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ADTRAN Holdings, Inc.（ADTN）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
ADTRAN Holdings, Inc.的季度营收约是Rocket Lab Corp的1.6倍（$291.6M vs $179.7M），ADTRAN Holdings, Inc.净利率更高（-1.2% vs -29.5%，领先28.2%），Rocket Lab Corp同比增速更快（35.7% vs 20.1%），ADTRAN Holdings, Inc.自由现金流更多（$30.6M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 13.5%）
ADTRAN Holdings, Inc.是一家总部位于美国阿拉巴马州亨茨维尔的光纤网络与电信企业，主要面向通信服务商、政府机构、企业及公共事业单位，供应面向住宅用户与企业级的网络硬件设备，同时提供用于网络管理与部署的管理软件。
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。
ADTN vs RKLB — 直观对比
营收规模更大
ADTN
是对方的1.6倍
$179.7M
营收增速更快
RKLB
高出15.6%
20.1%
净利率更高
ADTN
高出28.2%
-29.5%
自由现金流更多
ADTN
多$144.8M
$-114.2M
两年增速更快
RKLB
近两年复合增速
13.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $179.7M |
| 净利润 | $-3.6M | $-52.9M |
| 毛利率 | 39.0% | 38.0% |
| 营业利润率 | 1.5% | -28.4% |
| 净利率 | -1.2% | -29.5% |
| 营收同比 | 20.1% | 35.7% |
| 净利润同比 | 92.2% | -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ADTNRKLB
| Q4 25 | $291.6M | $179.7M | ||
| Q3 25 | $279.4M | $155.1M | ||
| Q2 25 | $265.1M | $144.5M | ||
| Q1 25 | $247.7M | $122.6M | ||
| Q4 24 | $242.9M | $132.4M | ||
| Q3 24 | $227.7M | $104.8M | ||
| Q2 24 | $226.0M | $106.3M | ||
| Q1 24 | $226.2M | $92.8M |
净利润ADTNRKLB
| Q4 25 | $-3.6M | $-52.9M | ||
| Q3 25 | $-10.3M | $-18.3M | ||
| Q2 25 | $-20.5M | $-66.4M | ||
| Q1 25 | $-11.3M | $-60.6M | ||
| Q4 24 | $-46.1M | $-52.3M | ||
| Q3 24 | $-33.3M | $-51.9M | ||
| Q2 24 | $-49.7M | $-41.6M | ||
| Q1 24 | $-330.8M | $-44.3M |
毛利率ADTNRKLB
| Q4 25 | 39.0% | 38.0% | ||
| Q3 25 | 38.3% | 37.0% | ||
| Q2 25 | 37.3% | 32.1% | ||
| Q1 25 | 38.4% | 28.8% | ||
| Q4 24 | 36.9% | 27.8% | ||
| Q3 24 | 36.5% | 26.7% | ||
| Q2 24 | 36.0% | 25.6% | ||
| Q1 24 | 31.1% | 26.1% |
营业利润率ADTNRKLB
| Q4 25 | 1.5% | -28.4% | ||
| Q3 25 | -1.0% | -38.0% | ||
| Q2 25 | -5.0% | -41.3% | ||
| Q1 25 | -1.6% | -48.3% | ||
| Q4 24 | -6.9% | -38.9% | ||
| Q3 24 | -11.5% | -49.5% | ||
| Q2 24 | -17.0% | -40.7% | ||
| Q1 24 | -153.1% | -46.4% |
净利率ADTNRKLB
| Q4 25 | -1.2% | -29.5% | ||
| Q3 25 | -3.7% | -11.8% | ||
| Q2 25 | -7.7% | -46.0% | ||
| Q1 25 | -4.5% | -49.5% | ||
| Q4 24 | -19.0% | -39.5% | ||
| Q3 24 | -14.6% | -49.6% | ||
| Q2 24 | -22.0% | -39.2% | ||
| Q1 24 | -146.2% | -47.7% |
每股收益（稀释后）ADTNRKLB
| Q4 25 | $-0.02 | $-0.09 | ||
| Q3 25 | $-0.12 | $-0.03 | ||
| Q2 25 | $-0.24 | $-0.13 | ||
| Q1 25 | $-0.14 | $-0.12 | ||
| Q4 24 | $-0.58 | $-0.11 | ||
| Q3 24 | $-0.38 | $-0.10 | ||
