vs
Array Technologies, Inc.（ARRY）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
Array Technologies, Inc.的季度营收约是Rocket Lab Corp的1.3倍（$226.0M vs $179.7M），Rocket Lab Corp同比增速更快（35.7% vs -17.9%），Array Technologies, Inc.自由现金流更多（$36.2M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 21.4%）
ATI科技是原加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器与芯片组的研发，1985年成立，1993年公开上市，2006年被AMD收购。作为全球知名的无晶圆厂半导体厂商，其掌握自研核心技术，生产组装环节采用外包模式。2000年3dfx破产后，ATI成为全球图形芯片领域的核心厂商之一。
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。
ARRY vs RKLB — 直观对比
营收规模更大
ARRY
是对方的1.3倍
$179.7M
营收增速更快
RKLB
高出53.6%
-17.9%
自由现金流更多
ARRY
多$150.3M
$-114.2M
两年增速更快
RKLB
近两年复合增速
21.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $226.0M | $179.7M |
| 净利润 | — | $-52.9M |
| 毛利率 | 8.6% | 38.0% |
| 营业利润率 | -65.5% | -28.4% |
| 净利率 | — | -29.5% |
| 营收同比 | -17.9% | 35.7% |
| 净利润同比 | — | -1.1% |
| 每股收益（稀释后） | $-1.06 | $-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ARRYRKLB
| Q4 25 | $226.0M | $179.7M | ||
| Q3 25 | $393.5M | $155.1M | ||
| Q2 25 | $362.2M | $144.5M | ||
| Q1 25 | $302.4M | $122.6M | ||
| Q4 24 | $275.2M | $132.4M | ||
| Q3 24 | $231.4M | $104.8M | ||
| Q2 24 | $255.8M | $106.3M | ||
| Q1 24 | $153.4M | $92.8M |
净利润ARRYRKLB
| Q4 25 | — | $-52.9M | ||
| Q3 25 | $33.5M | $-18.3M | ||
| Q2 25 | $43.3M | $-66.4M | ||
| Q1 25 | $16.7M | $-60.6M | ||
| Q4 24 | — | $-52.3M | ||
| Q3 24 | $-141.4M | $-51.9M | ||
| Q2 24 | $25.7M | $-41.6M | ||
| Q1 24 | $2.2M | $-44.3M |
毛利率ARRYRKLB
| Q4 25 | 8.6% | 38.0% | ||
| Q3 25 | 26.9% | 37.0% | ||
| Q2 25 | 26.8% | 32.1% | ||
| Q1 25 | 25.3% | 28.8% | ||
| Q4 24 | 28.5% | 27.8% | ||
| Q3 24 | 33.8% | 26.7% | ||
| Q2 24 | 33.6% | 25.6% | ||
| Q1 24 | 35.9% | 26.1% |
营业利润率ARRYRKLB
| Q4 25 | -65.5% | -28.4% | ||
| Q3 25 | 11.6% | -38.0% | ||
| Q2 25 | 12.8% | -41.3% | ||
| Q1 25 | 9.0% | -48.3% | ||
| Q4 24 | -51.7% | -38.9% | ||
| Q3 24 | -57.3% | -49.5% | ||
| Q2 24 | 15.5% | -40.7% | ||
| Q1 24 | 5.5% | -46.4% |
净利率ARRYRKLB
| Q4 25 | — | -29.5% | ||
| Q3 25 | 8.5% | -11.8% | ||
| Q2 25 | 11.9% | -46.0% | ||
| Q1 25 | 5.5% | -49.5% | ||
| Q4 24 | — | -39.5% | ||
| Q3 24 | -61.1% | -49.6% | ||
| Q2 24 | 10.0% | -39.2% | ||
| Q1 24 | 1.4% | -47.7% |
每股收益（稀释后）ARRYRKLB
| Q4 25 | $-1.06 | $-0.09 | ||
| Q3 25 | $0.12 | $-0.03 | ||
| Q2 25 | $0.19 | $-0.13 | ||
| Q1 25 | $0.02 | $-0.12 | ||
| Q4 24 | $-0.94 | $-0.11 | ||
| Q3 24 | $-1.02 | $-0.10 | ||
| Q2 24 | $0.08 | $-0.08 | ||
| Q1 24 | $-0.07 | $-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 | $244.4M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $-206.3M | $1.7B |
