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APPLIED OPTOELECTRONICS, INC.（AAOI）与Rocket Lab Corp（RKLB）财务数据对比。点击上方公司名可切换其他公司
Rocket Lab Corp的季度营收约是APPLIED OPTOELECTRONICS, INC.的1.3倍（$179.7M vs $134.3M），Rocket Lab Corp同比增速更快（35.7% vs 33.9%），APPLIED OPTOELECTRONICS, INC.自由现金流更多（$-104.6M vs $-114.2M），过去两年APPLIED OPTOELECTRONICS, INC.的营收复合增速更高（81.7% vs 39.2%）
应用光电是一家美国半导体企业，专注于光电器件领域，1997年于休斯顿大学成立，总部位于得克萨斯州舒格兰，深耕光通信相关的半导体器件研发与生产，在光电技术领域拥有深厚的技术积累。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
AAOI vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.3倍
$134.3M
营收增速更快
RKLB
高出1.8%
33.9%
自由现金流更多
AAOI
多$9.6M
$-114.2M
两年增速更快
AAOI
近两年复合增速
39.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $134.3M | $179.7M |
| 净利润 | — | $-52.9M |
| 毛利率 | 31.2% | 38.0% |
| 营业利润率 | -8.6% | -28.4% |
| 净利率 | — | -29.5% |
| 营收同比 | 33.9% | 35.7% |
| 净利润同比 | — | -1.1% |
| 每股收益（稀释后） | $-0.02 | $-0.09 |
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AAOIRKLB
| Q4 25 | $134.3M | $179.7M | ||
| Q3 25 | $118.6M | $155.1M | ||
| Q2 25 | $103.0M | $144.5M | ||
| Q1 25 | $99.9M | $122.6M | ||
| Q4 24 | $100.3M | $132.4M | ||
| Q3 24 | $65.2M | $104.8M | ||
| Q2 24 | $43.3M | $106.3M | ||
| Q1 24 | $40.7M | $92.8M |
净利润AAOIRKLB
| Q4 25 | — | $-52.9M | ||
| Q3 25 | $-17.9M | $-18.3M | ||
| Q2 25 | $-9.1M | $-66.4M | ||
| Q1 25 | $-9.2M | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | $-17.8M | $-51.9M | ||
| Q2 24 | $-26.1M | $-41.6M | ||
| Q1 24 | $-23.2M | $-44.3M |
毛利率AAOIRKLB
| Q4 25 | 31.2% | 38.0% | ||
| Q3 25 | 28.0% | 37.0% | ||
| Q2 25 | 30.3% | 32.1% | ||
| Q1 25 | 30.6% | 28.8% | ||
| Q4 24 | 28.7% | 27.8% | ||
| Q3 24 | 24.4% | 26.7% | ||
| Q2 24 | 22.1% | 25.6% | ||
| Q1 24 | 18.7% | 26.1% |
营业利润率AAOIRKLB
| Q4 25 | -8.6% | -28.4% | ||
| Q3 25 | -15.3% | -38.0% | ||
| Q2 25 | -15.5% | -41.3% | ||
| Q1 25 | -8.9% | -48.3% | ||
| Q4 24 | -6.5% | -38.9% | ||
| Q3 24 | -25.4% | -49.5% | ||
| Q2 24 | -60.7% | -40.7% | ||
| Q1 24 | -53.2% | -46.4% |
净利率AAOIRKLB
| Q4 25 | — | -29.5% | ||
| Q3 25 | -15.1% | -11.8% | ||
| Q2 25 | -8.8% | -46.0% | ||
| Q1 25 | -9.2% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | -27.3% | -49.6% | ||
| Q2 24 | -60.4% | -39.2% | ||
| Q1 24 | -57.0% | -47.7% |
每股收益（稀释后）AAOIRKLB
| Q4 25 | $-0.02 | $-0.09 | ||
| Q3 25 | $-0.28 | $-0.03 | ||
| Q2 25 | $-0.16 | $-0.13 | ||
| Q1 25 | $-0.18 | $-0.12 | ||
| Q4 24 | $-2.82 | $-0.11 | ||
| Q3 24 | $-0.42 | $-0.10 | ||
| Q2 24 | $-0.66 | $-0.08 | ||
| Q1 24 | $-0.60 | $-0.09 |
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 | $206.1M | $1.0B |
| 总债务越低越好 | $34.0M | $152.4M |
| 股东权益账面价值 | $733.9M | $1.7B |
| 总资产 | $1.2B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.05× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资AAOIRKLB
