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ADMA BIOLOGICS, INC.（ADMA）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ADMA BIOLOGICS, INC.的1.3倍（$179.7M vs $139.2M），ADMA BIOLOGICS, INC.净利率更高（35.5% vs -29.5%，领先64.9%），Rocket Lab Corp同比增速更快（35.7% vs 18.4%），ADMA BIOLOGICS, INC.自由现金流更多（$34.6M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 30.4%）
ADMA生物制剂公司是一家专注于研发、生产及商业化特种血浆来源免疫球蛋白疗法的生物制药企业，主要面向美国市场，为原发性免疫缺陷及其他免疫相关疾病患者、医护人员和医疗机构提供免疫健康领域的治疗方案。
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。
ADMA vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.3倍
$139.2M
营收增速更快
RKLB
高出17.3%
18.4%
净利率更高
ADMA
高出64.9%
-29.5%
自由现金流更多
ADMA
多$148.7M
$-114.2M
两年增速更快
RKLB
近两年复合增速
30.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $139.2M | $179.7M |
| 净利润 | $49.4M | $-52.9M |
| 毛利率 | 63.8% | 38.0% |
| 营业利润率 | 45.1% | -28.4% |
| 净利率 | 35.5% | -29.5% |
| 营收同比 | 18.4% | 35.7% |
| 净利润同比 | -55.9% | -1.1% |
| 每股收益（稀释后） | $0.20 | $-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ADMARKLB
| Q4 25 | $139.2M | $179.7M | ||
| Q3 25 | $134.2M | $155.1M | ||
| Q2 25 | $122.0M | $144.5M | ||
| Q1 25 | $114.8M | $122.6M | ||
| Q4 24 | $117.5M | $132.4M | ||
| Q3 24 | $119.8M | $104.8M | ||
| Q2 24 | $107.2M | $106.3M | ||
| Q1 24 | $81.9M | $92.8M |
净利润ADMARKLB
| Q4 25 | $49.4M | $-52.9M | ||
| Q3 25 | $36.4M | $-18.3M | ||
| Q2 25 | $34.2M | $-66.4M | ||
| Q1 25 | $26.9M | $-60.6M | ||
| Q4 24 | $111.9M | $-52.3M | ||
| Q3 24 | $35.9M | $-51.9M | ||
| Q2 24 | $32.1M | $-41.6M | ||
| Q1 24 | $17.8M | $-44.3M |
毛利率ADMARKLB
| Q4 25 | 63.8% | 38.0% | ||
| Q3 25 | 56.3% | 37.0% | ||
| Q2 25 | 55.1% | 32.1% | ||
| Q1 25 | 53.2% | 28.8% | ||
| Q4 24 | 53.9% | 27.8% | ||
| Q3 24 | 49.8% | 26.7% | ||
| Q2 24 | 53.6% | 25.6% | ||
| Q1 24 | 47.8% | 26.1% |
营业利润率ADMARKLB
| Q4 25 | 45.1% | -28.4% | ||
| Q3 25 | 38.0% | -38.0% | ||
| Q2 25 | 35.1% | -41.3% | ||
| Q1 25 | 30.4% | -48.3% | ||
| Q4 24 | 32.6% | -38.9% | ||
| Q3 24 | 33.1% | -49.5% | ||
| Q2 24 | 36.6% | -40.7% | ||
| Q1 24 | 26.7% | -46.4% |
净利率ADMARKLB
| Q4 25 | 35.5% | -29.5% | ||
| Q3 25 | 27.1% | -11.8% | ||
| Q2 25 | 28.1% | -46.0% | ||
| Q1 25 | 23.4% | -49.5% | ||
| Q4 24 | 95.2% | -39.5% | ||
| Q3 24 | 30.0% | -49.6% | ||
| Q2 24 | 29.9% | -39.2% | ||
| Q1 24 | 21.7% | -47.7% |
每股收益（稀释后）ADMARKLB
| Q4 25 | $0.20 | $-0.09 | ||
| Q3 25 | $0.15 | $-0.03 | ||
| Q2 25 | $0.14 | $-0.13 | ||
| Q1 25 | $0.11 | $-0.12 | ||
| Q4 24 | $0.45 | $-0.11 | ||
| Q3 24 | $0.15 | $-0.10 | ||
| Q2 24 | $0.13 | $-0.08 | ||
| Q1 24 | $0.08 | $-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 | $87.6M | $1.0B |
| 总债务越低越好 | $72.1M | $152.4M |
| 股东权益账面价值 | $477.3M | $1.7B |
| 总资产 | $624.2M | $2.3B |
| 负债/权益比越低杠杆越低 | 0.15× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资ADMARKLB
