计算的财务指标
  • 报告的财务数据（以货币和财政年度为单位）以及以美元计价的日历年数据均已列出，以便于比较
  • 对2024年卫星产业情势的分析，包括营运商业绩效的最显着变化
  • 针对卫星营运商当前和预测的财务趋势提出的策略建议

范围

绝对指标

  • 收入
  • （调整后）EBITDA
  • 积压订单
  • 资本支出
  • 自由现金流
  • 现金流运营
  • 营业收入（EBIT）
  • 投资活动现金流量
  • 净利息支出
  • 总债务和净债务
  • 现金及现金等价物
  • 平均总资产
  • 流动负债

对比指标

  • （调整后）EBITDA利润率
  • 积压订单/收入比率
  • 资本支出/销售比率
  • 现金转换率
  • 净债务/（调整后）EBITDA比率
  • 利息保障倍数
  • 销售週转率
  • 已动用资本回报率 (ROCE)

目标公司

全球：

  • EchoStar （休斯）
  • 欧洲通讯卫星公司 (Eutelsat)
  • 国际通讯卫星公司 (Intelsat)
  • SES
  • Telesat
  • Visat

区域：

  • APT卫星公司
  • Hispasat
  • SKY Perfect JSAT
  • Spacecom
  • Space42 (Yahsat)
  • Thaicom

MSS：

  • Globalstar
  • Iridium

本报告解答的问题

  • 本报告分析的卫星通讯业者在2024年的财务表现如何？
  • 各业者之间的定位以及在整个产业中的定位如何？

目标受众

本报告旨在为评估报告中涵盖的卫星通讯营运商财务状况的人员，或对卫星通讯市场财务健康状况感兴趣的人员提供参考。 具体而言，我们推荐以下受众：

  • 希望了解竞争格局的卫星通讯营运商、服务整合商、投资者和顾问、产业和创新组织以及主权财富基金
  • 希望制定策略以应对卫星通讯市场不断变化的需求的卫星製造商和发射服务供应商
  • 对卫星通讯和连接感兴趣的金融、竞争情报和商业战略团队

特色公司

APT Satellite、EchoStar（休斯）、Eutelsat、Globalstar、Hispasat、Intelsat、Iridium、SES、SKY Perfect JSAT、Space42（Yahsat）、Spacecom、Telesat、Thaicom、Viasat（Inmarsat）

简介目录

"Traditional satcom players are struggling due to competitive pressure from Starlink and are shifting their focus towards mergers and multi-orbit service offerings."

This report provides financial data for major satellite communications (satcom) operators. Our metric-based analysis compares operators' performance and allows for competitive ranking across the industry.

Report overview

  • Financial analysis of reports from 14 major satellite operators, including global and regional fixed satellite service (FSS) players, as well as mobile satellite services (MSS) providers
  • Reported and calculated financial metrics for the operators covered for the past 6 years
  • Financial data as reported, in original currencies and financial periods, as well as converted calendar-year figures in US dollars for easy comparison
  • Analysis of the state of the satellite industry in 2024, including the most significant changes in operator performance
  • Strategic recommendations for satellite operators in response to current and anticipated financial trends

Coverage

Absolute metrics

  • Revenue
  • (Adjusted) EBITDA
  • Backlog
  • Capex
  • Free cash flow
  • Operating cash flow
  • Operating income (EBIT)
  • Net cash for investing activities
  • Net interest expense
  • Total and net debt
  • Cash and cash equivalents
  • Average total assets
  • Current liabilities

Comparative metrics

  • (Adjusted) EBITDA margin
  • Backlog/revenue ratio
  • Capex/revenue ratio
  • Cash conversion ratio
  • Net debt/(adjusted) EBITDA ratio
  • Times interest earned
  • Turnover ratio
  • Return on capital employed (ROCE)

Operator coverage

Global:

  • EchoStar (Hughes)
  • Eutelsat
  • Intelsat
  • SES
  • Telesat
  • Visat

Regional:

  • APT Satellite
  • Hispasat
  • SKY Perfect JSAT
  • Spacecom
  • Space42 (Yahsat)
  • Thaicom

MSS:

  • Globalstar
  • Iridium

Questions answered in this report

  • How did the satcom operators analysed in this report perform financially in 2024?
  • How do these operators compare with one another and the wider industry?

Who should read this report

This report is suitable for anyone assessing the financial condition of reporting satcom operators or interested in the financial health of the satcom market. This includes:

  • satellite operators, service integrators, investors and advisers, industry and innovation agencies and sovereign funds looking to understand the satcom competitive landscape
  • satellite manufacturers and launch providers looking to shape their strategies in response to shifting demand in the satcom market
  • financial, competitive intelligence and business strategy teams with satcom and connectivity interests.

Companies mentioned

APT Satellite, EchoStar (Hughes), Eutelsat, Globalstar, Hispasat, Intelsat, Iridium, SES, SKY Perfect JSAT, Space42 (Yahsat), Spacecom, Telesat, Thaicom, Viasat (Inmarsat)