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黑莓（BB）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的季度营收约是黑莓的1.3倍（$179.7M vs $141.8M），黑莓净利率更高（9.7% vs -29.5%，领先39.1%），Rocket Lab Corp同比增速更快（35.7% vs -0.8%），黑莓自由现金流更多（$17.4M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 17.8%）
黑莓有限公司（前身为动态研究公司，简称RIM）是加拿大专注于安全通信与物联网领域的软件企业，成立于1984年。早年曾推出黑莓品牌双向寻呼机、智能手机及平板电脑产品，后续转型提供软件与服务，拥有多项核心软件应用专利。
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。
BB vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.3倍
$141.8M
营收增速更快
RKLB
高出36.5%
-0.8%
净利率更高
BB
高出39.1%
-29.5%
自由现金流更多
BB
多$131.6M
$-114.2M
两年增速更快
RKLB
近两年复合增速
17.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $141.8M | $179.7M |
| 净利润 | $13.7M | $-52.9M |
| 毛利率 | 77.5% | 38.0% |
| 营业利润率 | 8.4% | -28.4% |
| 净利率 | 9.7% | -29.5% |
| 营收同比 | -0.8% | 35.7% |
| 净利润同比 | 224.5% | -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BBRKLB
| Q4 25 | $141.8M | $179.7M | ||
| Q3 25 | $129.6M | $155.1M | ||
| Q2 25 | $121.7M | $144.5M | ||
| Q1 25 | $141.7M | $122.6M | ||
| Q4 24 | $143.6M | $132.4M | ||
| Q3 24 | $126.2M | $104.8M | ||
| Q2 24 | $123.4M | $106.3M | ||
| Q1 24 | $102.1M | $92.8M |
净利润BBRKLB
| Q4 25 | $13.7M | $-52.9M | ||
| Q3 25 | $13.3M | $-18.3M | ||
| Q2 25 | $1.9M | $-66.4M | ||
| Q1 25 | $-7.4M | $-60.6M | ||
| Q4 24 | $-10.5M | $-52.3M | ||
| Q3 24 | $-19.7M | $-51.9M | ||
| Q2 24 | $-41.4M | $-41.6M | ||
| Q1 24 | $-56.2M | $-44.3M |
毛利率BBRKLB
| Q4 25 | 77.5% | 38.0% | ||
| Q3 25 | 74.5% | 37.0% | ||
| Q2 25 | 74.2% | 32.1% | ||
| Q1 25 | 73.5% | 28.8% | ||
| Q4 24 | 78.1% | 27.8% | ||
| Q3 24 | 70.2% | 26.7% | ||
| Q2 24 | 72.9% | 25.6% | ||
| Q1 24 | — | 26.1% |
营业利润率BBRKLB
| Q4 25 | 8.4% | -28.4% | ||
| Q3 25 | 8.9% | -38.0% | ||
| Q2 25 | 1.6% | -41.3% | ||
| Q1 25 | -5.6% | -48.3% | ||
| Q4 24 | 13.6% | -38.9% | ||
| Q3 24 | 1.7% | -49.5% | ||
| Q2 24 | -10.5% | -40.7% | ||
| Q1 24 | 50.0% | -46.4% |
净利率BBRKLB
| Q4 25 | 9.7% | -29.5% | ||
| Q3 25 | 10.3% | -11.8% | ||
| Q2 25 | 1.6% | -46.0% | ||
| Q1 25 | -5.2% | -49.5% | ||
| Q4 24 | -7.3% | -39.5% | ||
| Q3 24 | -15.6% | -49.6% | ||
| Q2 24 | -33.5% | -39.2% | ||
| Q1 24 | -55.0% | -47.7% |
每股收益（稀释后）BBRKLB
| Q4 25 | $0.02 | $-0.09 | ||
| Q3 25 | $0.02 | $-0.03 | ||
| Q2 25 | $0.00 | $-0.13 | ||
| Q1 25 | $-0.01 | $-0.12 | ||
| Q4 24 | $-0.02 | $-0.11 | ||
| Q3 24 | $-0.03 | $-0.10 | ||
| Q2 24 | $-0.07 | $-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 | $304.2M | $1.0B |
| 总债务越低越好 | $196.2M | $152.4M |
| 股东权益账面价值 | $741.1M | $1.7B |