| 总资产 | $1.5B | $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ARRYRKLB
| Q4 25 | $244.4M | $1.0B | ||
| Q3 25 | $221.5M | $976.7M | ||
| Q2 25 | $377.3M | $688.1M | ||
| Q1 25 | $348.3M | $428.4M | ||
| Q4 24 | $363.0M | $419.0M | ||
| Q3 24 | $332.4M | $442.4M | ||
| Q2 24 | $282.3M | $496.8M | ||
| Q1 24 | $287.6M | $492.5M |
总债务ARRYRKLB
| 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ARRYRKLB
| Q4 25 | $-206.3M | $1.7B | ||
| Q3 25 | $-46.7M | $1.3B | ||
| Q2 25 | $-70.9M | $688.5M | ||
| Q1 25 | $-97.8M | $431.3M | ||
| Q4 24 | $-118.1M | $382.5M | ||
| Q3 24 | $64.5M | $419.8M | ||
| Q2 24 | $200.0M | $455.2M | ||
| Q1 24 | $231.2M | $478.9M |
总资产ARRYRKLB
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.2B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.6B | $1.2B |
负债/权益比ARRYRKLB
| 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 | $43.6M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $36.2M | $-114.2M |
| 自由现金流率自由现金流/营收 | 16.0% | -63.6% |
| 资本支出强度资本支出/营收 | 3.3% | 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 | $79.8M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流ARRYRKLB
| Q4 25 | $43.6M | $-64.5M | ||
| Q3 25 | $27.4M | $-23.5M | ||
| Q2 25 | $43.8M | $-23.2M | ||
| Q1 25 | $-13.1M | $-54.2M | ||
| Q4 24 | $57.6M | $-2.4M | ||
| Q3 24 | $44.9M | $-30.9M | ||
| Q2 24 | $4.0M | $-13.0M | ||
| Q1 24 | $47.5M | $-2.6M |
自由现金流ARRYRKLB
| Q4 25 | $36.2M | $-114.2M | ||
| Q3 25 | $21.9M | $-69.4M | ||
| Q2 25 | $37.2M | $-55.3M | ||
| Q1 25 | $-15.4M | $-82.9M | ||
| Q4 24 | $55.9M | $-23.9M | ||
| Q3 24 | $43.9M | $-41.9M | ||
| Q2 24 | $1.8M | $-28.3M | ||
| Q1 24 | $45.1M | $-21.8M |
自由现金流率ARRYRKLB
| Q4 25 | 16.0% | -63.6% | ||
| Q3 25 | 5.6% | -44.8% | ||
| Q2 25 | 10.3% | -38.3% | ||
| Q1 25 | -5.1% | -67.6% | ||
| Q4 24 | 20.3% | -18.1% | ||
| Q3 24 | 19.0% | -40.0% | ||
| Q2 24 | 0.7% | -26.7% | ||
| Q1 24 | 29.4% | -23.5% |
资本支出强度ARRYRKLB
| Q4 25 | 3.3% | 27.6% | ||
| Q3 25 | 1.4% | 29.6% | ||
| Q2 25 | 1.8% | 22.2% | ||
| Q1 25 | 0.8% | 23.4% | ||
| Q4 24 | 0.6% | 16.3% | ||
| Q3 24 | 0.5% | 10.5% | ||
| Q2 24 | 0.8% | 14.4% | ||
| Q1 24 | 1.6% | 20.7% |
现金转化率ARRYRKLB
| Q4 25 | — | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 1.01× | — | ||
| Q1 25 | -0.78× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 21.94× | — |
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
ARRY
| Array Legacy Operations Segment | $212.0M | 94% |
| STI Operations Segment | $14.0M | 6% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
