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BWX Technologies, Inc.（BWXT）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
BWX Technologies, Inc.的季度营收约是Rocket Lab Corp的4.9倍（$885.8M vs $179.7M），BWX Technologies, Inc.净利率更高（10.5% vs -29.5%，领先40.0%），Rocket Lab Corp同比增速更快（35.7% vs 18.7%），BWX Technologies, Inc.自由现金流更多（$56.8M vs $-114.2M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% vs 21.1%）
BWX Technologies Inc.（简称BWXT）总部位于美国弗吉尼亚州林奇堡，是一家面向全球供应核部件与核燃料的专业企业，产品广泛应用于核电及核工业相关领域，服务覆盖全球多个国家和地区的客户。
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。
BWXT vs RKLB — 直观对比
营收规模更大
BWXT
是对方的4.9倍
$179.7M
营收增速更快
RKLB
高出17.0%
18.7%
净利率更高
BWXT
高出40.0%
-29.5%
自由现金流更多
BWXT
多$171.0M
$-114.2M
两年增速更快
RKLB
近两年复合增速
21.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $885.8M | $179.7M |
| 净利润 | $93.0M | $-52.9M |
| 毛利率 | — | 38.0% |
| 营业利润率 | 10.4% | -28.4% |
| 净利率 | 10.5% | -29.5% |
| 营收同比 | 18.7% | 35.7% |
| 净利润同比 | 30.9% | -1.1% |
| 每股收益（稀释后） | $1.02 | $-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BWXTRKLB
| Q4 25 | $885.8M | $179.7M | ||
| Q3 25 | $866.3M | $155.1M | ||
| Q2 25 | $764.0M | $144.5M | ||
| Q1 25 | $682.3M | $122.6M | ||
| Q4 24 | $746.3M | $132.4M | ||
| Q3 24 | $672.0M | $104.8M | ||
| Q2 24 | $681.5M | $106.3M | ||
| Q1 24 | $604.0M | $92.8M |
净利润BWXTRKLB
| Q4 25 | $93.0M | $-52.9M | ||
| Q3 25 | $82.1M | $-18.3M | ||
| Q2 25 | $78.4M | $-66.4M | ||
| Q1 25 | $75.5M | $-60.6M | ||
| Q4 24 | $71.0M | $-52.3M | ||
| Q3 24 | $69.5M | $-51.9M | ||
| Q2 24 | $73.0M | $-41.6M | ||
| Q1 24 | $68.5M | $-44.3M |
毛利率BWXTRKLB
| Q4 25 | — | 38.0% | ||
| Q3 25 | 21.8% | 37.0% | ||
| Q2 25 | 25.1% | 32.1% | ||
| Q1 25 | 24.2% | 28.8% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | 24.4% | 26.7% | ||
| Q2 24 | 24.7% | 25.6% | ||
| Q1 24 | 24.6% | 26.1% |
营业利润率BWXTRKLB
| Q4 25 | 10.4% | -28.4% | ||
| Q3 25 | 13.1% | -38.0% | ||
| Q2 25 | 13.4% | -41.3% | ||
| Q1 25 | 14.2% | -48.3% | ||
| Q4 24 | 12.4% | -38.9% | ||
| Q3 24 | 14.4% | -49.5% | ||
| Q2 24 | 14.5% | -40.7% | ||
| Q1 24 | 15.4% | -46.4% |
净利率BWXTRKLB
| Q4 25 | 10.5% | -29.5% | ||
| Q3 25 | 9.5% | -11.8% | ||
| Q2 25 | 10.3% | -46.0% | ||
| Q1 25 | 11.1% | -49.5% | ||
| Q4 24 | 9.5% | -39.5% | ||
| Q3 24 | 10.3% | -49.6% | ||
| Q2 24 | 10.7% | -39.2% | ||
| Q1 24 | 11.3% | -47.7% |
每股收益（稀释后）BWXTRKLB
| Q4 25 | $1.02 | $-0.09 | ||
| Q3 25 | $0.89 | $-0.03 | ||
| Q2 25 | $0.85 | $-0.13 | ||
| Q1 25 | $0.82 | $-0.12 | ||
| Q4 24 | $0.77 | $-0.11 | ||
| Q3 24 | $0.76 | $-0.10 | ||
| Q2 24 | $0.79 | $-0.08 | ||
| Q1 24 | $0.75 | $-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 | $499.8M | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $1.2B | $1.7B |
| 总资产 | $4.3B | $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BWXTRKLB
