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Antero Midstream Corp（AM）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
Antero Midstream Corp的季度营收约是Rocket Lab Corp的1.6倍（$291.1M vs $179.7M），Antero Midstream Corp净利率更高（41.5% vs -29.5%，领先70.9%），Rocket Lab Corp同比增速更快（35.7% vs -7.3%），Antero Midstream Corp自由现金流更多（$186.9M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 3.9%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
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。
AM vs RKLB — 直观对比
营收规模更大
AM
是对方的1.6倍
$179.7M
营收增速更快
RKLB
高出43.0%
-7.3%
净利率更高
AM
高出70.9%
-29.5%
自由现金流更多
AM
多$301.1M
$-114.2M
两年增速更快
RKLB
近两年复合增速
3.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $179.7M |
| 净利润 | $120.7M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 60.9% | -28.4% |
| 净利率 | 41.5% | -29.5% |
| 营收同比 | -7.3% | 35.7% |
| 净利润同比 | 2.1% | -1.1% |
| 每股收益（稀释后） | $0.25 | $-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AMRKLB
| Q1 26 | $291.1M | — | ||
| Q4 25 | $297.0M | $179.7M | ||
| Q3 25 | $294.8M | $155.1M | ||
| Q2 25 | $305.5M | $144.5M | ||
| Q1 25 | $291.1M | $122.6M | ||
| Q4 24 | $287.5M | $132.4M | ||
| Q3 24 | $269.9M | $104.8M | ||
| Q2 24 | $269.8M | $106.3M |
净利润AMRKLB
| Q1 26 | $120.7M | — | ||
| Q4 25 | $51.9M | $-52.9M | ||
| Q3 25 | $116.0M | $-18.3M | ||
| Q2 25 | $124.5M | $-66.4M | ||
| Q1 25 | $120.7M | $-60.6M | ||
| Q4 24 | $111.2M | $-52.3M | ||
| Q3 24 | $99.7M | $-51.9M | ||
| Q2 24 | $86.0M | $-41.6M |
毛利率AMRKLB
| Q1 26 | — | — | ||
| Q4 25 | — | 38.0% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.1% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | — | 25.6% |
营业利润率AMRKLB
| Q1 26 | 60.9% | — | ||
| Q4 25 | 33.8% | -28.4% | ||
| Q3 25 | 61.2% | -38.0% | ||
| Q2 25 | 61.0% | -41.3% | ||
| Q1 25 | 60.9% | -48.3% | ||
| Q4 24 | 61.8% | -38.9% | ||
| Q3 24 | 60.2% | -49.5% | ||
| Q2 24 | 56.6% | -40.7% |
净利率AMRKLB
| Q1 26 | 41.5% | — | ||
| Q4 25 | 17.5% | -29.5% | ||
| Q3 25 | 39.3% | -11.8% | ||
| Q2 25 | 40.8% | -46.0% | ||
| Q1 25 | 41.5% | -49.5% | ||
| Q4 24 | 38.7% | -39.5% | ||
| Q3 24 | 37.0% | -49.6% | ||
| Q2 24 | 31.9% | -39.2% |
每股收益（稀释后）AMRKLB
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | $-0.09 | ||
| Q3 25 | $0.24 | $-0.03 | ||
| Q2 25 | $0.26 | $-0.13 | ||
| Q1 25 | $0.25 | $-0.12 | ||
| Q4 24 | $0.23 | $-0.11 | ||
| Q3 24 | $0.21 | $-0.10 | ||
| Q2 24 | $0.18 | $-0.08 |
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 | $180.4M | $1.0B |
| 总债务越低越好 | $3.2B | $152.4M |
| 股东权益账面价值 | $2.0B | $1.7B |
| 总资产 | $5.9B | $2.3B |
| 负债/权益比越低杠杆越低 | 1.63× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资AMRKLB
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | $1.0B | ||
| Q3 25 | — | $976.7M | ||
| Q2 25 | — | $688.1M | ||
| Q1 25 | — | $428.4M | ||
| Q4 24 | — | $419.0M | ||
| Q3 24 | — | $442.4M | ||
| Q2 24 | — | $496.8M |
总债务AMRKLB
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $152.4M | ||
| Q3 25 | $3.0B | $347.0M | ||
| Q2 25 | $3.0B | $346.5M | ||
| Q1 25 | $3.1B | $345.9M | ||
| Q4 24 | $3.1B | $345.4M | ||
| Q3 24 | $3.2B | $61.2M | ||
| Q2 24 | $3.2B | $64.2M |
股东权益AMRKLB
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $1.7B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.1B | $688.5M | ||
| Q1 25 | $2.1B | $431.3M | ||
| Q4 24 | $2.1B | $382.5M | ||
| Q3 24 | $2.1B | $419.8M | ||
| Q2 24 | $2.1B | $455.2M |
总资产AMRKLB
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $2.3B | ||
| Q3 25 | $5.7B | $2.2B | ||
| Q2 25 | $5.7B | $1.6B | ||
| Q1 25 | $5.8B | $1.3B | ||
| Q4 24 | $5.8B | $1.2B | ||
| Q3 24 | $5.8B | $1.2B | ||
| Q2 24 | $5.8B | $1.2B |
负债/权益比AMRKLB
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | 0.09× | ||
| Q3 25 | 1.46× | 0.27× | ||
| Q2 25 | 1.45× | 0.50× | ||
| Q1 25 | 1.49× | 0.80× | ||
| Q4 24 | 1.47× | 0.90× | ||
| Q3 24 | 1.49× | 0.15× | ||
| Q2 24 | 1.50× | 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 | $198.9M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $186.9M | $-114.2M |
| 自由现金流率自由现金流/营收 | 64.2% | -63.6% |
| 资本支出强度资本支出/营收 | 11.1% | 27.6% |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | — | $-321.8M |
8季度趋势，按日历期对齐
经营现金流AMRKLB
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $-64.5M | ||
| Q3 25 | $212.8M | $-23.5M | ||
| Q2 25 | $265.2M | $-23.2M | ||
| Q1 25 | $198.9M | $-54.2M | ||
| Q4 24 | $232.7M | $-2.4M | ||
| Q3 24 | $184.9M | $-30.9M | ||
| Q2 24 | $215.8M | $-13.0M |
自由现金流AMRKLB
| Q1 26 | $186.9M | — | ||
| Q4 25 | — | $-114.2M | ||
| Q3 25 | — | $-69.4M | ||
| Q2 25 | — | $-55.3M | ||
| Q1 25 | — | $-82.9M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | $184.3M | $-41.9M | ||
| Q2 24 | $147.2M | $-28.3M |
自由现金流率AMRKLB
| Q1 26 | 64.2% | — | ||
| Q4 25 | — | -63.6% | ||
| Q3 25 | — | -44.8% | ||
| Q2 25 | — | -38.3% | ||
| Q1 25 | — | -67.6% | ||
| Q4 24 | — | -18.1% | ||
| Q3 24 | 68.3% | -40.0% | ||
| Q2 24 | 54.6% | -26.7% |
资本支出强度AMRKLB
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | 0.0% | 16.3% | ||
| Q3 24 | 0.2% | 10.5% | ||
| Q2 24 | 25.4% | 14.4% |
现金转化率AMRKLB
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.13× | — | ||
| Q1 25 | 1.65× | — | ||
| Q4 24 | 2.09× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 2.51× | — |
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
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