| Q2 24 | $-0.63 | $-0.08 | ||
| Q1 24 | $-4.20 | $-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 | $95.7M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $145.8M | $1.7B |
| 总资产 | $1.2B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资ADTNRKLB
| Q4 25 | $95.7M | $1.0B | ||
| Q3 25 | $93.7M | $976.7M | ||
| Q2 25 | $106.3M | $688.1M | ||
| Q1 25 | $101.3M | $428.4M | ||
| Q4 24 | $76.0M | $419.0M | ||
| Q3 24 | $88.5M | $442.4M | ||
| Q2 24 | $111.2M | $496.8M | ||
| Q1 24 | $106.8M | $492.5M |
总债务ADTNRKLB
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | — | $66.8M |
股东权益ADTNRKLB
| Q4 25 | $145.8M | $1.7B | ||
| Q3 25 | $141.6M | $1.3B | ||
| Q2 25 | $169.6M | $688.5M | ||
| Q1 25 | $138.9M | $431.3M | ||
| Q4 24 | $127.0M | $382.5M | ||
| Q3 24 | $205.6M | $419.8M | ||
| Q2 24 | $213.6M | $455.2M | ||
| Q1 24 | $260.8M | $478.9M |
总资产ADTNRKLB
| Q4 25 | $1.2B | $2.3B | ||
| Q3 25 | $1.2B | $2.2B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
负债/权益比ADTNRKLB
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 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 | $42.2M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $30.6M | $-114.2M |
| 自由现金流率自由现金流/营收 | 10.5% | -63.6% |
| 资本支出强度资本支出/营收 | 4.0% | 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 | $98.0M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流ADTNRKLB
| Q4 25 | $42.2M | $-64.5M | ||
| Q3 25 | $12.2M | $-23.5M | ||
| Q2 25 | $32.2M | $-23.2M | ||
| Q1 25 | $43.2M | $-54.2M | ||
| Q4 24 | $2.4M | $-2.4M | ||
| Q3 24 | $43.3M | $-30.9M | ||
| Q2 24 | $19.9M | $-13.0M | ||
| Q1 24 | $37.9M | $-2.6M |
自由现金流ADTNRKLB
| Q4 25 | $30.6M | $-114.2M | ||
| Q3 25 | $4.2M | $-69.4M | ||
| Q2 25 | $27.5M | $-55.3M | ||
| Q1 25 | $35.8M | $-82.9M | ||
| Q4 24 | $-895.0K | $-23.9M | ||
| Q3 24 | $37.1M | $-41.9M | ||
| Q2 24 | $8.4M | $-28.3M | ||
| Q1 24 | $24.4M | $-21.8M |
自由现金流率ADTNRKLB
| Q4 25 | 10.5% | -63.6% | ||
| Q3 25 | 1.5% | -44.8% | ||
| Q2 25 | 10.4% | -38.3% | ||
| Q1 25 | 14.4% | -67.6% | ||
| Q4 24 | -0.4% | -18.1% | ||
| Q3 24 | 16.3% | -40.0% | ||
| Q2 24 | 3.7% | -26.7% | ||
| Q1 24 | 10.8% | -23.5% |
资本支出强度ADTNRKLB
| Q4 25 | 4.0% | 27.6% | ||
| Q3 25 | 2.9% | 29.6% | ||
| Q2 25 | 1.8% | 22.2% | ||
| Q1 25 | 3.0% | 23.4% | ||
| Q4 24 | 1.4% | 16.3% | ||
| Q3 24 | 2.7% | 10.5% | ||
| Q2 24 | 5.1% | 14.4% | ||
| Q1 24 | 6.0% | 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
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