| Q4 25 | $499.8M | $1.0B | ||
| Q3 25 | $79.6M | $976.7M | ||
| Q2 25 | $37.0M | $688.1M | ||
| Q1 25 | $55.4M | $428.4M | ||
| Q4 24 | $74.1M | $419.0M | ||
| Q3 24 | $35.5M | $442.4M | ||
| Q2 24 | $48.3M | $496.8M | ||
| Q1 24 | $45.9M | $492.5M |
总债务BWXTRKLB
| 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BWXTRKLB
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $688.5M | ||
| Q1 25 | $1.1B | $431.3M | ||
| Q4 24 | $1.1B | $382.5M | ||
| Q3 24 | $1.1B | $419.8M | ||
| Q2 24 | $998.5M | $455.2M | ||
| Q1 24 | $946.2M | $478.9M |
总资产BWXTRKLB
| Q4 25 | $4.3B | $2.3B | ||
| Q3 25 | $3.8B | $2.2B | ||
| Q2 25 | $3.7B | $1.6B | ||
| Q1 25 | $3.1B | $1.3B | ||
| Q4 24 | $2.9B | $1.2B | ||
| Q3 24 | $2.9B | $1.2B | ||
| Q2 24 | $2.8B | $1.2B | ||
| Q1 24 | $2.8B | $1.2B |
负债/权益比BWXTRKLB
| 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 | $127.0M | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $56.8M | $-114.2M |
| 自由现金流率自由现金流/营收 | 6.4% | -63.6% |
| 资本支出强度资本支出/营收 | 7.9% | 27.6% |
| 现金转化率经营现金流/净利润 | 1.37× | — |
| 过去12个月自由现金流最近4个季度 | $295.3M | $-321.8M |
8季度趋势，按日历期对齐
经营现金流BWXTRKLB
| Q4 25 | $127.0M | $-64.5M | ||
| Q3 25 | $143.2M | $-23.5M | ||
| Q2 25 | $159.0M | $-23.2M | ||
| Q1 25 | $50.6M | $-54.2M | ||
| Q4 24 | $276.9M | $-2.4M | ||
| Q3 24 | $32.6M | $-30.9M | ||
| Q2 24 | $65.9M | $-13.0M | ||
| Q1 24 | $33.0M | $-2.6M |
自由现金流BWXTRKLB
| Q4 25 | $56.8M | $-114.2M | ||
| Q3 25 | $94.9M | $-69.4M | ||
| Q2 25 | $126.3M | $-55.3M | ||
| Q1 25 | $17.3M | $-82.9M | ||
| Q4 24 | $224.4M | $-23.9M | ||
| Q3 24 | $-7.7M | $-41.9M | ||
| Q2 24 | $35.5M | $-28.3M | ||
| Q1 24 | $2.6M | $-21.8M |
自由现金流率BWXTRKLB
| Q4 25 | 6.4% | -63.6% | ||
| Q3 25 | 11.0% | -44.8% | ||
| Q2 25 | 16.5% | -38.3% | ||
| Q1 25 | 2.5% | -67.6% | ||
| Q4 24 | 30.1% | -18.1% | ||
| Q3 24 | -1.1% | -40.0% | ||
| Q2 24 | 5.2% | -26.7% | ||
| Q1 24 | 0.4% | -23.5% |
资本支出强度BWXTRKLB
| Q4 25 | 7.9% | 27.6% | ||
| Q3 25 | 5.6% | 29.6% | ||
| Q2 25 | 4.3% | 22.2% | ||
| Q1 25 | 4.9% | 23.4% | ||
| Q4 24 | 7.0% | 16.3% | ||
| Q3 24 | 6.0% | 10.5% | ||
| Q2 24 | 4.5% | 14.4% | ||
| Q1 24 | 5.0% | 20.7% |
现金转化率BWXTRKLB
| Q4 25 | 1.37× | — | ||
| Q3 25 | 1.74× | — | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 0.67× | — | ||
| Q4 24 | 3.90× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.90× | — | ||
| Q1 24 | 0.48× | — |
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
BWXT
| Nuclear Component Program | $436.4M | 49% |
| Nuclear Manufacturing | $134.8M | 15% |
| Cost Plus Fee | $116.1M | 13% |
| Uranium And Nuclear Services | $103.8M | 12% |
| Commercial Operations | $49.0M | 6% |
| Commercial Operations Segment | $33.7M | 4% |
| Transferred At Point In Time | $1.3M | 0% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
