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市場調查報告書
商品編碼
1952840

衛星營運商財務關鍵績效指標：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個工作天內

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簡介目錄

傳統衛星營運商在星鏈 (Starlink) 的競爭壓力下舉步維艱，正將重心轉向併購和多軌道服務。

本報告提供主要衛星營運商的財務數據。我們以指標為基礎的分析方法，可協助您比較各業者的業績，並將其與業界競爭對手進行排名。

報告概述

  • 對14家領先衛星營運商（包括全球和區域固定衛星服務 (FSS) 營運商以及行動衛星服務 (MSS) 供應商）的財務分析
  • 涵蓋營運商過去六年報告和計算的財務指標
  • 報告的財務數據（以貨幣和財政年度為單位）以及以美元計價的日曆年數據均已列出，以便於比較
  • 對2024年衛星產業情勢的分析，包括營運商業績效的最顯著變化
  • 針對衛星營運商當前和預測的財務趨勢提出的策略建議

範圍

絕對指標

  • 收入
  • （調整後）EBITDA
  • 積壓訂單
  • 資本支出
  • 自由現金流
  • 現金流運營
  • 營業收入（EBIT）
  • 投資活動現金流量
  • 淨利息支出
  • 總債務和淨債務
  • 現金及現金等價物
  • 平均總資產
  • 流動負債

對比指標

  • （調整後）EBITDA利潤率
  • 積壓訂單/收入比率
  • 資本支出/銷售比率
  • 現金轉換率
  • 淨債務/（調整後）EBITDA比率
  • 利息保障倍數
  • 銷售週轉率
  • 已動用資本回報率 (ROCE)

目標公司

全球：

  • EchoStar （休斯）
  • 歐洲通訊衛星公司 (Eutelsat)
  • 國際通訊衛星公司 (Intelsat)
  • SES
  • Telesat
  • Visat

區域：

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

MSS：

  • Globalstar
  • Iridium

本報告解答的問題

  • 本報告分析的衛星通訊業者在2024年的財務表現如何？
  • 各業者之間的定位以及在整個產業中的定位如何？

目標受眾

本報告旨在為評估報告中涵蓋的衛星通訊營運商財務狀況的人員，或對衛星通訊市場財務健康狀況感興趣的人員提供參考。 具體而言，我們推薦以下受眾：

  • 希望了解競爭格局的衛星通訊營運商、服務整合商、投資者和顧問、產業和創新組織以及主權財富基金
  • 希望制定策略以應對衛星通訊市場不斷變化的需求的衛星製造商和發射服務供應商
  • 對衛星通訊和連接感興趣的金融、競爭情報和商業戰略團隊

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）

簡介目錄

"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)