vs
Applied Digital Corp.（APLD）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 Digital Corp.的1.4倍（$179.7M vs $126.6M），Applied Digital Corp.净利率更高（-11.4% vs -29.5%，领先18.0%），Applied Digital Corp.同比增速更快（98.2% vs 35.7%），Rocket Lab Corp自由现金流更多（$-114.2M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 39.2%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
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。
APLD vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.4倍
$126.6M
营收增速更快
APLD
高出62.5%
35.7%
净利率更高
APLD
高出18.0%
-29.5%
自由现金流更多
RKLB
多$453.7M
$-567.9M
两年增速更快
APLD
近两年复合增速
39.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $179.7M |
| 净利润 | $-14.4M | $-52.9M |
| 毛利率 | 20.6% | 38.0% |
| 营业利润率 | -24.5% | -28.4% |
| 净利率 | -11.4% | -29.5% |
| 营收同比 | 98.2% | 35.7% |
| 净利润同比 | 89.6% | -1.1% |
| 每股收益（稀释后） | $-0.07 | $-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APLDRKLB
| Q4 25 | $126.6M | $179.7M | ||
| Q3 25 | $64.2M | $155.1M | ||
| Q2 25 | $-33.3M | $144.5M | ||
| Q1 25 | $52.9M | $122.6M | ||
| Q4 24 | $63.9M | $132.4M | ||
| Q3 24 | $60.7M | $104.8M | ||
| Q2 24 | $43.7M | $106.3M | ||
| Q1 24 | $43.3M | $92.8M |
净利润APLDRKLB
| Q4 25 | $-14.4M | $-52.9M | ||
| Q3 25 | $-16.9M | $-18.3M | ||
| Q2 25 | $-52.5M | $-66.4M | ||
| Q1 25 | $-35.6M | $-60.6M | ||
| Q4 24 | $-138.7M | $-52.3M | ||
| Q3 24 | $-4.2M | $-51.9M | ||
| Q2 24 | $-64.5M | $-41.6M | ||
| Q1 24 | $-62.8M | $-44.3M |
毛利率APLDRKLB
| Q4 25 | 20.6% | 38.0% | ||
| Q3 25 | 13.4% | 37.0% | ||
| Q2 25 | — | 32.1% | ||
| Q1 25 | 7.1% | 28.8% | ||
| Q4 24 | 18.0% | 27.8% | ||
| Q3 24 | -0.6% | 26.7% | ||
| Q2 24 | -9.1% | 25.6% | ||
| Q1 24 | -8.6% | 26.1% |
营业利润率APLDRKLB
| Q4 25 | -24.5% | -28.4% | ||
| Q3 25 | -34.7% | -38.0% | ||
| Q2 25 | — | -41.3% | ||
| Q1 25 | -35.8% | -48.3% | ||
| Q4 24 | -29.1% | -38.9% | ||
| Q3 24 | 15.6% | -49.5% | ||
| Q2 24 | -68.4% | -40.7% | ||
| Q1 24 | -128.8% | -46.4% |
净利率APLDRKLB
| Q4 25 | -11.4% | -29.5% | ||
| Q3 25 | -26.4% | -11.8% | ||
| Q2 25 | 157.8% | -46.0% | ||
| Q1 25 | -67.2% | -49.5% | ||
| Q4 24 | -217.2% | -39.5% | ||
| Q3 24 | -7.0% | -49.6% | ||
| Q2 24 | -147.5% | -39.2% | ||
| Q1 24 | -145.0% | -47.7% |
每股收益（稀释后）APLDRKLB
| Q4 25 | $-0.07 | $-0.09 | ||
| Q3 25 | $-0.07 | $-0.03 | ||
| Q2 25 | $-0.31 | $-0.13 | ||
| Q1 25 | $-0.16 | $-0.12 | ||
| Q4 24 | $-0.66 | $-0.11 | ||
| Q3 24 | $-0.03 | $-0.10 | ||
| Q2 24 | $-0.57 | $-0.08 | ||
| Q1 24 | $-0.52 | $-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 | $1.9B | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $1.4B | $1.7B |
| 总资产 | $5.2B | $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APLDRKLB
| Q4 25 | $1.9B | $1.0B | ||
| Q3 25 | $73.9M | $976.7M | ||
| Q2 25 | $41.6M | $688.1M | ||
| Q1 25 | $68.7M | $428.4M | ||
| Q4 24 | $286.2M | $419.0M | ||
| Q3 24 | $58.2M | $442.4M | ||
| Q2 24 | $3.3M | $496.8M | ||
| Q1 24 | $4.4M | $492.5M |
总债务APLDRKLB
| 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APLDRKLB
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q2 25 | $497.7M | $688.5M | ||
| Q1 25 | $454.6M | $431.3M | ||
| Q4 24 | $434.6M | $382.5M | ||
| Q3 24 | $241.8M | $419.8M | ||
| Q2 24 | $124.8M | $455.2M | ||
| Q1 24 | $118.5M | $478.9M |
总资产APLDRKLB
| Q4 25 | $5.2B | $2.3B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $1.9B | $1.6B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $937.7M | $1.2B | ||
| Q2 24 | $762.9M | $1.2B | ||
| Q1 24 | $643.2M | $1.2B |
负债/权益比APLDRKLB
| 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 | $-15.8M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $-114.2M |
| 自由现金流率自由现金流/营收 | -448.6% | -63.6% |
| 资本支出强度资本支出/营收 | 436.1% | 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 | $-1.3B | $-321.8M |
8季度趋势，按日历期对齐
经营现金流APLDRKLB
| Q4 25 | $-15.8M | $-64.5M | ||
| Q3 25 | $-82.0M | $-23.5M | ||
| Q2 25 | $6.9M | $-23.2M | ||
| Q1 25 | $5.9M | $-54.2M | ||
| Q4 24 | $-52.3M | $-2.4M | ||
| Q3 24 | $-75.9M | $-30.9M | ||
| Q2 24 | $-34.1M | $-13.0M | ||
| Q1 24 | $38.8M | $-2.6M |
自由现金流APLDRKLB
| Q4 25 | $-567.9M | $-114.2M | ||
| Q3 25 | $-331.4M | $-69.4M | ||
| Q2 25 | $-191.4M | $-55.3M | ||
| Q1 25 | $-251.6M | $-82.9M | ||
| Q4 24 | $-223.3M | $-23.9M | ||
| Q3 24 | $-130.7M | $-41.9M | ||
| Q2 24 | $-88.9M | $-28.3M | ||
| Q1 24 | $-2.3M | $-21.8M |
自由现金流率APLDRKLB
| Q4 25 | -448.6% | -63.6% | ||
| Q3 25 | -516.1% | -44.8% | ||
| Q2 25 | 574.8% | -38.3% | ||
| Q1 25 | -475.4% | -67.6% | ||
| Q4 24 | -349.6% | -18.1% | ||
| Q3 24 | -215.3% | -40.0% | ||
| Q2 24 | -203.5% | -26.7% | ||
| Q1 24 | -5.4% | -23.5% |
资本支出强度APLDRKLB
| Q4 25 | 436.1% | 27.6% | ||
| Q3 25 | 388.4% | 29.6% | ||
| Q2 25 | -595.4% | 22.2% | ||
| Q1 25 | 486.6% | 23.4% | ||
| Q4 24 | 267.8% | 16.3% | ||
| Q3 24 | 90.3% | 10.5% | ||
| Q2 24 | 125.4% | 14.4% | ||
| Q1 24 | 95.0% | 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
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
