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BRANDYWINE REALTY TRUST（BDN）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BRANDYWINE REALTY TRUST的1.4倍（$179.7M vs $127.0M），Rocket Lab Corp净利率更高（-29.5% vs -38.4%，领先9.0%），Rocket Lab Corp同比增速更快（35.7% vs 4.5%），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 0.7%）
白兰地房地产信托是一家总部位于费城的房地产投资信托基金（REIT），核心投资方向为费城、华盛顿特区以及德克萨斯州奥斯汀的写字楼物业，是美国聚焦核心都市商务地产的专业REIT运营商。
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。
BDN vs RKLB — 直观对比
营收规模更大
RKLB
是对方的1.4倍
$127.0M
营收增速更快
RKLB
高出31.2%
4.5%
净利率更高
RKLB
高出9.0%
-38.4%
两年增速更快
RKLB
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $127.0M | $179.7M |
| 净利润 | $-48.8M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 1.2% | -28.4% |
| 净利率 | -38.4% | -29.5% |
| 营收同比 | 4.5% | 35.7% |
| 净利润同比 | -80.4% | -1.1% |
| 每股收益（稀释后） | $-0.28 | $-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BDNRKLB
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $179.7M | ||
| Q3 25 | $121.4M | $155.1M | ||
| Q2 25 | $120.6M | $144.5M | ||
| Q1 25 | $121.5M | $122.6M | ||
| Q4 24 | $121.9M | $132.4M | ||
| Q3 24 | $131.8M | $104.8M | ||
| Q2 24 | $125.3M | $106.3M |
净利润BDNRKLB
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $-52.9M | ||
| Q3 25 | $-25.9M | $-18.3M | ||
| Q2 25 | $-88.7M | $-66.4M | ||
| Q1 25 | $-27.0M | $-60.6M | ||
| Q4 24 | $-44.5M | $-52.3M | ||
| Q3 24 | $-165.2M | $-51.9M | ||
| Q2 24 | $30.2M | $-41.6M |
毛利率BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | 38.0% | ||
| Q3 25 | 62.6% | 37.0% | ||
| Q2 25 | 62.4% | 32.1% | ||
| Q1 25 | 60.8% | 28.8% | ||
| Q4 24 | 61.2% | 27.8% | ||
| Q3 24 | 64.9% | 26.7% | ||
| Q2 24 | 63.1% | 25.6% |
营业利润率BDNRKLB
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | -28.4% | ||
| Q3 25 | 20.8% | -38.0% | ||
| Q2 25 | -34.3% | -41.3% | ||
| Q1 25 | 12.5% | -48.3% | ||
| Q4 24 | 18.0% | -38.9% | ||
| Q3 24 | -7.2% | -49.5% | ||
| Q2 24 | 15.5% | -40.7% |
净利率BDNRKLB
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | -29.5% | ||
| Q3 25 | -21.3% | -11.8% | ||
| Q2 25 | -73.5% | -46.0% | ||
| Q1 25 | -22.2% | -49.5% | ||
| Q4 24 | -36.5% | -39.5% | ||
| Q3 24 | -125.4% | -49.6% | ||
| Q2 24 | 24.1% | -39.2% |
每股收益（稀释后）BDNRKLB
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $-0.09 | ||
| Q3 25 | $-0.15 | $-0.03 | ||
| Q2 25 | $-0.51 | $-0.13 | ||
| Q1 25 | $-0.16 | $-0.12 | ||
| Q4 24 | $-0.25 | $-0.11 | ||
| Q3 24 | $-0.96 | $-0.10 | ||
| Q2 24 | $0.17 | $-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 | $36.2M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | — | $1.7B |
| 总资产 | $3.6B | $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BDNRKLB
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $1.0B | ||
| Q3 25 | $75.5M | $976.7M | ||
| Q2 25 | $122.6M | $688.1M | ||
| Q1 25 | $29.4M | $428.4M | ||
| Q4 24 | $90.2M | $419.0M | ||
| Q3 24 | $36.5M | $442.4M | ||
| Q2 24 | $30.4M | $496.8M |
总债务BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $152.4M | ||
| Q3 25 | $2.3B | $347.0M | ||
| Q2 25 | $2.3B | $346.5M | ||
| Q1 25 | $2.2B | $345.9M | ||
| Q4 24 | $2.2B | $345.4M | ||
| Q3 24 | $2.3B | $61.2M | ||
| Q2 24 | $2.2B | $64.2M |
股东权益BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $1.7B | ||
| Q3 25 | $841.5M | $1.3B | ||
| Q2 25 | $879.8M | $688.5M | ||
| Q1 25 | $993.6M | $431.3M | ||
| Q4 24 | $1.0B | $382.5M | ||
| Q3 24 | $1.1B | $419.8M | ||
| Q2 24 | $1.3B | $455.2M |
总资产BDNRKLB
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $2.3B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.4B | $1.6B | ||
| Q1 25 | $3.4B | $1.3B | ||
| Q4 24 | $3.5B | $1.2B | ||
| Q3 24 | $3.6B | $1.2B | ||
| Q2 24 | $3.8B | $1.2B |
负债/权益比BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | 0.09× | ||
| Q3 25 | 2.70× | 0.27× | ||
| Q2 25 | 2.63× | 0.50× | ||
| Q1 25 | 2.23× | 0.80× | ||
| Q4 24 | 2.13× | 0.90× | ||
| Q3 24 | 2.06× | 0.15× | ||
| Q2 24 | 1.73× | 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 | — | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-114.2M |
| 自由现金流率自由现金流/营收 | — | -63.6% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-321.8M |
8季度趋势，按日历期对齐
经营现金流BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $-64.5M | ||
| Q3 25 | $47.5M | $-23.5M | ||
| Q2 25 | $34.4M | $-23.2M | ||
| Q1 25 | $6.3M | $-54.2M | ||
| Q4 24 | $181.1M | $-2.4M | ||
| Q3 24 | $52.2M | $-30.9M | ||
| Q2 24 | $48.2M | $-13.0M |
自由现金流BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | — | $-114.2M | ||
| Q3 25 | — | $-69.4M | ||
| Q2 25 | — | $-55.3M | ||
| Q1 25 | — | $-82.9M | ||
| Q4 24 | — | $-23.9M | ||
| Q3 24 | — | $-41.9M | ||
| Q2 24 | — | $-28.3M |
自由现金流率BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | — | -63.6% | ||
| Q3 25 | — | -44.8% | ||
| Q2 25 | — | -38.3% | ||
| Q1 25 | — | -67.6% | ||
| Q4 24 | — | -18.1% | ||
| Q3 24 | — | -40.0% | ||
| Q2 24 | — | -26.7% |
资本支出强度BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | — | 27.6% | ||
| Q3 25 | — | 29.6% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 14.4% |
现金转化率BDNRKLB
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.60× | — |
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
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