| 总资产 | $1.2B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.26× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资BBRKLB
| Q4 25 | $304.2M | $1.0B | ||
| Q3 25 | $290.5M | $976.7M | ||
| Q2 25 | $306.6M | $688.1M | ||
| Q1 25 | $337.8M | $428.4M | ||
| Q4 24 | $220.0M | $419.0M | ||
| Q3 24 | $211.0M | $442.4M | ||
| Q2 24 | $229.0M | $496.8M | ||
| Q1 24 | $237.1M | $492.5M |
总债务BBRKLB
| Q4 25 | $196.2M | $152.4M | ||
| Q3 25 | $195.9M | $347.0M | ||
| Q2 25 | $195.6M | $346.5M | ||
| Q1 25 | $195.3M | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | — | $61.2M | ||
| Q2 24 | — | $64.2M | ||
| Q1 24 | $194.1M | $66.8M |
股东权益BBRKLB
| Q4 25 | $741.1M | $1.7B | ||
| Q3 25 | $725.1M | $1.3B | ||
| Q2 25 | $725.1M | $688.5M | ||
| Q1 25 | $719.9M | $431.3M | ||
| Q4 24 | $725.2M | $382.5M | ||
| Q3 24 | $732.1M | $419.8M | ||
| Q2 24 | $742.6M | $455.2M | ||
| Q1 24 | $775.1M | $478.9M |
总资产BBRKLB
| Q4 25 | $1.2B | $2.3B | ||
| Q3 25 | $1.2B | $2.2B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
负债/权益比BBRKLB
| Q4 25 | 0.26× | 0.09× | ||
| Q3 25 | 0.27× | 0.27× | ||
| Q2 25 | 0.27× | 0.50× | ||
| Q1 25 | 0.27× | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | 0.25× | 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 | $18.3M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $17.4M | $-114.2M |
| 自由现金流率自由现金流/营收 | 12.3% | -63.6% |
| 资本支出强度资本支出/营收 | 0.6% | 27.6% |
| 现金转化率经营现金流/净利润 | 1.34× | — |
| 过去12个月自由现金流最近4个季度 | $42.8M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流BBRKLB
| Q4 25 | $18.3M | $-64.5M | ||
| Q3 25 | $3.9M | $-23.5M | ||
| Q2 25 | $-18.0M | $-23.2M | ||
| Q1 25 | $41.6M | $-54.2M | ||
| Q4 24 | $6.0M | $-2.4M | ||
| Q3 24 | $-16.0M | $-30.9M | ||
| Q2 24 | $-15.1M | $-13.0M | ||
| Q1 24 | $-15.5M | $-2.6M |
自由现金流BBRKLB
| Q4 25 | $17.4M | $-114.2M | ||
| Q3 25 | $3.1M | $-69.4M | ||
| Q2 25 | $-18.9M | $-55.3M | ||
| Q1 25 | $41.2M | $-82.9M | ||
| Q4 24 | $5.2M | $-23.9M | ||
| Q3 24 | $-16.5M | $-41.9M | ||
| Q2 24 | $-16.5M | $-28.3M | ||
| Q1 24 | $-17.6M | $-21.8M |
自由现金流率BBRKLB
| Q4 25 | 12.3% | -63.6% | ||
| Q3 25 | 2.4% | -44.8% | ||
| Q2 25 | -15.5% | -38.3% | ||
| Q1 25 | 29.1% | -67.6% | ||
| Q4 24 | 3.6% | -18.1% | ||
| Q3 24 | -13.1% | -40.0% | ||
| Q2 24 | -13.4% | -26.7% | ||
| Q1 24 | -17.2% | -23.5% |
资本支出强度BBRKLB
| Q4 25 | 0.6% | 27.6% | ||
| Q3 25 | 0.6% | 29.6% | ||
| Q2 25 | 0.7% | 22.2% | ||
| Q1 25 | 0.3% | 23.4% | ||
| Q4 24 | 0.6% | 16.3% | ||
| Q3 24 | 0.4% | 10.5% | ||
| Q2 24 | 1.1% | 14.4% | ||
| Q1 24 | 2.1% | 20.7% |
现金转化率BBRKLB
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