| Q4 25 | $206.1M | $1.0B | ||
| Q3 25 | $137.0M | $976.7M | ||
| Q2 25 | $64.7M | $688.1M | ||
| Q1 25 | $51.1M | $428.4M | ||
| Q4 24 | $67.4M | $419.0M | ||
| Q3 24 | $34.1M | $442.4M | ||
| Q2 24 | $10.7M | $496.8M | ||
| Q1 24 | $8.4M | $492.5M |
总债务AAOIRKLB
| Q4 25 | $34.0M | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | $22.1M | $345.9M | ||
| Q4 24 | $26.7M | $345.4M | ||
| Q3 24 | $29.5M | $61.2M | ||
| Q2 24 | $22.5M | $64.2M | ||
| Q1 24 | $24.1M | $66.8M |
股东权益AAOIRKLB
| Q4 25 | $733.9M | $1.7B | ||
| Q3 25 | $559.1M | $1.3B | ||
| Q2 25 | $425.0M | $688.5M | ||
| Q1 25 | $309.0M | $431.3M | ||
| Q4 24 | $229.1M | $382.5M | ||
| Q3 24 | $212.1M | $419.8M | ||
| Q2 24 | $186.5M | $455.2M | ||
| Q1 24 | $195.7M | $478.9M |
总资产AAOIRKLB
| Q4 25 | $1.2B | $2.3B | ||
| Q3 25 | $978.5M | $2.2B | ||
| Q2 25 | $796.9M | $1.6B | ||
| Q1 25 | $644.7M | $1.3B | ||
| Q4 24 | $547.0M | $1.2B | ||
| Q3 24 | $410.0M | $1.2B | ||
| Q2 24 | $348.0M | $1.2B | ||
| Q1 24 | $350.9M | $1.2B |
负债/权益比AAOIRKLB
| Q4 25 | 0.05× | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | 0.07× | 0.80× | ||
| Q4 24 | 0.12× | 0.90× | ||
| Q3 24 | 0.14× | 0.15× | ||
| Q2 24 | 0.12× | 0.14× | ||
| Q1 24 | 0.12× | 0.14× |
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 | $-29.6M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-104.6M | $-114.2M |
| 自由现金流率自由现金流/营收 | -77.9% | -63.6% |
| 资本支出强度资本支出/营收 | 55.9% | 27.6% |
| 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 | $-353.6M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流AAOIRKLB
| Q4 25 | $-29.6M | $-64.5M | ||
| Q3 25 | $-28.5M | $-23.5M | ||
| Q2 25 | $-65.5M | $-23.2M | ||
| Q1 25 | $-50.9M | $-54.2M | ||
| Q4 24 | $-24.6M | $-2.4M | ||
| Q3 24 | $-14.4M | $-30.9M | ||
| Q2 24 | $-2.0M | $-13.0M | ||
| Q1 24 | $-28.5M | $-2.6M |
自由现金流AAOIRKLB
| Q4 25 | $-104.6M | $-114.2M | ||
| Q3 25 | $-78.7M | $-69.4M | ||
| Q2 25 | $-91.0M | $-55.3M | ||
| Q1 25 | $-79.3M | $-82.9M | ||
| Q4 24 | $-53.0M | $-23.9M | ||
| Q3 24 | $-20.7M | $-41.9M | ||
| Q2 24 | $-5.0M | $-28.3M | ||
| Q1 24 | $-34.2M | $-21.8M |
自由现金流率AAOIRKLB
| Q4 25 | -77.9% | -63.6% | ||
| Q3 25 | -66.3% | -44.8% | ||
| Q2 25 | -88.3% | -38.3% | ||
| Q1 25 | -79.4% | -67.6% | ||
| Q4 24 | -52.9% | -18.1% | ||
| Q3 24 | -31.8% | -40.0% | ||
| Q2 24 | -11.5% | -26.7% | ||
| Q1 24 | -84.2% | -23.5% |
资本支出强度AAOIRKLB
| Q4 25 | 55.9% | 27.6% | ||
| Q3 25 | 42.4% | 29.6% | ||
| Q2 25 | 24.7% | 22.2% | ||
| Q1 25 | 28.4% | 23.4% | ||
| Q4 24 | 28.3% | 16.3% | ||
| Q3 24 | 9.7% | 10.5% | ||
| Q2 24 | 6.9% | 14.4% | ||
| Q1 24 | 14.2% | 20.7% |
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
AAOI
| Data Center | $74.9M | 56% |
| CATV | $54.0M | 40% |
| Telecom | $5.1M | 4% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