| Q4 25 | $87.6M | $1.0B | ||
| Q3 25 | $61.4M | $976.7M | ||
| Q2 25 | $90.3M | $688.1M | ||
| Q1 25 | $71.6M | $428.4M | ||
| Q4 24 | $103.1M | $419.0M | ||
| Q3 24 | $86.7M | $442.4M | ||
| Q2 24 | $88.2M | $496.8M | ||
| Q1 24 | $45.3M | $492.5M |
总债务ADMARKLB
| Q4 25 | $72.1M | $152.4M | ||
| Q3 25 | $72.4M | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | $72.3M | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益ADMARKLB
| Q4 25 | $477.3M | $1.7B | ||
| Q3 25 | $431.2M | $1.3B | ||
| Q2 25 | $398.3M | $688.5M | ||
| Q1 25 | $373.4M | $431.3M | ||
| Q4 24 | $349.0M | $382.5M | ||
| Q3 24 | $231.9M | $419.8M | ||
| Q2 24 | $188.3M | $455.2M | ||
| Q1 24 | $153.7M | $478.9M |
总资产ADMARKLB
| Q4 25 | $624.2M | $2.3B | ||
| Q3 25 | $568.7M | $2.2B | ||
| Q2 25 | $558.4M | $1.6B | ||
| Q1 25 | $510.6M | $1.3B | ||
| Q4 24 | $488.7M | $1.2B | ||
| Q3 24 | $390.6M | $1.2B | ||
| Q2 24 | $376.4M | $1.2B | ||
| Q1 24 | $350.9M | $1.2B |
负债/权益比ADMARKLB
| Q4 25 | 0.15× | 0.09× | ||
| Q3 25 | 0.17× | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | 0.21× | 0.90× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 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 | $35.6M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $34.6M | $-114.2M |
| 自由现金流率自由现金流/营收 | 24.8% | -63.6% |
| 资本支出强度资本支出/营收 | 0.8% | 27.6% |
| 现金转化率经营现金流/净利润 | 0.72× | — |
| 过去12个月自由现金流最近4个季度 | $27.8M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流ADMARKLB
| Q4 25 | $35.6M | $-64.5M | ||
| Q3 25 | $13.3M | $-23.5M | ||
| Q2 25 | $21.1M | $-23.2M | ||
| Q1 25 | $-19.7M | $-54.2M | ||
| Q4 24 | $50.2M | $-2.4M | ||
| Q3 24 | $25.0M | $-30.9M | ||
| Q2 24 | $45.6M | $-13.0M | ||
| Q1 24 | $-2.2M | $-2.6M |
自由现金流ADMARKLB
| Q4 25 | $34.6M | $-114.2M | ||
| Q3 25 | $-1.1M | $-69.4M | ||
| Q2 25 | $18.7M | $-55.3M | ||
| Q1 25 | $-24.4M | $-82.9M | ||
| Q4 24 | $47.5M | $-23.9M | ||
| Q3 24 | $24.0M | $-41.9M | ||
| Q2 24 | $43.6M | $-28.3M | ||
| Q1 24 | $-4.6M | $-21.8M |
自由现金流率ADMARKLB
| Q4 25 | 24.8% | -63.6% | ||
| Q3 25 | -0.8% | -44.8% | ||
| Q2 25 | 15.3% | -38.3% | ||
| Q1 25 | -21.2% | -67.6% | ||
| Q4 24 | 40.4% | -18.1% | ||
| Q3 24 | 20.0% | -40.0% | ||
| Q2 24 | 40.7% | -26.7% | ||
| Q1 24 | -5.6% | -23.5% |
资本支出强度ADMARKLB
| Q4 25 | 0.8% | 27.6% | ||
| Q3 25 | 10.7% | 29.6% | ||
| Q2 25 | 2.0% | 22.2% | ||
| Q1 25 | 4.1% | 23.4% | ||
| Q4 24 | 2.3% | 16.3% | ||
| Q3 24 | 0.9% | 10.5% | ||
| Q2 24 | 1.9% | 14.4% | ||
| Q1 24 | 2.9% | 20.7% |
现金转化率ADMARKLB
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 1.42× | — | ||
| Q1 24 | -0.12× | — |
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
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
